债市韧性持续显现，30年国债ETF博时(511130)震荡上行，近5日“吸金”合计超6亿元

Core Insights - The 30-year government bond ETF from Bosera has seen a price increase of 0.30% as of October 31, 2025, with a recent price of 107.83 yuan, and a cumulative increase of 0.60% over the past week [2] - The liquidity of the ETF is robust, with a turnover rate of 13.25% and a trading volume of 2.433 billion yuan, indicating active market participation [2] - The People's Bank of China (PBOC) conducted a 7-day reverse repo operation of 355.1 billion yuan at a stable interest rate of 1.40%, contributing to a slight decline in yields for major government bonds [2] - The sentiment in the bond market has improved due to factors such as PBOC's bond purchases, the need for low interest rates for economic recovery, and positive developments in US-China negotiations [2] Market Analysis - Analysts suggest that the PBOC's resumption of open market operations is a response to the diminishing impact of earlier factors that led to a pause, and it is necessary for liquidity management and government bond issuance [3] - Southwest Securities notes that despite challenges in the third quarter, the bond market has shown resilience, with long-term funds from banks, wealth management, and insurance continuing to increase their allocations [3] - The latest scale of the 30-year government bond ETF from Bosera is 18.264 billion yuan, with a net inflow of 195 million yuan recently, indicating strong demand [3] - Over the past five trading days, there have been net inflows on four occasions, totaling 604 million yuan, with an average daily net inflow of 121 million yuan [3]