成交额超6000万元，国债ETF5至10年(511020)近20个交易日净流入2.09亿元

Group 1 - The current futures IRR level is above 1.7%, slightly higher than funding rates and certificate of deposit rates, indicating that the cost of hedging is not high amid concerns about bond market adjustment risks [1] - Two strategies for national bond futures are suggested: 1) Opportunities in short-end credit spreads under loose funding conditions, such as hedging strategies between short-end credit and medium-term national development bonds with TF/TS; 2) Observing the central bank's bond purchases and easing conditions to identify opportunities for flattening the yield curve as short-end rates decline [1] - For medium to long-term bonds, attention should be paid to the convexity points around 8 years for national development bonds, and around 5 years for medium-term bonds [1] Group 2 - As of December 26, 2025, the active bond index for 5-10 year national bonds increased by 0.03%, while the national bond ETF for the same duration rose by 0.05%, with the latest price at 115.37 yuan [3] - The trading volume for the national bond ETF 5-10 years was 3.28% with a transaction value of 60.14 million yuan, and the average daily transaction over the past month was 794 million yuan [3] - The latest scale of the national bond ETF 5-10 years reached 1.84 billion yuan, with a net outflow of 1.73 million yuan recently, but a total inflow of 20.9 million yuan over the last 20 trading days [3] Group 3 - The national bond ETF 5-10 years has seen a net value increase of 21.17% over the past five years, ranking 32 out of 189 in index bond funds, placing it in the top 16.93% [3] - The fund has recorded a maximum monthly return of 2.58% since inception, with the longest consecutive monthly gains lasting 10 months and a maximum increase of 5.81% [3] - The historical probability of profit over three years is 100%, with a monthly profit probability of 70.39% [3] Group 4 - The maximum drawdown for the national bond ETF 5-10 years in the last six months was 1.09%, with a relative benchmark drawdown of 0.58% [4] - The management fee for the national bond ETF 5-10 years is 0.15%, and the custody fee is 0.05% [4] - The tracking error for the national bond ETF 5-10 years over the last two months was 0.022%, closely tracking the active bond index for 5-10 year national bonds [4]