Ultra-long-term special government bonds continue to be invested in the "two重" and "two新" fields, 30-year government bond ETF Pengyang rises 0.15% during trading hours

As of 10:05 AM on March 17, 2026, the 30-Year Treasury Bond ETF Pengyang (511090) increased by 0.15%. In terms of liquidity, Pengyang’s intraday turnover was 3.51%, with a transaction volume of 689 million yuan. Looking at a longer period, as of March 16, Pengyang’s average daily trading volume over the past year was 7.821 billion yuan. In terms of size, Pengyang’s latest scale reached 19.596 billion yuan.

News-wise, on March 16, China’s bond market weakened, with major interest rate bonds all rising in yield, and 10- and 30-year government bonds under pressure. Industry insiders say that tensions in the Middle East, sustained high international oil prices, and ongoing domestic inflation expectations have constrained domestic policy expectations. The two recent buy-and-repurchase operations this month have both shrunk in volume, leading to a more cautious market sentiment. The latest economic data, including industrial and investment figures, generally exceeded expectations, which also exerted some pressure on market sentiment.

Policy-wise, the Ministry of Finance released the 2025 China Fiscal Policy Implementation Report, indicating that in 2026, ultra-long-term special government bonds will continue to be issued for “dual” construction and “two new” projects, with policy implementation optimized. A package of fiscal and financial coordination policies will be implemented to stimulate domestic demand, focusing on boosting private investment and promoting household consumption—supporting lower corporate financing costs, enhancing residents’ spending power, and expanding high-quality service supply. Aiming to boost consumption, efforts will be made to improve service consumption quality and benefit the people, with pilot programs for reward-based invoices in some cities. Various government investment funds will be used effectively, focusing on new productive forces, new urbanization, and comprehensive human development to improve investment quality and efficiency. The management of “negative list” for special bond projects will be improved, guiding local governments to carry out pilot “self-review and self-issuance” work. The construction of a unified national market will be further advanced, with standardized tax incentives and fiscal subsidy policies.

Huaxi Securities stated in its latest research report that the core focus in the current bond market is the stability of liquidity. Recently, the central bank announced arrangements for 3-month and 6-month buy-and-repurchase operations, which net withdrew 200 billion yuan and 100 billion yuan respectively. This is the first net withdrawal of buy-and-repurchase funds by the central bank since May 2025. The move may aim to prevent excessive liquidity easing in the interbank market. Future attention should be paid to changes in liquidity in mid to late March. If liquidity remains stable overall, the bond market is likely to stay volatile; if liquidity fluctuates, the adjustment pace may accelerate further.

The 30-Year Treasury Bond ETF Pengyang closely tracks the ChinaBond 30-Year Treasury Bond Index (Total Value), which belongs to the ChinaBond total index family. The index components are treasury bonds issued and traded domestically with a remaining maturity of 25-30 years (including 25 and 30 years), issued in book-entry form (excluding special bonds). It serves as a performance benchmark and target index for investing in such bonds.

Risk warning: The ChinaBond 30-Year Treasury Bond Wealth (Total Value) Index (Code: CBA21801) is provided by ChinaBond Financial Valuation Center Co., Ltd. (“ChinaBond”). This fund is a passive, exchange-traded index fund mainly using sampling replication strategies to track the market performance of the target index, with risk and return characteristics similar to the market represented by the index. Investors face potential risks including deviations from the index returns, index volatility, tracking error not meeting targets, index changes, discontinuation of services by the index provider, suspension or default of constituent bonds, etc. This product is issued and managed by Pengyang Fund Management Co., Ltd., and sales institutions do not assume investment or redemption responsibilities. The fund manager commits to managing and utilizing the fund assets honestly, diligently, and responsibly but does not guarantee profits or minimum returns. Past performance does not predict future results, and the performance of other funds managed by our company does not imply or guarantee the performance of this fund. Investors should carefully read the fund contract, prospectus, and key information documents before investing, fully understand the risk-return profile, and make independent investment decisions based on their risk tolerance, investment horizon, and goals. Choose suitable fund products. Funds are risky; investments should be cautious.

The above content does not predict future performance of this fund, nor does it guarantee investment returns or serve as investment advice.