成交额超2000万元，国债ETF5至10年(511020)实现3连涨

Group 1 - Institutions remain bullish on long-term bonds, driven by allocation strategies. From January 1 to February 6, brokerages and funds net sold over 108.6 billion yuan of ultra-long-term bonds (maturity over 20 years), compared to a net sale of only 5.7 billion yuan in the same period last year. Meanwhile, insurance funds net bought 120.6 billion yuan of ultra-long-term bonds, and rural commercial banks net bought 50 billion yuan, increasing by 55.4 billion yuan and 68.8 billion yuan year-on-year respectively [1] - Despite significant net selling by brokerages and funds, the rise in bond yields has enhanced the allocation value, prompting rural commercial banks and insurance funds to increase their holdings in ultra-long bonds. The current steep yield curve indicates that while the cost of liabilities for rural commercial banks has decreased significantly, the spread on bonds with maturities of 7 years or less is low, necessitating longer durations for better returns [1] - The People's Bank of China purchased 100 billion yuan of government bonds in January, an increase of 50 billion yuan from the previous month, which may continue at this level or higher, improving the supply-demand relationship for government bonds. Additionally, bank deposits grew well in January, and with the central bank's interest rate cuts on monetary tools, the motivation for banks to issue interbank certificates of deposit is low [1] Group 2 - As of February 9, 2026, the China Bond 5-10 Year Treasury Active Bond Index (net price) rose by 0.03%. The Treasury ETF for 5 to 10 years (511020) increased by 0.08%, marking its third consecutive rise, with the latest price at 116.1 yuan. Over the past week, the Treasury ETF for 5 to 10 years has accumulated a rise of 0.23% [3] - In terms of liquidity, the Treasury ETF for 5 to 10 years had a turnover of 1.99% during the trading session, with a transaction volume of 23.17 million yuan. Over the past year, the average daily transaction volume for this ETF has been 600 million yuan [3] - The latest size of the Treasury ETF for 5 to 10 years reached 1.166 billion yuan. The maximum drawdown for this ETF since the beginning of the year is 0.21%, with a relative benchmark drawdown of 0.08%. The recovery days after the drawdown were 5 days [3]