ETF日报：债市在基本面、政策面与技术层面均有做多理由，关注十年国债ETF、国债ETF

Market Overview - A-shares experienced a volatile upward trend today, with the Shanghai Composite Index rising by 0.23% to 3969.25 points, the Shenzhen Component Index increasing by 0.37%, and the ChiNext Index up by 1.03% [1] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1.872 trillion yuan, a decrease of about 43.42 billion yuan compared to the previous trading day [1] Sector Performance - The anti-involution theme maintained strong performance, with solar energy, carbon neutrality, and new energy vehicles leading the gains [1] - The TMT sector faced a pullback, with integrated circuits and computers showing the largest declines [1][2] Investment Sentiment - The risk appetite today was neutral, with nearly 3,400 stocks rising [1] - Growth stocks outperformed value stocks, and there was a divergence within the innovation-driven sectors [1] TMT Sector Analysis - The TMT sector's slowdown may limit the upward trend to other sectors, with focus expected to remain on AI and anti-involution sectors [2] - Public funds' allocation to the TMT sector reached a historical high of 40% in Q3, suggesting potential for a slowdown in future gains [2][4] Economic Indicators - The October PMI was reported at 49.0, slightly above the seasonal decline, with production and new orders being the main drag [10] - Domestic demand remains weak, impacting companies' pricing power and the effectiveness of anti-involution policies [10] Bond Market Outlook - The bond market may perform well in Q4, with limited upward space for government bond yields following the resumption of government bond trading [7][12] - Investors are advised to focus on ten-year government bond ETFs as the macroeconomic environment shows signs of pressure [7][13]