白银年内上涨120%，先信资金来自公募FOF

Group 1 - The global silver market has gained attention, with London spot silver prices reaching $60 per ounce for the first time on December 9, marking a 120% increase year-to-date as of December 11 [1] - A notable holding structure in the market is highlighted by a silver LOF report, which shows that the largest holder is a FOF fund, specifically the Guotai Ruiyue 3-Month Holding (FOF) [1] - The fund manager, Zeng Hui, utilized his Tai Ji quantitative model to make forward-looking judgments, switching from gold to silver based on macroeconomic signals and historical analysis of silver's performance [1][2] Group 2 - Zeng Hui's investment strategy is based on a unique "four capabilities" investment logic, focusing on dynamic timing and rotation rather than static allocation, covering A-shares, bonds, commodities, and overseas assets [2] - His strategy has shown effectiveness, with various FOF products under his management achieving annualized Sharpe ratios that exceed the industry average, balancing risk and return [2] - The Guotai Multi-Asset Stable Selection FOF, which Zeng Hui is set to manage, has begun fundraising, maintaining a conservative investment approach with over 80% in bond assets and a diversified allocation strategy [3]