Group 1 - The core viewpoint of the article highlights that the progress of trade negotiations led by Trump remains a key factor influencing copper prices [1] - China's trade data for the first half of the year is being released, and the copper import and export figures may provide new guidance [1]

Group 1 - The South African government maintains that a 30% reciprocal tariff does not accurately reflect current trade data [1] - According to the interpretation of existing trade data, the average tariff on goods imported into South Africa is 7.6% [1]

Core Viewpoint - The 30-year Treasury ETF (511090) is showing positive performance with a recent price of 123.87 yuan and a trading volume indicating strong liquidity [1][2]. Group 1: Performance and Liquidity - As of June 10, 2025, the 30-year Treasury ETF has increased by 0.05% [1]. - The ETF has a trading turnover of 4.34% with a total transaction value of 786 million yuan [1]. - The latest scale of the 30-year Treasury ETF has reached 18.109 billion yuan [2]. Group 2: Fund Flows and Market Conditions - In the past 20 trading days, there have been net inflows on 12 days, totaling 2.098 billion yuan, with an average daily net inflow of 105 million yuan [2]. - Upcoming economic data releases, including May CPI and PPI, are expected to reflect weak domestic demand and consumer confidence, which may positively influence the bond market [2]. - The central bank's proactive measures, including a 1 trillion yuan reverse repurchase operation, signal a commitment to maintaining a loose monetary environment [2]. Group 3: Investment Characteristics - The 30-year Treasury ETF is considered a valuable tool for portfolio management, offering low trading thresholds and high trading efficiency [3]. - Individual investors can participate with a minimum transaction unit of 100 shares, approximately 10,000 yuan [3]. - The ETF benefits from ample liquidity provided by multiple market makers, ensuring immediate transaction execution [3].

Group 1: Report Investment Rating - No information provided Group 2: Core Viewpoints - On June 9, 2025, the yield of treasury bond spot bonds showed mixed trends, with the 5Y and 10Y maturity yields rising by 0.45 and 0.1bp respectively, while the 2Y, 7Y, and 30Y yields falling by about 0.2 - 0.6bp. Treasury bond futures closed higher across the board, with the TS, TF, T, and TL main contracts rising by 0.01%, 0.01%, 0.09%, and 0.35% respectively [2]. - The negative impact of the unexpected outcome of the China - US tariff negotiations on the bond market has been largely digested, and the market has returned to being driven by the capital and fundamental aspects. Recently, the central bank conducted a 1 - trillion - yuan outright reverse repurchase operation, releasing medium - term liquidity into the market and sending a signal of easing. Short - term interest rates are expected to remain low, and long - term interest rates may decline slightly, but further incremental easing signals from monetary policy are still awaited [2]. - In this period, the main contracts of treasury bond futures are expected to show a moderately strong and volatile trend. Investors are advised to maintain a certain position [2]. Group 3: Summary by Relevant Catalogs 1. Futures Market Data - **Closing Prices and Volumes**: The T main contract closed at 109.000, up 0.09%, with a trading volume of 60,635 (an increase of 6,372). The TF main contract closed at 106.125, unchanged, with a volume of 50,459 (an increase of 1,281). The TS main contract closed at 102.448, unchanged, with a volume of 35,286 (an increase of 410). The TL main contract closed at 120.140, up 0.35%, with a volume of 75,638 (an increase of 5,369) [2]. - **Futures Spreads**: For example, the TL2509 - 2506 spread was 0.75, up 0.01; the T2509 - 2506 spread was 0.20, down 0.01; etc [2]. - **Futures Positions**: The T main contract's open interest was 182,042, down 1,633. The net short position of the top 20 traders increased by 61. Similar data is available for TF, TS, and TL contracts [2]. 2. CTD and Active Bond Data - **CTD Bonds**: The net prices of some CTD bonds such as 2500802.IB (6y) and 220010.IB (6y) showed increases [2]. - **Active Bonds**: The yields of active treasury bonds with different maturities decreased, e.g., the 1 - year yield was 1.4100%, down 2.50bp; the 10 - year yield was 1.6525%, down 1.50bp [2]. 3. Interest Rate Data - **Short - term Interest Rates**: The silver - pledged overnight rate was 1.3620%, down 2.80bp; the Shibor overnight rate was 1.3780%, down 3.30bp. The 1 - year LPR was 3.00%, unchanged; the 5 - year LPR was 3.5%, unchanged [2]. 4. Open Market Operations - The central bank conducted a reverse repurchase operation with an issuance scale of 173.8 billion yuan, a maturity scale of 0, and an interest rate of 1.4% for 7 days [2]. 5. Industry News - **Price Data**: In May 2025, the national CPI decreased by 0.1% year - on - year, and the PPI decreased by 3.3% year - on - year and 0.4% month - on - month [2]. - **Trade Data**: In the first five months of 2025, China's total goods trade import and export value was 17.94 trillion yuan, up 2.5% year - on - year. In May, exports (in US dollars) increased by 4.8% year - on - year, and imports decreased by 3.4% [2]. 6. Key Events to Watch - On June 10 at 14:00, the UK's May unemployment rate will be released; on June 11 at 20:30, the US's May unadjusted CPI annual rate will be released [3].

Market Performance - A-shares experienced a strong start after the "May Day" holiday, with major indices mostly rising, including a 1.92% increase in the Shanghai Composite Index to 3342 points, and a 3.62% rise in the North Star 50 Index [1] - The market saw a jump at the beginning of the week due to easing news related to tariffs and a series of monetary easing policies released by the central bank [1][2] - On Friday, A-shares declined again, with trading volume shrinking, despite better-than-expected April import and export data [2] Economic Indicators - China's April export value increased by 8.1% year-on-year in USD terms, surpassing the expected 0.5% but lower than March's 12.4% [2] - April imports decreased by 0.2%, which was better than the expected decline of 6.0% and less severe than March's 4.3% drop [2] Sector Performance - Aerospace and military stocks emerged as star sectors during the week, driven by heightened geopolitical tensions in South Asia [2] - The market's reaction to the central bank's easing policies was initially positive, but investor sentiment remained cautious due to a lack of anticipated fiscal stimulus [1] Future Outlook - The upcoming discussions between Chinese and U.S. officials regarding tariffs are expected to be a key factor influencing market trends [2] - Even if the talks do not yield significant progress, there is an expectation that arrangements for future discussions will be made, which may sustain market optimism [3]