央行“组合拳”发力稳经济，逆回购加量续作不断，30年国债ETF(511090)备受资金青睐

Group 1 - The core viewpoint of the news is that the 30-year government bond ETF is actively traded and supported by the central bank's monetary policy to promote high-quality economic development [1][2] - As of January 15, the average daily trading volume of the 30-year government bond ETF over the past year was 84.00 billion yuan, with a current scale of 233.53 billion yuan [1] - The central bank conducted a 867 billion yuan reverse repurchase operation with a fixed interest rate of 1.40% on January 16, resulting in a net injection of 527 billion yuan for the day [1] Group 2 - According to the Central Economic Work Conference, fiscal policy in 2026 is expected to remain relatively proactive, but the overall deficit rate is high, which may limit the government's ability to increase bond financing significantly [2] - The social financing growth is expected to slow down, with a projected year-on-year increase of around 8.0% in 2026 [2] - The 30-year government bond ETF closely tracks the China Bond 30-Year Government Bond Index, which consists of publicly issued 30-year government bonds [2] Group 3 - The 30-year government bond ETF employs a sampling replication strategy, which allows it to efficiently track the index without needing to purchase all constituent bonds [6][15] - This strategy enhances liquidity by focusing on actively traded bonds, making transactions smoother for investors [16] - The ETF's design reduces the investment threshold, allowing participation with as little as 10,000 yuan, thus catering to small investors [16]