票据利率大幅下行，债券市场早盘呈现修复走势，30年国债ETF（511090）涨0.52%

Group 1: Market Overview - The bond market experienced a significant rise in early trading on July 31, with the 30-year government bond ETF (511090) increasing by 0.52% [1] - As of 10:00 AM, the latest price for the 30-year government bond futures contract (TL2509) was 119.07 yuan, up 0.63%, with a trading volume of 46,165 contracts and a total open interest of 117,716 contracts [1] - Other government bond futures also saw increases, with the 10-year bond (T2509) up 0.16%, the 5-year bond (TF2509) up 0.07%, and the 2-year bond (TS2509) up 0.01% [1] Group 2: Funding Conditions - The central bank conducted a 7-day reverse repurchase operation of 283.2 billion yuan today, maintaining the bidding rate at 1.40% [1] - Major interbank interest rates for government bonds generally declined, with the 10-year government bond yield dropping by 3.25 basis points to 1.715% and the 30-year government bond yield down by 4 basis points to 1.921% [1] Group 3: Bond Market Insights - As the end of July approached, bill rates plummeted, with the 1-month government acceptance bill rate falling to 0.01% [2] - Demand from small and medium-sized institutions, represented by rural commercial banks, was strong, indicating insufficient credit issuance in July [2] - Large banks have been actively purchasing bills, with net purchases exceeding 210 billion yuan from July 21 to 25 and over 500 billion yuan for the month, compared to just over 120 billion yuan in the same period last year [2] - The bond market showed signs of recovery, with the 30-year government bond yield dropping nearly 4 basis points and other maturities recovering by 2-3 basis points [2] Group 4: Investment Product Highlight - The Pengyang 30-year government bond ETF (511090) is the first ETF tracking the 30-year government bond index, offering T+0 trading attributes [3] - This product allows investors to engage in day trading for profit and helps in extending portfolio duration or hedging equity positions [3] - It serves as a high-elasticity cash management tool and duration adjustment tool, with strong trading attributes during market interest rate fluctuations and strong allocation attributes in a low-interest-rate environment [3]