Core Insights - The real estate companies are intensifying their financing efforts as they approach the end of 2025, with several major firms announcing financing plans to repay old debts and fund ongoing projects [1][2] Financing Trends - Central state-owned enterprises (SOEs) are experiencing a significant increase in financing activity, with major firms like Poly Developments, China Overseas Land, China Resources Land, and China Merchants Shekou issuing bonds at low interest rates, some as low as 1.90% [2][3] - The financing environment is characterized by "structural easing," with funds primarily flowing to financially stable and creditworthy top-tier SOEs and quality private real estate companies [3][4] Debt Management - The acceleration in financing is aimed at repaying maturing debts and converting short-term debts into long-term ones, which is crucial for maintaining investor confidence and stabilizing financial health [3][4] - In September 2025, the total bond financing for the real estate sector reached 561 billion, a year-on-year increase of 31%, with credit bond financing up by 89.5% [4][5] Financial Metrics - The average financing interest rate for bonds in September was 2.68%, a decrease of 0.38 percentage points year-on-year, indicating a trend towards lower borrowing costs [5][6] - As of mid-2025, the asset-liability ratio for listed real estate companies, excluding advance receipts, was 66.5%, up 0.9 percentage points year-on-year, while the net debt ratio surged to 171.8%, a 55.8% increase [5][6] Market Dynamics - The inflow of funds into the real estate sector remains under pressure, with total funds available to real estate developers declining by 8.4% year-on-year from January to September 2025 [6][7] - The financing activities are predominantly led by central SOEs, with private and mixed-ownership companies also managing to issue credit bonds successfully [7]

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints - The short - term view of treasury bond futures is mainly for oscillatory consolidation, with limited upside and downside space. The overall view for TL2512 is oscillatory, with a short - term and mid - term oscillatory trend and an intraday oscillatory - weakening trend, due to the decreased possibility of a comprehensive interest rate cut and the rising risk appetite in the stock market [1][5]. - Although the short - term necessity for a comprehensive interest rate cut is insufficient, with structural easing to support technology and boost consumption, the future monetary policy environment is generally loose. The increasing expectation of the Fed's interest rate cut overseas has weakened the RMB exchange - rate depreciation pressure, leaving room for future interest rate cuts. The market interest rate is anchored by the policy rate, limiting the upside space of the market interest rate and the downside space of treasury bond futures [5]. 3. Summary by Relevant Catalogs 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2512, the short - term view is oscillatory, the mid - term view is oscillatory, the intraday view is oscillatory - weakening, and the overall view is oscillatory. The core logic is the decreased possibility of a comprehensive interest rate cut and the rising risk appetite in the stock market [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, TS. The intraday view is oscillatory - weakening, the mid - term view is oscillatory, and the reference view is oscillatory. Yesterday, all treasury bond futures oscillated and pulled back. The short - term necessity for a comprehensive interest rate cut is insufficient, with structural easing as the main approach. The strong risk appetite in the stock market has a siphoning effect on funds, suppressing bond - buying demand, limiting the rebound space of treasury bond futures. However, the future monetary policy environment is loose, and the increasing expectation of the Fed's interest rate cut overseas has weakened the RMB exchange - rate depreciation pressure, leaving room for future interest rate cuts. The market interest rate is anchored by the policy rate, limiting the upside space of the market interest rate and the downside space of treasury bond futures [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term view of the TL2509 variety is "oscillation", the medium - term view is "oscillation", the intraday view is "oscillation with a weak bias", and the overall view is "oscillation" due to the decreased possibility of a comprehensive interest rate cut and the rising risk appetite in the stock market [1] - For the main varieties (TL, T, TF, TS) in the financial futures stock index sector, the intraday view is "oscillation with a weak bias", the medium - term view is "oscillation", and the overall reference view is "oscillation". In the short term, the upward momentum of treasury bond futures is insufficient because the possibility of a comprehensive interest rate cut is low, the central bank focuses on implementing existing policies and provides structural easing for consumer and technology - related enterprises, and the rising risk appetite in the stock market weakens the demand for treasury bonds. However, the anchoring effect of policy interest rates limits the upward space of market interest rates, so the downward space of treasury bond futures is also limited [5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2509 variety, the short - term is "oscillation", the medium - term is "oscillation", the intraday is "oscillation with a weak bias", and the view reference is "oscillation". The core logic is the decreased possibility of a comprehensive interest rate cut and the rising risk appetite in the stock market [1] Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, TS. The intraday view is "oscillation with a weak bias", the medium - term view is "oscillation", and the reference view is "oscillation". The core logic is that last Friday, treasury bond futures oscillated narrowly. In the short term, the low possibility of a comprehensive interest rate cut, the central bank's focus on existing policies and structural easing for specific enterprises, and the rising risk appetite in the stock market lead to insufficient upward momentum of treasury bond futures. But the anchoring effect of policy interest rates limits the upward space of market interest rates, so the downward space of treasury bond futures is also limited [5]

Report Industry Investment Rating No relevant content provided. Core View of the Report Since August, Treasury bond futures have been fluctuating and declining. On one hand, the domestic macro - economy shows resilience, and the policy statement on comprehensive interest rate cuts is weak. On the other hand, the risk appetite in the stock market has significantly rebounded, suppressing the demand for purchasing Treasury bonds. Since July, domestic macro - economic indicators have weakened marginally, indicating a persistent problem of insufficient effective domestic demand. The policy side needs to continue to support the demand side, and the moderately loose monetary policy tone remains unchanged. The LPR has remained unchanged in August, for three consecutive months. In the short term, the monetary policy is mainly structurally loose, and the necessity of an interest rate cut has decreased. The central bank's open - market operations are flexible, keeping liquidity within a reasonable and sufficient range. Overall, the upside and downside space for Treasury bond futures is limited, and they are expected to consolidate through fluctuations [4][55]. Summary by Relevant Catalogs 1 Market Review 1.1 Treasury Bond Futures Historical Trends Since August, Treasury bond futures have been fluctuating and declining due to the resilient domestic macro - economy, weak policy statements on comprehensive interest rate cuts, and a significant rebound in stock market risk appetite, which suppresses the demand for Treasury bonds. As of August 27, the 1 - year Treasury bond yield is around 1.36%, close to the 1.4% policy rate, and the difference between the 10 - year Treasury bond yield and the policy rate is about 44BP, indicating little implied interest rate cut expectation in the market [11][13]. 1.2 Treasury Bond Futures Spread Trends Due to changes in the central bank's interest rate cut expectations, the monthly spread trends of Treasury bond futures prices have diverged recently. The impact on the inter - period spreads of long - term Treasury bond futures is relatively small, while that on short - term Treasury bond futures is relatively large. The inter - period spread of 2 - year Treasury bond futures has clearly risen and then fallen, mainly because the weakening of interest rate cut expectations has a more significant impact on short - term contracts [15]. 2 Domestic Macro: Domestic Demand has Slowed, and Price Indexes have Stabilized 2.1 Business Climate Index: Manufacturing PMI Weakened in July In July, the PMI dropped to 49.3%, a 0.4 - percentage - point decrease from the previous month. Large - scale enterprises' PMI was 50.3%, a 0.9 - percentage - point decrease; medium - scale enterprises' PMI was 49.5%, a 0.9 - percentage - point increase; and small - scale enterprises' PMI was 46.4%, a 0.9 - percentage - point decrease. Among the 5 sub - indexes of the manufacturing PMI, the production index and the supplier delivery time index were above the critical point, while the new order index, raw material inventory index, and employment index were below it. The manufacturing PMI is expected to fluctuate narrowly around the boom - bust line in the short term [22][23]. 