Report Information - Report Title: Treasury Bond Futures Daily Report 2025/7/29 [1] - Data Source: Third - party - Researcher: Liao Hongbin - Futures Practitioner Qualification Number: F30825507 - Futures Investment Consulting Practitioner Certificate Number: Z0020723 Report Industry Investment Rating - Not provided in the report Core View - On Tuesday, Treasury bond spot yields weakened collectively, and Treasury bond futures closed down. The central bank continued net injections, and the weighted average DR007 rate fell to around 1.56%. Domestically, the decline in industrial enterprise profits narrowed in June, but weak PPI remained a drag. Industrial growth rose slightly, fixed - asset investment and social retail sales declined slightly, and the unemployment rate remained stable. Socially - financed growth exceeded expectations, credit demand improved marginally, and deposit activation increased. Overseas, the US July S&P Global Composite PMI rebounded unexpectedly, the labor market was stable, and global trade tensions eased. Affected by policy themes, risk appetite increased, and the bond market was under pressure. If relevant policies are further introduced, the bond market may continue to face pressure in the short - term, and interest - rate bonds may be adjusted. It is recommended to observe the adjustment of Treasury bond futures in the short - term and allocate after stabilization [2] Summary by Relevant Catalogs 1. Futures Disk - **Closing Prices**: T, TF, TS, and TL main contract closing prices decreased by 0.25%, 0.17%, 0.06%, and 0.78% respectively [2] - **Trading Volumes**: T and TL main contract trading volumes increased by 94 and 5157 respectively, while TF and TS main contract trading volumes decreased by 1398 and 677 respectively [2] 2. Futures Spreads - TL2512 - 2509, T2512 - 2509, and TS2512 - 2509 spreads decreased by 0.09, 0.02, and 0.01 respectively; T09 - TL09, TF09 - T09, TS09 - T09, and TS09 - TF09 spreads increased by 0.64, 0.09, 0.21, and 0.12 respectively [2] 3. Futures Positions - **Main Contract Positions**: T and TS main contract positions decreased by 625 and 2929 respectively, while TF main contract positions decreased by 32, and TL main contract positions increased by 488 [2] - **Top 20 Long and Short Positions**: T top 20 long positions decreased by 379, and short positions increased by 1659; TF top 20 long positions increased by 1156, and short positions increased by 309; TS top 20 long positions increased by 149, and short positions decreased by 2562; TL top 20 long and short positions increased by 3633 and 3786 respectively [2] 4. CTD (Cheapest to Deliver) - The net prices of various CTD bonds, such as 220010.IB, 250007.IB, etc., all decreased [2] 5. Active Treasury Bonds - Yields of active Treasury bonds with maturities of 1y, 3y, 5y, 7y, and 10y decreased by 1.75bp, 2.05bp, 2.50bp, 2.25bp, and 1.75bp respectively [2] 6. Short - term Interest Rates - Silver - pledged overnight, 7 - day, Shibor overnight, and 7 - day interest rates all decreased [2] 7. Industry News - The national child - rearing subsidy system implementation plan was announced on July 28. From January 1, 2025, a subsidy of 3600 yuan per child per year will be provided for children under 3 years old [2] - In June, the profits of industrial enterprises above designated size decreased by 4.3% year - on - year, with a narrowing decline compared to May. The profits of new - kinetic - energy industries represented by the equipment industry grew rapidly. From January to June, the total profits of industrial enterprises above designated size were 3436.5 billion yuan, a year - on - year decrease of 1.8%. The profits of the ferrous metal smelting and rolling processing industry increased 13.7 times year - on - year, and the profits of the mining industry decreased by 30.3% year - on - year [2] 8. Key Data to Focus On - July 29, 22:00, US July Conference Board Consumer Confidence Index - July 30, 20:15, US July ADP Employment (in ten thousand people) [3]