Treasury futures selling hedging is to sell interest rate futures contracts by opening positions in the futures market, in order to establish a break-even mechanism in the spot and futures markets and avoid the risk of rising market interest rates. Its application mainly includes: (1) holding bonds, worrying about rising interest rates, falling bond prices or relatively falling yields. (2) The fundraisers who use bond financing are worried that the rising interest rate will lead to the rising financing cost. (3) The borrower of funds is worried that the interest rate will rise, which will lead to an increase in borrowing costs. All BCD options are correct. Item A is the situation of buying hedging. So the answer to this question is BCD.