截至2025年7月11日 10:34，国债ETF5至10年(511020)多空胶着，最新报价117.49元。拉长时间看，截至2025年7月10日，国 债ETF5至10年近1年累计上涨5.34%。 流动性方面，国债ETF5至10年盘中换手0.42%，成交631.07万元。拉长时间看，截至7月10日，国债ETF5至10年近1周日均 成交7.93亿元。 规模方面，国债ETF5至10年最新规模达14.96亿元。 回撤方面，截至2025年7月10日，国债ETF5至10年今年以来最大回撤2.15%，相对基准回撤0.59%。 费率方面，国债ETF5至10年管理费率为0.25%，托管费率为0.05%。 跟踪精度方面，截至2025年7月10日，国债ETF5至10年近1月跟踪误差为0.018%。 国债ETF5至10年紧密跟踪中证5-10年期国债活跃券指数(净价)，中证5-10年期国债活跃券指数从沪深交易所或银行间市场 上市的记账式附息国债中,选取发行期限为5年、7年和10年的债券作为指数样本券,采用非市值加权计算,以反映上述三个期 限国债活跃券的整体表现。 消息面上，因地产刺激传言、农商行债券投资约束传言及股市新高等，近日债市略 ...

截至2025年7月8日 09:30，公司债ETF(511030)多空胶着，最新报价106.27元。拉长时间看，截至2025年7月7日，公司债ETF今年以来累计上涨1.11%。 规模方面，公司债ETF最新规模达220.27亿元，创近1年新高。 从资金净流入方面来看，公司债ETF近4天获得连续资金净流入，最高单日获得1.27亿元净流入，合计"吸金"1.71亿元，日均净流入达4275.21万元。 截至2025年7月8日 09:30，国债ETF5至10年(511020)多空胶着，最新报价117.72元。拉长时间看，截至2025年7月7日，国债ETF5至10年近1年累计上涨 5.43%。截至7月7日，国债ETF5至10年近5年净值上涨21.84%。 规模方面，国债ETF5至10年最新规模达14.98亿元，创近3月新高。 截至2025年7月8日 09:30，国开债券ETF(159651)上涨0.03%，最新价报106.31元。拉长时间看，截至7月7日，国开债券ETF近2年净值上涨4.66%。 机构指出，周一国内股债都出现明显缩量，过去一个月，债市机构几乎找不出实质性利空，基金久期越来越高处于历史高位，卖方报告和路演一致性 ...

Group 1: Company Bond ETF Performance - Company Bond ETF (511030) increased by 0.04%, marking a four-day consecutive rise, with the latest price at 106.27 yuan [1] - The trading volume for Company Bond ETF was 442.18 million yuan, with a turnover rate of 0.02% [1] - The latest scale of Company Bond ETF reached 21.892 billion yuan, a record high since its inception [1] - Over the past three days, Company Bond ETF experienced continuous net inflows, with a maximum single-day net inflow of 28.6503 million yuan, totaling 43.5165 million yuan, averaging 14.5055 million yuan daily [1] Group 2: National Bond ETF Performance - National Bond ETF (511020) rose by 0.05%, achieving a five-day consecutive increase, with the latest price at 117.77 yuan [4] - The net value of National Bond ETF has increased by 20.72% over the past five years [4] - The latest scale of National Bond ETF reached 1.498 billion yuan, a three-month high [4] - The fund inflow and outflow for National Bond ETF were balanced, with a total of 31.7321 million yuan in net inflows over the last five trading days [4] Group 3: National Development Bond ETF Performance - National Development Bond ETF (159651) showed mixed performance with the latest price at 106.29 yuan, and a 1.92% increase over the past year [4] - The trading volume for National Development Bond ETF was 73.34 million yuan, with a turnover rate of 0.08% [4] - The average daily trading volume over the past week was 6.41 billion yuan [4] Group 4: Market Insights and Outlook - The fixed income team noted that interest rates remained stable, with strong performance in credit bonds driven by the recovery of wealth management scale post-quarter-end [4] - The downward trend in funding rates is beneficial for narrowing interest spreads, while market policy expectations for the third quarter are relatively weak with fewer disturbances [4] - The outlook for the bond market remains optimistic, with a need to support the bank's liability side in a rate-cutting environment [4] - National bond futures are technically positioned for a potential upward breakout [4] Group 5: Upcoming Market Developments - A new issuance of Sci-Tech Innovation Bond ETF is expected to provide additional incremental funds to the market [5] - The credit bond market is anticipated to perform well due to ample liquidity, although caution is advised regarding the liquidity of longer-duration bonds [5] - The three main members of the bond ETF family include Company Bond ETF, National Development Bond ETF, and National Bond ETF, covering various durations to assist investors in navigating the bond market cycle [5]

