债市温和修复方向保持不变，关注十年国债ETF（511260）

Group 1 - Recent funding rates have declined rapidly, with overnight rates dropping to 1.27%. The yield on the 2-year active bond 250017 has also decreased to a new low of 1.3650%, indicating a continued loose funding environment [1] - The long-end rates have shown fluctuations due to trading influences, with the 10-year rate slightly rebounding to 1.8450%. The low funding rates reflect the central bank's supportive stance towards the bond market, suggesting a moderate recovery in the bond market moving forward [1] - Recent economic data indicates that domestic total demand is still in need of repair, and the foundation for inflation recovery remains unstable, which is marginally beneficial for the bond market. The widening term spread is unfavorable for monetary policy transmission, but the continued loose liquidity environment may allow short-term rate declines to transmit to long-term rates [3] Group 2 - Considering the manageable fiscal pressure for the next year and the pending implementation of broad monetary tools, long-term bonds still hold investment value. It is recommended to pay attention to the 10-year government bond ETF (511260) and consider allocation opportunities after short-term rate adjustments [3]