Group 1 - The article discusses the investment strategies regarding government bonds, highlighting that the 10-year government bond 250016 has slightly higher value compared to others, but its cost-effectiveness is relatively average against the National Development and Reform Commission bonds and 30-year government bonds [3] - For the 30-year government bonds, the 25T6 is currently about 4 basis points higher than 25T5 and 8 basis points higher than 25T2, with an expected outstanding scale of 3100-3200 billion yuan, indicating a potential to become the next main bond [3] - The liquidity of 25T6 is gradually improving, and it is anticipated that after the issuance on Friday, it may become the main bond next week, with a potential to continue compressing yield spreads [3] Group 2 - As of September 3, 2025, the active bond index for 5-10 year government bonds (H21018) increased by 0.10%, while the government bond ETF for the same duration rose by 0.12%, with the latest price at 116.99 yuan [4] - Over the past year, the government bond ETF for 5-10 years has accumulated a rise of 3.55% [4] - The trading activity for the government bond ETF was robust, with a turnover rate of 97.8% and a transaction volume of 1.443 billion yuan, indicating active market participation [4] Group 3 - The government bond ETF for 5-10 years has a current scale of 1.477 billion yuan, with a net value increase of 21.65% over the past five years [4] - The fund has shown a maximum monthly return of 2.58% since inception, with a historical profitability rate of 100% over three years [4] - The management fee for the government bond ETF is 0.15%, and the custody fee is 0.05%, with a tracking error of 0.029% over the past month [4][5]

Group 1 - The core viewpoint highlights the investment strategy for various bonds, suggesting to avoid certain maturities for government bonds and focus on specific positions for policy bank bonds [1] - The National Development Bank bond ETF (159651) shows a recent price of 106.31 yuan, with a 1.70% increase over the past year as of August 28, 2025 [1] - The liquidity of the National Development Bank bond ETF is noted, with a turnover rate of 1.03% and a transaction volume of 5.29 million yuan on August 28, 2025 [1] Group 2 - The National Development Bank bond ETF has a maximum drawdown of 0.12% over the past six months, which is the smallest among comparable funds [2] - The management fee for the National Development Bank bond ETF is 0.15%, and the custody fee is 0.05%, making it the lowest in its category [2] - The tracking error for the National Development Bank bond ETF over the past three months is 0.014%, indicating the highest tracking precision among comparable funds [2]

Group 1 - The current yield curve analysis indicates that there is little difference across various maturities of government bonds, with 2-3Y and 7Y bonds being relatively expensive [1] - The 10-year government bond (250215) has a current spread of -1 basis point compared to the 10-year national development bond (250210), with the former's outstanding amount reaching 335 billion yuan and continuing to be issued, suggesting it may become a main trading bond soon [1] - The 30-year government bond market is experiencing slower exchange progress due to the new bond's tax implications, but the preference for main bonds is expected to remain strong as the market adjusts [2] Group 2 - In the 3-5 year segment, specific bonds such as 240020, 250003, 240203, and 240208 are recommended for attention, while the 5Y national development bond is noted for its volatility [2] - The recent performance of the Ping An Company Bond ETF (511030) has shown strong control over drawdowns, ranking first in terms of stability during the recent bond market adjustments [2]