Workflow
央行“月初放水”重塑预期,30年国债ETF博时(511130)上涨43个bp领跑“利率敏感”赛道
Sou Hu Cai Jing·2025-06-09 06:00

Market Overview - A-shares major indices collectively rose in early trading on June 9, 2025, with the Shanghai Composite Index up 0.23%, the Shenzhen Component Index up 0.62%, and the ChiNext Index up 1.22% [1] - The total market turnover reached 838.6 billion yuan, an increase of 75.5 billion yuan compared to the previous day, with nearly 3,700 stocks rising [1] Bond Market Dynamics - Most government bond futures rose at midday, with the 30-year main contract up 0.32%, the 10-year main contract up 0.09%, and the 5-year main contract up 0.02% [1] - The 30-year government bond ETF from Bosera (511130) saw significant trading activity, with a rise of 43 basis points and a turnover exceeding 1.3 billion yuan, indicating strong market interest [1] Central Bank Actions - On June 5, the central bank unexpectedly adjusted the format of its reverse repurchase announcements, shifting to a bidding format and conducting a 1 trillion yuan, 3-month reverse repo operation [2] - This change aims to enhance transparency in open market operations and alleviate market concerns regarding cross-quarter liquidity pressures [2] Institutional Behavior - Major banks have been actively purchasing short-term bonds in the secondary market, which may signal a potential restart of bond buying by the central bank [3] - April insurance premium data showed significant improvement in long-term insurance income, which could lead to increased allocation in long-duration bonds [3] Future Market Expectations - The upcoming week may see market fluctuations based on the results of new US-China negotiations, with two potential outcomes: a positive result leading to a reduction in tariffs, or a neutral outcome with limited new information [3] - Short-term interest rates are expected to rise, while long-term rates may break out of their narrow trading range, suggesting opportunities for excess returns in long-duration bonds [4] ETF Specifics - The Bosera 30-year government bond ETF, established in March 2024, is one of only two on-market ultra-long duration bond ETFs, tracking the "Shanghai Stock Exchange 30-Year Government Bond Index" [4] - The index reflects the overall performance of 30-year government bonds listed on the Shanghai Stock Exchange, with a duration of approximately 21 years, making it highly sensitive to interest rate changes [4]