11月24日早盘，已连涨两日的10年地方债ETF（511270）涨0.01%，5年地方债ETF（511060）涨 0.05%。 10年地方债ETF（511270）是快速配置地方债的高效工具，跟踪一篮子存量地方债，既继承了老债的免 税优势，又通过ETF的交易特性解决了个券流动性不足的问题，同时地方债ETF已纳入通用回购质押 库，有助于提升资金使用效率，满足多元投资策略。 消息面上，据智通财经，年末地方债发行加速助力稳增长。财政部上周一晚间发布的数据显示，1-10 月，全国一般公共预算收入186490亿元，同比增长0.8%，增速比前9个月加快0.3个百分点；一般公共预 算支出225825亿元，同比增长2.0%，增速较前9个月回落1.1个百分点。分析人士指出，10月，财政收入 增速加快反映出当前经济运行总体平稳的态势，支出放缓一定程度上受到去年同期高基数的制约。随着 5000亿元地方债务限额盘活额度下达，地方债发行将在11-12月内再度加速，财政支出有望保持一定强 度，助力经济回升向好。 上周（11月17日-11月21日）来看，据Wind数据显示，A股三大指数均下跌，10年地方债ETF （511270）、5年地方债 ...

8月1日，财政部、国家税务总局联合对外发布公告称，自2025年8月8日起，对在该日期之后（含当日） 新发行的国债、地方政府债券、金融债券的利息收入，恢复征收增值税。 根据公告，对在2025年8月8日之前已发行的国债、地方政府债券、金融债券（包含在2025年8月8日之后 续发行的部分）的利息收入，继续免征增值税直至债券到期。 国泰君安证券指出，从新老券区别来看，8月8日后新发行的相关债券恢复利息增值税，首当其冲会使得 新发行国债存在一定的利率补偿，而老券更受青睐。市场可能会顺势出现"多老券，空新券"的阶段性策 略。 民生证券表示，前期在债市窄幅波动状态下，哑铃型策略占优，市场基于"宏观基本面偏弱+资产荒"的 判断，对长久期债券参与较多。但7月以来"反内卷"政策持续发力，市场对通胀好转预期大幅升温，权 益市场表现强势，跷跷板效应下债市利率出现回调。债市短期调整后，为后续配置增加机会，从地方债 配置角度来看，当前30Y地方债估值处于历史中位数，仍有配置价值，在政策利率不动的情况下短端利 率明显下行可能有困难，后续短端地方债可能要从市场出现宽货币预期中寻找超额机会。 （文章来源：21世纪经济报道） 国泰君安证券表示， ...

Group 1 - The short-term bond ETF (511360) has seen significant trading activity, with a net inflow of over 900 million yuan on May 15, and a total of over 7.4 billion yuan in the last 10 trading days [1] - As of May 15, the total scale of the short-term bond ETF reached a historical high of 40.041 billion yuan, with a circulating share of 358 million [1] - The ETF tracks the CSI Short-term Bond Index, which selects investment-grade short-term bonds from the interbank market to reflect the overall performance of such bonds [1] Group 2 - The total management scale of bond ETFs by Hai Fu Tong Fund has exceeded 71.3 billion yuan, growing over 40% since the beginning of the year [1] - According to Huachuang Securities, in the first quarter of 2025, bond funds are expected to increase allocations to financial bonds, medium-term notes, short-term financing bonds, and treasury bonds, while slightly reducing allocations to corporate bonds and government-supported agency bonds [1] - The implementation of the dual reduction policy and the emphasis on quantitative tools in monetary policy are expected to favor the short end of the market, potentially leading to trend opportunities if funding rates decline [2]

Group 1 - The short-term bond ETFs have seen significant growth, with the short bond ETF reaching a record high of 39.162 billion yuan, and the city investment bond ETF also hitting a new high of nearly 17 billion yuan [1] - The current market discussion is focused on whether there is still room for interest rate declines in the second quarter, with optimistic institutions expecting further easing in the bond market [1][2] - The overall bond ETF scale managed by Hai Fu Tong Fund has surpassed 70 billion yuan, indicating strong investor interest in bond products [1] Group 2 - Short-term market sentiment is improving as external negative factors diminish, with expectations for a return to technology growth in the market during May and June [2] - The monetary market rates need to be lowered to alleviate the current low-interest spread in the financial system, which could lead to a downward trend in actual interest rates [2] - The bond market is expected to benefit from reduced supply pressure and ongoing expectations for policy easing, suggesting a favorable environment for bond investments in the second and third quarters [2][3] Group 3 - The market is shifting focus from external risks to domestic economic fundamentals, with expectations for strong export data and continued economic growth in the second quarter [3] - The positive outcomes from US-China trade negotiations may improve short-term risk sentiment, potentially leading to a rise in interest rates, although the effects of monetary easing have yet to fully materialize [3]