债市调整后性价比突显，政金债券ETF（511520）昨日净流入超5亿元，端午假期前一交易日，关注政金债券ETF场内折溢价机会和节假日票息收益

Core Viewpoint - The bond market is experiencing adjustments with rising yields and falling government bond futures, while the central bank continues to inject liquidity, maintaining a balanced and slightly loose monetary environment. The easing of U.S. tariffs has significantly boosted risk appetite, leading to a stronger stock market and weaker bond market [1]. Group 1: Market Conditions - On May 29, the interbank market saw major bond yields rise by 1-2 basis points, and government bond futures declined across the board [1]. - The central bank's ongoing net liquidity injection through OMO indicates a commitment to maintaining a stable funding environment [1]. - The market is expected to remain in a state of fluctuation, with a focus on the upcoming announcements regarding the central bank's reverse repos and the May manufacturing PMI data [1]. Group 2: Investment Opportunities - Following the recent adjustments in the bond market, the yield-to-price ratio has become more attractive, suggesting potential for gradual yield declines in the future [1]. - The last trading day before the Dragon Boat Festival typically sees increased trading activity, presenting opportunities for premium and discount trades [1]. - The government bond ETF (511520) saw a net inflow exceeding 500 million yuan, making it the largest bond ETF in the market with a total scale of over 47.8 billion yuan, suitable for clients looking to extend duration easily [1].