为什么选择十年国债ETF（511260）？

Core Viewpoint - The ten-year government bond ETF (511260) has shown a continuous increase in net value, particularly from 2021 to 2024, driven by capital gains and coupon income, suggesting a favorable investment opportunity for extending duration in the current low-interest-rate environment [1][8]. Group 1: Ten-Year Government Bond ETF Performance - The ten-year government bond ETF has achieved profits every year since 2018, with a notable performance expected in 2026 due to early interest rate declines and strong monetary policy in 2024 [1]. - The ETF is recommended for investors looking to extend duration, as it offers a reasonable valuation and trading convenience [8]. Group 2: Comparison with Other Bonds - The yield spread between the 30-year and ten-year government bonds has widened, but remains historically narrow, suggesting limited compensation for the duration difference [4]. - In comparison to international markets, the 30-year bond remains relatively expensive, with insufficient duration spread protection, making the ten-year government bond ETF a more attractive option [6]. Group 3: Trading Efficiency and Cost - The ten-year government bond ETF allows for efficient trading without the operational costs associated with active bond trading, as it provides T+0 trading and real-time pricing [6]. - Compared to government bond futures, the ETF offers coupon income and is less volatile, making it a preferable choice for conservative investors [7]. Group 4: Investment Strategy - The recommendation is to adopt a "buy on dips" strategy for the ten-year government bond ETF, capitalizing on its advantages in duration, valuation, and trading ease to seize opportunities in the bond market [8].