十年国债ETF（511260）收红，债市调整后配置价值显现

Core Viewpoint - The recent adjustment in the bond market has highlighted the allocation value of the 10-year government bond ETF (511260), as the market sentiment for bonds has cooled due to rising risk appetite in the stock and commodity markets. The expectation of supply-side reforms remains speculative, while demand-side measures are yet to be introduced, indicating limited potential for reversing economic weakness in the near term. [1] Group 1: Market Performance - The 10-year government bond ETF (511260) tracks the Shanghai Stock Exchange 10-year government bond index, with an average duration of 7.6 years. Since its inception, the ETF has consistently achieved new net asset value highs, with a one-year return of 6.02%, a three-year return of 15.04%, a five-year return of 19.26%, and a cumulative return of 34.63% since inception. [1] - The ETF has maintained positive annual returns for seven consecutive years from 2018 to 2024, positioning it as a potential asset allocation tool that can weather market cycles. [1] Group 2: Unique Advantages of the ETF - The ETF offers T+0 trading convenience, allowing investors to buy and sell on the same day, which is beneficial in a high-volatility market environment. [2] - The ETF has low trading fees, enhancing capital efficiency for investors. [3] - The ETF provides transparency in holdings, with daily publication of the PCF list. [4] - Investors can use the ETF for pledge repurchase, allowing them to access funds for other investments while retaining the ability to redeem the ETF later. [4]