Core Viewpoint - The 30-year government bond ETF from Bosera (511130) has surpassed 20 billion yuan in scale, marking it as a significant product among Bosera's bond ETFs and highlighting its investment value in a low-interest-rate environment [1][3][19] Investment Value - The core value of the 30-year government bond ETF lies in its approximately 20-year duration, which provides a "leverage" effect, making it a vital investment tool [3][5] - The ETF is one of only two 30-year government bond ETFs available in the market, indicating its relative scarcity [4] Configuration Value - In a declining interest rate environment, the long duration of the 30-year government bond offers strong configuration value. Historical data shows that an investment in the 30-year bond since 2012 would yield an average annualized return of 6.69% over three years, compared to 5.09% for a similar duration of 7-10 year government bonds [6][9] Trading Value - The ETF's longer duration results in higher volatility, enhancing its trading value. For instance, the modified duration of the 30-year bond index is 19.65 years, significantly higher than the 7.5 years for the 7-10 year government bond index, providing advantages in capital gains during trading [11][12] Hedging Value - The long duration of the 30-year government bond ETF allows it to hedge against equity market volatility, particularly in a financial disintermediation context. Historical data indicates that in 137 months since 2013, 61.31% showed a "see-saw" effect between stocks and bonds [13] Trading Strategies - The ETF offers three trading strategies: 1. **Arbitrage**: Investors can estimate the ETF's premium/discount levels and utilize the ETF's redemption and trading mechanisms for arbitrage [14] 2. **Futures and Spot Arbitrage**: Investors can compare futures and spot prices, using the ETF as a substitute for spot trading [15] 3. **Grid Trading Strategy**: In a fluctuating market, investors can set parameters to adjust positions, potentially yielding good returns [16] Trading Convenience - The 30-year government bond ETF allows for easy trading through both primary and secondary markets. Investors can subscribe using physical or cash methods, with immediate access to ETF shares [17][18] Future Outlook - Bosera Fund aims to continue innovating and expanding its product offerings in the index product field, providing diverse investment options for investors [20][21]

Core Insights - The 30-year government bond ETF from Bosera has surpassed 20 billion yuan in scale, marking it as a significant product alongside other major bond ETFs from the company [1] - The ETF's core value lies in its approximately 20-year duration, which provides leverage benefits and makes it a rare product in the current market [2][4] - The ETF offers three main investment values: allocation value, trading value, and hedging value, particularly in a low-interest-rate environment [2][6] Allocation Value - In a downward interest rate trend, the long duration of the 30-year government bond ETF provides strong allocation value, with an average annualized return of 6.69% for a three-year holding period since 2012, compared to 5.09% for 7-10 year government bonds [2][4] Trading Value - The ETF has a higher trading value due to its longer duration and greater volatility compared to 7-10 year government bonds, with a modified duration of 19.65 years versus 7.50 years for the latter [6] - Historical data shows that during low volatility phases, the trading value of the 30-year government bond ETF becomes more pronounced [6] Hedging Value - The long duration of the ETF allows it to hedge against equity market fluctuations, with a significant occurrence of the "stock-bond seesaw" effect noted in 61.31% of the months analyzed since 2013 [6] - The ETF supports various trading strategies, including arbitrage and grid strategies, enhancing its appeal in a volatile market [6][7] Trading Mechanism - The ETF can be traded conveniently through both primary and secondary markets, with options for physical or cash subscriptions [7] - The trading efficiency is comparable to stocks, allowing for T+0 transactions, which lowers the entry barrier for investors [7] Future Outlook - Bosera aims to continue innovating and expanding its product offerings in the index product space, focusing on providing diverse investment options for investors [9]

