Group 1: Investment Rating - The investment rating for the bond futures sector is "oscillation" [1] Group 2: Core View - The short - term bond futures may oscillate. The market risk preference is expected to increase in the short term due to factors such as GDP growth meeting expectations, central fiscal allocation to local governments, and the agreement on a new round of Sino - US economic and trade consultations. [1] Group 3: Summary by Related Content Market Performance - On Tuesday, most of the bond futures' main contracts opened lower, rose in the morning and then declined, and showed a unilateral upward trend in the afternoon. The 30 - year bond futures main contract TL2512 rose 0.16%, the 10 - year T2512 rose 0.05%, the 5 - year TF2512 rose 0.05%, and the 2 - year TS2512 rose 0.04%. [1] - On Tuesday, the Wande All - A Index opened higher, rose unilaterally in the morning, fluctuated narrowly horizontally in the afternoon, and closed with a bald阳线. The trading volume was 1.89 trillion yuan, slightly larger than the previous trading day's 1.75 trillion yuan. [1] Important Information - On Tuesday, the central bank conducted 1595 billion yuan of 7 - day reverse repurchase operations, with 910 billion yuan of reverse repurchases due on the same day, resulting in a net investment of 685 billion yuan. [1] - On Tuesday, the overnight interest rate in the inter - bank money market was basically flat compared with the previous trading day. The weighted average of DR001 was 1.31%, and that of DR007 was 1.44%. [1] - On Tuesday, the closing yields of inter - bank treasury bonds mostly declined compared with the previous trading day. The 2 - year treasury bond yield fell 0.53 BP to 1.50%, the 5 - year fell 0.71 BP to 1.60%, the 10 - year fell 1.41 BP to 1.84%, and the 30 - year fell 2.91 BP to 2.192%. [1] - On October 21, Kao Makiko was elected as the Prime Minister of Japan, becoming the first female Prime Minister in Japanese history. [1] Market Logic - In the third quarter, China's GDP increased by 4.8% year - on - year, in line with market expectations. In September, China's fixed - asset investment growth and total retail sales of consumer goods growth were lower than expected, while exports exceeded expectations. The added value of industrial enterprises above designated size increased more than expected, and the service production index was flat compared with August. The real estate sales continued to decline year - on - year in September and early October. [1] - Recently, the central government has allocated 500 billion yuan from the local government debt balance limit to local governments. On October 18, the leaders of Sino - US economic and trade negotiations agreed to hold a new round of consultations soon, which are conducive to increasing short - term market risk preference. [1] Trading Strategy - Traders are advised to conduct band operations. [2]

Group 1 - The core viewpoint of the article highlights the upward movement of government bond futures on September 22, with various maturities showing increases in their main contracts [1] Group 2 - The 2-year government bond futures main contract TS2512 rose by 0.04% to 102.398, resulting in a yield decrease of 2.52 basis points to 1.3854% [1] - The 5-year government bond futures main contract TF2512 increased by 0.13% to 105.770, with a yield decline of 3.11 basis points to 1.5646% [1] - The 10-year government bond futures main contract T2512 saw a rise of 0.20% to 107.975, leading to a yield drop of 2.79 basis points to 1.7795% [1] - The 30-year government bond futures main contract TL2512 went up by 0.22% to 115.130, corresponding to a yield decrease of 1.04 basis points to 2.1855% [1]