Core Viewpoint - The bond ETF for 5 to 10 years has shown a mixed performance with a recent price of 117.49 yuan and a year-to-date increase of 5.34% as of July 10, 2025 [3] Group 1: Performance Metrics - The bond ETF has a recent trading volume of 631.07 million yuan with a turnover rate of 0.42% [3] - The fund's total size has reached 1.496 billion yuan [3] - Over the past five years, the net value of the bond ETF has increased by 21.89% [3] - The highest monthly return since inception was 2.58%, with the longest consecutive monthly gain being 10 months and a maximum increase of 5.81% [3] - The annual profit percentage stands at 100.00%, with a monthly profit probability of 72.69% [3] - The Sharpe ratio over the last two years is 1.28 [4] Group 2: Risk and Drawdown - The maximum drawdown for the bond ETF this year is 2.15%, compared to a benchmark drawdown of 0.59% [4] Group 3: Fees and Tracking Accuracy - The management fee for the bond ETF is 0.25%, and the custody fee is 0.05% [5] - The tracking error for the past month is 0.018%, closely following the index of active bonds with maturities of 5, 7, and 10 years [6] Group 4: Market Sentiment and Outlook - Recent market adjustments in the bond sector are attributed to rumors regarding real estate stimulus and investment constraints in rural commercial banks [6] - Institutions suggest that a new round of interest rate cuts of 10-20 basis points is needed to support the 10-year government bond yield [6] - The trading activity in the secondary market shows mixed results among different banking sectors, with significant movements in large banks and rural commercial banks [6] - The outlook remains cautiously optimistic for long-duration bonds and certain types of municipal and dollar bonds [6]

Group 1: Company Bond ETF (511030) - As of July 1, 2025, the Company Bond ETF is priced at 106.11 yuan, with a cumulative increase of 2.17% over the past year as of June 30, 2025 [1] - The latest scale of the Company Bond ETF reached 21.821 billion yuan, marking a new high since its inception [1] - The ETF has seen continuous net inflows over the past 17 days, with a maximum single-day net inflow of 1.538 billion yuan, totaling 6.249 billion yuan, averaging 368 million yuan per day [1] - Over the past five years, the net value of the Company Bond ETF has increased by 13.29% [1] Group 2: National Bond ETF (511020) - As of July 1, 2025, the National Bond ETF (5-10 years) is priced at 117.53 yuan, with a cumulative increase of 1.14% over the past three months as of June 30, 2025 [3] - The latest scale of the National Bond ETF (5-10 years) reached 1.496 billion yuan, a new high in the past three months [3] - The ETF has recorded a net inflow of 31.7321 million yuan recently, with a total of 63.4714 million yuan over the past five trading days [3] Group 3: National Development Bond ETF (159651) - As of July 1, 2025, the National Development Bond ETF is priced at 106.23 yuan, with a cumulative increase of 1.84% over the past year as of June 30, 2025 [4] - The manufacturing PMI for June was reported at 49.7%, indicating a month-on-month increase of 0.2 percentage points, continuing the improvement trend [4] - The economic growth for Q2 is expected to remain stable, with GDP growth projected to be no less than 5% [4] Group 4: Market Overview and Trends - In June, the net buying of interest rate bonds by bond funds reached 486.2 billion yuan, with 113 billion yuan in bonds with a maturity of 20 years or more [5] - The market is expected to see narrow fluctuations in interest rate bonds in the short term, with a focus on long-term city investment bonds and capital bonds [5] - Recent adjustments in the Hong Kong stock market are related to profit-taking and the requirement for state-owned insurance companies to invest 30% of new premiums in A-shares, presenting an opportunity [5]