债市持续回暖，关注十年国债ETF（511260）配置价值

Core Viewpoint - The bond market is experiencing a recovery, with the 10-year government bond ETF (511260) rising by 0.87% over the past 20 days, driven by unexpected bank deposits and allocation strength [1] Group 1: Short-term Factors - The recent surge in bank deposits and allocation strength are identified as the main short-term factors contributing to the bond market's recovery [1] - The interbank funding environment has improved, as evidenced by the 1-year interbank certificate of deposit rate breaking through 1.6%, indicating sustained easing in the interbank funding situation [1] Group 2: Investment Recommendations - In the short term, it is suggested to consider a long position in government bond ETFs (511010) and the 10-year government bond ETF (511260) [1] - The report indicates that the medium-term outlook for long-term bond interest rates is limited, favoring a strategic allocation approach over a trading mindset [3] - Mid-duration products, such as government bond ETFs (511010) and the 10-year government bond ETF (511260), are expected to be more favored in the current market environment [3] Group 3: Policy Insights - The central bank's recent monetary policy report emphasizes the importance of monetary-fiscal coordination, supporting government bond issuance through ample liquidity [3] - The report highlights the need for stronger policy synergy and transmission efficiency, with a focus on maintaining reasonable interest rate relationships and regulating unreasonable low-interest behaviors [3]