近期市场对于结构性降息和重启国债买卖预期再度升温，是债市经历连续回调后情绪大幅走强的核心因 素之一。 截至2025年8月27日 13:49，30年国债ETF(511090)上涨0.14%。流动性方面，30年国债ETF盘中换手 26.85%，成交77.15亿元，市场交投活跃。拉长时间看，截至8月26日，30年国债ETF近1周日均成交 122.45亿元。 规模方面，Wind数据显示，30年国债ETF最新规模达287.71亿元。资金流入方面，拉长时间看，30年国 债ETF近5个交易日内有4日资金净流入，合计"吸金"13.89亿元。 风险提示：本产品由鹏扬基金管理有限公司发行与管理，销售机构不承担产品的投资、兑付和风险管理 责任。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利，也 不保证最低收益。基金的过往业绩并不预示其未来表现，本公司管理的其他基金的业绩并不构成对本基 金业绩表现的预示和保证。投资者在投资基金前应认真阅读基金合同、招募说明书和基金产品资料概要 等基金法律文件，全面认识基金产品的风险收益特征，在了解产品情况及销售机构适当性意见的基础 上，根据自身的风险承受能力、投资期 ...

央行今日开展3799亿元7天期逆回购操作，中标利率为1.40%，与此前持平。银行间主要利率债收益率普遍下行，截至昨日下午16:30，10年期国债 活跃券250011收益率下行0.85bp报1.755%，30年期国债活跃券2500002收益率下行1.85bp报1.979%，10年期国开活跃券250210收益率下行0.9bp报 1.838%。 2.债市资讯 近期债市表现"先弱后强"，银行间现券收益率午后普遍转为下行。有分析人士指出，市场对于结构性降息和重启国债买卖预期再度升温，是债市 经历连续回调后情绪大幅走强的核心因素之一。从机构表现来看，在当前债市点位到达一定位置后，银行类配置机构积极介入，对冲交易盘的卖 券压力，使债市呈现阶段性平衡，股债逐步脱敏。 此外，中信证券首席经济学家明明也表示，结合债基、理财、险资等机构近期的交易行为，短期内居民存款、固收理财快速流向股市尚缺少数据 支撑，无需过度担忧债市底层负债赎回和流动性收缩。 8月27日讯，国债市场早盘小幅上行。截至上午10:00，30年国债ETF(511090)涨0.06%。债市方面，30年期国债期货合约(TL2512)最新价为117.18 元，涨0.06% ...

本次研讨会系统呈现了上交所ETF市场在制度完善、产品创新与市场扩容下的市场生态建设成果，介绍了在超长期债券ETF方兴未艾的背景下30年国债ETF 的运行情况，探讨了各类金融机构共建债券ETF生态圈、服务广大投资者的策略。 鹏扬基金总经理杨爱斌表示，ETF具有强大生命力有以下几个原因：一是ETF市场发展历程体现了创新的精神。ETF市场的发展始终伴随着制度和产品的创 新。二是ETF具备鲜明的工具特征。投资者利用工具进行交易或是配置不同收益风险的组合，实现了多元化的投资目标。三是ETF生态建设做到了兼容并 蓄。ETF底层的资产涵盖了股票、债券、商品、黄金等各大类资产，服务了各类机构。 展望未来ETF发展趋势，杨爱斌认为，ETF将不断地提高站位，支持资本市场服务实体经济高质量发展的大局。ETF也将和衍生品进一步联动，促进产品和 策略的创新。在建设ETF生态中，市场机构将持续提升投资者服务质量。 上海证券报社党委常委、副总编辑齐劼人表示，在"严监严管""强本强基"原则指引下，通过严把发行上市准入关、明确退市新规四类标准、出清不合格上市 公司、重启科创板第五套标准、提高上市公司分红比例、发展科创债并推出科创债ETF、降低 ...

[Table_ReportInfo] 2025 年 08 月 25 日 证券研究报告•固定收益定期报告 债券 ETF 周度跟踪（8.18-8.22） 整体受压于利率上行，可转债 ETF 表现占优 摘要 西南证券研究院 [Table_Author] 分析师：杨杰峰 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 各类债券 ETF 份额走势：上周国债类、可转债类 ETF 份额激增，信用债类 ETF份额转跌。截至 2025年 8月 22日收盘，国债类、政金债类、地方债类、 信用债类和可转债类份额较 2025 年 8 月 15 日收盘分别变化 61.29 百万份、 -23.71 百万份、无变化、-24.81百万份、520.30百万份，债券类 ETF合计变 化 533.07百万份；较上月底收盘分别变化 88.02百万份、-37.90百万份、-0.40 百万份、169.83百万份、10 ...

