On April 21, Citic Securities released a report highlighting the recent strong performance of 30-year treasury futures, which have reached a new high over the past month. According to Jin10, the futures market has shown a robust trend, indicating a potential shift from a bearish to a bullish stance. The market's current focus is on the release of first-quarter macroeconomic data, which has reinforced expectations for the continuation of a loose monetary policy. In this context, there is a supply-demand friction in the spot treasury market, while futures pricing is more focused on the 'endgame.' Citic Securities believes that treasury futures could potentially lead a bullish market trend.