截至2025年8月25日 14:17，30年国债ETF博时(511130)上涨0.44%，最新价报108.67元。拉长时间看，截至2025年8月22日，30年国债ETF博时近1年累计上涨 5.92%。 流动性方面，30年国债ETF博时盘中换手23.92%，成交43.33亿元，市场交投活跃。拉长时间看，截至8月22日，30年国债ETF博时近1周日均成交58.37亿 元。 消息面上，8月22日为国债发行大日，共计2370亿元的新债招标，而中标利率大大超出了市场收益率。其中，10年国债新券的票面利率1.83%，超出二级市 场活跃券至少6BP；30年新券的票面利率达到2.15%，超出二级市场活跃券近8BP。22日发行结果落地后，10年、30年国债活跃券收益率双双明显上行。 华泰证券表示，当前债市票息保护弱、重博弈、情绪驱动强，投资体验"事倍功半"。短期债市仍处逆风，但利率大概率"上有顶"。短期维持十年国债老券上 限在1.8%附近（配置盘开始关注），极限位置是1.9%（交易盘介入），潜在超调风险仍来自于机构行为。时间上，十月份之后（供给淡季+情绪拐点+消费 等高基数）再寻找"反攻"机会。资金面持续收紧风险不大，继续推荐 ...

Core Viewpoint - The 30-year government bond ETF from Bosera has shown a significant increase in value and trading activity, reflecting a positive sentiment in the bond market amid ongoing macroeconomic policy adjustments by the government [3][4]. Market Performance - As of July 31, 2025, the 30-year government bond ETF from Bosera rose by 0.45%, with a latest price of 111.18 yuan, and has accumulated a 9.42% increase over the past year [3]. - The ETF has a trading volume of 26.49 billion yuan, indicating active market participation, with an average daily trading volume of 43.08 billion yuan over the past week [3]. Policy Insights - The recent Central Political Bureau meeting emphasized the need for proactive fiscal policies and moderately loose monetary policies, with a focus on effective implementation and maximizing policy effects [3]. - The meeting called for accelerating government bond issuance and improving fund utilization efficiency, while maintaining a neutral stance on interest rate cuts [4]. Fund Metrics - The 30-year government bond ETF from Bosera has reached a new high in size at 14.988 billion yuan and a new high in shares at 1.35 million [4]. - The fund has seen continuous net inflows over the past 10 days, with a peak single-day net inflow of 1.51 billion yuan, totaling 6.061 billion yuan in average daily net inflows [4]. Historical Performance - Over the past year, the ETF has achieved a net value increase of 9.47%, ranking 7th out of 414 index bond funds, placing it in the top 1.69% [5]. - The fund's maximum drawdown since inception is 6.89%, with a management fee of 0.15% and a custody fee of 0.05% [5].

Core Viewpoint - The 30-year government bond ETF from Bosera has shown a significant increase in both liquidity and net inflow, indicating strong market interest and performance despite recent adjustments in the bond market [3][4]. Group 1: Performance Metrics - As of July 28, 2025, the 30-year government bond ETF from Bosera has accumulated a 10.68% increase over the past year [3]. - The latest scale of the ETF reached 14.453 billion yuan, marking a new high in the past year [3]. - The ETF's net value has increased by 10.72% over the past year, ranking 7th out of 414 in the index bond fund category, placing it in the top 1.69% [4]. Group 2: Liquidity and Trading Activity - The ETF experienced a turnover rate of 26.14% with a trading volume of 3.768 billion yuan, indicating active market participation [3]. - Over the past week, the ETF has seen an average daily trading volume of 4.283 billion yuan [3]. - The ETF has recorded continuous net inflows for eight days, with a peak single-day net inflow of 1.510 billion yuan, totaling 5.495 billion yuan in net inflows [4]. Group 3: Risk and Return Analysis - The maximum drawdown since inception for the ETF is 6.89%, with a relative benchmark drawdown of 1.28% [4]. - The ETF has a historical one-year profitability probability of 100% [4]. - The management fee for the ETF is set at 0.15%, while the custody fee is 0.05% [5]. Group 4: Market Influences - Recent adjustments in the bond market are influenced by rising short-term funding rates and increasing inflation expectations, which have pushed up yields on government bonds with maturities of three years and above [3]. - The People's Bank of China has conducted a net liquidity injection of 325.1 billion yuan through reverse repos, indicating a supportive monetary policy environment [3].

