8月1日讯，国债市场早盘窄幅震荡。截至上午10:00，30年国债ETF(511090)跌0.25%。规模方面，30年国债ETF近期资金持续流入，截至发稿，最 新规模已突破232亿元。债市方面，30年期国债期货合约(TL2509)最新价为119.12元，持平0.00%，成交量为26103手，总持仓量为114229手。其余 国债期货合约10年期国债(T2509)跌0.01%；5年期国债(TF2509)持平0.00%；2年期国债(TS2509)持平0.00%。(数据来源：中国金融期货交易所) 1.资金面 央行今日开展1260亿元7天期逆回购操作，中标利率为1.40%，与此前持平。银行间主要利率债收益率普遍下行，截至昨日下午16:30，10年期国债 活跃券250011收益率下行1.5bp报1.705%，30年期国债活跃券2500002收益率下行0.9bp报1.913%，10年期国开活跃券250210收益率下行1.25bp报 1.7915%。 2.债市资讯 近日，中共中央政治局召开会议指出，宏观政策要持续发力、适时加力。落实落细更加积极的财政政策和适度宽松的货币政策，充分释放政策效 应。加快政府债券发行使用，提高资金使 ...

Core Viewpoint - The article discusses the recent adjustments in the bond market, emphasizing that despite short-term fluctuations, bond funds remain a viable long-term investment option due to their inherent income-generating characteristics and historical performance trends [2][36]. Group 1: Reasons for Bond Market Adjustment - The bond market has experienced a notable adjustment due to multiple factors, including a shift in risk appetite driven by optimistic policy expectations and asset rotation effects [6][19]. - The recent rise in commodity prices and stock market strength, with the Shanghai Composite Index surpassing 3600 points, has diluted the appeal of fixed-income products [7][19]. - A temporary tightening of liquidity conditions, highlighted by the central bank's net withdrawal of 119.5 billion yuan through reverse repos, has contributed to the upward pressure on bond yields [13][19]. Group 2: Historical Context and Market Dynamics - Historical data indicates that the bond market has undergone several "stress tests," with each adjustment reflecting a revaluation of economic expectations, policy rhythms, and trading structures [21][28]. - The article outlines past significant adjustments, such as the "money shortage" in 2013 and the "debt disaster" in 2016, demonstrating that the bond market has consistently recovered from downturns [24][25][26]. - The current market dynamics suggest that while short-term volatility is expected, the long-term trend remains favorable for bond investments, characterized by a "bullish long, bearish short" pattern [29][34]. Group 3: Long-term Investment Perspective - The bond market's fundamental appeal lies in its fixed income nature, which provides a safety net against capital loss, allowing for potential recovery over time [38][39]. - Data shows that even during challenging periods, such as 2013 and 2018, bond indices have achieved positive returns, reinforcing their role as a defensive investment choice [44][46]. - The article concludes that despite short-term fluctuations, the bond market is positioned favorably for long-term investment, serving as a crucial component of diversified portfolios [51][50].

Group 1 - The bond market has shown signs of recovery, with over 40% of bond funds reaching historical net value highs as of May 26, 2023 [1][2] - The Wind medium to long-term pure bond index reached a historical high of 2515.42 points on May 26, 2023, with a 0.25% increase over the past month and 0.81% over the past three months [1] - The bond market has attracted significant inflows, with a total net inflow of over 310 billion yuan into 29 bond ETFs since May [3] Group 2 - Several bond funds have reported strong returns, with 2986 products achieving historical net value highs, and many funds showing returns exceeding 3% over the past three months [2] - The recent influx of capital into the bond market has led to the emergence of several "popular" bond funds, with notable fundraising successes [2] - The short-term bond ETF has become particularly popular, with net inflows exceeding 58 billion yuan in May, indicating a preference for short-term, liquid investment options [3] Group 3 - The bond market is expected to maintain its long-term investment value due to the People's Bank of China's continued accommodative monetary policy [4] - The long-end interest rates have shown a downward trend, and the market is currently assessing the impact of external disturbances on the economy [4] - The credit bond market is experiencing a steepening yield curve, with mid to long-term credit bonds becoming increasingly attractive for investment [4]