机构：基本面依然利好债市，30年国债ETF(511090)盘中飘红，成交额已超17亿元

Core Viewpoint - The recent adjustments in LPR and deposit rates indicate a significant shift in monetary policy, which is expected to impact the bond market and investment strategies in the near future [2]. Group 1: Market Performance - As of May 22, 2025, the 30-year Treasury ETF (511090) increased by 0.03%, with the latest price at 123.38 yuan [1]. - The trading volume for the 30-year Treasury ETF reached 17.79 billion yuan, with a turnover rate of 9.93% [1]. - The latest scale of the 30-year Treasury ETF hit 17.875 billion yuan, marking a new high for the past month [1]. - The number of shares for the 30-year Treasury ETF reached 14.5 million, also a new high for the past month [1]. - The net inflow of funds into the 30-year Treasury ETF was 164 million yuan, with a total of 456 million yuan net inflow over the last five trading days [1]. Group 2: Monetary Policy Impact - The recent LPR adjustments show a decrease of 10 basis points, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5% [1]. - Major state-owned banks have lowered deposit rates, initiating a new round of rate cuts, with the current demand deposit rate at 0.05% [1]. - The market anticipates that the next window for monetary easing may not occur until the third quarter, depending on domestic demand and trade negotiations [2]. Group 3: Bond Market Outlook - Following the recent monetary policy changes, the central rate of funding has decreased, but bond market rates have shown volatility [2]. - If deposit rate cuts lead to a short-term easing of funds, there may be further downward movement in bond yields, with the 10-year Treasury potentially approaching 1.6% [2]. - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which serves as a benchmark for this category of bonds [2][3].