Core Viewpoint - The 30-year government bond ETF from Bosera has shown significant performance, with a recent price increase and strong liquidity, indicating a positive market sentiment towards long-term government bonds [3][4]. Group 1: Performance Metrics - As of July 28, 2025, the 30-year government bond ETF from Bosera rose by 0.38%, reaching a price of 110.89 yuan, with a one-year cumulative increase of 10.21% as of July 25, 2025 [3]. - The ETF's latest scale reached 14.24 billion yuan, marking a one-year high, and the number of shares reached 12.9 million, also a one-year high [4]. - Over the past week, the ETF experienced a net inflow of 5.353 billion yuan, with a maximum single-day inflow of 1.51 billion yuan [4]. Group 2: Market Dynamics - The bond futures market saw collective gains, with the 30-year main contract rising by 0.5%, indicating a favorable environment for long-term bonds [3]. - According to Citic Securities, factors such as rising inflation expectations and a loose funding environment are driving the current adjustments in bond market interest rates [3]. Group 3: Risk and Return Analysis - The ETF has a maximum drawdown of 6.89% since inception, with a management fee of 0.15% and a custody fee of 0.05% [5]. - The ETF closely tracks the Shanghai Stock Exchange 30-year government bond index, which reflects the overall performance of corresponding maturity government bonds [5].

Core Viewpoint - The 30-year government bond ETF from Bosera has shown a significant increase in trading activity and net inflows, indicating strong market interest despite recent adjustments in the bond market [3][4]. Group 1: Market Performance - As of July 24, 2025, the Bosera 30-year government bond ETF has decreased by 0.53%, with a latest price of 110.98 yuan [3]. - Year-to-date, the ETF has appreciated by 1.24% as of July 23, 2025 [3]. - The ETF's trading volume has been active, with a turnover rate of 31.54% and a total transaction value of 3.799 billion yuan [3]. Group 2: Fund Size and Inflows - The latest size of the Bosera 30-year government bond ETF has reached a record high of 12.066 billion yuan [3]. - The ETF has achieved a new high in shares, totaling 10.8 million [3]. - Over the past five days, the ETF has seen continuous net inflows, with a peak single-day net inflow of 1.51 billion yuan, totaling 3.082 billion yuan in net inflows [3]. Group 3: Performance Metrics - The ETF has recorded a 11.91% increase in net value over the past year, ranking 6th out of 414 index bond funds, placing it in the top 1.45% [4]. - Since inception, the ETF's maximum monthly return has been 5.35%, with the longest streak of consecutive monthly gains being four months [4]. - The ETF has a historical one-year profit probability of 100% and an average monthly return of 2.09% [4]. Group 4: Risk and Fees - The maximum drawdown since inception for the ETF is 6.89%, with a relative benchmark drawdown of 1.28% [4]. - The management fee for the ETF is 0.15%, and the custody fee is 0.05% [4]. - The tracking error for the ETF over the past month is 0.031% [4].