Core Insights - The bond ETF market is thriving in a low-interest-rate environment, with the total scale of bond ETFs surpassing 500 billion yuan as of August 21, 2025, driven by investor preference for lower volatility [1] - Bosera Fund has successfully launched five bond ETFs, with a total scale exceeding 100 billion yuan for several products, including a convertible bond ETF that has surpassed 57 billion yuan [1][2] - The performance of Bosera's bond ETFs has been strong, with the convertible bond ETF achieving a cumulative return of 24.02% since inception, outperforming various benchmarks [1][2][3] Bosera Bond ETF Overview - Bosera Fund's bond ETF lineup includes five products: Convertible Bond ETF (511380), 30-Year Government Bond ETF (511130), Credit Bond ETF (159396), Sci-Tech Bond ETF (551000), and National Development Bank ETF (159650) [1][2] - The 30-Year Government Bond ETF has seen significant growth, with its scale increasing from 29.87 billion yuan at the beginning of the year to over 170 billion yuan, marking a growth rate of over 450% [2] - The Sci-Tech Bond ETF focuses on sectors like chips and new energy, achieving a yield of 14.48% since inception, significantly higher than major indices [2] Performance Metrics - The Credit Bond ETF has also performed well, with a scale exceeding 114 billion yuan and a yield of 12.01% since inception, outperforming major indices [2] - The National Development Bank ETF has shown a cumulative return of over 36.34% over the past decade, outperforming the comprehensive bond index [3] - Bosera's bond ETFs are characterized by low credit risk and good liquidity, making them attractive to investors seeking stable returns [3] Market Positioning - Bosera Fund has established a comprehensive product line in the bond ETF space, catering to diverse investor needs and preferences [5] - The bond ETFs offer advantages such as low management fees (0.15% per year) and quick trading capabilities (T+0), enhancing their appeal to investors [5] - The recent inclusion of the Credit Bond ETF and Sci-Tech Bond ETF in the general pledge-style repurchase market is expected to further enhance their liquidity and marketability [2]

来源：市场投研资讯 （来源：博时基金） ● 上周五（8月8日）央行开展买断式逆回购操作，资金面维持宽松，7天资金利率小幅下行，当日央行净投放6960亿元。本周央行连续多日净回笼，资金 利率边际小幅上行，但整体仍维持低位。 ● 本周一（8月11日）央行大额净回笼，不过银行间流动性扰动因素较少，资金价格整体变动不大，当日央行净回笼4328亿元。 ●本周二（8月12日）银行间流动性变化不大，资金价格持稳，当日央行净回笼461亿元。 ●本周三（8月13日）银行间流动维持宽松态势，主要资金价格低位持稳，央行当日净回笼200亿元。 ●本周四（8月14日）资金面维持宽松，当日央行净回笼320亿元。本周四（8月14日）相较于上周五，DR001上行1bp收于1.32%，DR007上行2bp至 1.44%。 吕瑞君 国开ETF（159650）基金经理 海外方面 ➤美国7月未季调CPI同比升2.7%，预期升2.8%，前值升2.7%；季调后CPI环比升0.2%，预期升0.2%，前值升0.3%。季调后核心CPI环比升0.3%，预期升 0.3%，前值升0.2%；未季调核心CPI同比升3.1%，预期升3.0%，前值升2.9%。 考虑后续经 ...

Group 1 - The liquidity in the interbank market improved as the tax period effects diminished, with the central bank's net injection of 102.8 billion yuan on July 18 [1] - The central bank continued to net withdraw funds throughout the week, with a net withdrawal of 555 billion yuan on Monday and 2.477 billion yuan on Tuesday [1] - On Thursday, the funding rates increased significantly, with overnight and 7-day funding rates inverted, and the central bank net withdrew 119.5 billion yuan [1] Group 2 - The U.S. Congressional Budget Office estimated that the recent tax and spending bill signed by President Trump will increase the U.S. deficit by 3.4 trillion dollars over the next ten years [2] - The bill includes cuts to Medicaid and provisions that could lead to 10 million Americans losing health insurance by 2034 [2] - The National Association of Realtors reported a 2.7% month-over-month decline in existing home sales in June, reaching an annualized total of 3.9 million units, the lowest since September of the previous year [2] Group 3 - The National Development and Reform Commission held a meeting to discuss the "14th Five-Year Plan," emphasizing the importance of enterprise innovation and collaboration between state-owned and private enterprises [3] - The recent market trends indicate a recovery in risk appetite, impacting the performance of bonds, while the internal logic for a bullish bond market remains due to weakened financing demand and debt leverage [3] - The supply-side policies mainly affect upstream industries, while midstream and downstream sectors remain weak, suggesting potential for further easing in monetary policy [3] Group 4 - The National Development Bank ETF (159650) targets policy financial bonds, which are characterized by high credit ratings, large volumes, and good liquidity, making them attractive investment options [4] - The ETF offers good liquidity, low credit risk, and reasonable risk-return ratios, serving as a suitable tool for short-duration allocations [4]