The industry believes that as the mirror market of the spot bond market, the reason for the down limit of treasury bond futures is that the sharp decline in the bond market has made many debt-based and securities firms increase their efforts to preserve their value in the futures market and hedge the downside risks in the spot bond market. And because the bond portfolio can be adjusted for a long time through treasury bond futures, it means that the decline of treasury bond futures is to partially resolve and buffer the risk of systematic decline in the spot bond market.