保险预订利率下调潮起，长久期国债配置价值凸显，30年国债ETF规模持续增长

Group 1 - The bond market experienced a slight decline in early trading on July 30, with the 30-year government bond ETF (511090) down by 0.15% and the 30-year government bond futures contract (TL2509) down by 0.20% [1] - The People's Bank of China conducted a 7-day reverse repurchase operation of 309 billion yuan at a stable interest rate of 1.40%, while yields on major government bonds increased, with the 10-year government bond yield rising by 3 basis points to 1.745% [1] - The recent adjustment in insurance industry guaranteed rates, with traditional life insurance rates lowered from 2.5% to 2.0%, is expected to enhance the allocation value of the 30-year government bond yield [2] Group 2 - The launch of a new round of policy rate adjustments in the insurance sector is anticipated to create a stable buffer for bond market allocation funds, driven by increased bank interest margin pressure and lower insurance guaranteed rates [2] - The Pengyang 30-year government bond ETF (511090) is the first ETF tracking the 30-year government bond index, offering T+0 trading attributes, which allows investors to capitalize on short-term market fluctuations and manage portfolio duration effectively [2]