利率下行周期，国债配置窗口开启，十年国债ETF（511260）长久期、弹性更大

Core Viewpoint - The recent increase in global market volatility highlights the growing value of bond assets for investment allocation, particularly in the context of high volatility in equity markets and a long-term downward trend in interest rates [1] Group 1: Bond Market Insights - The Ten-Year Treasury ETF (511260), established on August 4, 2017, is linked to the China 10-year Treasury Index and is seen as an ideal choice for investors looking to optimize asset structure and hedge market risks due to its good liquidity and clear risk-return characteristics [1] - Current domestic economic conditions indicate a moderate recovery, with a low probability of large-scale stimulus policies due to constraints on macro leverage, while inflation data remains low, providing room for monetary policy easing [1] - The ten-year Treasury yield serves as a benchmark for medium to long-term risk-free rates, closely related to economic growth and inflation expectations, suggesting that under a "low growth + low inflation" scenario, the interest rate floor is likely to remain low, supporting a long-term moderate increase in Treasury prices [1] Group 2: Risk and Stability - Global geopolitical risks and increased volatility in domestic equity markets are driving funds towards safe-haven assets, with historical data showing that Treasury indices often rise during significant A-share market pullbacks, underscoring their "safe-haven" attribute [1] - The Ten-Year Treasury ETF can act as a "stabilizer" in investment portfolios, effectively smoothing overall volatility [1]