CITIC Securities: Treasury bond futures are very likely to first experience a bull market.

Golden Ten Data reported on April 21 that a research report from CITIC Securities stated that recently, in the long-term interest rate bond sector, 30-year government bond futures have performed prominently, reaching a new high in nearly a month. From a trend perspective, futures have shown strong performance, taking the lead in displaying a shift from bearish to bullish sentiment. The current market focus is on the phased release of first-quarter macroeconomic data, which to some extent has strengthened market expectations for the continuity of loose monetary policy. Against this backdrop, there is a supply and demand friction in the spot government bond market, while futures pricing places greater emphasis on the "end game." We believe that government bond futures are fully capable of initiating a bullish trend ahead of the spot market.