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]