Market Performance - The Shanghai Composite Index opened lower but closed higher, reaching a new high, while the Shenzhen Component and Sci-Tech Innovation 50 Index also hit annual highs [1] - The total trading volume of the two markets reached 2.41 trillion yuan, exceeding 2 trillion yuan for six consecutive trading days [1] AI and Semiconductor Sector - The semiconductor industry chain saw significant gains, with Cambrian Technology rising over 8% and stabilizing above the 1,000 yuan mark [1] - The Sci-Tech AI ETF (588730) surged by 4.29%, while the AI ETF (159819) increased by 2.66% [1] Fund Inflows and Leverage - The AI-themed ETFs are attracting substantial capital, with the AI ETF (159819) attracting 280 million yuan in a single day and a total net inflow of 4.959 billion yuan year-to-date, making it the largest in its category at 17.338 billion yuan [3] - The total margin financing balance increased by 395 million yuan on August 18, marking the largest single-day increase since October 8, 2024, and surpassed 2.1 trillion yuan for the first time in 10 years [3][4] Stock Performance and Leverage Buying - The top net purchases of leveraged funds in the second half of the year included New Yisheng with over 5 billion yuan and a 102% increase in stock price, and Northern Rare Earth with over 3.6 billion yuan and a 78% increase [4][6] - Other companies with significant net purchases exceeding 2 billion yuan included WuXi AppTec, Shenghong Technology, and Dongfeng Motor [4][6] Insurance and Foreign Investment - Insurance funds have been actively buying H-shares, with Ping An Life investing approximately 465 million HKD in Agricultural Bank of China and China Life [11] - As of the end of Q2, the balance of insurance funds was 36.23 trillion yuan, with stock investments increasing by 8.9% from the previous quarter [12] Foreign Capital Inflows - In July, the Chinese stock market saw a net inflow of over 6 billion USD, with hedge funds rapidly buying Chinese stocks since the end of June [14][15] - Goldman Sachs noted that the buying was primarily driven by long positions, with China being the market with the highest net purchases in August [16]

Group 1 - The ETF market showed mixed performance on the 18th, with notable gains in certain sectors such as artificial intelligence and film [2] - The Southern Entrepreneurial AI ETF (159382) led the gains with an increase of 6.43%, followed closely by the Dachen Entrepreneurial AI ETF (159242) which rose by 6.40% [2] - The film ETF (159855) also performed well, gaining 6.36%, while the Sci-Tech Growth ETF (588070) experienced the largest decline at 4.18% [2] Group 2 - The 30-year government bond ETFs saw declines, with the Boshi 30-year government bond ETF (511130) down by 1.2% and another 30-year government bond ETF (511090) falling by 1.16% [2]

Market Performance - A-shares' three major indices collectively rose, with the Shanghai Composite Index achieving an eight-day winning streak, reaching its highest level since December 2021, closing up 0.48% [1] - The Shenzhen Component Index increased by 1.76%, while the ChiNext Index rose by 3.62% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,509 billion [1] ETF Performance - The top-performing ETF was the ChiNext 50 ETF (159367), which surged by 6.89% [2] - Other notable ETFs included the Communication ETF (215880) and Communication Equipment ETF (159583), both rising by 6.45% [2][3] - Several AI-related ETFs also saw significant gains, with the ChiNext AI ETF (Dacheng) increasing by 6.25% [3] AI Industry Developments - Kimi K2's new model ranked first in daily downloads on Hugging Face, while Baidu AI Search led in monthly active users domestically [4] - OpenAI launched its new flagship AI model, GPT-5, which integrates capabilities from various models to enhance performance [5] Banking Sector Insights - Bank-related ETFs experienced collective declines, but there is potential for growth driven by increased insurance capital allocation to bank stocks [6] Trading Activity - The Hong Kong Securities ETF (513090) had the highest trading volume, reaching 24.636 billion [8] - The turnover rate for the Shenzhen 100 ETF (Rongtong) was the highest at 392% [9] Upcoming ETF Launch - A new product, the Hong Kong Stock Connect Dividend ETF (159277), is set to launch, tracking the CSI Hong Kong Stock Connect High Dividend Investment Index [10]

