存款利率下行，长城基金旗下纯债基金助力闲钱管理升级

Core Viewpoint - The continuous decline in deposit interest rates in China, with a three-year fixed deposit rate falling below 2%, contrasts with a high household savings rate of approximately 43% in 2024, indicating a strong inclination towards risk-averse investment strategies among residents [1][2]. Group 1: Deposit Rates and Savings - The current household savings in China has risen to 162.02 trillion yuan, reflecting a significant increase in savings despite lower interest rates [1]. - The deposit interest rates have decreased significantly over the past decade, with one-year and three-year fixed deposit rates dropping to 0.95% and 1.25%, respectively, leading to reduced interest income compared to 2014 [2]. Group 2: Investment Strategies - In the current low-interest-rate environment, managing idle funds requires a shift from merely saving to seeking more competitive investment returns, particularly in the bond market [2][3]. - Pure bond funds are highlighted as a suitable investment option for idle cash, offering better returns compared to fixed deposits, with a one-year, two-year, and three-year growth of 2.69%, 6.56%, and 9.53% respectively [3]. Group 3: Risk and Volatility - While pure bond funds present higher potential returns, they also carry slightly higher volatility compared to fixed deposits, yet they remain a relatively low-risk investment option [3][5]. - Historical data shows that the annualized volatility of pure bond funds is significantly lower than that of mixed bond and equity funds, aligning well with the risk preferences of conservative investors [5]. Group 4: Liquidity and Accessibility - Liquidity is a crucial factor for managing idle funds, with fixed deposits imposing penalties for early withdrawals, while pure bond funds offer higher transaction efficiency and quicker access to funds [6]. - The trading efficiency of pure bond funds allows for same-day transactions, enhancing the ability for investors to manage their cash effectively [6]. Group 5: Fund Performance - Changcheng Fund's short-term bond fund has demonstrated strong performance, achieving positive returns for five consecutive years, with notable annual returns of 5.51% and 4.14% in 2023 and 2024, respectively [7]. - The Changcheng Xinli 30-day fund, designed for investors with short-term cash management needs, has also shown competitive returns, ranking 9th among 165 similar funds [8]. Group 6: Index Bond Funds - The rise of index bond funds is noted, offering low fees, high efficiency, and good liquidity, catering to investors looking to quickly adapt to bond market trends [9]. - The performance of index bond funds has been strong, with the Changcheng Zhongdai 1-3 year government bond fund achieving a one-year return of 2.40%, significantly outperforming its benchmark [9].