央行灵活操作护航流动性，2025净买入国债1200亿，30年国债ETF(511090)交投活跃

Core Viewpoint - The 30-year government bond ETF is experiencing active trading, with a recent turnover of 12.64% and a total transaction volume of 2.914 billion yuan, indicating a robust market environment [1] Group 1: Market Activity - As of January 16, the average daily trading volume of the 30-year government bond ETF over the past year was 8.392 billion yuan [1] - The latest scale of the 30-year government bond ETF reached 22.995 billion yuan [1] Group 2: Monetary Policy and Market Conditions - The People's Bank of China plans to flexibly conduct government bond trading operations to maintain liquidity and support the smooth issuance of government bonds [1] - In 2025, the total net injection through open market operations was 6 trillion yuan, including a net repurchase of 3.8 trillion yuan and a net purchase of government bonds amounting to 120 billion yuan [1] Group 3: Investment Strategy - The 30-year government bond ETF employs a sampling replication strategy, which allows for a more efficient and flexible investment approach compared to full replication [6][19] - The ETF focuses on actively traded new bonds to ensure good liquidity in its portfolio [7] - The strategy aims to maintain the overall interest rate sensitivity and yield characteristics consistent with the 30-year government bonds [9][10]