Group 1 - The 10-year local government bond ETF (511270) and the 5-year local government bond ETF (511060) have shown resilience, with both ETFs rising despite a decline in the A-share market, indicating strong investor interest in local bonds [1] - The 10-year local government bond ETF (511270) has seen a net inflow of nearly 120 million yuan over the last three trading days, highlighting its attractiveness as an efficient tool for quick allocation to local bonds [1] - The local government bond ETFs inherit tax-exempt advantages and address liquidity issues of individual bonds, while also being included in the general repurchase pledge library, enhancing capital efficiency [1] Group 2 - The acceleration of local government bond issuance towards the end of the year is expected to support economic growth, with a projected increase in fiscal spending due to the activation of a 500 billion yuan local debt limit [2] - The overall fiscal revenue for January to October reached 186,490 billion yuan, with a year-on-year growth of 0.8%, indicating a stable economic environment [2] - Analysts suggest that the current market sentiment for local bonds is positive, with expectations of interest rate declines and local bond yield spreads compressing, making it a favorable time for allocation in local bonds [2]