5年地债ETF(159972)上涨6bp，央行今日开展3090亿元7天逆回购操作

Group 1 - The 5-year local government bond ETF (159972) has seen a slight increase of 0.06%, with the latest price at 116.19 yuan, and a cumulative increase of 3.19% over the past year as of July 29, 2025 [1] - The central bank conducted a 7-day reverse repurchase operation amounting to 309 billion yuan, with a bid amount and winning amount both at 309 billion yuan, maintaining an operation rate of 1.40% [1] - Huaxi Securities noted that the month-end liquidity easing is a favorable factor for the bond market, although the recent adjustments in the bond market are primarily driven by deteriorating sentiment rather than liquidity considerations [1] Group 2 - Recent significant adjustments in the bond market may present opportunities for contrarian trading, with concerns about rising industrial product prices potentially leading to an increase in the Producer Price Index (PPI) [2] - The PPI is expected to return to around 0 by the end of this year, which may be challenging, referencing the supply-side reforms of 2015-16 where the average PPI for 2016 was 0.45% [2] - Since 2012, the transmission of PPI to Consumer Price Index (CPI) has weakened, and an independent rise in PPI could justify monetary easing measures such as rate cuts [2] - The 5-year local government bond ETF (159972) primarily invests in medium to long-term local government bonds, suitable for duration management and tactical allocation, offering relatively high yield potential with low credit risk [2]