中短端债券方面，3-5年利率债方面，可以关注240020，250003，240203，240208。5Y国开因为调整较 多受到投资者关注，但因为其波动较大，且市场可能呈现小幅熊陡走势，故持有价值不强，可以在资金 有宽松预期或者央行买债时关注短期交易价值。浮息债方面，重点可以关注25农发清发09。 本周继续关注本轮债市调整以来平安公司债ETF（511030）回撤控制排名第一，净值相对稳健且回撤可 控。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 择券思路上，从曲线静态及持有性价比来看，国债各期限区别不大，但2-3Y和7Y偏贵一些；国开需要 规避6Y，8-9Y；农发可以关注7Y位置；口行关注3Y，7Y；二级资本债关注6-7Y。（10Y及以内选择） 10年国开方面，当前250210-250215利差在-1BP左右，近期市场波动大，投资者更偏好主力券，10年国 债、30年国债主力券也与其他券利差有所走扩，但考虑250215存量规模已经达到3350亿元，且还在继续 续发，有成为主力券的基础，且已经上市2个月左右，目前250215成交量正在抬升并接近250210，预计 短时间可能会切换为主力券 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Current investment strategy suggests focusing on rebound opportunities, with priority given to 25T5, 230023, and 250215 which have undergone significant adjustments [1][13] - The 10-year Guokai new and old bond yields are inverted, and 250215 is expected to become the main bond in the short term, presenting good holding odds [1][11] - In the 10-year Treasury bond segment, the main bond's excess value is not strong; while in the 30-year Treasury bond segment, the main bond shows stronger performance [13][18] - Since May this year, the upward range of Guokai bonds has been larger than that of Treasury bonds, and if interest rates continue to rise, the spread of the 10-year variety is likely to widen further [3][34] 3. Summary According to the Directory 1.1 Individual Bond Trend Differences - On August 19, 2025, the yields of long-term bonds in the bond market oscillated stronger overall. The yield of the main bond 250210 declined more than that of the new bond 250215, and the yields of the second-new and new bonds were inverted [6] - The intraday buying power of 250210 was significantly stronger than that of 250215, possibly due to the difference in trading volume. The current 250210 - 250215 spread is around -1BP [11] 1.2 Analysis of Recent Main Bond Trends and Bond Selection Considerations - For 10-year Guokai bonds, recent main bond trends have been relatively better. The factors influencing individual bond trends include trading power and bond cost-effectiveness [13] - In the 10-year Treasury bond segment, the main bond 250011 has a relatively weaker trend, and the influence of individual bond cost-effectiveness is relatively stronger [14] - In the 30-year Treasury bond segment, the main bond 2500005 has a stronger trend. The current 2500005 - 2500002 spread is around 6 - 7BP [18] - In the medium and short-term segment, for 3 - 5-year interest rate bonds, 240020 and 250003 can be considered for odds, and 250203 and 250208 for trading; floating-rate bonds can focus on 25 Nongfa Qingfa 09 [23] 1.3 Observation of Recent Variety Spread Trends - Since May this year, the upward range of Guokai bonds has been larger than that of Treasury bonds. The spread of 5-year Guokai bonds and Treasury bonds has rapidly increased from around 4BP to 15BP, and the 10-year variety from around 5BP to around 12BP [34] - In the past 5 years, during each interest rate upward cycle, the spread between Guokai bonds and Treasury bonds has widened significantly. If interest rates continue to rise, the spread of the 10-year variety is likely to widen further [34]