Core Viewpoint - The 5-10 Year Government Bond ETF has shown a slight decline in value, with a current price of 116.08 yuan, reflecting a decrease of 0.11% as of February 26, 2026 [3]. Group 1: Market Performance - The 5-10 Year Government Bond ETF has a recent trading volume of 1,040.21 thousand yuan, with a turnover rate of 0.89% [3]. - The average daily trading volume over the past year for the ETF is 6.07 billion yuan [3]. - The ETF's maximum drawdown this year is 0.22%, compared to a benchmark drawdown of 0.08% [4]. Group 2: Fund Size and Flows - The latest size of the 5-10 Year Government Bond ETF is 1.163 billion yuan [4]. - There has been no net inflow or outflow of funds recently, but over the last four trading days, the ETF has attracted a total of 26.1525 million yuan [4]. Group 3: Tracking Accuracy - The tracking error for the ETF over the past month is 0.017% [5]. - The ETF closely tracks the China Securities 5-10 Year Government Bond Active Bond Index, which includes bonds with maturities of 5, 7, and 10 years [5].

Core Viewpoint - The 5-10 Year Government Bond ETF has shown consistent growth, with a recent increase in value and strong performance metrics, indicating a favorable investment opportunity in the bond market. Group 1: Performance Metrics - As of February 12, 2026, the 5-10 Year Government Bond ETF index rose by 0.06%, while the ETF itself increased by 0.07%, marking six consecutive days of gains [1] - Over the past week, the ETF has accumulated a growth of 0.28% [1] - The ETF's net value has increased by 21.59% over the past five years, ranking 33 out of 192 in the index bond fund category, placing it in the top 17.19% [1] Group 2: Trading and Liquidity - The ETF had a turnover rate of 5.09% during the trading session, with a transaction volume of 57.93 million yuan [1] - The average daily transaction volume over the past year is 592 million yuan [1] Group 3: Return and Risk Metrics - The ETF's maximum drawdown this year is 0.21%, with a relative benchmark drawdown of 0.08%, and it took 5 days to recover from this drawdown [2] - The ETF has a historical monthly return of up to 2.58%, with the longest streak of consecutive monthly gains being 10 months and a maximum gain of 5.81% [1] Group 4: Fees and Tracking Accuracy - The management fee for the ETF is 0.15%, and the custody fee is 0.05% [3] - The tracking error for the ETF this year is 0.023%, indicating a close alignment with the underlying index [4]

截至2026年2月11日 15:00，中证5-10年期国债活跃券指数(净价)(H21018)上涨0.05%。国债ETF5至10年(511020)上涨0.07%， 实现5连涨。最新价报116.19元。 拉长时间看，截至2026年2月11日，国债ETF5至10年近1周累计上涨0.30%。 流动性方面，国债ETF5至10年盘中换手2.56%，成交2960.31万元。拉长时间看，截至2月11日，国债ETF5至10年近1年日均成交5.95亿元。 机构仍然看好长债。机构人士指出，2月基金小幅买回超长债，本月券商自营买回了些10Y国债及国开，但还没净买入超长债，空间仍大。月初以来城农商 行主要增配10-20Y政府债券。全年信贷投放高峰已过，随着负债成本逐季下行，2026年银行自营债券投资规模有望明显扩大。当前，10Y国债距离1.75%咫 尺之遥，5Y大行二级资本债接近2.0%了，高点下来了近30BP。目前可能30Y国债老券及30Y地方债性价比最高。继续看好长久期下沉资本债。不经意间，长 债走出了一波不错的行情。 规模方面，国债ETF5至10年最新规模达11.56亿元。（数据来源：Wind） 回撤方面，截至2026年2月11 ...

Group 1 - Institutions remain bullish on long-term bonds, driven by allocation strategies. From January 1 to February 6, brokerages and funds net sold over 108.6 billion yuan of ultra-long-term bonds (maturity over 20 years), compared to a net sale of only 5.7 billion yuan in the same period last year. Meanwhile, insurance funds net bought 120.6 billion yuan of ultra-long-term bonds, and rural commercial banks net bought 50 billion yuan, increasing by 55.4 billion yuan and 68.8 billion yuan year-on-year respectively [1] - Despite significant net selling by brokerages and funds, the rise in bond yields has enhanced the allocation value, prompting rural commercial banks and insurance funds to increase their holdings in ultra-long bonds. The current steep yield curve indicates that while the cost of liabilities for rural commercial banks has decreased significantly, the spread on bonds with maturities of 7 years or less is low, necessitating longer durations for better returns [1] - The People's Bank of China purchased 100 billion yuan of government bonds in January, an increase of 50 billion yuan from the previous month, which may continue at this level or higher, improving the supply-demand relationship for government bonds. Additionally, bank deposits grew well in January, and with the central bank's interest rate cuts on monetary tools, the motivation for banks to issue interbank certificates of deposit is low [1] Group 2 - As of February 9, 2026, the China Bond 5-10 Year Treasury Active Bond Index (net price) rose by 0.03%. The Treasury ETF for 5 to 10 years (511020) increased by 0.08%, marking its third consecutive rise, with the latest price at 116.1 yuan. Over the past week, the Treasury ETF for 5 to 10 years has accumulated a rise of 0.23% [3] - In terms of liquidity, the Treasury ETF for 5 to 10 years had a turnover of 1.99% during the trading session, with a transaction volume of 23.17 million yuan. Over the past year, the average daily transaction volume for this ETF has been 600 million yuan [3] - The latest size of the Treasury ETF for 5 to 10 years reached 1.166 billion yuan. The maximum drawdown for this ETF since the beginning of the year is 0.21%, with a relative benchmark drawdown of 0.08%. The recovery days after the drawdown were 5 days [3]

