1. Report's Investment Rating for the Industry - No investment rating for the industry is provided in the report. 2. Core Viewpoints of the Report - The short - term trend of Treasury bond futures may be volatile [1]. 3. Summary by Relevant Contents Market Performance - On Thursday, the main contracts of Treasury bond futures opened slightly higher across the board. By the close, the 30 - year Treasury bond futures main contract TL2606 rose 0.22%, the 10 - year T2606 rose 0.08%, the 5 - year TF2606 rose 0.07%, and the 2 - year TS2606 rose 0.02% [1]. - On Thursday, the Wind All - A Index opened slightly lower, fluctuated downward throughout the day, closed with a negative line, down 1.46%, with a trading volume of 1.96 trillion yuan, a contraction compared to the previous trading day's 2.19 trillion yuan [1]. Important Information - In the open market on Thursday, the central bank conducted 224 billion yuan of 7 - day reverse repurchase operations, with 13 billion yuan of reverse repurchases maturing on the same day, resulting in a net injection of 211 billion yuan [1]. - In the money market on Thursday, the overnight interest rate in the inter - bank money market remained low. The weighted average of DR001 throughout the day was 1.32%, the same as the previous trading day; the weighted average of DR007 throughout the day was 1.44%, also the same as the previous trading day [1]. - In the cash bond market on Thursday, the closing yields of inter - bank Treasury bonds fluctuated narrowly compared to the previous trading day. The yield to maturity of the 2 - year Treasury bond decreased by 1.00 BP to 1.30%, the 5 - year decreased by 0.72 BP to 1.56%, the 10 - year decreased by 0.39 BP to 1.82%, and the 30 - year increased by 0.41 BP to 2.35% [1]. - The number of initial jobless claims in the US last week was 210,000, in line with expectations, compared to the previous value of 205,000 [1]. Market Logic - In the first two months of this year, the growth rates of fixed - asset investment, export, and social retail sales all exceeded market expectations, and the growth of industrial added value above designated size also exceeded expectations. The year - on - year growth rate of the service industry production index rebounded compared to December last year [1]. - In the first two months, the sales area of new homes continued to decline significantly year - on - year, and the overall price of second - hand homes continued to decline month - on - month. The real estate market is still in the process of bottom - seeking [1]. - On March 18th, the enlarged meeting of the Party Committee of the central bank pointed out that according to changes in the economic and financial situation and the operation of the macro - economy, it will guide and regulate the interest rate level to promote the low - cost operation of the overall social financing cost [1]. Trading Strategy - For trading - type investments, conduct band operations [2].