Core Viewpoint - The 30-year Treasury ETF (511090) has undergone adjustments, showing strong liquidity and structural gains in the bond market amid stock market fluctuations, with a notable increase in the 30-year bond yield returning to levels seen a year ago [1] Group 1: Liquidity and Trading Volume - The 30-year Treasury ETF recorded an intraday turnover of 2.84%, with a total transaction volume of 8.69 billion yuan [1] - Over the past week, the average daily trading volume of the 30-year Treasury ETF reached 109.74 billion yuan [1] Group 2: Market Performance - On October 22, the stock market experienced volatility, while the bond market showed structural gains, particularly in long-term rates, with the 30-year Treasury futures contract rising by 0.10% to 115.610 yuan [1] - The bond market demonstrated strong resilience throughout the day, as indicated by the performance of both cash and futures [1] Group 3: Yield and Spread Analysis - The current yield on the 30-year Treasury bond has rebounded to levels seen a year ago, and the spread between the 30-year and 10-year Treasury bonds has reached a nearly two-year high [1] - Industry experts from Guoyuan Futures suggest that the value of ultra-long-term Treasury bonds may begin to emerge, although uncertainty remains regarding a potential second interest rate cut before year-end [1] Group 4: Index Tracking - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year Treasury bonds with a remaining maturity of 25-30 years [1] - This index serves as a performance benchmark for investments in this category of bonds [1]