降准降息落地，公司债ETF(511030）、国开债券ETF(159651)齐涨，机构：债券市场短期利多出尽

Group 1: Bond Market Overview - As of May 7, 2025, the 5-10 Year Government Bond ETF (511020) closed at 117.41 CNY, with a recent half-year cumulative increase of 3.48% [1] - The trading volume for the 5-10 Year Government Bond ETF was 5.27 billion CNY, indicating active market participation with a turnover rate of 35.89% [1] - The latest scale of the 5-10 Year Government Bond ETF reached 1.469 billion CNY [1] Group 2: Monetary Policy Impact - The People's Bank of China announced a 0.5 percentage point reserve requirement ratio cut, injecting approximately 1 trillion CNY into the market, along with a 0.1 percentage point reduction in policy interest rates [2] - Analysts believe that the recent rate cuts have already been priced into the 10-year government bonds, with expectations of a 30 basis point reduction, suggesting that a further 10 basis point cut may not be viewed as favorable [2] - East China Securities noted that the bond market may experience a "good news already priced in" scenario, with short-term rates declining and long-term rates rising [2] Group 3: Company Bond ETF Performance - The Company Bond ETF (511030) closed at 105.6 CNY, with a half-year cumulative increase of 1.14% [3] - The trading volume for the Company Bond ETF was 15.87 billion CNY, with a turnover rate of 11.84%, indicating a vibrant trading environment [3] - The latest scale of the Company Bond ETF reached 13.397 billion CNY, marking a one-year high [3] Group 4: National Development Bond ETF Insights - The National Development Bond ETF (159651) closed at 105.95 CNY, with a one-year cumulative increase of 2.10% [6] - The trading volume for the National Development Bond ETF was 68.96 million CNY, with a turnover rate of 5.14% [6] - The scale of the National Development Bond ETF grew by 296 million CNY over the past six months, ranking it in the top half among comparable funds [6] Group 5: ETF Product Composition - The "Three Musketeers" of the bond ETFs managed by Ping An Fund include the Company Bond ETF (511030), National Development Bond ETF (159651), and 5-10 Year Government Bond ETF (511020), covering a range of durations to assist investors in navigating the bond market cycle [9]