Besides capital, will treasury bond futures affect the A-share market through other channels? In the stock pricing model, the stock price and "risk-free rate of return" run in the opposite direction. Because the risk-free rate of return is often replaced by the yield of medium and long-term government bonds, a relationship will be formed: the yield of medium and long-term government bonds will go down, and the stock index will tend to go up, and vice versa. The phenomenon that "the bond market affects the stock market" has long existed in reality and has nothing to do with the existence of treasury bonds futures.