Group 1 - The core viewpoint indicates that the 10-year active bond yield has fallen below 1.75%, suggesting that chasing higher yields is not recommended, but long-term bonds can still be swapped to 25T6 [1] - The new bond 250220 is being issued, and if its interest rate is 4-5 basis points higher than 250215, it may be worth considering [1] - The selection strategy for bonds focuses on specific maturities: 3Y and 10Y for government bonds, 4-5Y and 10Y for policy bank bonds, and 5Y and 7Y for agricultural development bonds [1] Group 2 - The 10-year government bond 250016 has slightly higher value, but its cost-effectiveness is average compared to policy bank bonds and 30-year bonds [2] - The 30-year bond 25T6 is currently 4 basis points higher than 25T5 and 8 basis points higher than 25T2, with expectations of a stock scale reaching 3100-3200 million yuan [2] - The liquidity of 25T6 is gradually improving, and it is likely to become the next main bond after its issuance on Friday [2] Group 3 - As of September 4, 2025, the 5-10 year government bond ETF index has risen by 0.05%, with the ETF price at 117.11 yuan [2] - The trading volume for the 5-10 year government bond ETF was 11.02 billion yuan, indicating active market trading [3] - The latest scale of the 5-10 year government bond ETF reached 15.09 billion yuan, marking a six-month high [4] Group 4 - The latest share count for the 5-10 year government bond ETF reached 12.8875 million shares, also a six-month high [5] - The net inflow of funds into the 5-10 year government bond ETF was 31.6348 million yuan over the last five trading days [5] - The 5-10 year government bond ETF has shown a net value increase of 21.70% over the past five years [5] Group 5 - The management fee for the 5-10 year government bond ETF is 0.15%, and the custody fee is 0.05% [6] - The tracking error for the 5-10 year government bond ETF over the past month is 0.032%, indicating close tracking of the index [7] - The index reflects the overall performance of active bonds with maturities of 5, 7, and 10 years [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Current investment strategy suggests focusing on rebound opportunities, with priority given to 25T5, 230023, and 250215 which have undergone significant adjustments [1][13] - The 10-year Guokai new and old bond yields are inverted, and 250215 is expected to become the main bond in the short term, presenting good holding odds [1][11] - In the 10-year Treasury bond segment, the main bond's excess value is not strong; while in the 30-year Treasury bond segment, the main bond shows stronger performance [13][18] - Since May this year, the upward range of Guokai bonds has been larger than that of Treasury bonds, and if interest rates continue to rise, the spread of the 10-year variety is likely to widen further [3][34] 3. Summary According to the Directory 1.1 Individual Bond Trend Differences - On August 19, 2025, the yields of long-term bonds in the bond market oscillated stronger overall. The yield of the main bond 250210 declined more than that of the new bond 250215, and the yields of the second-new and new bonds were inverted [6] - The intraday buying power of 250210 was significantly stronger than that of 250215, possibly due to the difference in trading volume. The current 250210 - 250215 spread is around -1BP [11] 1.2 Analysis of Recent Main Bond Trends and Bond Selection Considerations - For 10-year Guokai bonds, recent main bond trends have been relatively better. The factors influencing individual bond trends include trading power and bond cost-effectiveness [13] - In the 10-year Treasury bond segment, the main bond 250011 has a relatively weaker trend, and the influence of individual bond cost-effectiveness is relatively stronger [14] - In the 30-year Treasury bond segment, the main bond 2500005 has a stronger trend. The current 2500005 - 2500002 spread is around 6 - 7BP [18] - In the medium and short-term segment, for 3 - 5-year interest rate bonds, 240020 and 250003 can be considered for odds, and 250203 and 250208 for trading; floating-rate bonds can focus on 25 Nongfa Qingfa 09 [23] 1.3 Observation of Recent Variety Spread Trends - Since May this year, the upward range of Guokai bonds has been larger than that of Treasury bonds. The spread of 5-year Guokai bonds and Treasury bonds has rapidly increased from around 4BP to 15BP, and the 10-year variety from around 5BP to around 12BP [34] - In the past 5 years, during each interest rate upward cycle, the spread between Guokai bonds and Treasury bonds has widened significantly. If interest rates continue to rise, the spread of the 10-year variety is likely to widen further [34]