成交额超3亿元，国债ETF5至10年(511020)近8个交易日净流入5869.40万元

Group 1 - The current IRR level of the TF main contract remains high, while the basis level of the TL2603 contract is slightly elevated [1] - The recent redemption regulations have exceeded expectations, presenting potential hedging opportunities with 5-year bonds, but the significance of these strategies diminishes if 5-year government bond rates are expected to decline [1] - The short-end government bond rates are already low, suggesting a slight focus on T/TL-TS contract spread trading opportunities [1] Group 2 - As of December 31, 2025, the China Bond 5-10 Year Treasury Active Bond Index (net price) showed fluctuations, with the 5-10 Year Treasury ETF latest quote at 115.29 yuan [3] - The liquidity of the 5-10 Year Treasury ETF is active, with a turnover rate of 15.17% and a transaction volume of 304 million yuan [3] - The latest scale of the 5-10 Year Treasury ETF reached 2.005 billion yuan, marking a one-year high [3] Group 3 - The 5-10 Year Treasury ETF closely tracks the China Bond 5-10 Year Treasury Active Bond Index, which includes bonds with maturities of 5, 7, and 10 years, calculated using a non-market capitalization weighted method [4]