来源：智通财经 又是套利教程惹祸。 2月13日上午，国债政金债ETF招商场内在集合竞价阶段一度涨停，开盘涨幅近9%，有投资者以119.975元价格买入。 截至下午2点，该ETF价格为108.773元，早盘买入的投资者单日跌幅近10%，单日跌幅结合债市表现来看，短期难以回 本。 出现这一异动，市场首先反应是乌龙指，但是事实上并不简单。近期春节前各类闲钱理财推文将债券ETF包装换成套 利策略，尤其是在一些风险提示不到位、粉丝认知缺乏的大V影响下，资金引入债券ETF，而机构在这一罕见高位上果 断出手，价格立马被砸了下来。 当资金蜂拥至趋同策略时，市场总能预判你的预判，亏钱就在所难免。此外，本文还将提示一个债券市场风险。 债券套利？科普帖子节前大火 有市场观察人士指出，近期各类机构、大V积极发布春节闲钱理财的各类推文，闲钱理财、年终奖投资向来是春节前 的热门话题，今年超长假期，利用闲钱理财的攻略型推文更是多如牛毛，而与往年集中推荐逆回购之外，债券ETF策 略意外火了。 不少宣传文章就指出，国债ETF、信用债ETF、科创债ETF在春节期间闲钱理财属性明显，2月13日15点之前买入，可 多享休市期间10天票息，有稳定的票 ...

Core Viewpoint - The article emphasizes the opportunity for investors to utilize idle funds in their stock accounts during the Chinese New Year holiday by engaging in specific financial operations that can yield returns. Group 1: Investment Strategy - Investors are encouraged to perform a one-day reverse repurchase agreement (repo) before the holiday, which allows them to earn interest for the entire 11-day holiday period [1]. - The first step involves executing a one-day reverse repo on February 12, which will generate interest for the duration of the holiday [1]. - The second step is to invest the returned funds into the government bond ETF (511580) on February 13, which will also start accruing interest from the next day [2][3]. Group 2: Benefits of the Investment - By utilizing both the reverse repo and the government bond ETF, investors can earn dual returns: interest from the reverse repo and coupon payments from the ETF during the holiday [3]. - The government bond ETF is highlighted for its high safety due to its underlying assets being government bonds and policy financial bonds, which carry minimal default risk [5]. - The ETF has a historical annualized return of 2.49%, significantly higher than typical money market funds, making it an attractive cash management tool [5]. - The ETF features low fees, with a management fee of 0.15% per year and a custody fee of 0.05% per year, maximizing investor returns [5]. - The ETF offers strong liquidity with T+0 trading, allowing investors to sell at any time after the holiday without delay [5].