十年国债ETF（511260）上个交易日净流入超8.9亿，利率下行预期支撑债市配置需求

Group 1 - The core viewpoint of the article highlights that the recent inflow of over 890 million into the 10-year Treasury ETF (511260) is supported by expectations of declining interest rates, which bolster demand for bonds [1] - Short-term interest rates have seen a significant decline, primarily due to the central bank's efforts to lower funding costs for banks, indicating potential opportunities in certificate of deposit assets [1] - Economic indicators such as CPI, PPI, and credit data suggest a weak economic recovery, with manageable adjustments in interest rates presenting trading opportunities [1] Group 2 - The article notes that the external environment remains uncertain, and the domestic economic fundamentals are still fragile, prompting further policy interventions in the second quarter [1] - Following the May rate cuts, the pricing power in the bond market may shift towards fundamental factors, with short-term interest rates expected to remain in a narrow range [1] - In the medium to long term, bond yields may trend downward due to insufficient demand stemming from issues related to employment, real estate, and demographic structure, necessitating a cohesive policy response [1] Group 3 - The strategy suggests trading the 10-year Treasury bonds within the range of 1.60% to 1.70%, maintaining a neutral duration [1] - The 10-year Treasury ETF (511260) employs an optimized sampling replication strategy to closely track the Shanghai Stock Exchange 10-year Treasury Index, selecting highly liquid bonds for its portfolio [1] - The current average duration of the ETF's portfolio is 7.6 years, with daily disclosures of the PCF list ensuring transparency, making it suitable for conservative medium to long-term investors as a core allocation [1]