鹏华基金郑科：下半年政策成关键变量，权益市场机会可期

Group 1 - The number of public FOF funds increased to 512 with a total scale of 151.1 billion yuan by the end of Q1 2025, marking a recovery trend in the market [1] - As of June 11, 2025, the total scale of public FOF reached 161.8 billion yuan, indicating continued growth [1] - The recovery of public FOF is attributed to multiple favorable factors, including the performance of equity markets and regulatory support for pension FOF products [1] Group 2 - The top-performing FOF product in 2024 was Penghua Yicheng Active 3-Month Holding A, managed by Zheng Ke, achieving a net value growth rate of 16.60% [2] - FOF products demonstrated better drawdown control compared to mixed equity and bond funds due to strong asset timing abilities and risk control mechanisms [2] - Another FOF product managed by Zheng Ke, Penghua Yixuan Active 3-Month Holding A, reported a year-to-date net value growth rate of 7.56% as of June 10, 2025 [2] Group 3 - Zheng Ke, with 20 years of experience in the securities industry and 17 years in FOF/MOM investment, is recognized for his professional investment research capabilities [3] - Zheng Ke believes that the long-term investment environment will benefit from the growth potential of the AI era and the socialist system's role in addressing equity issues [3] - The second half of the year is expected to see increased uncertainty in the market, with policy changes being a key factor influencing capital markets [3]