债市暖意延续，宽松预期夯实债市基础，30年国债ETF(511090)盘中涨0.38%

Core Insights - The 30-year Treasury ETF (511090) has shown a positive performance, increasing by 0.38% as of December 11, 2025, with a trading volume of 4.50 billion yuan and an average daily trading volume of 83.94 billion yuan over the past week [1] - The latest scale of the 30-year Treasury ETF reached 30.343 billion yuan, indicating a strong market presence [1] - The bond market is experiencing a favorable environment due to low returns in the real economy and expectations of monetary easing, which supports the bond market [2] Market Performance - The 30-year Treasury futures closed higher, with the main contract rising by 0.30% to 112.790 yuan, while other maturities also saw slight increases [1] - The People's Bank of China conducted a 1,898 billion yuan reverse repurchase operation at a fixed rate of 1.40%, resulting in a net injection of 1,105 billion yuan for the day [1] Economic Context - The economy is transitioning between old and new growth drivers, with low returns in the real economy providing a supportive backdrop for the bond market [2] - There are reasonable expectations for interest rate cuts and reserve requirement ratio reductions in the coming year, further bolstering the bond market [2] Index Information - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year treasury bonds with a remaining maturity of 25-30 years [2]