Group 1 - The core viewpoint is that the rebound of long-term bonds may not be over, driven primarily by insurance capital allocation, with reduced net selling pressure from trading accounts [1] - In the past two weeks, brokerages have net sold 33.4 billion in long-term bonds, while funds have net bought 7.7 billion [1] - As of January 23, 2026, the active bond index for 5-10 year government bonds has increased by 0.08%, with the government bond ETF for 5-10 years showing a latest quote of 115.71 yuan [1] Group 2 - The latest scale of the 5-10 year government bond ETF has reached 1.244 billion [2] - The maximum drawdown for the 5-10 year government bond ETF this year is 0.21%, with a relative benchmark drawdown of 0.08% [2] - The management fee for the 5-10 year government bond ETF is 0.15%, and the custody fee is 0.05% [3] Group 3 - The tracking error for the 5-10 year government bond ETF over the past three months is 0.025%, closely tracking the active bond index for 5-10 year government bonds [4]