风险提示：数据来源基金定期报告、wind，相关业绩经托管行核对，过往表现不代表未来。十年国债 ETF成立于2017年8月4日，2017年-2025年上半年净值增长率/业绩比较基准为：-1.55%/-1.01%； 7.6%/8.47%；2.49%/4.81%；1.92%/2.09%；5.19%/5.78%；2.52%/2.87%；4.37%/4.83%；9.02%/8.09%； 0.67%/-0.24%。基金规模数据仅供参考，不代表投资建议。本基金属于债券基金，其预期收益及风险水 平低于股票基金、混合基金，高于货币市场基金。本基金属于国债指数基金，是债券基金中投资风险较 低的品种。本基金采用优化抽样复制策略，跟踪上证10年期国债指数，其风险收益特征与标的指数所表 征的市场组合的风险收益特征相似。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。如 需购买相关基金产品，请选择与风险等级相匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 西部证券指出，2026年货币政策将保持适度宽松，预计央行可能降准降息一次左右，7天逆回购操作利 率或下调0.1个百分点，存款准备金率可能下调0.25个百分点。近期央行重启国 ...

值得关注的是，十年国债ETF成立以来经历了2018-2024年共计7个完整自然年度，均保持每年正收益， 有望成为穿越牛熊周期的资产配置利器。 兴业证券指出，2026年财政政策更加积极、靠前发力的态势有望延续。总量层面，预计赤字率有望维持 4%以上，新增专项债、特别国债限额可能继续提高。节奏上，2026年四季度可能根据稳增长需要，利 用结存限额、政策性金融工具等增量政策来保证支出强度。 存款到期重定价有望缓解银行净息差压力，2026年央行有能力适时降息，但空间或也有限，预计基准情 况下央行或降息10BP左右。节奏上看，2026年Q1和Q3或是概率较大的时点，此外，重要会议前后，美 联储议息会议前后等时点也需要重点观察。 十年国债ETF（511260）跟踪上证10年期国债指数，选取剩余期限7到10年且在上交所挂牌的国债作为 样本，久期恒定。从过往表现来看，十年国债ETF（511260）成立以来净值屡创新高，历史业绩持续稳 健。根据基金定期报告，截止二季度末，近1年回报率达5.88%，近3年回报率达16.13%，近5年回报率 达22.41%，成立至今累计回报率达36.68%。 每日经济新闻 风险提示：数据来源基金定 ...

截至2025年11月26日13:43，基准国债ETF(511100)下跌0.15%，最新报价108.01元。流动性方面，基准国 债ETF盘中换手56.82%，成交54.05亿元，市场交投活跃。拉长时间看，截至11月25日，基准国债ETF近 1周日均成交120.04亿元。 基准国债ETF（511100）是当下市场涵盖多个关键久期国债的特色产品，主要跟踪上证基准做市国债指 数，选取上交所基准做市品种名单范围内的全部国债作为成分券，目前指数在各个关键性久期上选取1- 3只券，其中20年4只、30年7只、1年、5年各3只、2年、10年、3年、50年各2只，对应组合整体久期为 8.2，是偏向综合性的中期国债指数。 从资金净流入方面来看，基准国债ETF近6天获得连续资金净流入，最高单日获得10.68亿元净流入，合 计"吸金"37.47亿元，日均净流入达6.25亿元。份额方面，基准国债ETF最新份额达8803.05万份，创近1 年新高。规模方面，基准国债ETF最新规模达95.18亿元，创近1年新高。 截至11月25日，基准国债ETF近1年净值上涨2.46%。从收益能力看，截至2025年11月25日，基准国债 ETF自成立以 ...