Group 1 - Institutions remain bullish on long-term bonds, driven by allocation despite net selling by brokers and funds of over 108.6 billion yuan in ultra-long-term bonds (maturity over 20 years) from January 1 to February 6, compared to a net sell of only 5.7 billion yuan in the same period last year [1] - Insurance funds net purchased 120.6 billion yuan of ultra-long-term bonds, while city and rural commercial banks net bought 50 billion yuan, showing a significant increase of 55.4 billion yuan and 68.8 billion yuan year-on-year respectively [1] - The steepening yield curve and declining funding costs for city and rural commercial banks enhance the incentive to allocate government bonds, with expectations that the cost of liabilities for these banks will drop below 1.6% in Q1 2026 [1] Group 2 - From November 20, 2025, to February 6, 2026, brokers, funds, and pension funds collectively net sold 354.8 billion yuan of ultra-long-term bonds, indicating a preference for mid- to short-term bonds [2] - The positive impact of rising stock markets on ultra-long-term bonds has significantly diminished, and if market expectations for stocks decline, there may be a rebound in ultra-long-term bond purchases, potentially driving the 30-year government bond yield down significantly [2] - Institutions predict that the 10-year government bond yield will break 1.80% and trend towards 1.75%, while the 30-year government bond yield may return below 2.2% [2] Group 3 - As of February 6, 2026, the active bond index for 5-10 year government bonds rose by 0.06%, with the corresponding ETF also increasing by 0.06% to a latest price of 116.01 yuan [4] - The liquidity of the 5-10 year government bond ETF was active, with a turnover of 227.23% and a transaction volume of 2.674 billion yuan, indicating strong market activity [4] - The ETF's management fee is 0.15% and the custody fee is 0.05%, with a tracking error of 0.024% over the past three months, closely following the active bond index [4]

Group 1 - The core viewpoint indicates that long-term bond yields may decline by 5-10 basis points due to a significant drop in global risk appetite, with the Nasdaq index experiencing continuous adjustments and a halt in speculative activities in precious metals and cryptocurrencies [1] - The recent increase in margin requirements for precious metals on COMEX suggests the end of a historic bull market, while the sentiment for non-ferrous metals has also cooled, leading to reduced PPI upward pressure [1] - The fixed income products and annuities hold a substantial amount of secondary bond funds, with equity positions in annuities and insurance funds at historical highs, indicating potential large-scale redemptions from secondary bond funds if the stock market continues to adjust [1] Group 2 - The trading volume for the 5-10 year government bond ETF reached 293.19 million yuan, with an average daily trading volume of 5.93 billion yuan over the past year [2] - The latest size of the 5-10 year government bond ETF is 1.194 billion yuan, with a maximum drawdown of 0.21% this year [3] - The management fee for the 5-10 year government bond ETF is 0.15%, and the custody fee is 0.05% [4] Group 3 - The tracking error for the 5-10 year government bond ETF over the past three months is 0.024%, closely following the index of active government bonds with maturities of 5, 7, and 10 years [5]

Group 1 - The central bank's purchase of government bonds has slightly increased, indicating strong willingness from banks to allocate funds, which may keep the low government bond yields stable, although the downward space for the 1.8% yield is limited. This situation presents opportunities for spread compression in ultra-long bonds and policy bank bonds [1] Group 2 - As of February 3, 2026, the China Bond 5-10 Year Treasury Active Bond Index (net price) rose by 0.02%, while the 5-10 Year Treasury ETF increased by 0.01%, with the latest price at 115.85 yuan. The trading volume for the 5-10 Year Treasury ETF was 33.91 million yuan, with an average daily trading volume of 597 million yuan over the past year [4] - The latest scale of the 5-10 Year Treasury ETF reached 1.198 billion yuan. The maximum drawdown for the ETF this year was 0.21%, with a relative benchmark drawdown of 0.08%, and the recovery period after the drawdown was 5 days [4] - The management fee for the 5-10 Year Treasury ETF is 0.15%, and the custody fee is 0.05%. The tracking error for the ETF over the past three months was 0.024% [4]

