Core Viewpoint - The recent performance of the government bond and policy financial bond market indicates a stable investment environment, with significant inflows into specific ETFs, particularly the government bond ETF (511580), which has reached new highs in both circulation and scale [2][3]. Group 1: ETF Performance - The government bond and policy financial bond ETF (511580) attracted over 298 million yuan in net inflows yesterday, marking four consecutive trading days of inflows totaling nearly 800 million yuan [2]. - As of November 20, the scale of the government bond ETF (511580) has surpassed 1 billion yuan, indicating strong investor interest [3]. - The ETF closely tracks the China Securities Government Bond and Policy Financial Bond 0-3 Year Index, which primarily consists of bonds with a remaining maturity of three years or less [3]. Group 2: Trading and Fee Structure - The government bond ETF (511580) operates under a "T+0" trading system, enhancing trading efficiency and allowing investors to buy and sell on the same day [3]. - The management fee for the ETF is 0.15% per year, and the custody fee is 0.05% per year, which is slightly lower than the average for similar products [3]. Group 3: Market Outlook - The short-term bonds are characterized by lower risk, good liquidity, and relatively stable returns, with the current yield levels indicating potential for further declines [3]. - Expectations are for short-term interest rates to remain stable, while long-term rates may experience fluctuations, influenced by buying pressures from institutional investors [4].