Report Summary 1) Report Industry Investment Rating No relevant information provided. 2) Core View of the Report - Policy support continues, and treasury bond futures closed higher across the board. The central bank's policies aim to boost credit, stabilize market expectations, and promote high - quality economic development. However, the progress of China - US trade negotiations affects market risk appetite, and the suspension of tariffs and export rush may delay subsequent policy implementation [1][2]. - In the short - term, the bond market will maintain a volatile and slightly bullish pattern. A clear signal from the policy side is needed to break the current situation [3]. 3) Summary by Directory I. Interest Rate Pricing Tracking Indicators - Price indicators: China's CPI (monthly) decreased by 0.20% month - on - month and 0.10% year - on - year; China's PPI (monthly) decreased by 0.40% month - on - month and 3.30% year - on - year [8]. - Economic indicators (monthly update): Social financing scale reached 426.16 trillion yuan, an increase of 2.16 trillion yuan (0.51%); M2 year - on - year was 7.90%, a decrease of 0.10% (- 1.25%); Manufacturing PMI was 49.50%, an increase of 0.50% (1.02%) [8]. - Economic indicators (daily update): The US dollar index was 98.82, an increase of 0.69 (0.70%); The US dollar against the offshore RMB was 7.1806, a decrease of 0.004 (- 0.05%); SHIBOR 7 - day was 1.51, with no change (- 0.13%); DR007 was 1.52, with no change (- 0.22%); R007 was 1.64, a decrease of 0.12 (- 6.66%); The 3 - month yield of AAA - rated inter - bank certificates of deposit was 1.62, a decrease of 0.01 (- 0.77%); The AA - AAA credit spread (1Y) was 0.08, with no change (- 0.77%) [8]. II. Overview of the Treasury Bond and Treasury Bond Futures Market No specific text - based summary information provided, only mentions figures such as the closing price trend of the main continuous contracts of treasury bond futures, the price change rates of various treasury bond futures varieties, etc [12]. III. Overview of the Money Market Funding Situation - Central bank: On June 17, 2025, the central bank conducted 197.3 billion yuan of 7 - day reverse repurchase operations at a fixed interest rate of 1.5%. - Money market: The main term repurchase rates of 1D, 7D, 14D, and 1M were 1.369%, 1.508%, 1.571%, and 1.621% respectively, and the repurchase rates have recently declined [2]. IV. Spread Overview No specific text - based summary information provided, only mentions figures such as the inter - term spread trend of various treasury bond futures varieties and the spread between spot bond term spreads and futures cross - variety spreads [39]. V. Two - Year Treasury Bond Futures No specific text - based summary information provided, only mentions figures such as the implied interest rate of the TS main contract and the treasury bond maturity yield [47]. VI. Five - Year Treasury Bond Futures No specific text - based summary information provided, only mentions figures such as the implied interest rate of the TF main contract and the treasury bond maturity yield [56]. VII. Ten - Year Treasury Bond Futures No specific text - based summary information provided, only mentions figures such as the implied interest rate of the T main contract and the treasury bond maturity yield [67]. VIII. Thirty - Year Treasury Bond Futures No specific text - based summary information provided, only mentions figures such as the implied interest rate of the TL main contract and the treasury bond maturity yield [74]. Strategies - Unilateral: With the decline of repurchase rates and the volatile price of treasury bond futures, the 2509 contract is neutral. - Arbitrage: Pay attention to the widening of the basis. - Hedging: There is medium - term adjustment pressure, and short - position holders can use far - month contracts for appropriate hedging [3].