机构指出，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。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。 规模方面，30年国债ETF博时最新规模达185.23亿元，创近1年新高。 份额方面，30年国债ETF博时最新份额达1.69亿份，创近1年新高。 从资金净流入方面来看，30年国债ETF博时近7天获得连续资金净流入，最高单日获得15.04亿元净流入，合计"吸金"27.55亿元，日均净流入达3.94亿元。 数据显示，杠杆资金持续布局中。30年国债ETF博时本月以来融资净买额达589.00万元，最新融资余额达1.98亿元。 截至8月26日，30年国债ETF博时近1年净值上涨7.21%，指数债券型基金排名12/422，居于前2.84%。从收益能力看，截至2025年8月26日，30年国债ETF博时 自成立以来，最高单月回报为5.35%，最长连涨月数为4个月，最长连涨涨幅为10.58%，涨跌月数比为10/6，上涨月份平均收益率为2.09%，月盈利百分比为 62.50%，月盈利概率为64. ...

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 ...

低利率环境下，债券指数以 相对较低的 波动受到投资者青睐， 截至2025年8月21日， 债券ETF规 模突破5000亿 元 ，这其中，凭借出色的ETF管理能力， 博时基金旗下五只债券ETF总规模突破千 亿，其中可转债ETF规模超570亿元，另还有 多只 债券 ETF规模 频频 突破百亿元，为投资者提供 了多样化的债券指数投资工具。 共铸千亿丰碑，博时债券ETF助力捕捉债市机遇 目前，博时基金旗下共计5只债券ETF，包括可转债ETF（511380），30年国债ETF博时 （511130），信用债ETF博时（159396），科创债ETF博时（551000），国开ETF（159650） 等。多年的匠心耕耘，博时债券ETF硕果累累，规模增长迅速，其中可转债ETF规模突破570亿元， 另外博时旗下多只债券ETF规模已突破100亿元。 规模超570亿元，博时可转债进可攻，退可守 为投资者紧抓机遇，博时基金与时俱进，持续创新。可转债ETF（511380）凭借管理者的精心耕耘 以及行业分散、评级覆盖广等特性，产品规模增长迅速，目前，管理规模就超过570亿元。 另外，业绩也是可圈可点，可转债ETF成立以来至2025年二季度，累 ...

共铸千亿丰碑，博时债券ETF助力捕捉债市机遇 目前，博时基金旗下共计5只债券ETF，包括可转债ETF（511380），30年国债ETF博时（511130），信 用债ETF博时（159396），科创债ETF博时（551000），国开ETF（159650）。多年的匠心耕耘，博时 债券ETF硕果累累，规模增长迅速。其中，可转债ETF规模突破570亿元，博时旗下多只债券ETF规模已 突破100亿元。（数据来源：上海证券交易所，截至2025年8月21日） 规模超570亿元，博时可转债进可攻退可守 博时基金与时俱进，持续创新。可转债ETF（511380）凭借管理者的精心耕耘以及行业分散、评级覆盖 广等特性，产品规模增长迅速，目前，管理规模已超过570亿元。（数据来源：上海证券交易所，截至 2025年8月21日） 另外，业绩也是可圈可点，可转债ETF成立以来至2025年二季度，累计回报率达24.02%（业绩比较基准 收益率为22.79%），高于同期中证转债指数21.29%，也高于同期上证指数12.14%和沪深300指 数-6.43%。（数据来源：基金2025年二季报，统计区间：2020年3月6日—2025年6月30日） 多 ...

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 - The Shanghai Composite Index rose by 1.18%, reaching a 10-year high, while the ChiNext Index surged by 3.63%, surpassing last year's peak [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets was 17,467 billion, an increase of 4,196 billion compared to the previous day [1] - Over 4,400 stocks in the market experienced an increase [1] Sector Highlights - AI hardware sectors, including liquid-cooled servers, copper-clad laminates, and CPO, reached new historical highs [1] - The financial technology concept continued to see explosive growth, with strong rebounds in rare earth and short drama concepts [1] ETF Performance - AI hardware ETFs, such as Southern, Da Cheng, Hua Bao, and Hua Xia, saw increases of 6.43%, 6.4%, 6.36%, and 6.2% respectively [5] - Film and television concept stocks also experienced gains, with Silver Hua Fund and Guotai Fund ETFs rising by 6.36% and 5.89% respectively [5] - The financial technology ETF from Hua Bao Fund increased by 5.93% [5] - The Sci-Tech Growth ETF experienced a decline of 4.18% [5] - Long-term government bond ETFs saw a decrease, with the 30-year bond ETFs from Boshi dropping by 1.2% and 1.16% [5] - Precious metals sector adjusted, with gold stock ETFs declining by approximately 0.98% to 0.95% [5]

截至2025年8月15日 14:48，30年国债ETF博时(511130)下跌0.24%，最新报价109.56元。拉长时间看，截至2025年8月14日，30年国债ETF博时近1年累计上涨 8.29%。 流动性方面，30年国债ETF博时盘中换手27.27%，成交43.29亿元，市场交投活跃。拉长时间看，截至8月14日，30年国债ETF博时近1周日均成交41.18亿 元。 截至8月14日，30年国债ETF博时近1年净值上涨8.15%，指数债券型基金排名9/417，居于前2.16%。从收益能力看，截至2025年8月14日，30年国债ETF博时 自成立以来，最高单月回报为5.35%，最长连涨月数为4个月，最长连涨涨幅为10.58%，涨跌月数比为10/6，上涨月份平均收益率为2.09%，月盈利百分比为 62.50%，月盈利概率为66.46%，历史持有1年盈利概率为100.00%。 回撤方面，截至2025年8月14日，30年国债ETF博时近半年最大回撤6.44%，相对基准回撤0.51%。回撤后修复天数为43天。 费率方面，30年国债ETF博时管理费率为0.15%，托管费率为0.05%。 跟踪精度方面，截至2025年8月1 ...

Core Viewpoint - The People's Bank of China conducted a 7-day reverse repurchase operation of 544.8 billion yuan at an interest rate of 1.40%, maintaining the previous rate, while a new tax policy on bond interest income will take effect from August 8, 2025, impacting the bond market significantly [1][3]. Group 1: Market Impact - The new tax policy will impose a value-added tax (VAT) on interest income from newly issued government bonds, local government bonds, and financial bonds, with a 6% rate for financial institutions and 3% for public funds [1][3]. - Existing bonds issued before August 8, 2025, will continue to enjoy tax exemption until maturity, creating a tax advantage for these bonds and potentially widening the yield spread between new and old bonds by 5-10 basis points [3][4]. - The credit bond market may benefit as the tax burden on interest income remains unchanged, leading to a potential narrowing of credit spreads compared to interest rate bonds [3]. Group 2: Fund Management Implications - Public funds may gain a relative advantage over proprietary accounts due to the new tax structure, as public funds will face a lower VAT rate on interest income compared to proprietary accounts [3][4]. - The scarcity premium of tax-exempt existing bonds is expected to be released quickly, while the attractiveness of these bonds may lead to a decrease in their yields [4][5]. - New bonds may need to increase their coupon rates to compensate for the tax burden, with estimates suggesting a rise of approximately 10-11 basis points for 10-year government bonds to maintain net interest income parity with existing bonds [5].

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].