国开债券ETF(159651)：高债一筹，稳见未来

Group 1 - The central bank has restarted the trading of government bonds, with institutions noting that while the overall sentiment in the bond market remains positive, further support is needed for downward space as interest rates have already declined significantly [1] - The research team from Caifeng Fixed Income suggests focusing on slightly higher interest rate bonds, specifically the 30-year and 50-year government bonds, while also considering the 25T6 for those with strong liquidity demands [1] - The Ping An 0-3 National Development Bank Bond ETF (159651) is highlighted as a passive index fund tracking short-duration policy bank bonds, offering advantages in yield, liquidity, and flexibility, making it suitable for the current volatile bond market [1] Group 2 - As of October 28, 2025, the National Development Bank Bond ETF (159651) has seen a 0.05% increase, with a one-year cumulative rise of 1.61% [1] - The ETF recorded a turnover rate of 39.24% during the trading session, with a total transaction volume of 197 million yuan, indicating active market trading [2] - Over the past six months, the ETF's net value has increased by 0.63%, ranking 80 out of 492 index bond funds, placing it in the top 16.26% [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 ETF has a tracking error of 0.013% over the past two months, 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, serving as a performance benchmark for this category of bonds [3]