Group 1 - The 5-year local government bond ETF (159972) has seen a recent increase of 7 basis points, with an average daily trading volume of 1.369 billion yuan and a turnover rate of 29.84% over the past week [1] - The fund's performance shows a net value growth rate of 4.23% over the past year, 12.36% over the past three years, and 24.23% since its inception [1] - This ETF is the first of its kind in the market, closely tracking the China Securities 5-year local government bond index, consisting of non-directionally issued local government bonds with remaining maturities between 4 and 5.25 years [1] Group 2 - Recent key information includes a significant easing of US-China tariff rates and stronger-than-expected export data for April, although PPI year-on-year and new credit data showed weakness, leading to a defensive phase in the bond market with rising yields [1] - Guotai Junan Securities suggests that the easing signals from US-China negotiations have led the market to adjust its previously pessimistic pricing for the second quarter, with long-term rates declining first [1] - The current overnight funding rates have returned close to policy rates, indicating a lack of downward momentum without triggering factors, and the market is awaiting catalysts for the transmission chain from funding rates to short-term and then long-term rates [2]