十年国债ETF（511260）盘中飘红，短端利率低位支撑配置窗口

Core Viewpoint - The probability of a significant decline in the bond market is low, supported by the political bureau meeting's emphasis on maintaining ample liquidity, indicating the central bank's intention to stabilize short-term liquidity [1] Group 1: Market Analysis - The 10-year government bond yield is expected to fluctuate between 1.65% and 1.75% in the short term, with a recommendation to gradually increase allocation above 1.72%, prioritizing credit bonds over interest rate bonds and convertible bonds [1] - Historical experience suggests that bond market yield turning points typically precede stock market peaks, indicating that the current bullish sentiment in the stock market may not signal a sustained decline in the bond market [1] Group 2: ETF Performance - The 10-year government bond ETF (511260) has consistently achieved new net asset value highs since its inception, 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% since establishment [1] - The ETF has maintained positive returns every year since its inception, making it a potential asset allocation tool that can navigate through market cycles [1] Group 3: 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 environment [2] - The ETF has low trading fees, enhancing capital efficiency for investors [2] - The ETF provides transparency in holdings, with daily publication of the PCF list [3] - Investors can use the ETF for pledge repurchase, allowing them to access funds for other investment opportunities while retaining the ability to redeem the ETF later [3]