债市维持窄幅震荡，政金债券ETF（511520）交投活跃，二级成交连续4日超100亿

Group 1 - The bond market continues to show volatility, with recent reserve requirement ratio cuts and subsequent interest rate reductions leading to a balanced short-term sentiment [1] - The central bank has continued to implement net OMO (Open Market Operations), resulting in a relatively loose funding environment that supports the mid-to-short end of the yield curve [1] - The market is expected to maintain a narrow range of fluctuations, as the overall monetary easing policies have been implemented without significant negative impacts [1] Group 2 - Attention should be paid to the upcoming MLF (Medium-term Lending Facility), reverse repos, and central bank bond purchases, as unexpected liquidity injections could lead to further declines in yields [1] - The government bond ETF (511520) has seen active trading, with transaction amounts exceeding 10 billion yuan for four consecutive days, making it the largest bond ETF in the market with a total scale exceeding 46 billion yuan [1] - The ETF has a duration of approximately 7.5 years, offering good liquidity and serving as a useful tool for clients looking to adjust duration and engage in tactical trading within the bond market [1]