Core Viewpoint - The 30-year Treasury ETF has shown significant trading activity and inflows, indicating a robust interest in long-term government bonds despite a prevailing "strong stock, weak bond" market sentiment [1]. Group 1: Market Activity - As of July 24, 2025, the 30-year Treasury ETF (511090) was priced at 123.12 yuan, with a turnover rate of 22.59% and a half-day trading volume of 4.464 billion yuan, reflecting active market participation [1]. - The average daily trading volume for the past week reached 7.532 billion yuan [1]. - The latest size of the 30-year Treasury ETF reached 19.773 billion yuan, marking a new high since its inception [1]. Group 2: Fund Inflows - The 30-year Treasury ETF has experienced continuous net inflows over the past three days, with a peak single-day net inflow of 813 million yuan, totaling 1.784 billion yuan in net inflows [1]. Group 3: Market Analysis - According to analysts, the current bond market adjustment reflects two key characteristics: a rising risk appetite due to stock market gains, which puts pressure on the bond market, particularly long-term bonds, and historically low credit spreads, making the bond market structurally vulnerable to negative factors [1]. - The short-term outlook suggests that the "strong stock, weak bond" trend may persist, with future bond market performance dependent on stock market dynamics and the continued transmission of liquidity to interest rates [1]. - Overall, while the current bond yields appear attractive, the short-term trend is weak, and defensive strategies should be prioritized, with potential structural opportunities available [1].