0-4地债ETF(159816)上涨4bp实现6连涨，机构：地方债当前仍有较高性价比

Group 1 - The 0-4 government bond ETF (159816) has seen a 4 basis points increase, marking its sixth consecutive rise, with the latest price at 113.89 yuan [1] - The ETF experienced a trading volume of 26.68 billion yuan, indicating active market participation with a turnover rate of 143.03% [1] - The bond market's yield trends in the first half of 2025 were influenced by tightening liquidity, risk aversion, and tariff negotiations, initially rising and then falling [1] Group 2 - The 10-year government bond yield briefly fell below 1.60% at the beginning of the year but later adjusted to around 1.90% due to central bank tightening and equity market pressures [1] - From April to June, the yield fluctuated around 1.65% as a result of ongoing tariff negotiations and a series of growth-stabilizing policies from the central bank [1] - As of the end of June, the 10-year government bond yield was reported at 1.65%, down 3 basis points from the end of 2024 [1] Group 3 - According to Shenwan Hongyuan Securities, the bond market remains in a bullish window, but the potential for profit is limited, suggesting a continuation of the strategy to exploit yield spreads in the short term [1] - Local government bonds currently offer a high cost-performance ratio, but a breakthrough in interest rates requires new catalysts such as central bank bond purchases or reductions in reserve requirements [1] Group 4 - The 0-4 government bond ETF closely tracks the CSI 0-4 year local government bond index, which includes non-directional local government bonds with a remaining maturity of 4 years or less [2] - The index is calculated using market capitalization weighting to reflect the overall performance of local government bonds within the specified maturity [2] - The 0-4 government bond ETF is the only short-duration local government bond ETF in the market, suitable for investors as a cash management tool [2]