Report Summary 1. Report Industry Investment Rating There is no information provided on the report industry investment rating. 2. Core View of the Report - The overall view of Treasury bond futures is "oscillation." In the short - term (within a week), it is expected to oscillate; in the medium - term (two weeks to one month), it is also expected to oscillate; and the intraday view is "oscillation on the weak side" [1][5]. - Treasury bond futures have both upward pressure and downward support. In the short term, they will mainly conduct low - level oscillatory consolidation [5]. 3. Summary by Relevant Catalogs 3.1 Variety View Reference - Financial Futures Stock Index Sector - For the TL2512 variety, the short - term view is "oscillation," the medium - term view is "oscillation," the intraday view is "oscillation on the weak side," and the overall view is "oscillation." The core logic is that there are still expectations of medium - and long - term interest rate cuts, but the possibility of a short - term comprehensive interest rate cut is low [1]. 3.2 Main Variety Price Market Driving Logic - Financial Futures Stock Index Sector - The intraday view of varieties TL, T, TF, and TS is "oscillation on the weak side," the medium - term view is "oscillation," and the reference view is "oscillation" [5]. - The core logic is that Treasury bond futures oscillated and declined last Friday. As they have rebounded from the previous bottom, the implied interest rate cut expectation has been reflected, and there is no strong need for a short - term comprehensive interest rate cut, so there is significant resistance above. In terms of the domestic and foreign economic and financial environment, the credit data in August was weak, the marginal consumption growth rate decreased, and the inflation data was weak. There are rising expectations of macro - policy to stabilize demand in the fourth quarter. Additionally, the Federal Reserve cut interest rates in September, and it is expected to cut rates twice more this year, so there are still expectations of future monetary easing. In the medium and long term, there is strong support below Treasury bond futures [5].