国开债券ETF(159651)，让财富在时间的土壤里稳健成长

Group 1 - The core viewpoint indicates that long-term interest rates are expected to fluctuate, with a focus on potential downward factors, while short-term rates present limited participation opportunities [1] - The recommendation emphasizes prioritizing opportunities in the compression of ultra-long bond spreads, with specific attention to various government bonds based on their maturity [1] - The research team from Caitong Fixed Income highlights the Ping An 0-3 National Development Bank Bond ETF (159651) as a passive index fund that tracks short-duration policy bank bonds, suitable for recent market volatility [1] Group 2 - As of October 24, 2025, the National Development Bank Bond ETF (159651) shows a tight market with a latest quote of 106.46 yuan, and a cumulative increase of 1.59% over the past year [2] - The ETF has a high turnover rate of 98.07% during trading, with a transaction volume of 4.91 billion yuan, indicating active market participation [2] - The ETF's performance metrics include a 0.60% increase over the past six months, ranking 77 out of 490 in the index bond fund category, placing it in the top 15.71% [2] Group 3 - The management fee for the National Development Bank Bond ETF is 0.15%, and the custody fee is 0.05%, which are the lowest among comparable funds [3] - The tracking error for the ETF over the past two months is 0.013%, indicating the highest tracking precision among comparable funds [3] - The ETF closely tracks the China Bond 0-3 Year National Development Bank Bond Index, which includes policy bank bonds with a maturity of up to three years [3]