四季度债市或有一定表现，关注十年国债ETF（511260）

Core Viewpoint - The bond market is expected to perform moderately in the fourth quarter, with improved sentiment for long positions following the central bank's announcement to restart government bond trading on October 27, which limits the upward space for bond yields [1][8]. Economic Indicators - The October PMI was reported at 49.0, a decrease of 0.8 from the previous value, indicating continued economic pressure [3]. - Key components of the PMI, such as production (49.7) and new orders (48.8), showed significant declines, reflecting ongoing challenges in effective demand and production expansion [3]. Policy Developments - The central bank's decision to restart government bond trading signals that bond yields are at a desirable level, suggesting limited further increases [8]. - The market sentiment has turned optimistic due to this policy change, although the future impact of the central bank's bond purchases remains to be seen [8][9]. Investment Recommendations - Investors are advised to focus on the ten-year government bond ETF (511260) and the government bond ETF (511010) as potential investment opportunities in the current market environment [1][9].