Group 1 - The core viewpoint indicates that U.S. Treasury yields have declined as investors digest the prospect of a Federal Reserve rate cut in September [1] - The recommendation for bond selection suggests avoiding 2-3 year and 6 year maturities for government bonds, while focusing on 3 year and 7 year positions for agricultural development bonds [1] - The 10-year government bond spread is currently around 2 basis points, with expectations of a switch to a main bond within half a month due to the existing scale of 299 billion yuan [1] Group 2 - As of August 13, 2025, the 5-10 year Treasury ETF index has increased by 0.04%, with a one-year cumulative increase of 4.32% [3] - The trading volume for the 5-10 year Treasury ETF was 11.87 billion yuan, indicating active market participation [3] - The latest scale of the 5-10 year Treasury ETF reached 14.85 billion yuan, with a net value increase of 20.80% over the past five years [3] Group 3 - The 5-10 year Treasury ETF has a Sharpe ratio of 1.12 over the past two years, indicating a favorable risk-adjusted return [4] - The maximum drawdown for the ETF in the last six months was 1.92%, with a recovery period of 108 days [4] - The management fee for the ETF is 0.15%, and the tracking error over the past two months is 0.044% [4]