Group 1 - The core viewpoint of the article highlights the strong performance of the 10-Year Treasury ETF (511260), which has consistently achieved positive returns since its inception, making it a potential asset allocation tool across market cycles [1] - As of the end of the second quarter, the 1-year return rate reached 5.88%, the 3-year return rate was 16.13%, the 5-year return rate stood at 22.41%, and the cumulative return since inception was 36.68% [1] - The ETF has maintained positive annual returns for seven complete natural years from 2018 to 2024, indicating its resilience in various market conditions [1] Group 2 - The 10-Year Treasury ETF tracks the Shanghai Stock Exchange 10-Year Treasury Index, selecting bonds with a remaining maturity of 7 to 10 years listed on the exchange, ensuring a constant duration [1] - The fund employs an optimized sampling replication strategy to track the index, aligning its risk-return characteristics with those of the market portfolio represented by the benchmark index [2]

Group 1 - The benchmark government bond ETF (511100) has seen a 0.04% increase as of September 2, 2025, marking a three-day consecutive rise [1] - The average daily trading volume of the benchmark government bond ETF reached 4.519 billion yuan over the past week as of September 1 [1] - The ETF has experienced continuous net inflows for six days, totaling 2.53 billion yuan, with an average daily net inflow of 422 million yuan [1] Group 2 - As of September 1, 2025, the benchmark government bond ETF has a total share count of 48.2105 million and a record high scale of 5.226 billion yuan [3] - The ETF has achieved a maximum monthly return of 2.67% since its inception, with the longest streak of consecutive monthly gains being nine months and a maximum gain of 6.94% [3] - The ETF tracks the Shanghai Stock Exchange benchmark market-making government bond index, selecting approximately two of the latest listed bonds from various maturities, resulting in a total of 24 component bonds [3]

Core Viewpoint - The ten-year government bond ETF (511260) presents a valuable investment opportunity as the bond market adjusts, with macro policies remaining stable and investor sentiment expected to recover [1]. Group 1: Market Conditions - The bond market's fundamentals are not shaken despite potential short-term volatility in commodities and equities, as the economic fundamentals and liquidity remain unchanged [1]. - The central bank has increased liquidity support following unusual fluctuations in the funding environment on July 24, indicating a protective stance towards the funding situation [1]. - The convening of the Political Bureau meeting has alleviated some anxiety among bond market investors [1]. Group 2: ETF Performance - The ten-year government bond ETF has consistently achieved positive returns since its inception, making it a potential asset allocation tool across market cycles [2]. - Historical performance shows that the ETF has a one-year return of 6.02%, a three-year return of 15.04%, a five-year return of 19.26%, and a cumulative return of 34.63% since inception [1]. Group 3: Unique Advantages of the ETF - The ETF allows T+0 trading, enabling same-day buying and selling, which is advantageous in a low-interest, high-volatility market [2]. - The ETF has low trading fees, enhancing capital efficiency for investors [2]. - The ETF provides transparency in holdings with daily PCF disclosures and allows for pledge repurchase, enabling investors to leverage their ETF holdings for additional investments [3].

Core Viewpoint - The recent adjustment in the bond market presents both pressure and opportunities for the 10-year government bond ETF (511260), with a rise in the 10-year government bond yield to 1.73% (+6.9bp) due to increased funding rates, enhanced risk appetite, and redemption pressures [1] Group 1: Market Conditions - The bond market adjustment is influenced by rising funding rates, increased risk appetite, and heightened redemption pressures [1] - The average duration of interest rate bond funds has decreased to 3.47 years from a previous high of over 5.5 years, indicating a return to safer levels [1] - The central bank is stabilizing the funding environment through MLF and reverse repos, suggesting manageable redemption pressures [1] Group 2: ETF Performance - The 10-year government bond ETF (511260) tracks the Shanghai Stock Exchange 10-year government bond index, with a constant duration and an average duration of 7.6 years [1] - Since its inception, the ETF has consistently achieved new net asset value highs, with a one-year return of 6.02%, a three-year return of 15.04%, a five-year return of 19.26%, and a cumulative return of 34.63% [1] - The ETF has maintained positive annual returns for seven consecutive years from 2018 to 2024, positioning it as a resilient asset allocation tool across market cycles [1] Group 3: Unique Advantages of the ETF - The ETF offers T+0 trading convenience, allowing same-day buying and selling, which is beneficial in a high-volatility market [2] - It features low trading fees, enhancing capital efficiency for investors [3] - The ETF provides transparency with daily published PCF lists and allows for pledge repurchase, enabling investors to leverage their holdings for additional investment opportunities [4]

