最高达77.13%，前三季度公募FOF全部实现正收益

Core Insights - The performance of public FOFs (Fund of Funds) has significantly improved in the first three quarters of this year, driven by a recovery in the equity market, with all types of FOFs achieving positive returns for the year [1][2]. Performance Overview - All public FOFs achieved positive returns in the first three quarters, with some top products exceeding 70% returns, such as Guotai's Optimal Navigation FOF, which reached a net value return of 77.13% [2][8]. - The average return for public fund managers was 19.77%, with a median of 14.97%, and 169 managers achieving returns over 60% [3]. Market Dynamics - The Shanghai Composite Index rose by 15.84%, the Shenzhen Component Index by 29.88%, and the ChiNext Index by 51.20%, contributing to the valuation uplift of public FOFs [3]. - A total of 20.14 million new A-share accounts were opened in the first three quarters, marking a 49.64% year-on-year increase [3]. Fund Issuance Trends - There were nearly 50 new public FOFs launched in the first three quarters, a significant increase from 23 in the same period last year [4]. - The Morgan Fund's Yingyuan Stable Three-Month Holding A was notable for raising 2.752 billion yuan in just one day, marking it as the first "one-day sold out" FOF product since 2025 [4]. Investment Strategies - Key drivers of FOF performance included technology and resource-themed ETFs, with active management funds also showing strong results [2]. - Recommendations for investment focus on undervalued sectors such as non-ferrous metals and traditional sectors like liquor and home appliances, which have stable profit margins [5].