增量资金入市可期，内外环境温和修复，30年国债ETF(511090)红盘蓄势

Core Insights - The 30-year government bond ETF (511090) has shown a slight increase of 0.06%, with the latest price at 114.23 yuan as of December 5, 2025 [1] - The ETF has a current scale of 30.812 billion yuan, with net inflows of 131 million yuan over the past 22 trading days [1] - The liquidity environment is expected to remain supportive, with improved corporate earnings expectations and potential inflows into the equity market [1] Group 1: Market Performance - The 30-year government bond ETF recorded a trading volume of 5.65 billion yuan, with an intraday turnover rate of 1.83% [1] - The average daily trading volume for the ETF over the past year is 8.32 billion yuan [1] - Financial conditions are characterized by a low interest rate environment, with a notable decline in funding rates since November [2] Group 2: Economic Environment - The macroeconomic environment remains weak, but it supports a low interest rate scenario, with no substantial improvement in supply-demand dynamics [2] - The overall nominal growth rate in society is weak, and there are signs of a turning point in M1 growth [2] - The external economic environment may experience mild recovery, with the U.S. potentially adopting a combination of "loose monetary + loose fiscal" policies [1][2] Group 3: Index Tracking - The 30-year government bond ETF closely tracks the China Bond 30-Year Government Bond Index, which includes publicly issued bonds with maturities of 25-30 years [2] - This index serves as a benchmark for performance comparison for investments in this category of bonds [2]