鹏扬基金联合上交所举办走进上交所暨债券ETF发展研讨会，30年国债ETF长期配置价值凸显

Core Viewpoint - The bond market shows mixed performance with varying movements in government bond ETFs and futures, indicating a complex market environment influenced by recent monetary policy actions and investor behavior [1][2]. Funding Situation - The central bank conducted a 7-day reverse repurchase operation amounting to 405.8 billion yuan, maintaining a stable bidding rate of 1.40%. Major interbank bond yields have generally declined, with the 10-year government bond yield down by 2.1 basis points to 1.764% and the 30-year yield down by 4.15 basis points to 1.996% [1]. Bond Market Insights - A seminar on bond ETF development highlighted the 30-year government bond ETF's strong liquidity, with an average daily trading volume exceeding 8 billion yuan since 2025 and a turnover rate of 58%. The ETF has attracted over 50,000 investors, showcasing broad participation [2]. - The 30-year government bond ETF offers three practical values: 1. Allocation value for long-term liabilities, as many insurance companies plan to increase their long-term bond holdings in 2024. 2. Portfolio investment tool, as it has a negative correlation with stock indices, enhancing returns while reducing volatility. 3. Trading value, with improved liquidity and higher average trading volumes compared to the 10-year bonds since mid-2025 [2]. Product Features - The Pengyang 30-year government bond ETF (511090) is the first ETF tracking the 30-year government bond index, allowing T+0 trading. It serves as a high-elasticity cash management tool and a duration adjustment tool for investors, particularly effective during interest rate fluctuations [3].