The surge in treasury bond futures means releasing liquidity, which is a good thing. However, treasury bond futures and treasury bond prices are two different things. The logic of bond investment is that long-term interest rates fall and returns rise. The listing of treasury bonds futures will not affect the policy expectation and basic trend of the stock market, and the listed treasury bonds futures have little influence on the normal operation and trend of the stock market. From the short-term market observation, the trend of futures market leads to the rise or fall of stock market. In the long run, the rise and fall of stocks mainly depends on the market index, so the national debt has risen sharply.