Core Viewpoint - The 30-year government bond ETF (511090) has shown significant growth in both liquidity and scale, indicating a strong market interest and potential investment opportunities in the bond market [1][2]. Group 1: Market Performance - As of August 4, 2025, the 30-year government bond ETF increased by 0.24%, with a latest price of 123.55 yuan [1]. - The ETF experienced a trading volume of 53.03 billion yuan, with a turnover rate of 22.71%, reflecting active market participation [1]. - The average daily trading volume over the past week reached 99.97 billion yuan [1]. Group 2: Fund Scale and Inflows - The latest scale of the 30-year government bond ETF reached 232.87 billion yuan, marking a new high since its inception [1]. - The ETF's share count also hit a record high of 1.89 million shares [1]. - Over the past 10 days, the ETF has seen continuous net inflows, with a peak single-day inflow of 1.445 billion yuan, totaling 5.324 billion yuan in net inflows [1]. Group 3: Market Trends and Institutional Behavior - Following recent adjustments, the bond market is stabilizing, influenced by the conclusion of key political and economic discussions [1][2]. - The report from CITIC Securities indicates a potential strengthening in the bond market, particularly in the secondary market for older bonds [1]. - Institutional behavior shows banks are continuing to sell off, while insurance and stable liability institutions are increasing their buying power, which may reduce market volatility [2].

Group 1 - The 30-year Treasury ETF (511090) has increased by 0.40%, with the latest price at 123.27 yuan as of July 31, 2025 [1] - The trading volume for the 30-year Treasury ETF was 52.63 billion yuan, indicating active market participation, with an average daily trading volume of 102.27 billion yuan over the past week [1] - The latest scale of the 30-year Treasury ETF reached a new high of 230.19 billion yuan, with the number of shares also hitting a record of 1.87 million [1] Group 2 - The 30-year Treasury ETF has seen continuous net inflows over the past eight days, totaling 51.02 billion yuan, with a maximum single-day net inflow of 14.45 billion yuan [1] - A significant high-level meeting on July 30 analyzed the current economic situation and outlined economic work for the second half of the year, indicating a stable macro policy environment [1] - Analysts suggest that the stable macro policy may help restore sentiment in the bond market [1] Group 3 - According to CITIC Securities, the liquidity risk is controllable, and attention should be paid to institutional behavior affecting the funding landscape [2] - It is expected that liquidity will not tighten significantly, but caution is advised during specific periods such as month-end or tax payment times [2] - The 30-year Treasury ETF closely tracks the China Bond 30-Year Treasury Index, which consists of publicly issued 30-year treasury bonds [2]

Core Viewpoint - The 30-year Treasury ETF has shown significant growth in trading volume and net inflows, indicating a positive market sentiment and liquidity support from the People's Bank of China [1][2]. Group 1: Trading Activity - As of July 29, 2025, the 30-year Treasury ETF's latest price is 122.59 yuan, with a turnover rate of 27.2% and half-day trading volume of 5.94 billion yuan, reflecting active market trading [1]. - The average daily trading volume for the past week reached 9.96 billion yuan [1]. Group 2: Fund Size and Inflows - The latest size of the 30-year Treasury ETF has reached 21.896 billion yuan, marking a new high since its inception [1]. - The ETF's latest share count is 17.8 million shares, also a record high since its establishment [1]. - Over the past six days, the ETF has experienced continuous net inflows, with a peak single-day net inflow of 1.445 billion yuan, totaling 3.961 billion yuan in net inflows, averaging 660 million yuan per day [1]. Group 3: Monetary Policy and Market Sentiment - The People's Bank of China announced a fixed-rate reverse repurchase operation of 495.8 billion yuan, achieving a net injection of 325.1 billion yuan into the market [1]. - Analysts predict that the People's Bank of China will continue to implement significant net liquidity injections before the end of the month to stabilize market expectations [1][2]. - The increase in reverse repos is aimed at calming market sentiment in the bond market, which has been affected by rising interest rates since mid-July [2].