中国债券市场正持续吸引外资关注，30年国债ETF早盘小幅下跌

Market Overview - The bond market showed mixed performance with the 30-year Treasury ETF (511090) down by 0.14% as of 10:10 AM [1] - The latest price for the 30-year Treasury futures contract (TL2509) was 118.02 yuan, down 0.13%, with a trading volume of 30,061 contracts and total open interest of 86,091 contracts [1] - Other Treasury futures contracts showed slight variations: 10-year Treasury (T2509) down 0.01%, 5-year Treasury (TF2509) up 0.03%, and 2-year Treasury (TS2509) up 0.04% [1] Funding Conditions - The central bank conducted a 1,185 billion yuan 7-day reverse repurchase operation with a stable bidding rate of 1.40% [1] - Major interbank bond yields generally increased, with the 10-year Treasury active bond (250011) yield rising by 2.2 basis points to 1.713%, the 10-year policy bank bond (250210) yield up by 2.6 basis points to 1.816%, and the 30-year Treasury active bond (2500002) yield increasing by 2.85 basis points to 1.9495% [1] Foreign Investment Trends - The Chinese bond market is experiencing a new wave of foreign investment, with foreign holdings currently at 2.3% of the total market [2] - As of March 2025, international investors are expected to hold approximately 600 billion USD in Chinese bonds, with a focus on government bonds amounting to 300 billion USD, representing half of foreign allocations [2] - The trend indicates that central banks globally will continue to increase their holdings in RMB and Euro assets, positioning RMB assets as a preferred choice for international investors [2] Product Insights - The Pengyang 30-year Treasury ETF (511090) is the first ETF tracking the 30-year Treasury index, offering T+0 trading attributes for investors to capitalize on short-term market fluctuations [3] - This product serves as a high-elasticity cash management tool and duration adjustment tool, making it attractive for investors in both volatile and low-interest-rate environments [3]