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - The report presents several ETF strategy indices constructed by Huabao Research and tracks their performance and positions on a weekly basis, aiming to help investors convert quantitative models or subjective views into practical investment strategies [11] 3. Summary by Relevant Catalog 3.1 ETF Strategy Index Tracking - **Overall Performance**: The table shows the performance of various ETF strategy indices last week. The Huabao Research Quantitative Windmill ETF Strategy Index had the highest weekly excess return of 2.56%, while the Huabao Research SmartBeta Enhanced ETF Strategy Index had the lowest weekly excess return of -2.76% [12] 3.1.1 Huabao Research Size Rotation ETF Strategy Index - **Strategy**: It uses multi - dimensional technical indicator factors and a machine - learning model to predict the return difference between the Shenwan Large - Cap Index and the Shenwan Small - Cap Index. It outputs weekly signals to predict the strength of the indices in the next week and determines positions accordingly to obtain excess returns [13] - **Performance**: As of 2026/1/30, the excess return since 2024 was 29.34%, the excess return in the past month was 5.89%, and the excess return in the past week was - 1.86%. The index's positions include 50% in the CSI 500ETF and 50% in the CSI 1000ETF [13][17] 3.1.2 Huabao Research SmartBeta Enhanced ETF Strategy Index - **Strategy**: It uses price - volume indicators to time self - built Barra factors and maps timing signals to ETFs based on their exposure to 9 major Barra factors to achieve market - outperforming returns. The selected ETFs cover mainstream broad - based index ETFs and some style and strategy ETFs [17] - **Performance**: As of 2026/1/30, the excess return since 2024 was 20.15%, the excess return in the past month was - 2.11%, and the excess return in the past week was - 2.76%. The index's positions are mainly in several science - innovation and growth - style ETFs [17] 3.1.3 Huabao Research Quantitative Windmill ETF Strategy Index - **Strategy**: It starts from a multi - factor perspective, including the grasp of medium - to - long - term fundamentals, tracking of short - term market trends, and analysis of the behavior of various market participants. It uses valuation and crowding signals to indicate industry risks and multi - dimensionally digs out potential sectors to obtain excess returns [20] - **Performance**: As of 2026/1/30, the excess return since 2024 was 51.39%, the excess return in the past month was 6.51%, and the excess return in the past week was 2.56%. The index's positions are mainly in commodity - related and financial - related ETFs [20][25] 3.1.4 Huabao Research Quantitative Balance ETF Strategy Index - **Strategy**: It adopts a multi - factor system, including economic fundamentals, liquidity, technical analysis, and investor behavior factors, to construct a quantitative timing system for trend analysis of the equity market. It also builds a prediction model for market large - and small - cap styles to adjust the equity market position distribution and obtain excess returns through comprehensive timing and rotation [24] - **Performance**: As of 2026/1/30, the excess return since 2024 was - 10.24%, the excess return in the past month was 0.48%, and the excess return in the past week was - 0.36%. The index's positions include bonds and equity - based ETFs [24][27] 3.1.5 Huabao Research Hot - Spot Tracking ETF Strategy Index - **Strategy**: It uses strategies such as market sentiment analysis, tracking of major industry events, investor sentiment and professional opinions, policy and regulatory changes, and historical analysis to track and dig out hot - spot index target products in a timely manner, constructing an ETF portfolio that can capture market hot spots and providing short - term market trend references for investors [27] - **Performance**: As of 2026/1/30, the excess return in the past month was 6.21%, and the excess return in the past week was 3.21%. The index's positions are mainly in commodity, Hong - Kong - stock, and short - term financing ETFs [27][30] 3.1.6 Huabao Research Bond ETF Duration Strategy Index - **Strategy**: It uses bond market liquidity and price - volume indicators to screen effective timing factors and predicts bond yields through machine - learning methods. When the expected yield is below a certain threshold, it reduces the long - duration positions in the bond investment portfolio to improve long - term returns and drawdown control [30] - **Performance**: As of 2026/1/30, the excess return in the past month was 0.40%, and the excess return in the past week was 0.14%. The index's positions are mainly in bond - related ETFs [30][33]

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]

Core Insights - The China Government Bond ETF for 5-10 years has shown a slight increase of 0.01% as of January 19, 2026, with a recent price of 115.58 yuan, indicating a stable market performance [1] - Over the past week, the ETF has accumulated a rise of 0.30%, reflecting ongoing investor interest and market activity [1] - The ETF's trading volume was active, with a turnover rate of 34.04% and a transaction value of 440 million yuan, suggesting robust liquidity [1] - The ETF's total size has reached 1.294 billion yuan, indicating a healthy growth in assets under management [1] - The ETF has achieved a net value increase of 20.65% over the past five years, showcasing strong long-term performance [1] - The highest monthly return since inception was 2.58%, with a maximum consecutive monthly gain of 5.81%, highlighting its potential for profitability [1] - The ETF has a year-to-date maximum drawdown of 0.21%, which is relatively low compared to a benchmark drawdown of 0.08%, indicating effective risk management [1] Fee Structure - The management fee for the ETF is set at 0.15%, while the custody fee is 0.05%, contributing to the overall cost structure for investors [2] Tracking Accuracy - As of January 19, 2026, the ETF has a tracking error of 0.026% over the past three months, demonstrating its effectiveness in closely following the underlying index [3] - The ETF tracks the China Government Bond Active Index for 5-10 years, which includes bonds with maturities of 5, 7, and 10 years, calculated using a non-market capitalization weighted method [3]