Group 1 - The central bank has conducted a 1 trillion yuan three-month reverse repurchase operation to alleviate pressure on bank liabilities and improve market liquidity [1] - From March, the monthly issuance scale of 1-year, 2-year, and 3-year government bonds has rapidly increased to 170-190 billion yuan, significantly higher than the previous monthly level of about 100 billion yuan, easing the demand for banks to "grab bonds" in the secondary market [1] - The central bank's recent warming attitude, through visible medium to long-term fund injections and stabilizing market fluctuations, is expected to lead major banks to gradually increase short-term bond allocations, promoting interest rate spread recovery [1] Group 2 - The ten-year government bond ETF (511260) has seen significant growth in scale and liquidity, with a net inflow exceeding 2.2 billion yuan for five consecutive days and nearly 5 billion yuan over the past ten days [2] - The ETF tracks the Shanghai Stock Exchange 10-year government bond index (H11077), which reflects the overall performance of China's long-term government bond market, focusing on fixed-rate government bonds with a remaining maturity of 9 to 10.25 years [2] - The index components have high credit ratings and liquidity, providing investors with a benchmark for measuring long-term government bond market yield fluctuations [2]