Group 1 - The core viewpoint of the articles indicates that the bond market is experiencing fluctuations, with a focus on the impact of new tax regulations on government bonds and the performance of bond ETFs [1][2][3] - The 30-year government bond ETF from Bosera (511130) has shown significant trading activity, with a net inflow of 5.423 billion yuan over the past 10 days, indicating strong market interest [1][3] - The People's Bank of China conducted a reverse repurchase operation of 544.8 billion yuan at a fixed rate of 1.40%, resulting in a net injection of 49 billion yuan into the market, suggesting a shift towards a more accommodative monetary policy [1] Group 2 - The new tax regulations on government bonds may enhance demand for older bonds, potentially widening the yield spread between new and old bonds, with new bonds possibly facing some discount [2] - The upcoming political meetings and the stabilization of domestic and international policies are expected to create a favorable environment for bond trading, with expectations of a potential upward trend in bond prices in early August [2] - The 30-year government bond index reflects the overall performance of long-term government bonds in the Shanghai market, with a duration of approximately 21 years, making it sensitive to interest rate changes [3]

央行公告称，8月4日以固定利率、数量招标方式开展了5448亿元7天期逆回购操作，操作利率1.40%， 投标量5448亿元，中标量5448亿元。数据显示，当日4958亿元逆回购到期，据此计算，单日净投放490 亿元。资金面方面，央行公开市场周一意外转为净投放，银行间市场资金面继续稳中偏松，DR001微 升，仍在1.31%附近徘徊；非银机构质押存单和信用债融入隔夜资金报价集中在1.4%，较上日小降。流 动性宽松，公开市场仍转为净投放，推测可能是利率债将要征收增值税，央行释放稳定债市意图。 【市场表现】 国债期货大幅高开后下午震荡走弱，收盘表现分化，30年期主力合约涨0.08%，10年期主力合约涨 0.02%，5年期主力合约跌0.01%，2年期主力合约持平。值得一提的是，国债期货市场相同期限不同交 割月份的表现分化明显，远月合约表现明显更弱。以10年期国债期货为例，10年期国债期货T2509合约 涨0.02%，T2512合约跌0.17%，T2603合约跌0.34%。银行间主要利率债先扬后抑，盘初收益率一度明显 下行，午后震荡走弱转为明显上行。截至17：00，30年期国债"25超长特别国债02"收益率上行1.9bp报 ...