Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - The short - term and medium - term view of treasury bond futures is to fluctuate within a range. After the central bank's interest rate cut and reserve requirement ratio cut, it is necessary to wait for data to verify the effect, and the possibility of further interest rate cuts in the short term is low. The upward momentum of treasury bond futures is insufficient, but due to the anchoring effect of policy interest rates, the upward space of treasury bond yields is limited, so is the downward space of treasury bond futures. Overall, the upward and downward spaces of treasury bond futures are limited in the short term, mainly in a consolidation phase. [4] Group 3: Summary According to Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the TL2506 variety, the short - term view is "fluctuation", the medium - term view is "fluctuation", the intraday view is "fluctuation with a weak bias", and the reference view is "range - bound fluctuation". The core logic is that after the interest rate cut expectation is fulfilled, it is mainly in a short - term consolidation phase. [1] 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - For varieties TL, T, TF, TS, the intraday view is "fluctuation with a weak bias", the medium - term view is "fluctuation", and the reference view is "range - bound fluctuation". The core logic is that after the central bank's interest rate cut and reserve requirement ratio cut, it is necessary to wait for data to verify the effect, and the possibility of further interest rate cuts in the short term is low, so the upward momentum of treasury bond futures is insufficient. However, due to the anchoring effect of policy interest rates, the upward space of treasury bond yields is limited, and the downward space of treasury bond futures is also limited. In the short term, the upward and downward spaces of treasury bond futures are limited, mainly in a consolidation phase. Follow - up attention should be paid to external factors such as tariffs and the Fed, as well as domestic macro - economic indicators. [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The short - term view of TL2506 is to oscillate, the medium - term view is to oscillate, and the intraday view is to oscillate strongly, with an overall view of range oscillation. The core logic is that after the interest rate cut expectation is fulfilled, it will mainly be in short - term oscillatory consolidation [1]. - For the main varieties of TL, T, TF, and TS, the intraday view is oscillatory strength, the medium - term view is oscillation, and the reference view is range oscillation. The short - term treasury bond futures are expected to be mainly in oscillatory consolidation. The core logic is that the treasury bond futures oscillated and declined yesterday, and after the Sino - US经贸 relations entered a stage of relaxation, the safe - haven demand for treasury bonds declined rapidly, while the risk preference for risk assets increased rapidly. In the long - term, the policy basis for the upward movement of treasury bonds is relatively solid, but in the short - term, the possibility of further interest rate cuts has decreased, and the situation of Sino - US consultations needs to be continuously monitored [4]. 3. Summary According to the Directory 3.1 Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the variety TL2506, the short - term is oscillatory, the medium - term is oscillatory, the intraday is oscillatory strong, with a range oscillatory view. The core logic is that after the interest rate cut expectation is fulfilled, it is mainly in short - term oscillatory consolidation [1]. 3.2 Main Variety Price and Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is oscillatory strength, the medium - term view is oscillation, and the reference view is range oscillation. The core logic is that yesterday, treasury bond futures oscillated and declined, with the 30 - year treasury bond futures having the largest decline. After the Sino - US经贸 relations entered a stage of relaxation, the safe - haven demand for treasury bonds declined rapidly, and the risk preference for risk assets increased rapidly. In the long - term, the policy basis for the upward movement of treasury bonds is relatively solid, but in the short - term, after the central bank cuts interest rates and the reserve ratio, it is necessary to observe the performance of macro - economic indicators, and the hawkish stance of the Federal Reserve also disturbs the central bank's interest rate cut rhythm, reducing the possibility of further interest rate cuts in the short - term. The Sino - US relaxation expectation has reduced the safe - haven demand for treasury bonds, but the possibility of the US side's repetition still exists, and the subsequent Sino - US consultations need to be continuously monitored [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The short - term view of TL2506 is to oscillate, the medium - term view is to oscillate, and the intraday view is to oscillate strongly, with an overall view of range - bound oscillation. The core logic is that the expectation of interest rate cuts has been fulfilled, and it will mainly be in short - term oscillatory consolidation [1]. - For varieties such as TL, T, TF, and TS, the intraday view is to oscillate strongly, the medium - term view is to oscillate, and the reference view is range - bound oscillation. After the implementation of interest rate cuts and reserve requirement ratio cuts, the policy expectation is fulfilled in the short term, and it is expected that treasury bond futures will remain in oscillatory consolidation in the short term [4]. 