The number of domestic bonds bought through Beijing Securities and other channels has increased substantially, especially in the past three months, with the increase of Chinese bonds exceeding 300 billion yuan, with net purchases for 10 months in a row. Not all foreign investors buy government bonds, and cash bonds are not equal to futures. As a fixed-income product, the investment logic is similar, that is, it is expected that the market interest rate in China will go down further, and it is optimistic about the general trend of stable macroeconomic operation in China. At the same time, it does not rule out that this operation of foreign capital has hedging considerations. After all, the inflation level in China is very low, the exchange rate is gradually stabilizing, and the relative yield of bonds is not too low, which are all important foundations for bullish. From this point of view, when the bond price in the market keeps rising and its corresponding expected rate of return begins to decline, the price of treasury bond futures will have a solid foundation.