国债额度紧张？中短久期国债基金成流动性管理新选项，易方达3-5年期国债近一年回报3.39%

Core Viewpoint - The continuous decline in bank deposit rates has led conservative investors to turn their attention to government bonds, resulting in a surge in government bond sales this year, with new issues often selling out on the first day of release [1][2]. Group 1: Government Bonds - The latest issuance of three-year and five-year government bonds has coupon rates of 1.63% and 1.7% respectively, which remain attractive compared to current bank deposit rates of approximately 1.5% and 1.55% for three-year and five-year fixed deposits [2]. - Government bonds are viewed as a "safe haven" for low-risk preference funds due to their high safety, stable returns, and the backing of national credit [2]. Group 2: Government Bond Index Fund - The E Fund 3-5 Year Government Bond Index Fund (001512) is the only foreign government bond index fund in the market, primarily investing in government bonds with maturities of 3 to 5 years, and has a one-year return rate of 3.39% as of June 30 [1][2]. - The fund has a low management fee of 0.15% per year and a custody fee of 0.05% per year, which is among the lowest in the industry, further reducing investor costs [2]. - The fund allows for lower investment thresholds, with purchases starting from as low as 1 or 10 yuan, compared to the typical 100,000 yuan minimum for direct government bond purchases [2][3]. Group 3: Investment Flexibility - The E Fund 3-5 Year Government Bond Index Fund offers significant advantages in purchasing convenience, allowing investors to buy through mobile banking apps, including WeChat, enhancing the investment experience [3]. - The bond market is expected to continue a wide fluctuation trend, with the 10-year government bond yield projected to range between 1.5% and 1.8% [3]. - For conservative investors seeking fixed returns, direct government bonds are recommended, while those needing liquidity may prefer the government bond index fund due to its flexibility and low entry barriers [3].