为什么说FOF是指数投资的下一站？

Core Insights - Index investing is facing new challenges and opportunities, with the rapid development of the index market in China, where the number of ETFs has exceeded 1,400 and the cumulative scale has surpassed 5.7 trillion yuan by December 5, 2025 [1] - The complexity of index products has made it difficult for ordinary investors to select and allocate them effectively, leading to the need for standardized guidelines from exchanges [1] - Despite being passive investment tools, index products still require active selection and allocation strategies to mitigate risks associated with high volatility [1] Group 1: Market Trends and Challenges - The ETF-FOF (Fund of Funds) issuance is expected to accelerate, with a notable increase in product offerings after a period of stagnation [2] - The introduction of service-oriented solutions, such as fund advisory services, aims to guide investors in index allocation, exemplified by the "Zhineng Tianfu" brand launched by Huatai-PineBridge [2] - Investors have reported high volatility in many index products, emphasizing the importance of professional research and strategic timing in trading [1] Group 2: Index FOF Characteristics - Index FOF primarily invests in index funds, with a minimum of 50% of its net asset value allocated to ETFs and other index-related funds [3] - The diversification and asset allocation advantages of index FOF can help smooth out net asset value fluctuations and improve investor experience [3] - The performance of mixed FOF indices has shown resilience against market fluctuations, with a 40.12% increase from the base date to Q3 2025, compared to a 15.72% increase in the CSI 800 index [4] Group 3: Asset Allocation Strategies - Index FOFs can include a variety of asset classes, such as equity ETFs, bond ETFs, and commodity ETFs, reflecting a growing trend towards multi-asset allocation [5] - The performance benchmark for the "Huatai-PineBridge Multi-Asset Allocation FOF" includes a mix of indices, allowing for exposure to A-shares, Hong Kong stocks, fixed income, gold, and commodities [5] - The theory of asset allocation emphasizes the benefits of combining low-correlated assets to enhance risk-return characteristics, with research indicating that adding low-correlation assets can positively impact portfolio performance [6] Group 4: Dynamic Risk Management - Effective multi-asset allocation requires clear strategies for asset proportioning and dynamic adjustments based on market conditions [8] - The "risk parity" approach is recommended for asset allocation, ensuring equal risk contribution from different asset classes, which can enhance risk diversification [9] - Regular assessments of asset risk levels are necessary to maintain the desired risk distribution within the portfolio, adapting to changing market dynamics [9][11]