Group 1 - The company bond ETF (511030) has seen a net value increase of 13.28% over the past five years, with the latest price at 106.09 yuan as of July 2, 2025 [1] - The company bond ETF has reached a new high in scale at 21.826 billion yuan, with a net inflow of 9.48 billion yuan over the last five trading days, averaging 1.90 billion yuan per day [1] - The national debt ETF for 5 to 10 years (511020) has increased by 0.05%, with a five-year net value increase of 20.35% [1] Group 2 - On July 1, the secondary trading of interest rate bonds showed significant buying from rural commercial banks (+56.3 billion yuan), while other banks and brokerages showed net selling [2] - The central bank is expected to maintain a loose monetary policy in July, with limited adjustment risks for interest rate bonds, indicating a narrow fluctuation range [2] - The three main members of the Ping An Fund bond ETF include the company bond ETF (511030), national development bond ETF (159651), and national debt ETF for 5 to 10 years (511020), covering various bond types to assist investors in navigating the bond market cycle [2]

Group 1: Company Bond ETF Performance - As of July 3, 2025, the Company Bond ETF (511030) increased by 0.06%, with the latest price at 106.19 yuan. Over the past year, it has accumulated a rise of 2.18%, and over the past five years, the net value has increased by 13.30% [1] - The latest scale of the Company Bond ETF reached 21.864 billion yuan, marking a new high since its establishment. In terms of fund inflow, the latest net inflow was 28.6503 million yuan, with a total of 9.73 billion yuan net inflow over the past five trading days, averaging 1.95 billion yuan per day [1] Group 2: National Debt ETF Performance - As of July 3, 2025, the National Debt ETF for 5 to 10 years (511020) rose by 0.04%, achieving three consecutive increases, with the latest price at 117.73 yuan. Over the past three months, it has accumulated a rise of 1.19% [1] - The latest scale of the National Debt ETF for 5 to 10 years reached 1.498 billion yuan, a new high in three months. The trading liquidity showed a turnover of 0.16% with a transaction volume of 2.3426 million yuan, and the average daily transaction volume over the past week was 1.061 billion yuan [1] Group 3: National Development Bond ETF Insights - As of July 3, 2025, the National Development Bond ETF (159651) was in a state of indecision, with the latest quote at 106.26 yuan. Over the past year, it has accumulated a rise of 1.91% [2] - The trading liquidity of the National Development Bond ETF showed a turnover of 1.4% with a transaction volume of 12.9432 million yuan, and the average daily transaction volume over the past year was 5.28 billion yuan [2] Group 4: Market Trends and Predictions - Since the beginning of the year, there have been rumors of the central bank restarting national debt purchases almost every month. However, in June, many investors believed it had restarted, which has now been entirely disproven. To maintain the operational safety of banks and insurance, regulators need to control the pace of long-term bond yield declines [2] - The institution predicts that the 10-year national debt yield will rise by more than 20 basis points before the conditions for restarting national debt purchases are met. In July, the central bank continues to deliberately ease, making significant adjustments in the interest rate bond market unlikely [2] - The secondary trading of interest rate bonds on July 2 showed that large banks bought 31.8 billion yuan, while other banks sold a total of 19 billion yuan. Since the beginning of the year, bond funds have net purchased 158 billion yuan of interest rate bonds with a maturity of 20 years or more [3]

截至2025年7月1日 09:35，公司债ETF(511030)多空胶着，最新报价106.11元。拉长时间看，截至2025年6月30日，公司债ETF近1年累计上涨2.17%。 规模方面，公司债ETF最新规模达218.21亿元，创成立以来新高。 从资金净流入方面来看，公司债ETF近17天获得连续资金净流入，最高单日获得15.38亿元净流入，合计"吸金"62.49亿元，日均净流入达3.68亿元。截至6月 30日，公司债ETF近5年净值上涨13.29%。 预计短期不会再降息，利率债看窄幅震荡；看多长久期下沉的城投债及资本债，看多城投点心债。近几天港股银行回调与获利盘兑现、国有大保险要求新增 保费30%投资A股等有关，调整是机会。国有大保险行为利好A股，红利短期承压与风险偏好提升有关。 平安基金债券ETF三剑客成员包括公司债ETF(511030)、国开债券ETF(159651)和国债ETF5至10年(511020)，产品类型包括国债、政金债和信用债，久期横跨 长、中、短，能够助力投资者穿越债市周期。 规模方面，国债ETF5至10年最新规模达14.96亿元，创近3月新高。 资金流入方面，国债ETF5至10年最新资金净流 ...

从资金净流入方面来看，公司债ETF近16天获得连续资金净流入，最高单日获得15.38亿元净流入，合计"吸金"61.37亿元，日均净流入达3.84亿元。 截至2025年6月30日 09:30，公司债ETF(511030)上涨0.04%，最新价报106.15元。 规模方面，公司债ETF最新规模达217.06亿元，创成立以来新高。 财通固收认为，上周债市表现偏弱，核心是利率接近关键点位，市场的消息、情绪、技术指标均不支持利率/国债期货进一步下/上行；信用涉及跨季理财回 表，存在一些影响。 展望债市，资金面继续乐观，降息背景下，呵护银行负债端有其必要性。国债期货技术指标已经具备突破前高的基础。信用债继续看好久期策略，超长债信 用利差仍有保护，但目前期限利差已经比较低，信用利差的压降需要存单等短端利率跟随资金利率下行，超长债利差压降的空间才能打开。而7月，理财的 配置回归，存单有望进一步下行。 平安基金债券ETF三剑客成员包括公司债ETF(511030)、国开债券ETF(159651)和国债ETF5至10年(511020)，产品类型包括国债、政金债和信用债，久期横跨 长、中、短，能够助力投资者穿越债市周期。 以上内容与 ...