Core Viewpoint - The 30-year government bond ETF from Bosera has shown significant growth in both scale and net inflow, indicating strong investor interest and market performance in the long-term bond sector [2][3]. Group 1: Performance Metrics - As of July 22, 2025, the 30-year government bond ETF has achieved a year-to-date increase of 1.43% and a one-year net value increase of 12.25%, ranking 6th out of 414 index bond funds [1][3]. - The fund's maximum monthly return since inception is 5.35%, with the longest consecutive monthly gain being 4 months and a total gain of 10.58% [3]. - The fund has a historical one-year profit probability of 100% and an average monthly profit rate of 2.09% [3]. Group 2: Fund Size and Inflows - The latest fund size of the 30-year government bond ETF reached 11.074 billion yuan, marking a new high since its inception [2]. - The fund has seen a continuous net inflow over the past four days, with a peak single-day net inflow of 1.51 billion yuan, totaling 2.066 billion yuan in net inflows [2]. Group 3: Trading and Liquidity - The fund's trading volume on July 22 was 33.289 million yuan, with an average daily trading volume of 2.629 billion yuan over the past month [1][2]. - The fund's financing net purchase amount for the month reached 329.81 thousand yuan, with a latest financing balance of 87.5152 million yuan [2]. Group 4: Market Context - The People's Bank of China conducted a reverse repurchase operation of 214.8 billion yuan at a fixed rate of 1.40%, indicating active liquidity management in the market [2]. - The yield on the 30-year government bond has returned above 1.9%, reflecting market conditions and investor sentiment [3]. Group 5: Tracking and Fees - The fund closely tracks the Shanghai Stock Exchange 30-year government bond index, with a tracking error of 0.032% over the past month [6]. - The management fee for the fund is 0.15%, and the custody fee is 0.05% [5].

Core Viewpoint - The 30-year government bond ETF from Bosera has shown a slight decline recently but has experienced an overall increase in value year-to-date, indicating a mixed performance in the bond market influenced by liquidity and monetary policy adjustments [3][4]. Group 1: Market Performance - As of July 22, 2025, the 30-year government bond ETF from Bosera is priced at 111.84 CNY, down 0.18% [3]. - Year-to-date, the ETF has appreciated by 1.68% as of July 21, 2025 [3]. - The ETF has seen a trading volume of 38.74 billion CNY with a turnover rate of 40.3%, indicating active market participation [3]. Group 2: Liquidity and Monetary Policy - The liquidity in the market has been affected by tax-related disruptions, but the central bank's operations, including regular OMO and reverse repos, have provided support [4]. - Short-term bond performance remains strong, while long-term bonds are under pressure due to improved economic data and supply-side pressures [4]. Group 3: Fund Size and Inflows - The latest size of the 30-year government bond ETF from Bosera has reached 9.618 billion CNY, marking a one-year high [4]. - The ETF has seen a net inflow of 5.56 billion CNY over the past three days, with a peak single-day inflow of 475 million CNY [4]. Group 4: Historical Performance Metrics - Over the past year, the ETF has achieved a net value increase of 13.15%, ranking 6th out of 414 index bond funds [5]. - The maximum monthly return since inception is 5.35%, with a historical one-year profitability rate of 100% [5]. - The fund's management fee is 0.15%, and the tracking error over the past month is 0.032% [5].

Market Overview - The A-share market showed mixed performance with the Shanghai Composite Index down 0.12%, Shenzhen Component Index up 0.11%, and ChiNext Index up 0.36% as of midday trading [1] - The total trading volume in the three major markets reached 927 billion yuan, a decrease of 169.1 billion yuan compared to the previous day [1] - Over 3,500 stocks in the market experienced gains [1] Bond Market Dynamics - The bond futures market exhibited mixed results, with the 30-year main contract down 0.08% and the 10-year main contract down 0.02% [1] - The 30-year government bond ETF (博时, 511130) saw significant trading activity, with a transaction volume exceeding 1.4 billion yuan and a turnover rate over 15% [1] - A report indicated that supply pressure in mid to late July may prompt the central bank to strengthen its support for the bond market, suggesting a potential recovery window [1] Funding Conditions - The funding environment is expected to face pressure due to a peak in certificate of deposit and government bond supply in mid-July, alongside tax payments [2] - The net financing scale for government bonds in July is projected to be around 1.6 trillion yuan, with a cumulative net payment of 400 billion yuan in the first two weeks [2] - The central bank's open market operations (OMO) are expected to maintain a net injection, with DR007 rates likely to stay around 1.5% [2] Market Sentiment and Risks - Factors unfavorable to the bond market include a sustained increase in equity risk appetite and high bond market congestion [3] - Conversely, the bond market may benefit from a recovery in odds after market adjustments, with the 10-year and 30-year government bond yields expected to stabilize around 1.7% and 1.9% respectively [3] - The central bank's supportive stance on liquidity is anticipated to remain firm, especially with ongoing supply pressures in late July [3] ETF Specifics - The 30-year government bond ETF (博时, 511130) was established in March 2024 and is one of only two long-duration bond ETFs in the market [4] - It tracks the "Shanghai Stock Exchange 30-Year Government Bond Index," reflecting the overall performance of 30-year government bonds listed on the Shanghai Stock Exchange [4] - The ETF has a duration of approximately 21 years, making it highly sensitive to interest rate changes, which is a point of interest for investors [4]

