AGRICULTURAL BANK OF CHINA(SH:601288) Zheng Quan Zhi Xing·2025-07-21 06:20Core Viewpoint - The report provides an overview of the Tianhong Pension Target Date 2045 Five-Year Holding Mixed Fund of Funds (FOF), highlighting its investment strategies, performance metrics, and future outlook. Fund Product Overview - The fund is a mixed-type target date FOF, with a target date of December 31, 2045, and aims for long-term stable asset appreciation through diversified asset allocation strategies [2][4]. - The fund's investment strategies include asset allocation, underlying asset investment strategies, and various securities investment strategies [2][3]. Performance Metrics - As of June 30, 2025, the fund's net asset value (NAV) was 0.9728 CNY, with a net value growth rate of 3.37% over the past three months, 5.38% over six months, and 8.11% over the past year [5][9]. - The fund's performance comparison against benchmarks shows a negative return of -2.72% since the fund's contract effective date on July 24, 2023 [5]. Investment Portfolio - The fund's total assets include approximately 1,016,416.53 CNY in stocks (7.21% of total assets) and 607,623.45 CNY in bonds (4.31% of total assets) [10]. - The fund has invested in Hong Kong stocks through the Stock Connect mechanism, with a fair value of 190,150.70 CNY, representing 1.36% of the fund's net assets [10][11]. Future Outlook - The company maintains a relatively optimistic view on equity assets due to a favorable liquidity environment and improving fundamentals, while remaining cautious about geopolitical uncertainties and economic pressures [9]. - The investment strategy will focus on high-quality comprehensive funds for stable returns and actively seek opportunities in growth sectors while monitoring cyclical assets [9].