A股上周回调，多只公募FOF单周跌超1%，业内：关注股债多元机会

Group 1 - The Federal Reserve lowered interest rates by 25 basis points during its September meeting, marking the first rate cut since December of the previous year, which led to a pullback in the A-share market [1][3] - The A-share market experienced a mixed performance, with the Shanghai Composite Index down by 1.30%, while the Shenzhen Component and ChiNext Index saw increases of 1.14% and 2.34%, respectively [3] - Publicly offered Fund of Funds (FOF) experienced significant withdrawals, with many products showing a weekly decline of over 1% [2][3] Group 2 - Morgan Asset Management noted that the likelihood of two more rate cuts by the Federal Reserve this year has increased, reducing the attractiveness of cash returns and potentially creating capital gain opportunities in long-term government bonds [4] - The report from Tianfeng Securities indicated that the bond market is likely to continue oscillating within a range, with ongoing market dynamics and a lack of new narratives limiting the potential for independent market movements [4] Group 3 - The QDII-FOF (Qualified Domestic Institutional Investor Fund of Funds) market is seeing structural differentiation, with strong performance in overseas equity markets, particularly in QDII funds, while commodity funds experienced slight declines due to a pullback in gold prices [7] - As of mid-2025, the total number of QDII funds reached 307, with a total scale of approximately 678.27 billion RMB, marking a historical high [7][8] - The net redemption of QDII funds in the first half of this year was -24.6 billion units, indicating some investors are taking profits from the Hong Kong stock market [8]