十年国债ETF（511260）盘中飘红，利率债配置力度预计不减

Group 1 - The Ministry of Finance and the State Taxation Administration announced on August 1 that from August 8, 2025, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to value-added tax, while previously issued bonds will remain exempt until maturity [1] - The People's Bank of China emphasized the continuation of a moderately loose monetary policy, maintaining ample liquidity, and promoting the construction of a "technology board" in the bond market, as well as the use of risk-sharing tools for technology innovation bonds to expand their issuance scale [1] - Guangfa Securities noted that the announcement led to market fluctuations, with the yield on 10-year government bonds initially rising and then falling, indicating an increase in the attractiveness of older bonds [1] Group 2 - The 10-Year Government Bond ETF (511260) tracks the Shanghai Stock Exchange 10-Year Government Bond Index, selecting bonds with a remaining term of 7 to 10 years, and has maintained a constant duration of 7.6 years [2] - Since its inception, the 10-Year Government Bond ETF has consistently achieved positive returns, 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% [2] - The ETF has maintained positive returns for seven consecutive years from 2018 to 2024, positioning it as a potential asset allocation tool across market cycles [2] Group 3 - The 10-Year Government Bond ETF offers unique advantages, including T+0 trading, allowing for same-day buying and selling, which is beneficial in a high-volatility market [3] - The ETF has low trading fees, enhancing capital efficiency for investors [4] - The ETF provides transparency in holdings by publishing a daily PCF list, and allows for pledge repurchase, enabling investors to leverage their ETF holdings for other investment opportunities [5]