债市定价权重向基本面倾斜，30年国债ETF(511090)上涨0.22%

Core Viewpoint - The recent financial policies announced by Chinese authorities aim to stabilize the market and expectations, with a focus on providing long-term liquidity and lowering interest rates to support economic recovery [1][2]. Group 1: Market Performance - As of May 8, 2025, the 30-year government bond ETF (511090) increased by 0.22%, with the latest price at 124.39 yuan [1]. - The trading volume for the 30-year government bond ETF was 10.76%, with a total transaction value of 1.746 billion yuan, indicating active market trading [1]. - The average daily trading volume for the 30-year government bond ETF over the past month was 9.21 billion yuan, and its latest scale reached 16.193 billion yuan [1]. Group 2: Policy Measures - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, injecting approximately 1 trillion yuan into the market, along with a 0.1 percentage point reduction in policy interest rates [1][2]. - The current economic environment is characterized by external demand pressures and an unstable domestic economic foundation, prompting further policy interventions in the second quarter [2]. Group 3: Investment Characteristics - The 30-year government bond ETF closely tracks the China Bond 30-Year Government Bond Index, which includes publicly issued bonds with maturities of 25 to 30 years [2]. - The ETF serves as an effective 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 for the ETF, ensuring immediate transaction execution and ample counterparty availability [3].