“专业基民”新动向：左手科技右手黄金

Core Insights - Fund of Funds (FOF) are increasingly favoring gold and bond ETFs, with Huazhang Gold ETF being the most heavily weighted fund by FOFs as of Q3 2025 [1][2] - FOF managers are optimistic about the A-share market, citing its valuation at a historical neutral level and potential for long-term investment, particularly in technology, gold, and new energy sectors [1][2] Investment Trends - As of Q3 2025, Huazhang Gold ETF was held by 98 FOFs with a total market value of 1.735 billion yuan, showing a significant increase from 79 FOFs and 0.987 billion yuan at the end of Q2 [2] - Bond ETFs remain a primary investment focus for FOFs, with Hai Futong Zhongzheng Short-term Bond ETF having a market value exceeding 3.29 billion yuan held by 67 FOFs [2] - FOFs are increasingly allocating resources to technology and gold sectors, with notable funds like Yifangda Advantage Return Mixed Fund achieving a net value growth rate of 57.76% this year [2][3] Market Dynamics - The A-share market has seen a rise in investor sentiment, with the Shanghai Composite Index reaching a nearly ten-year high, driven by policy support and liquidity [3] - There is a noticeable trend of capital concentration towards large-cap blue-chip stocks, with a healthy leverage structure indicating increased market activity [3] Future Strategies - Fund managers are focusing on gold stock theme funds, anticipating significant opportunities in precious metals due to rising prices and improved profitability [4] - There is an emphasis on balancing investments in gold stocks and rare earth ETFs, with plans to increase defensive positions in sectors like lithium batteries and coal [4]