关注十年国债ETF（511260）投资机会，非农数据扰动下利率债配置逻辑

Core Viewpoint - The significant drop in U.S. non-farm employment data in July has led to increased expectations for a Federal Reserve rate cut in September, resulting in a sharp decline in U.S. Treasury yields, which enhances the value of domestic bonds [1] Group 1: Macroeconomic Environment - The 10-year U.S. Treasury yield fell by 17 basis points to 4.22%, while the 10-year domestic government bond yield decreased by 3 basis points to 1.71%, indicating potential for further monetary policy easing [1] - The macroeconomic environment suggests that the value of interest rate bonds is becoming more prominent, especially with the anticipated resumption of the Fed's rate cut cycle [1] Group 2: Ten-Year Treasury ETF (511260) - The Ten-Year Treasury ETF (511260) tracks the Shanghai Stock Exchange 10-year government bond index, with an average duration of 7.6 years [1] - Since its inception, the ETF has consistently achieved new net asset value highs, with a one-year return of 5.88%, a three-year return of 16.13%, a five-year return of 22.41%, and a cumulative return of 36.68% [1] - The ETF has maintained positive annual returns over seven complete calendar years from 2018 to 2024, positioning it as a potential asset allocation tool across market cycles [1] Group 3: Unique Advantages of the Ten-Year Treasury ETF - The ETF offers T+0 trading, allowing investors to buy and sell on the same day, which is advantageous in a low-interest, high-volatility market [2] - It features low trading fees, enhancing capital efficiency for investors [2] - The ETF provides transparency with daily published holdings, allowing investors to track their investments easily [3] - Investors can use the ETF for pledge repurchase, enabling them to access funds for other investment opportunities while retaining the ability to redeem the ETF later [3]