Core Viewpoint - The 30-year Treasury ETF (511090) has shown positive performance with a recent increase of 0.07%, indicating a recovery in the bond market supported by improved liquidity and favorable policy expectations [1][2]. Group 1: Market Performance - As of November 7, 2025, the 30-year Treasury ETF has a trading volume of 3.93% and a transaction value of 1.294 billion yuan, with an average daily transaction of 9.544 billion yuan over the past month [1]. - The latest scale of the 30-year Treasury ETF reached 32.854 billion yuan, with a total of 275 million shares [1]. - The ETF has experienced continuous net inflows over the past three days, totaling 847 million yuan, with a peak single-day net inflow of 527 million yuan [1]. Group 2: Market Sentiment and Expectations - The bond market is expected to maintain a warming trend towards the end of the year, driven by ample liquidity and a recovery in market sentiment [1]. - Historical patterns suggest that the fourth quarter typically sees better performance in the bond market, supported by expectations of interest rate cuts and proactive positioning by institutions [2]. - The People's Bank of China has indicated a resumption of government bond buying operations, which is expected to positively influence market sentiment [2]. Group 3: Index and Investment Characteristics - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which includes publicly issued 30-year government bonds [2]. - This index serves as a benchmark for performance comparison and investment in long-term government bonds [2].

7月21日，螺纹钢期货主力合约大幅收涨2.15%，报3224.00元/吨。 【消息面汇总】 调研数据显示，京津冀地区27家螺纹钢生产企业，上周产能利用率与前一周下降3.55%；其中：15家全 流程钢厂产能利用率较前一周下降4.53%，12家调坯钢厂产能利用率较前一周持平。 华联期货：上周螺纹钢长短流程产量均明显减少，进入淡季消费表现不佳，库存呈现小幅累库，供需基 本面偏弱，不过铁水维持高位带动原料需求，钢材成本支撑依旧较强。目前国内宏观不断释放积极信 号，持续提振市场对供需两端的改善预期，同时产业基本面尚无明显矛盾，钢材累库较为缓慢，原料走 强对成材形成支撑，短期政策预期回暖背景下，钢价呈偏强震荡运行，不过后续消费季节性走弱压力仍 存。操作上，观望为主，激进者回调短多参与。 宁证期货：中央城市工作会议落地，会议强调加快构建房地产发展新模式，会议表述未超预期。近期宏 观数据显示整体经济表现依旧强劲，后续政策刺激预期降温。工信部表示钢铁等十大重点行业稳增长工 作方案即将出台，将推动重点行业着力调结构、优供给、淘汰落后产能，市场情绪再度升温。螺纹供需 双降，库存止跌回升，但依旧处于历年偏低位置。淡季基本面矛盾并不明 ...