Market Overview - The three major A-share indices showed mixed performance in the morning session, with the Shanghai Composite Index rising by 0.36% to surpass 3500 points, while the Shenzhen Component Index increased by 0.02%, and the ChiNext Index fell by 0.3% [1] - The total market turnover for the half-day was 934.4 billion yuan, a decrease of 34.7 billion yuan compared to the previous day, with over 3100 stocks declining [1] Bond Market Insights - The 30-year government bond ETF, Boshi (511130), opened lower and fell by 24 basis points during the session, with a trading volume of nearly 2.5 billion yuan and a turnover rate exceeding 30%. The ETF has seen a net inflow of 274 million yuan over the past five days [1][2] - Huatai Futures indicated that the central bank's continuous net injection has maintained a loose market liquidity, leading to a widening yield spread, reflecting a certain expectation for short-term liquidity easing [2] - The 30-year government bond ETF, established in March 2024, is one of only two long-duration bond ETFs in the market, tracking the "Shanghai Stock Exchange 30-Year Government Bond Index" [2] Economic Indicators - The National Bureau of Statistics reported June inflation data, with the CPI rising by 0.1% year-on-year and the PPI declining by 3.6%, indicating weak overall performance that is unfavorable for endogenous growth in domestic demand [1] - Baocheng Futures noted that the current weak inflation performance and insufficient endogenous growth momentum in domestic demand, combined with external demand being susceptible to tariff impacts, suggest a need for a relatively loose monetary environment in the second half of the year to support demand and stabilize expectations [1]

Core Insights - The 30-year government bond ETF from Bosera has shown a recent increase of 0.05%, with a cumulative rise of 1.44% over the past month as of July 4, 2025 [2] - Trading activity for the 30-year government bond ETF has been robust, with a turnover rate of 8.13% and a transaction volume of 619 million yuan [2] - The fund has experienced significant net inflows, totaling approximately 31.9 million yuan over the last five trading days, indicating strong investor interest [2][3] Trading Activity - The trading volume for the 30-year government bond ETF has seen a notable increase since May 8, 2025, despite a slight recent decline [2] - The average daily trading volume over the past week was 2.391 billion yuan, reflecting high liquidity [2] - The ETF's latest scale reached 7.607 billion yuan, showcasing its growing market presence [2] Fund Performance - The 30-year government bond ETF has achieved a net value increase of 14.13% over the past year, ranking 5th out of 410 index bond funds [3] - Historical performance indicates a maximum monthly return of 5.35% and a longest consecutive monthly gain of 4 months, with an average monthly return of 2.09% [3] - The fund has a 100% probability of profitability over a one-year holding period, with a maximum drawdown of 6.89% since inception [3] Financial Metrics - The management fee for the 30-year government bond ETF is set at 0.15%, while the custody fee is 0.05% [3] - The tracking error over the past month is reported at 0.041%, indicating strong tracking precision [3] Index Tracking - The ETF closely tracks the Shanghai Stock Exchange 30-year government bond index, which is composed of bonds meeting specific deliverable conditions for the 30-year government bond futures [4]