Sou Hu Cai Jing·2025-06-30 05:51Group 1 - The ten-year government bond ETF (511260) has seen a net inflow of over 4.8 billion yuan for 10 consecutive days as of June 27, with nearly 10 billion yuan in the past month, bringing its current scale to over 13.5 billion yuan, indicating strong liquidity [1] - According to CITIC Securities, the duration of bond funds significantly increased to a new high in mid-June, suggesting potential profit-taking pressure in the short term. However, a bullish outlook is maintained for the medium term, particularly in July, when bond market sentiment may rise again, leading to long-term interest rates approaching previous lows [1] - The ten-year government bond yield is often regarded as a "risk-free return," characterized by high safety, strong liquidity, and stable returns, serving as a pricing anchor for various assets and referred to as the "ballast stone" of the bond market [1] Group 2 - The ten-year government bond ETF has demonstrated stable performance, achieving profits every year since 2018, making it a valuable asset allocation tool across market cycles [2] - The ETF offers three trading advantages: (1) flexible trading with T+0 intraday trading, suitable for swing trading; (2) can be pledged as a standard exchange security, with a current pledge rate of approximately 94%, enhancing capital utilization; (3) consists of CTD bonds, suitable for arbitrage strategies [2] - The fund is classified as a bond fund with expected returns and risk levels lower than equity and mixed funds, but higher than money market funds, utilizing an optimized sampling replication strategy to track the Shanghai 10-year government bond index [3]