公募FOF调仓动向曝光，“专业买手”如何加仓

Group 1 - The core viewpoint of the article highlights the continued growth of public FOF (Fund of Funds) in the second quarter of 2025, following a recovery in the first quarter, with a total scale of approximately 165.7 billion yuan, reflecting a quarter-on-quarter increase of about 14.6 billion yuan, or 9.68% [1][2] - The demand for stable FOFs has significantly increased, with the proportion of stable debt-mixed FOFs reaching 31% of the total public FOFs, while the issuance of new public FOFs in the second quarter amounted to approximately 18.6 billion yuan [2][3] - The net subscription of bond-type FOFs has seen substantial growth, with the most significant increase in the fund shares of the bond-type FOFs, indicating a preference for stable investment options [4][5] Group 2 - The enthusiasm for ordinary FOF products among public fund managers is high, with 85 institutions managing FOFs, and the top ten managers holding 60.8% of the market share [6] - The asset allocation strategy of public FOFs has shifted towards increasing the proportion of passive bond funds while reducing the allocation to pure index stock funds, reflecting a trend towards multi-asset allocation and passive investment [7] - The FOFs have shown a preference for solid performance funds, particularly in the fixed income category, with notable increases in holdings of passive bond and short-term pure bond funds [8][9]