Report Industry Investment Rating - No relevant content provided Core Viewpoints - The PVC contract V2605 is expected to fluctuate weakly; for iron ore 12605, short - selling is recommended; corn C2603 is expected to fluctuate strongly and buying on dips is advised; silver AG2604 has a complex situation with price fluctuations and corresponding operation suggestions [3]. - In the stock index sector, after the index breaks through the previous high, there are signs of concentrated main lines and narrowing heat. It is recommended to take partial profit on single - side long futures, hold bull spread combinations, and consider building covered call combinations on dips. Among them, IC components are more in line with the main - line structure and perform stronger [3]. - In the bond market, after continuous decline, there is a slight rebound due to the shock of the equity market and loose capital. However, the bond market sentiment is still suppressed by factors such as the spring rally of equities, inflation recovery expectations, and supply disturbances. It is still difficult to say that it has stabilized. For single - side strategies, it is recommended to wait and see, and for curve strategies, it is still inclined to steepen in the medium term [3]. - For precious metals, gold long positions should be held above $4300, and attention should be paid to the rise of the gold - silver ratio. For silver, it is recommended to keep a light - position long strategy above $70. For platinum and palladium, it is recommended to buy on dips near the 20 - day moving average, and short the platinum - palladium ratio can be tried [3]. - The shipping index EC2602 is expected to fluctuate downward in the short term; steel prices will maintain a fluctuating trend, with specific price ranges for rebar and hot - rolled coils [3]. - In the non - ferrous metals sector, different metals have different price trends and operation suggestions, such as copper prices adjusting in a fluctuating manner, and corresponding operation suggestions for aluminum, zinc, etc. [3]. - In the new energy sector, polysilicon futures have limit - down, and lithium carbonate has wide - range fluctuations. Different products have different operation suggestions [3]. - In the chemical industry, different chemical products have different price trends and operation suggestions, such as PX and PTA fluctuating in specific ranges and having low - buying strategies in the medium term [3]. - In the agricultural products sector, different agricultural products such as soybeans, corn, and sugar are expected to have range - bound fluctuations, and different operation suggestions are given for each [3]. Summaries by Related Catalogs Stock Index - Index breakthrough leads to concentrated main lines and narrowing heat. It is recommended to take partial profit on single - side long futures, hold bull spread combinations, and consider building covered call combinations on dips. IC components perform stronger [3]. Bond Market - After continuous decline, there is a slight rebound due to equity market shock and loose capital. But sentiment is suppressed, and it is difficult to say it has stabilized. Single - side strategies: wait and see; Curve strategies: inclined to steepen in the medium term [3]. Precious Metals - Gold: hold long positions above $4300, pay attention to the rise of the gold - silver ratio; Silver: keep a light - position long strategy above $70; Platinum and palladium: buy on dips near the 20 - day moving average, short the platinum - palladium ratio can be tried [3]. Shipping - The shipping index EC2602 is expected to fluctuate downward in the short term [3]. Steel - Steel prices maintain a fluctuating trend, with rebar fluctuating in the range of 3000 - 3200 and hot - rolled coils in the range of 3150 - 3350 [3]. Non - Ferrous Metals - Different non - ferrous metals have different price trends and operation suggestions, such as copper price adjustment, and corresponding operations for aluminum, zinc, etc. [3]. New Energy - Polysilicon futures have limit - down, lithium carbonate has wide - range fluctuations, and different products have different operation suggestions [3]. Chemical Industry - Different chemical products have different price trends and operation suggestions, such as PX and PTA fluctuating in specific ranges and having low - buying strategies in the medium term [3]. Agricultural Products - Different agricultural products such as soybeans, corn, and sugar are expected to have range - bound fluctuations, and different operation suggestions are given for each [3].

1. Report's Industry Investment Rating - The investment rating for the treasury bond in the macro and financial sector is "oscillation" [1] 2. Core View of the Report - Treasury bond futures are likely to oscillate in the short - term, and trading - type investors are advised to conduct band operations [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, most of the main contracts of treasury bond futures opened roughly flat and fluctuated horizontally and narrowly throughout the day. The TL variety oscillated and declined. As of the close, the 30 - year treasury bond futures main contract TL2603 fell 0.24%, the 10 - year T2603 fell 0.02%, the 5 - year TF2603 fell 0.03%, and the 2 - year TS2603 fell 0.02% [1] 3.2 Important Information 3.2.1 Open Market - On Thursday, the central bank carried out 177.1 billion yuan of 7 - day reverse repurchase operations, with 88.3 billion yuan of reverse repurchases maturing on the same day. The central bank also carried out 400 billion yuan of MLF operations, with 300 billion yuan of MLF maturing on the same day. The net investment on that day was 188.8 billion yuan [1] 3.2.2 Money Market - On Thursday, the overnight interest rate in the inter - bank money market remained at a low level. The weighted average of DR001 throughout the day was 1.26%, the same as the previous trading day; the weighted average of DR007 throughout the day was 1.48%, compared with 1.38% in the previous trading day [1] 3.2.3 Cash Bond Market - On Thursday, the closing yields of inter - bank treasury bond cash bonds fluctuated narrowly compared with the previous trading day. The yield to maturity of 2 - year treasury bonds decreased by 0.43 BP to 1.34%, the 5 - year increased by 0.37 BP to 1.60%, the 10 - year increased by 0.30 BP to 1.84%, and the 30 - year decreased by 0.50 BP to 2.23% [1] 3.3 Market Logic - In November, fixed - asset investment decreased by 2.6% year - on - year, and social retail sales increased by 1.3% year - on - year, both lower than market expectations. In November, China's export growth rate was 5.9%, exceeding market expectations. China's CPI and core CPI both decreased by 0.1% month - on - month, and PPI increased by 0.1% month - on - month, with the inflation level remaining moderate. The fourth - quarter meeting of the central bank's monetary policy committee pointed out that it is necessary to grasp the intensity, rhythm, and timing of monetary policy implementation according to domestic and international economic and financial situations and financial market operation conditions. On Thursday, the Wind All - A Index opened slightly lower, rose slightly in the morning session, continued to rise slightly in the afternoon session and then moved sideways, closing with a small positive line, up 0.60% from the previous trading day, with a trading volume of 1.94 trillion yuan, slightly larger than the 1.90 trillion yuan in the previous trading day. The stock market rose on Thursday, while most treasury bond futures moved sideways [1] 3.4 Trading Strategy - Trading - type investors are advised to conduct band operations [1]