18 years later, treasury bonds futures returned to China futures market again, and 18 years later, treasury bonds futures returned to China futures market again. But for ordinary investors, treasury bond futures are more like a brand-new concept, so there are some misunderstandings that investors need to pay attention to. Myth 1: I think the trading hours of treasury bonds futures are consistent with the spot market, but the trading hours of treasury bonds futures in China are not exactly the same. The trading hours of treasury bonds futures are: 9:15 ~1:30 (first quarter) and 13: 00 ~ 15 (second quarter), and the last trading day is 9: 65438. But generally speaking, the trading hours of China's exchange bond market are 9: 30 ~1:30,13: 00 ~15: 00; The trading hours of the inter-bank bond market are from 9: 00 to 12: 00 and from 13: 30 to 16: 30. Myth 2: Think that the settlement price of treasury bonds futures is the closing price. The settlement price of treasury bonds futures refers to the average price of the transaction price in the last hour of the contract weighted by the volume, and the calculation result is retained to three decimal places. The closing price of treasury bonds futures refers to the last transaction price on the day of the contract. Myth 3: think that the last trading day of treasury bond futures is at the end of the month. According to China's national conditions, China's capital market is prone to abnormal fluctuations at the end of the season. In order to avoid the late of each quarter and ensure the safe and smooth delivery of treasury bonds futures, the last trading day of treasury bonds futures is set as the second Friday of the contract expiration month. Myth 4: It is considered that treasury bonds futures are similar to stock index futures through cash delivery and physical delivery. When the contract expires, the bonds available for delivery include a series of eligible national bonds, and the coupon rate is different from the maturity date. The price between deliverable treasury bonds and nominal standard bonds is converted by a conversion ratio, which is the so-called conversion factor, similar to the concepts of premium and discount when commodity futures are delivered. Myth 5: think that bond futures are more suitable for retail investors to participate. On the surface, compared with stock index futures, the threshold of bond futures trading is not high, but investors need to meet the corresponding institutional requirements. Generally speaking, if investors want to participate in treasury bond futures trading, they must not only have a threshold of 500,000 yuan to open an account, but also pass relevant qualification tests, that is, they need to have certain professional knowledge. In addition, because the price fluctuation of treasury bond futures is much smaller than that of stock index futures, the main function of treasury bond futures is to provide a risk management tool, so treasury bond futures are not particularly suitable for retail investors who usually make trend investments. Myth 6: It is believed that treasury bonds futures don't need to stare at the stock market every day after opening positions, and investors generally don't need to stare at the disk all the time after buying stocks, and they can even hold them for a long time. However, investors need to have enough time to watch bond futures trading. Because the treasury bond futures adopt the margin trading system, the margin ratio is low, which not only magnifies the gains but also magnifies the losses. Once the market is unfavorable, investors face considerable risks.