Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core View of the Report - Treasury bond futures prices generally declined, with the T2512 contract falling 0.23% and its open interest decreasing. The IRR of the CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, with no arbitrage opportunities. Short - term market interest rates showed mixed trends. Key - term treasury bond yields at home and abroad also changed differently. The domestic bond market was affected by factors such as central bank operations, economic data, and the Fed's interest - rate cut. With the Fed entering the interest - rate cut cycle, the domestic central bank has more policy space, but short - term capital tightness and high - level oscillations in the equity market have led to repeated low - level prices of bond futures [2][3]. 3. Summary by Relevant Catalogs 3.1 Futures Market - **Price and Volume Changes**: The prices of all treasury bond futures contracts declined, with TS2512 down 0.04%, TS2603 down 0.05%, TF2512 down 0.14%, TF2603 down 0.14%, T2512 down 0.23%, T2603 down 0.24%, TL2512 down 0.71%, and TL2603 down 0.72%. The open interest of T2512 decreased by 1014, while that of T2603 increased by 816 [2]. - **IRR and Arbitrage**: The IRR of the CTD bonds corresponding to the main contracts of treasury bond futures was at a low level, indicating no arbitrage opportunities [2]. - **Inter - period Spread**: The inter - period spreads of TS, TF, T, and TL contracts were 0.074, 0.125, 0.345, and 0.320 respectively, showing slight increases compared to the previous values [2]. 3.2 Spot Market - **Short - term Market Interest Rates**: Short - term market interest rates showed mixed trends. SHIBOR 7 - day rate decreased by 4bp, DR007 rate decreased by 4.53bp, and GC007 rate increased by 2.2bp [2]. - **Domestic Key - term Treasury Bond Yields**: The yields of domestic key - term treasury bonds showed mixed trends. The 10Y treasury bond yield increased by 2.54bp to 1.88%, and the 10 - 2Y yield spread was 38.87bp [2]. - **Overseas Key - term Treasury Bond Yields**: The yields of overseas key - term treasury bonds generally increased. The US 10Y treasury bond yield increased by 3bp, the German 10Y treasury bond yield increased by 5bp, and the Japanese 10Y treasury bond yield increased by 4bp [2]. 3.3 Macro and Policy Information - **Central Bank Operations**: Last week, the central bank increased open - market operations, with a net reverse - repurchase injection of 5623 billion yuan and a net injection of 3000 billion yuan through outright reverse - repurchase operations. This week, 18268 billion yuan of reverse - repurchases and 3000 billion yuan of MLF will mature [3]. - **Economic Data**: In August, the year - on - year growth rates of consumption and production declined, and the decline in real estate investment and sales continued to widen [3]. - **Policy Adjustments**: Shanghai optimized and adjusted the property tax policy. The Fed restarted interest - rate cuts after a 9 - month hiatus, and the Bank of Japan maintained its benchmark interest rate at 0.5% [3].