债券市场积极因素开始浮现，关注十年国债ETF（511260）

Core Viewpoint - The bond market, despite facing headwinds in the third quarter, is considered a stable and relatively low-risk asset class in the long term, with the ten-year government bond ETF (511260) significantly outperforming the Shanghai Composite Index since its launch [1] Group 1: Market Conditions - Factors suppressing the bond market in the third quarter are gradually diminishing, with some positive elements beginning to emerge [1] - Economic concerns have been reignited due to tariff disruptions, and recent financial, consumption, and real estate data have been less optimistic [1] - The core factors that previously pressured the bond market have eased, including a slowdown in social financing growth and the delayed impact of anti-involution policies on CPI, which is unlikely to create further short-term negative effects on the bond market [1] Group 2: Policy Environment - The Federal Reserve has entered a rate-cutting cycle, leading to a global trend of increasing liquidity, which opens up space for China's monetary policy [1] - Observations indicate a decline in both short-term and long-term interbank funding rates, reflecting the central bank's supportive stance [1] Group 3: Investment Recommendations - After a period of adjustment, bonds have entered a relatively cost-effective allocation range, suggesting that investors should continue to pay attention to the ten-year government bond ETF (511260) [1]