3. Summary by Relevant Catalogs Variety Viewpoint Reference - Financial Futures Stock Index Sector - For TL2506, short - term: oscillate; medium - term: oscillate; intraday: oscillate strongly; view reference: range - bound oscillation; core logic: the expectation of interest rate cuts has been fulfilled, and short - term oscillatory consolidation is the main trend [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is to oscillate strongly, the medium - term view is to oscillate, and the reference view is range - bound oscillation. The core logic is that treasury bond futures have been in narrow - range oscillatory consolidation in the past two days. The central bank announced a series of policies such as interest rate cuts and reserve requirement ratio cuts. It lowered the deposit reserve ratio by 0.5 percentage points, releasing 1 trillion in long - term liquidity, and lowered the 7 - day reverse repurchase rate by 10BP, which is expected to drive the LPR down by 10BP. Due to the weakening of the domestic manufacturing PMI in April and the strong performance of the RMB exchange rate, the conditions for interest rate cuts and reserve requirement ratio cuts were met. The price of treasury bond futures has already implied an expected interest rate cut of about 10BP since early April. With the implementation of interest rate cuts and reserve requirement ratio cuts, the policy expectation is fulfilled in the short term, and short - term oscillatory consolidation is expected [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The report expects treasury bond futures to fluctuate strongly in the short term as the expectation of macro - policy intensification is rising and the domestic interest - rate cut expectation is approaching. The 4 - month manufacturing PMI data decline indicates that subsequent growth - stabilizing policies will gradually increase, and with the recent appreciation pressure on the RMB, the conditions for an interest - rate cut are relatively sufficient, despite the reduced necessity for a rate cut due to strong travel data during the May Day holiday and uncertain overseas factors [4]. 3. Summary by Related Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the TL2506 variety, the short - term view is "oscillation", the medium - term view is "oscillation", the intraday view is "oscillation with an upward bias", and the reference view is "range oscillation". The core logic is the weakening of the manufacturing PMI and the increasing expectation of an interest - rate cut [1]. 3.2 Main Variety Price and Market Driving Logic - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is "oscillation with an upward bias", the medium - term view is "oscillation", and the reference view is "range oscillation". The core logic is that treasury bond futures oscillated narrowly yesterday. Strong travel data during the May Day holiday showed strong macro - economic resilience, reducing the necessity for an interest - rate cut. Overseas tariff war disturbances have weakened marginally, and the Fed's interest - rate cut expectation is still unclear, which disturbs the central bank's interest - rate cut expectation. However, the weakening of the April manufacturing PMI data indicates that subsequent growth - stabilizing policies will increase, and with the RMB appreciation pressure, the conditions for an interest - rate cut are sufficient [4].

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The report anticipates that after the holiday, Treasury bond futures will mainly experience an oscillatory rebound as the expectation of macro - policy intensification rises and the expectation of interest rate cuts will gradually materialize [4] Group 3: Summary According to Relevant Catalogs 1. Variety Viewpoint Reference - Financial Futures Stock Index Sector - For the TL2506 variety, the short - term view is oscillatory, the medium - term view is oscillatory, the intraday view is oscillatory and bullish, and the overall view is range - bound. The core logic is that the manufacturing PMI has weakened and the expectation of interest rate cuts has increased [1] 2. Price and Market Driving Logic of Main Varieties - Financial Futures Stock Index Sector - The varieties include TL, T, TF, and TS. The intraday view is oscillatory and bullish, the medium - term view is oscillatory, and the reference view is range - bound. The core logic is that last Wednesday, Treasury bond futures continued to oscillate in a narrow range. The April manufacturing PMI data announced by the statistics bureau last Wednesday was 49.0%, a 1.5 - percentage - point decrease from the previous month, falling back to the contraction range. This shows that due to the sharp change in the external environment, the decline in export orders has disturbed the manufacturing industry. The weakening of the April manufacturing PMI indicates that the decline in external demand has disturbed the macro - economy, and the domestic policy side needs to boost domestic demand to stabilize the total economic demand. The time window for implementing more proactive and effective macro - policies mentioned in the Politburo meeting is approaching, and in the future, monetary policy will cooperate with fiscal policy to work together, and interest rate and reserve requirement cuts will be implemented in a timely manner. In terms of open - market operations, near the holiday and the end of the month, the central bank made a net injection of liquidity in the open - market, and market interest rates also declined [4]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Views of the Report - The short - term view for TL2506 is "oscillation", the medium - term view is "oscillation", and the intraday view is "oscillating weakly", with an overall view of "range oscillation" due to the weakened short - term expectation of interest rate cuts [1]. - For the TL, T, TF, and TS varieties, the intraday view is "oscillating weakly", the medium - term view is "oscillation", and the reference view is "range oscillation". Although currently in a high - level consolidation, future macro - policies will be concentrated, giving treasury bond futures upward momentum. In the short term, they will mainly oscillate and consolidate [4]. Group 3: Summary by Related Catalogs Variety View Reference - Financial Futures Stock Index Sector - For the TL2506 variety, the short - term, medium - term, and intraday views are "oscillation", "oscillation", and "oscillating weakly" respectively, with a "range oscillation" view. The core logic is the weakened short - term expectation of interest rate cuts [1]. Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - Yesterday, treasury bond futures rebounded comprehensively, with the 30 - year treasury bond futures rising 0.69%. The issuance of ultra - long - term special treasury bonds benefits the 30 - year treasury bond futures. Currently, domestic macro data is good, and the overseas Fed's reserve - reduction cycle has not arrived, so the central bank will remain stable in the short term. After the April Politburo meeting, the time for monetary policy interest rate and reserve - ratio cuts is approaching, and treasury bond futures have upward momentum in the future while mainly oscillating in the short term [4].