十年国债ETF（511260）规模破百亿！ 资产定价之锚、债市“压舱石”之选

Core Insights - The article highlights the increasing popularity of the 10-year government bond ETF (511260) as a safe-haven asset amid market volatility, with significant net inflows and a growing scale [1][2]. Group 1: Market Performance - The 10-year government bond ETF has seen a net inflow exceeding 6 billion yuan for 10 consecutive days, leading the market with a total scale surpassing 10 billion yuan as of June 19 [1]. - The ETF has consistently achieved high net asset values, with a one-year return of 6.02%, a three-year return of 15.04%, and a five-year return of 19.26% [2]. Group 2: Investment Characteristics - The 10-year government bond is considered a "risk-free return" benchmark, providing high safety, strong liquidity, and stable returns, making it a preferred choice for investors [1]. - The ETF offers T+0 trading, allowing for same-day buying and selling, which is advantageous in a high-volatility market [3]. - The ETF has low trading fees, enhancing capital efficiency [4]. - The ETF's holdings are transparent, with daily disclosures of the PCF list [5]. - Investors can use the ETF for collateralized repurchase agreements, allowing them to access funds for other investments while retaining the ability to redeem the ETF later [5]. Group 3: Strategic Value - According to Guosheng Securities, the 10-year government bond can optimize the risk-return profile of investment portfolios, as it has low or negative correlation with other assets like A-shares, U.S. stocks, and gold [6]. - In the current macroeconomic environment characterized by loose monetary policy and weak credit demand, the 10-year government bond is expected to perform better than other assets [6].