A股震荡回调，债市交投活跃，国债ETF（511010）盘中飘红，近20日净流入超2亿元

Core Viewpoint - The financial indicators should be viewed scientifically, indicating that the financing demand of the real economy remains relatively stable despite fluctuations in single credit data [1] Group 1: Financial Indicators - The diversification of financing channels in the real economy means that changes in single credit data do not accurately reflect the financing situation [1] - Greater emphasis should be placed on total financial indicators, particularly social financing data [1] Group 2: Social Financing Data - In October, social financing data showed a year-on-year decrease, primarily due to the misalignment in government bond issuance [1] - Excluding the impact of government bond misalignment, social financing data only experienced a slight decline compared to the same period last year [1] Group 3: Economic Conditions - The financing demand of the real economy is relatively stable, attributed to a natural adjustment caused by changes in economic growth momentum [1] - In a weak fundamental state, there is still some downward space for government bond yields [1] Group 4: Investment Recommendations - Investors are advised to pay attention to the 10-year government bond ETF (511260) and the government bond ETF (511010) [1]