Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The allocation value of interest - rate bonds still exists, but the difficulty of capital gain gaming increases [1] Summary by Relevant Catalogs 1. Fundamentals Tracking - On May 9, most treasury bond futures closed down. The 30 - year main contract rose 0.02% to 120.370 yuan, while the 10 - year, 5 - year, and 2 - year main contracts fell 0.01%, 0.07%, and 0.01% respectively [1] - The treasury bond futures index was 0.05. The quantity - price factor was bullish, and the fundamental factor was bearish. Without leverage, the cumulative returns of the strategy were 0.26% in the past 20 days, - 0.71% in the past 60 days, 0.40% in the past 120 days, and 1.43% in the past 240 days [1] - In the equity market, the market fluctuated and adjusted throughout the day, with the ChiNext Index leading the decline. There were more falling stocks than rising ones, and over 4000 stocks fell across the market [1] 2. Capital Conditions - Overnight shibor was reported at 1.4970%, down 4.2bp from the previous trading day; 7 - day shibor was 1.5190%, down 7.5bp; 14 - day shibor was 1.5540%, down 12.6bp; 1 - month shibor was 1.6840%, down 1.8bp [2] 3. Treasury Bond Futures Market of the Previous Trading Day - Transaction details of 2 - year, 5 - year, 10 - year, and 30 - year main contracts including opening, high, low, closing prices, changes, amplitudes, trading volumes, and open interests were provided [3] - The 2 - year active CTD bond was 240024.IB with an IRR of 1.97%, the 5 - year was 240014.IB with an IRR of 1.95%, the 10 - year was 240025.IB with an IRR of 1.93%, and the 30 - year was 200012.IB with an IRR of 0.73%. Currently, R007 was about 1.5805% [3] 4. Money Market and Bond Market - On May 9, the inter - bank pledged repurchase market traded 2 billion yuan, a decrease of 8.67%. Overnight and 7 - day rates decreased, while 14 - day and 1 - month rates were flat compared to the previous trading day [4] - In the cash bond market, the treasury bond yield curve shifted up by 0.43 - 2.27BP, and the credit bond yield curve showed mixed changes [4] 5. Net Long Position Changes by Institution Type - Daily changes: private funds increased by 1.64%, foreign capital increased by 7.17%, and wealth management subsidiaries increased by 6.96% - Weekly changes: private funds increased by 0.7%, foreign capital increased by 5.32%, and wealth management subsidiaries increased by 7.14% [6] 6. Macro and Industry News - On May 9, the central bank conducted 77 billion yuan of 7 - day reverse repurchase operations at an interest rate of 1.40%, unchanged from before [8] - The Ministry of Finance plans to issue the second - phase special treasury bonds for capital injection into central financial institutions in 2025, a 7 - year fixed - rate coupon - bearing bond with a competitive tender face value of 145 billion yuan [8] 7. Trend Intensity - The trend intensity of treasury bond futures was 0, indicating a neutral position [9]