Group 1 - The core viewpoint indicates that the 10-year active bond yield has fallen below 1.75%, suggesting that chasing higher yields is not recommended, but long-term bonds can still be swapped to 25T6 [1] - The new bond 250220 is being issued, and if its interest rate is 4-5 basis points higher than 250215, it may be worth considering [1] - The selection strategy for bonds focuses on specific maturities: 3Y and 10Y for government bonds, 4-5Y and 10Y for policy bank bonds, and 5Y and 7Y for agricultural development bonds [1] Group 2 - The 10-year government bond 250016 has slightly higher value, but its cost-effectiveness is average compared to policy bank bonds and 30-year bonds [2] - The 30-year bond 25T6 is currently 4 basis points higher than 25T5 and 8 basis points higher than 25T2, with expectations of a stock scale reaching 3100-3200 million yuan [2] - The liquidity of 25T6 is gradually improving, and it is likely to become the next main bond after its issuance on Friday [2] Group 3 - As of September 4, 2025, the 5-10 year government bond ETF index has risen by 0.05%, with the ETF price at 117.11 yuan [2] - The trading volume for the 5-10 year government bond ETF was 11.02 billion yuan, indicating active market trading [3] - The latest scale of the 5-10 year government bond ETF reached 15.09 billion yuan, marking a six-month high [4] Group 4 - The latest share count for the 5-10 year government bond ETF reached 12.8875 million shares, also a six-month high [5] - The net inflow of funds into the 5-10 year government bond ETF was 31.6348 million yuan over the last five trading days [5] - The 5-10 year government bond ETF has shown a net value increase of 21.70% over the past five years [5] Group 5 - The management fee for the 5-10 year government bond ETF is 0.15%, and the custody fee is 0.05% [6] - The tracking error for the 5-10 year government bond ETF over the past month is 0.032%, indicating close tracking of the index [7] - The index reflects the overall performance of active bonds with maturities of 5, 7, and 10 years [7]

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]