十年国债ETF（511260）上一交易日净流入超6.3亿元，市场关注利率走势分化

Group 1 - The core viewpoint of the news highlights a significant net inflow of over 630 million yuan into the 10-year Treasury ETF (511260) on the previous trading day, indicating strong investor interest in government bonds [1] - On July 4, 2025, the central bank conducted a net withdrawal of over 450 billion yuan in a single day, while maintaining a loose monetary environment, as evidenced by the overnight funding rate dropping to 1.31% [1] - The 10-year U.S. Treasury yield has shown a recent trend of first declining and then rising, primarily driven by a decrease in expected real interest rates, while an increase in actual risk premiums has provided significant offsetting effects [1] Group 2 - The 10-year Treasury ETF tracks an index that reflects the overall performance of Chinese government bonds with a remaining maturity of approximately 10 years, consisting solely of fixed-rate government bonds issued by the Ministry of Finance [1] - The long-term U.S. Treasury rate is influenced by expected real rates, expected inflation, actual risk premiums, and inflation risk premiums, with current supply-demand imbalances expected to further elevate actual risk premiums [1] - The volatility in the U.S. Treasury market is increasing due to policy uncertainties, leading market participants to potentially reduce their positions [1]