2.2 Price Indexes: Inflation Stabilized in July In July, the CPI increased by 0.4% month - on - month, up from a 0.1% decline in the previous month, and was flat year - on - year. The core CPI increased by 0.8% year - on - year, with the increase expanding for three consecutive months. The PPI decreased by 0.2% month - on - month, with the decline narrowing by 0.2 percentage points compared to the previous month, and decreased by 3.6% year - on - year, the same as the previous month. With the promotion of consumption - stimulating and anti - involution policies, CPI and PPI are expected to recover moderately [28][29][30]. 2.3 Social Financing and Credit: Credit Data was Weak in July The main contributor to social financing increment is government bonds. In the first seven months, the cumulative social financing increment was 23.99 trillion yuan, 5.12 trillion yuan more than the same period last year. In July, social financing increased by 1.16 trillion yuan, 389.3 billion yuan more than the same period last year. Entity credit decreased by 426.3 billion yuan, 345.5 billion yuan more than the same period last year. Both residential medium - and long - term loans and short - term loans decreased more year - on - year. Policy support is needed to boost domestic demand [32][33][36]. 3 Monetary Policy: LPR Interest Rates Remained Unchanged in August After the interest rate cut and reserve requirement ratio cut in May, the LPR has remained unchanged for three consecutive months. In the short term, the possibility of a comprehensive interest rate cut is low, and the policy is mainly a structural credit policy, focusing on boosting consumption and supporting technological innovation. The time for an interest rate cut is expected to be in the fourth quarter [45][46]. 4 Central Bank's Open - Market Operations As of the 28th of August, the central bank injected 6266.7 billion yuan and withdrew 6571.8 billion yuan in open - market operations, with a net withdrawal of 305.1 billion yuan. The central bank's open - market operations are flexible, keeping market liquidity within a reasonable and sufficient range [52]. 5 Summary Since August, Treasury bond futures have been fluctuating and declining. The domestic macro - economy shows resilience, and the necessity of an interest rate cut has decreased in the short term. The central bank's open - market operations are flexible. Overall, the upside and downside space for Treasury bond futures is limited, and they are expected to consolidate through fluctuations [55].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The short - term, medium - term, and intraday views for TL2509 are shock, shock, and shock - weak respectively, with an overall view of shock due to the decreased possibility of a full - scale interest rate cut and the rising risk appetite in the stock market [1]. - For the TL, T, TF, and TS varieties, the intraday view is shock - weak, the medium - term view is shock, and the reference view is shock. The overall situation is that treasury bond futures are expected to maintain a bottom - shock operation in the short term [5]. Group 3: Summaries Based on Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2509, the short - term view is shock, the medium - term view is shock, the intraday view is shock - weak, and the overall view is shock. The core logic is the decreased possibility of a full - scale interest rate cut and the rising risk appetite in the stock market [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, all treasury bond futures fluctuated and rose slightly. Due to the anchoring effect of policy interest rates, the upward space for market interest rates is limited, so treasury bond futures rebounded from the bottom. However, the upward momentum of treasury bond futures is expected to be insufficient in the short term. From the policy perspective, monetary policy is mainly structurally loose, focusing on boosting consumption and supporting scientific and technological innovation - related fields, and the possibility of a full - scale interest rate cut has decreased. From the perspective of capital preference, the risk appetite in the stock market has been rising recently, and the profit - making effect has attracted funds into the stock market, reducing the demand for funds to buy treasury bonds. In general, treasury bond futures will maintain a bottom - shock operation in the short term [5].

