成交额超23亿元，国债ETF5至10年(511020)近5个交易日净流入3117.47万元

Group 1 - The core viewpoint indicates that there is increased downward pressure on the fundamentals, while the central economic work conference has expressed a neutral fiscal and proactive monetary stance, which together create a certain bullish sentiment. However, there are still concerns regarding debt pressure and market fragility that may cause disturbances. The market is expected to continue wide fluctuations [1] - The strategy suggests that the liquidity situation is expected to remain stable, and investors can continue to collect interest-bearing assets. After the redemption risk marginally eases, the risk of the market breaking above the upper limit decreases, and a slightly bullish approach is recommended to cope with market volatility. It is advised to look for adjustment opportunities for trading participation [1] - The 10-year government bond yield is approaching the upper limit of 1.85%, indicating a potential opportunity for active participation in the market [1] Group 2 - As of December 12, 2025, the China Securities 5-10 Year Government Bond Active Bond Index (net price) has decreased by 0.08%. The latest quote for the government bond ETF 5-10 years is 115.47 yuan, indicating a stalemate between bulls and bears [2] - In terms of liquidity, the government bond ETF 5-10 years had a turnover of 119.13% during the day, with a transaction volume of 2.321 billion yuan, reflecting active market trading. Over the past week, the average daily transaction volume has been 1.405 billion yuan [2] - The latest scale of the government bond ETF 5-10 years has reached 1.946 billion yuan, with net inflows and outflows remaining balanced. Over the last five trading days, it has attracted a total of 31.1747 million yuan [2] - The maximum drawdown for the government bond ETF 5-10 years in the past six months is 1.09%, compared to a benchmark drawdown of 0.54% [2] - The management fee for the government bond ETF 5-10 years is 0.15%, and the custody fee is 0.05%. The tracking error for the past month is 0.022% [2] Group 3 - The government bond ETF 5-10 years closely tracks the China Securities 5-10 Year Government Bond Active Bond Index (net price), which selects bonds with maturities of 5, 7, and 10 years from the market to reflect the overall performance of these government bonds [3]