内外宽松预期支撑债市，经济现实弱修复，30年国债ETF(511090)红盘微扬

Group 1 - The 30-year Treasury ETF (511090) has seen a slight increase of 0.02% as of December 30, 2025, with a trading volume of 5.66 billion yuan and a turnover rate of 2.23% [1] - The average daily trading volume of the 30-year Treasury ETF over the past year is reported at 83.89 billion yuan, indicating strong market activity [1] - The latest scale of the 30-year Treasury ETF has reached 25.346 billion yuan, reflecting its growing significance in the market [1] Group 2 - The Central Political Bureau meeting emphasized the need to activate existing policies and expand domestic demand, suggesting a more proactive fiscal policy and moderately loose monetary policy to create a supportive environment for the bond market [1] - The expectation of a rate cut by the Federal Reserve and the potential for domestic reserve requirement ratio (RRR) cuts and interest rate reductions are likely to enhance support for the bond market [1] - According to Shenwan Hongyuan, the current economic fundamentals are in a state of strong expectations but weak reality, which may provide support for the bond market despite low actual performance [2] Group 3 - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year government bonds, serving as a benchmark for investment in this category [2]