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - The overall view of treasury bond futures is "oscillation". In the short - term (within a week), the TL2509 variety is expected to oscillate; in the medium - term (two weeks to one month), it will also oscillate; and on an intraday basis, it is expected to oscillate weakly. For TL, T, TF, and TS varieties, the intraday view is weakly oscillating, the medium - term view is oscillating, and the reference view is oscillating. Overall, treasury bond futures will maintain a bottom - oscillating operation in the short term [1][5] Group 3: Summary by Related Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2509 variety, the short - term view is oscillation, the medium - term view is oscillation, the intraday view is weakly oscillating, with an overall view of oscillation. The core logic is that the possibility of a comprehensive interest rate cut has decreased, and the risk appetite in the stock market has increased [1] Main Variety Price Quotation Driving Logic - Financial Futures Stock Index Sector - The intraday view of TL, T, TF, and TS is weakly oscillating, the medium - term view is oscillating, and the reference view is oscillating. Last Friday, all treasury bond futures oscillated and sorted, with a slight decline. From a monetary policy perspective, the LPR in August remained unchanged, and the central bank emphasized future implementation of a moderately loose monetary policy, mainly in a structural way, reducing the possibility of comprehensive loosening. From a capital preference perspective, the risk appetite in the stock market has been rising recently, attracting funds into the stock market due to the profit - making effect, and the trading volume in the stock market has remained high, suppressing the demand for treasury bonds. However, due to the anchoring effect of policy interest rates, the room for further increase in market interest rates is limited, providing strong support for treasury bond futures [5]

Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report The report suggests that in the short term, Treasury bond futures are expected to operate with a weakening trend. The main reasons include the decreased possibility of comprehensive interest rate cuts, the rising risk appetite in the stock market, and the shift in the direction of large - scale asset allocation [1][5]. 3. Summary by Relevant Catalog 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the TL2509 variety, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "weak oscillation", and the overall view is "oscillation". The core logic is the decreased possibility of comprehensive interest rate cuts and the rising risk appetite in the stock market [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view for TL, T, TF, and TS is "weak oscillation", and the medium - term view is "oscillation", with a reference view of "oscillation". - Yesterday, all Treasury bond futures oscillated and slightly declined. The central bank announced the 8 - month LPR interest rate yesterday, which remained unchanged, meeting market expectations. - The focus of implementing a moderately loose monetary policy in the future is on structural loosening, and the possibility of comprehensive loosening has decreased, weakening the expectation of a general policy interest rate cut. - Due to the continuous recovery of market interest rates, the anchoring effect of policy interest rates is gradually emerging, limiting the upward space of market interest rates, which may maintain high - level oscillation. - The rising risk appetite in the stock market recently has attracted funds into the stock market, suppressing the demand for buying Treasury bonds. - The significant increase in the year - on - year growth rate of M1 in July indicates a possible change in the direction of large - scale asset allocation, which will have a non - negligible impact on the stock and bond markets [5].

Group 1 - The report from CITIC Securities indicates that the issuance of government bonds supported a slight increase in social financing growth in June [1] - Looking ahead, social financing performance may continue to be supported by the shift in the main line of debt reduction towards stable growth, along with the traditional accelerated issuance of government bonds around mid-year [1] - On the credit side, banks increased lending on the supply side due to the half-year end timing and the low base from the previous year, with significant growth in short-term loans to enterprises, while medium and long-term loan issuance remained relatively stable year-on-year [1] Group 2 - The report suggests that corporate financing sentiment remains cautious amid trade friction, and current mortgage demand is still at a relatively low level based on real estate sales data [1] - The recovery in the retail sector is expected to depend on the implementation of previous comprehensive policies and subsequent incremental policies [1] - M1 improvement is mainly driven by a low base and the recovery of corporate funding, while the increase in M2 reflects the stability of bank liabilities, which helps maintain a loose liquidity environment [1] Group 3 - The People's Bank of China emphasized "technological innovation + service consumption" as the dual focus of monetary policy during a press conference on July 14 [1] - CITIC Securities believes that structural easing will become the main line of policy in the next phase, while total policies such as interest rate cuts may remain on hold [1] - In the short term, this approach is expected to help stabilize the credit environment, but long-term attention is needed on the transmission effects and the pace of real economy recovery [1]