截至2025年6月26日 09:31，国债ETF5至10年(511020)上涨0.04%，最新价报117.51元。拉长时间看，截至2025年6月25日，国债ETF5至10年近3月累计上涨 1.16%。 流动性方面，国债ETF5至10年盘中换手0.02%，成交22.32万元。拉长时间看，截至6月24日，国债ETF5至10年近1月日均成交5.51亿元。 截至2025年6月26日 09:31，公司债ETF(511030)多空胶着，最新报价106.08元。 规模方面，公司债ETF最新规模达208.74亿元，创近1年新高。 从资金净流入方面来看，公司债ETF近14天获得连续资金净流入，最高单日获得15.38亿元净流入，合计"吸金"53.05亿元，日均净流入达3.79亿元。 机构指出，在资金入市叠加金融股强势下，股债跷跷板有三个关键特征： 1、股债跷跷板的源头：现金流效应、折现率效应。股债相关性的来源主要在于两者既有明显差异，又有一定相似性的估值方式。根据股债 DDM 模型，可 以拆分以下几方面： 第一、现金流效应：股债价格均可视为未来现金流的折现，当宏观环境发生变化时，可能对股票现金流产生影响，而债券现金流则是固定的， ...

规模方面，公司债ETF最新规模达208.69亿元，创近1年新高。 截至2025年6月25日 09:33，国债ETF5至10年(511020)上涨0.01%，最新价报117.56元。 截至2025年6月25日 09:30，公司债ETF(511030)上涨0.02%，最新价报106.08元。 从资金净流入方面来看，公司债ETF近13天获得连续资金净流入，最高单日获得15.38亿元净流入，合计"吸金"53.00亿元，日均净流入达4.08亿元。 6月25日，央行开展3000亿元MLF操作，本月到期1820亿，净投放1180亿。机构认为，未来可能上旬3M买断式，中旬6M买断式，下旬1Y的MLF，提前一个 工作日公告招标规模。 6月债市靠大行及债基。6月24日利率债二级交易，大行+262亿，股份行-186亿，城商-120亿，农商行+190亿；券商自营-204亿，险资+5亿，债基+26亿，社 保年金及资管计划等+49亿。6月初以来利率债二级交易，大行+1412亿，债基+4153亿；股份行-3732亿，城商行-3129亿，农商行-2864亿。本月政府债券净 发行已达1.2万亿，大行一级投标很多，6月二级净买入了不少，央行宽松 ...

Core Viewpoint - The performance of various bond ETFs shows a mixed trend, with company bond ETFs experiencing significant inflows and growth in scale, while government bond ETFs show more stable but lower performance metrics. Group 1: Company Bond ETF (511030) - As of June 24, 2025, the company bond ETF has increased by 0.01%, with a latest price of 106.07 yuan [1] - Over the past year, the company bond ETF has accumulated a rise of 2.18% [1] - The latest scale of the company bond ETF reached 20.81 billion yuan, marking a new high since its inception [1] - The latest share count for the company bond ETF is 19.6 million, also a new high in the past three months [1] - The company bond ETF has seen continuous net inflows over the past 12 days, with a maximum single-day net inflow of 1.538 billion yuan, totaling 5.243 billion yuan in net inflows, averaging 437 million yuan daily [1] Group 2: Government Bond ETF (511020) - As of June 24, 2025, the government bond ETF (5-10 years) is trading at 117.6 yuan, with a near-term increase of 1.47% over the past three months [4] - The latest scale of the government bond ETF (5-10 years) is 1.433 billion yuan [4] - The average daily trading volume over the past month for the government bond ETF (5-10 years) is 523 million yuan [4] Group 3: National Development Bonds ETF (159651) - As of June 24, 2025, the national development bonds ETF is priced at 106.21 yuan, with a 2.00% increase over the past year [4] - The latest scale of the national development bonds ETF is 1.005 billion yuan [4] - The average daily trading volume for the national development bonds ETF over the past year is 536 million yuan [4] Group 4: Market Trends and Institutional Insights - Since the beginning of the year, bond funds have net purchased 130 billion yuan of interest rate bonds with maturities over 20 years [4] - Major banks have seen a bond investment growth rate of 17.8%, while smaller banks have a growth rate of 15.2% [4] - The trading data from June 23 shows a net purchase of 37.4 billion yuan by bond funds, indicating a trend of increasing leverage and duration extension in bond funds [5] - The average duration of interest rate medium and long-term bond funds has exceeded 5 years, while credit bond funds are also extending their duration [5] - The current environment suggests a focus on long-term city investment bonds and bank capital bonds with yields above 2% [5]