1. Report Industry Investment Rating - No specific industry investment rating is provided in the report [1] 2. Core View of the Report - The macro and financial sector, specifically the bond market, is expected to be volatile in the short - term. The report also analyzes various factors affecting the bond market, including central bank operations, interest rates, and geopolitical situations. Additionally, it mentions the performance of the overall market and the real - estate market [1][2] 3. Summary by Relevant Catalogs Market Performance - On Monday, the main contracts of treasury bond futures opened higher across the board. The 30 - year treasury bond futures main contract TL2606 rose 0.38%, the 10 - year T2606 rose 0.15%, the 5 - year TF2606 rose 0.10%, and the 2 - year TS2606 rose 0.04% [1] - On Monday, the Wind All - A index opened lower, rebounded after hitting the bottom in the morning, fluctuated narrowly in the afternoon, and closed with a small positive line, up 0.05%, with a trading volume of 1.93 trillion yuan, slightly higher than the previous trading day's 1.86 trillion yuan [2] Important Information - The central bank conducted 269.5 billion yuan of 7 - day reverse repurchase operations on Monday, with 8 billion yuan of reverse repurchases maturing, resulting in a net injection of 261.5 billion yuan [1] - On Monday, the overnight interest rate in the inter - bank money market remained low. The weighted average of DR001 was 1.31% throughout the day, compared with 1.32% in the previous trading day; the weighted average of DR007 was 1.43%, compared with 1.44% in the previous trading day [1] - On Monday, the closing yields of inter - bank treasury bond cash bonds declined compared with the previous trading day. The 2 - year treasury bond yield dropped 2.92 BP to 1.27%, the 5 - year dropped 2.37 BP to 1.53%, the 10 - year dropped 1.09 BP to 1.81%, and the 30 - year dropped 2.11 BP to 2.33% [1] - Federal Reserve Chairman Powell said that energy shocks are usually short - lived, and the central bank's standard response is to "wait patiently for them to subside on their own." The policy is currently in a favorable position to wait and see how the current situation develops, and private credit does not currently have the conditions to evolve into a more widespread systemic event [1] - Iran's parliament approved the collection of tolls for the Strait, to be paid in the Iranian local currency. An Israeli refinery in Haifa caught fire after a missile attack, and Trump said a response would "come soon." Trump is in serious negotiations with Iran, and if the negotiations break down, he will destroy Iran's energy, power facilities, and Kharg Island. Iran said the US request is illogical and will not participate in a war - related meeting led by Pakistan [1] Market Logic - From January to February this year, industrial enterprises above a designated size achieved operating income of 20.84 trillion yuan, a year - on - year increase of 5.3%, and a total profit of 1.02456 trillion yuan, a year - on - year increase of 15.2%. In the first two months, the growth of industrial enterprise income and profit was good. The growth rates of fixed - asset investment, export, and social retail sales in the first two months all exceeded market expectations, and the growth of industrial added value of enterprises above a designated size also exceeded expectations. The year - on - year growth rate of the service industry production index rebounded compared with December last year [1] - The new - home sales area continued to decline significantly year - on - year, and the second - hand housing sales price continued to decline month - on - month. The real - estate market is still in the process of bottom - seeking [2] - On March 18, the enlarged meeting of the central bank's Party committee pointed out that according to changes in the economic and financial situation and macro - economic operation, it will guide and regulate the interest rate level to promote the low - level operation of the social comprehensive financing cost [2] Trading Strategy - Traders are advised to conduct band operations [2]