债牛延续国债配置价值凸显，易方达3-5年期国债成避险优选

Core Viewpoint - The bond market is expected to remain in a bull market environment in the second half of 2025, with government bonds offering good investment value [1][2]. Group 1: Market Performance - As of June 30, 2025, the China Government Bond Index for 3-5 year bonds has increased by 1.04% over the past three months [1]. - The E Fund 3-5 Year Government Bond Index Fund (001512) is the only off-market bond fund tracking the government bond index, available for purchase through various platforms [1]. Group 2: Fund Characteristics - The E Fund 3-5 Year Government Bond Index Fund closely tracks the China Government Bond Index, primarily investing in 3-5 year government bonds with low credit risk [1]. - The fund has achieved a one-year return of 3.39% and a three-year return of 9.44%, with an annualized return of 3.16% since its inception in July 2015 [1]. - The fund's scale reached approximately 1.31 billion yuan as of the end of Q1 this year, reflecting a 13-fold increase compared to the same period last year [1]. Group 3: Cost Efficiency - The fund employs sampling replication and dynamic optimization for its investment portfolio, maintaining high transparency and low fees [2]. - The management fee is currently set at 0.15% per year, with a custody fee of 0.05% per year, which is among the lowest in the industry [2]. Group 4: Investment Outlook - The bond market is expected to benefit from a favorable fundamental environment, with potential further easing of monetary policy and ongoing geopolitical uncertainties [2]. - Government bonds are considered a good choice for conservative investors due to their high safety and stability [3].