A | 【期债专题】基差：2609合约复盘及2612合约展望分析师：孙玉龙期货交易咨询从业信息：Z0019397期货从业信息：F03116595发布日期：2026年8月26日期货交易咨询业务资格：证监许可〔2011〕1461号摘要本篇报告先复盘了2609合约及对应可交割券的净基差走势。2609合约净基差整体以收敛为主，期货多头（尤以TL为代表）替代现券策略表现占优。 (ECNS) -- Jia Jia, a female giant panda at the Shanghai Wild Animal Park, celebrated her 14th birthday on Wednesday. Born on Aug. 5, 2012, Jia Jia is known for her gentle and quiet temperament. Her enclosure was decorated with a “birthday cake”, toys and flowers, attracting many panda fans to take photos. Some people specifically traveled from other cities to Shanghai to celebrate her birthday. A woman surnamed Zhang, who came all the way from Beijing, said the adorable giant pandas are very healing, and she feels especially happy every time she watches their videos. The park also launched a giant panda conservation education program for youth to promote wildlife protection and introduced a panda-themed educational program for schools and communities. (By Helen Mo, intern Liu Shuangjing) 
。在该策略下，投资者借助期货杠杆特性提升资金使用效率，既充分参与了现券牛市行情所带来的β收益，亦同步获取净基差收敛带来的收益增强，成为...。
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