Group 1 - The recent rise in equity market sentiment has led to a narrow fluctuation in the bond market, with 10-year and 30-year government bonds struggling to break previous lows, while credit bonds and local government bonds are performing relatively strongly, indicating that compressing yield spreads is becoming a less obstructive direction in an unclear benchmark interest rate environment [1] - As of July 18, 2025, the active bond index for 5-10 year government bonds has decreased by 0.02%, while the government bond ETF for the same duration has seen a recent price of 117.55 yuan, with a nearly 1-year cumulative increase of 5.06% [3] - The government bond ETF for 5-10 years has a recent trading volume of 16.18 billion yuan, with an active market turnover rate of 108.29%, and an average daily trading volume of 7.40 billion yuan over the past month [3] Group 2 - The government bond ETF for 5-10 years has a recent scale of 1.494 billion yuan, with net inflows and outflows remaining balanced, accumulating a total of 61.71 million yuan in inflows over the past 21 trading days [3] - The government bond ETF for 5-10 years has achieved a net value increase of 21.14% over the past 5 years, with a maximum monthly return of 2.58% and a historical profitability rate of 100% over 3 years [3] - The Sharpe ratio for the government bond ETF for 5-10 years over the past 2 years is 1.26, with a maximum drawdown of 2.15% this year, and a management fee rate of 0.15% and a custody fee rate of 0.05% [4]

中信证券：长久期利率债的性价比已经有所修复 金十数据7月21日讯，中信证券研报称，近期随着权益市场情绪升温，债市进入窄幅震荡模式，10年、 30年国债似乎难以突破前低，但信用债、地方债等品种表现则相对强势，说明在基准利率方向不明朗的 阶段，压缩利差成为阻力更小的方向。从比价效应来看，长久期利率债的性价比已经有所修复。 ...

Core Viewpoint - The 30-year Treasury ETF (511090) has shown strong performance with a recent price increase and significant trading activity, indicating a positive market sentiment towards long-term government bonds [1][2]. Group 1: Market Performance - As of April 29, 2025, the 30-year Treasury ETF rose by 0.53%, reaching a price of 124.59 yuan [1]. - The ETF experienced a trading volume of 22.85 billion yuan with a turnover rate of 13.74%, reflecting active market participation [1]. - Over the past month, the average daily trading volume for the ETF was approximately 99.99 billion yuan [1]. Group 2: Fund Flows and Investor Sentiment - The latest size of the 30-year Treasury ETF reached 165.75 billion yuan [2]. - In the last three days, the ETF saw a net inflow of funds totaling 3.81 million yuan, with a peak single-day inflow of 2.48 million yuan [2]. - The financing net purchase amount for the ETF was 27.45 million yuan, with a current financing balance of 324 million yuan, indicating ongoing interest from leveraged investors [2]. Group 3: Market Outlook and Strategy - Analysts from Dongfang Securities noted that the bond market experienced volatility in 2025, with interest rates initially rising but starting to decline from the end of March [2]. - The outlook for the bond market remains cautious, with expectations of continued fluctuations in interest rates as investors await new catalysts from economic fundamentals or central bank actions [2]. - The report suggests that maintaining liquidity while seeking higher yields remains a viable strategy for investors in the current market environment [3]. Group 4: ETF Characteristics and Benefits - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which includes publicly issued 30-year government bonds [3]. - The ETF is considered a valuable tool for portfolio management, offering low trading thresholds and high trading efficiency, with a minimum transaction unit of 100 shares, approximately 10,000 yuan [3]. - The presence of multiple market makers ensures ample liquidity, allowing for immediate execution of trades [3].