Core Viewpoint - The Ten-Year Treasury ETF (511260) has experienced explosive growth, with a net inflow exceeding 5.3 billion yuan over ten consecutive days, leading the market. As of June 17, the fund's scale reached 9.1 billion yuan, with an annual increase of over 240% [1]. Group 1: Performance and Growth - The Ten-Year Treasury ETF (511260) has consistently achieved new net value highs, with a one-year return rate of 6.02%, a three-year return rate of 15.04%, a five-year return rate of 19.26%, and a cumulative return rate of 34.63% since the fund's inception [2]. - Since 2018, the Ten-Year Treasury ETF has generated profits every year, making it a potential asset allocation tool for navigating bull and bear markets [3]. Group 2: Investment Strategy and Market Conditions - The Ten-Year Treasury bonds can optimize the risk-return profile of investment portfolios, as they exhibit low or negative correlation with assets like A-shares, U.S. stocks, and gold, effectively diversifying investment risks [1]. - In the current macroeconomic environment characterized by loose monetary policy and weak credit demand, the Ten-Year Treasury bonds are expected to perform better than other assets, particularly during periods of monetary expansion [1]. - The Ten-Year Treasury ETF (511260) employs an optimized sampling replication strategy to closely track the Shanghai Stock Exchange 10-Year Treasury Bond Index, with an average duration of 7.6 years in its portfolio, making it suitable for conservative medium to long-term investors [1].

Group 1 - The recent volatility in the bond market has led to significant inflows into the 10-Year Treasury ETF (511260), with over 400 million yuan net inflow in the last five trading days and a nearly 50% increase in shares this year [1] - The 10-Year Treasury ETF (511260) employs an optimized sampling replication strategy to closely track the Shanghai Stock Exchange 10-Year Treasury Index, selecting highly liquid treasury bonds for its portfolio, which currently has an average duration of 7.6 years [1] - The fund has consistently achieved high net value, with a one-year return of 6.02%, a three-year return of 15.04%, a five-year return of 19.26%, and a cumulative return of 34.63% since inception [1] Group 2 - Since 2018, the 10-Year Treasury ETF has generated profits every year, making it a valuable asset allocation tool for navigating bull and bear markets [2] - Looking ahead to June, the bond market is expected to experience fluctuations due to increased funding gaps, but the central bank's strong willingness to support liquidity may stabilize the situation, with the core volatility range for 10-Year Treasury yields projected between 1.6% and 1.7% [2] - The fund is classified as a bond fund with lower expected returns and risk levels compared to equity and mixed funds, but higher than money market funds, making it a low-risk investment option within the bond fund category [3]

Core Viewpoint - The recent volatility in the bond market has led to significant inflows into the 10-Year Treasury ETF (511260), with over 200 million yuan net inflow in the last two trading days, and a year-to-date share growth of over 40% [1] Group 1: Fund Performance - The 10-Year Treasury ETF (511260) was established on August 4, 2017, and is designed to track the China 10-Year Treasury Index, offering advantages such as good liquidity and clear risk-return characteristics, making it an ideal choice for investors looking to optimize asset allocation and hedge market risks [1] - The fund has consistently achieved new net value highs, with a one-year return rate of 6.02%, a three-year return rate of 15.04%, a five-year return rate of 19.26%, and a cumulative return rate of 34.63% since the fund's inception [1] Group 2: Market Outlook - Relevant institutions indicate that the central bank's recent dual rate cuts reflect a continuation of a moderately loose monetary policy, which is favorable for the overall market [1] - The long-term trend of declining interest rates remains unchanged, with each market pullback seen as a buying opportunity, suggesting that the current strategy of buying on dips is still effective [1]