十年国债ETF（511260）盘中飘红，机构表示债市拐点已现

Core Viewpoint - The Ministry of Finance and the State Taxation Administration announced the resumption of value-added tax on newly issued government bond interest income starting August 8, 2025, while maintaining the exemption for individual investors with monthly interest income not exceeding 100,000 yuan until the end of 2027, which has drawn institutional attention to the 10-year government bond ETF as the only on-market 10-year bond tool [1] Group 1 - The bond market pressure is easing, indicating a potential turning point, as the central bank stabilizes liquidity through reverse repos despite increased government bond supply [1] - 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, and has shown consistent high net asset value since its inception [1][2] - Historical performance of the 10-year government bond ETF shows 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] Group 2 - The 10-year government bond ETF has maintained positive returns every year since its establishment, making it a potential asset allocation tool across market cycles [2] - The ETF offers unique advantages such as T+0 trading, low transaction fees, transparent holdings, and the ability to pledge for repurchase, enhancing liquidity and investment flexibility [2][3]