十年国债ETF（511260）上一交易日资金净流入1.2亿元，市场关注利率下行趋势

Group 1 - The core viewpoint is that since 2021, the domestic 10-year government bond yield has been on a downward trend, entering a low-interest-rate era, with yields falling below the long-term range of 2.8% to 4.5% [1] - The ability of valuation to rise during a declining interest rate phase depends on the state of the fundamentals; if the economy stabilizes but does not significantly recover, valuations may increase, while in a deflationary environment, valuations may continue to decline despite a loose monetary environment [1] - Currently, the A-share market's 6% to 7% ROE level corresponds to a reasonable 2x PB, but there is significant industry differentiation; economic cycle assets have reasonable valuations but limited ROE recovery, while stable assets have room for improvement in a declining interest rate environment [1] Group 2 - The 10-year government bond ETF (511260) employs an optimized sampling replication strategy to closely track the Shanghai Stock Exchange 10-year government bond index, with an average duration of 7.6 years [1] - The ETF publishes a daily PCF list, ensuring transparency in holdings, making it suitable for medium to long-term investors seeking stable returns as a core allocation [1] - Growth assets are more transaction-oriented, with a focus on positive mid-term expectations in areas such as overseas AI computing power chains, exports to Europe, and price increase chains [1]