Report Investment Rating - The report does not mention the industry investment rating. Core Viewpoints - The recent decline in bond futures provides a good entry opportunity. The current stabilization of the bond market is supported by three factors: positive signals from monetary policy, a stabilizing capital market, and the attractiveness of bond yields for investment after previous adjustments. In the long - term, due to insufficient effective demand and potential trade frictions, deflation is likely to continue, and the logic of a bond bull market may persist under the influence of coordinated monetary and fiscal policies [8]. Summary by Sections Part One: Main Views - **Weekly Market Review**: The market rebounded significantly on Monday with a 0.78% daily increase and then fluctuated narrowly. The rebound in bonds was due to their investment value, with 30 - year and 10 - year bond yields rising. There was still a game of risk preference, and the stock market was volatile. The exchange - stock linkage strengthened on Thursday, and there may be foreign capital inflows into large - cap stocks. The market may see pre - emptive profit - taking before the September 3 parade. The liquidity tightened marginally, but the central bank continued net injections. Mixed bond funds were redeemed, and convertible bond ETFs declined, which also affected interest - rate bonds [4]. - **Contract Performance**: Details of the closing prices, weekly price changes, trading volumes, and open interest changes of various bond futures contracts (TL2509, TL2512, T2509, etc.) are provided [5]. Part Two: Liquidity Tracking - **Open Market Operations**: The report presents data on the volume and price of open - market operations, including currency投放, currency回笼, and net投放, as well as the amount and price of medium - term lending facilities (MLF) [10][12]. - **Funding Costs**: It shows various interest rates such as deposit - based repurchase rates, SHIBOR, Shanghai Stock Exchange repurchase rates, and bond - based repurchase rates, as well as the volume ratio of R001 to R007, and the issuance rate of inter - bank certificates of deposit and the excess reserve ratio [20][26]. - **Policy Rates**: Information on LPR, deposit reserve ratios, and the relationship between policy rates and market rates is provided, along with data on the maturity volume of MLF [30]. - **Yield and Spread**: Data on Chinese and US bond yields and term spreads are presented, including 1 - year, 5 - year, 10 - year, and 20 - year bond yields and their spreads [34][36]. Part Three: Treasury Bond Futures Arbitrage Indicator Tracking - **Basis**: The report shows the basis of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures [43][45]. - **Net Basis**: It presents the net basis of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures [52]. - **IRR**: Data on the implied repo rate (IRR) of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures are provided [60]. - **Implied Interest Rate**: Information on the implied interest rate of 2 - year, 5 - year, 10 - year, and 30 - year treasury bond futures is given [65].