最新资金净流入3.95亿元，30年国债ETF(511090)持续“吸金”

Core Viewpoint - The 30-year Treasury ETF is experiencing a tight market with active trading and significant capital inflow, indicating a positive outlook for the bond market due to supportive fiscal policies and macroeconomic conditions [1][2]. Group 1: Market Activity - As of August 8, 2025, the 30-year Treasury ETF is priced at 123.4 yuan, with a turnover rate of 14.97% and a half-day trading volume of 3.401 billion yuan, reflecting active market participation [1]. - Over the past week, the average daily trading volume for the 30-year Treasury ETF was 8.41 billion yuan [1]. - The latest scale of the 30-year Treasury ETF reached 22.72 billion yuan, with a net capital inflow of 395 million yuan [1]. Group 2: Investment Strategy - The institution suggests a potential price divergence between new and old bonds due to differing tax burdens, leading to a strategy favoring old bonds over new ones [2]. - The attractiveness of bond funds holding older bonds is expected to increase, while the relative value of interest rate bonds may decrease, prompting a shift of funds towards credit bonds and dividend stocks in the medium to long term [2]. Group 3: Economic Support Factors - The bond market is expected to receive support from favorable tax policies for older bonds and credit bonds, with no significant negative impact on ordinary investors [1]. - The central bank may maintain a loose liquidity policy to alleviate fiscal repayment pressures, potentially opening further space for monetary easing [1]. - Current macroeconomic data indicates that the momentum for economic recovery has not significantly improved, reinforcing the bond market's role as a safe-haven asset [1].