长端利率静待资金宽松后的下行空间，30年国债ETF(511090)连续6天净流入

Core Viewpoint - The 30-year Treasury ETF is experiencing active trading and significant net inflows, indicating strong investor interest and potential opportunities in the long-term bond market [1][2]. Group 1: Market Performance - As of April 21, 2025, the 30-year Treasury ETF (511090) has decreased by 1.37%, with the latest price at 123.44 yuan [1]. - The ETF has shown active trading with a turnover rate of 11.96% and a total transaction volume of 1.967 billion yuan [1]. - The average daily trading volume over the past month is 10.883 billion yuan [1]. Group 2: Fund Flows - The latest size of the 30-year Treasury ETF is 16.648 billion yuan [2]. - Over the past six days, the ETF has seen continuous net inflows, with a maximum single-day inflow of 268 million yuan, totaling 962 million yuan in net inflows, averaging 160 million yuan per day [2]. - Leveraged funds have been actively buying into the ETF, with a maximum single-day net purchase of 61.4369 million yuan, bringing the latest financing balance to 342 million yuan [2]. Group 3: Interest Rate Outlook - Analysts suggest that long-term interest rates may remain stable or slightly decline, with the 10-year Treasury yield expected to fluctuate between 1.6% and 1.7% [2]. - If funding rates decrease, the yield curve may steepen, potentially bringing the 10-year Treasury yield closer to 1.5% [2]. Group 4: Investment Characteristics - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year treasury bonds [3]. - The ETF is considered a valuable tool for portfolio management, offering low trading thresholds and high trading efficiency, with a minimum transaction unit of 100 shares, approximately 10,000 yuan [3]. - Multiple market makers provide liquidity, ensuring immediate execution of trades and ample counterparty availability [3].