Group 1 - The core viewpoint of the articles indicates that the bond market is experiencing slight fluctuations, with the 10-year main contract showing a minor increase of 0.03% while overall yields on major interbank bonds are rising by approximately 1 basis point [1] - The central bank has increased its net reverse repurchase operations, leading to a positive sentiment in the short-term funding market, despite upcoming tax payments. Future MLF operations are expected to stabilize funding expectations [1] - Major banks have lowered deposit rates and the May LPR, which initially caused the 10-year bond yield to drop to 1.65% before rebounding. This suggests that the bond market may have anticipated these changes, leading to profit-taking by some institutions [1] Group 2 - The recent trading activity of the government bond ETF (511520) has been robust, with transaction amounts exceeding 100 billion for three consecutive days, and over 14 billion on the last day. This ETF is the largest in the market and the only long-duration government bond ETF available [1] - The ETF has a duration of approximately 7.5 years and offers good liquidity, making it suitable for clients looking to extend duration easily. It serves as an effective tool for both trading and allocation in the bond market [1]

Group 1 - The core viewpoint indicates that the bond futures market is experiencing a rise, with the 30-year main contract increasing by 0.24%, while interbank major interest rate bond yields are rebounding [1] - The recent reserve requirement ratio (RRR) cut has taken effect, stabilizing liquidity rather than further easing, primarily due to the central bank's continuous net withdrawal and a higher government bond payment volume, which offset some of the RRR cut effects [1] - In the short term, attention should be paid to marginal changes in the funding environment; if the funding environment tightens, long-term yields may continue to fluctuate [1] Group 2 - The central bank has indicated that there will be future reductions in deposit rates and the Loan Prime Rate (LPR), which may lead to a further decline in yields [1] - For the year, the 10-year government bond yield is expected to fluctuate between 1.4% and 1.9%, with a core fluctuation range of 1.5% to 1.7%. The downward opportunities in the bond market are linked to interest rate cut expectations and declining funding costs [1] - The政金债券ETF (511520) has seen a net inflow of over 1.5 billion in the past 10 days, with a total scale of approximately 46.2 billion, making it the largest bond ETF in the market and suitable for clients looking to adjust duration easily [1][2]