FOF重仓黄金债券，积极布局成长资产

Group 1 - The core viewpoint of the articles highlights the investment strategies and market insights of Fund of Funds (FOF) as they disclose their latest holdings for Q2 2025, showing a shift in asset preferences [1][3][4] - Huaan Gold ETF emerged as the most heavily weighted fund by FOFs at the end of Q2 2025, with 78 FOFs holding a total market value of 987 million yuan, although this represents a decrease from 86 FOFs and 1.414 billion yuan at the end of Q1 2025 [1] - Bond ETFs are the primary investment targets for FOFs, with Haifutong Zhongzheng Short-term Bond ETF being held by 57 FOFs, totaling over 1.643 billion yuan in market value, indicating a strong preference for bond assets [3] Group 2 - FOF managers are adopting a balanced investment approach, with notable performances from funds like ICBC Ruizhi Progress FOF, which achieved a return rate of 21.64% this year, focusing on growth-style assets while also investing in stable products like dividend low-volatility ETFs and gold ETFs [3] - The market outlook suggests that the main investment risks have shifted to sector rotation risks, with expectations for better overall market performance in the second half of the year due to factors like the Federal Reserve's interest rate cuts and domestic inventory replenishment cycles [4] - FOFs are strategically positioning themselves to maximize risk-adjusted returns by employing a "three main lines + one buffer" asset allocation framework, allowing for periodic rebalancing and cash reserves to capture opportunities during market volatility [4]