CM BANK(SH:600036) Shenwan Hongyuan Securities·2025-07-22 12:44Report Title - "New Issuance Scale Reaches a New High Since 2022, with High Subscriptions for Some Long - Term Products - Analysis of 25Q2 FOF Quarterly Reports" [1] 1. Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - The new issuance scale of FOF in 25Q2 reached a new high since 2022, with the number of FOF funds increasing. Bond - type FOF remained popular, and some products under the long - term plan had net subscriptions exceeding 7 billion yuan.绩优FOF generally showed multi - asset allocation characteristics, and FOF managers preferred Hong Kong stocks and overseas funds, with a consensus on increasing holdings of pharmaceutical and technology stocks at the stock - holding end. The scale of personal pension funds continued to grow [3]. 3. Summary by Directory 3.1 Scale Dimension: New Issuance Scale Reaches a New High Since 2022 - FOF Classification Method: FOF funds are classified into four types: "bond - type FOF", "fixed - income + FOF", "balanced FOF", and "equity - type FOF" based on the post - penetration equity position or the equity index proportion in the performance benchmark. For pension target funds, classification is based on the holding period [8][9]. - Scale Review: The new issuance scale of FOF has been rising steadily. In 2025, the issuance enthusiasm was strong, with the number of FOF funds reaching 517, 6 more than in 25Q1. The new issuance scale in 25Q2 was 19.071 billion yuan, a new high since 2022. The second - highest was in 22Q1, with a cumulative new issuance scale of 15.948 billion yuan. The holding - operation scale declined slightly, but the cumulative scale still increased by 14.626 billion yuan [10]. - New Issuance Representatives: Dongfanghong Asset Management and China Merchants Bank had prominent new issuance scales. Dongfanghong's new product, Dongfanghong Yinfeng Steady Allocation 6 - month Holding, had a new issuance scale of over 6 billion yuan, and China Merchants Bank's new custody scale exceeded 10 billion yuan [13]. - Product New Issuance and Holding - Operation: Bond - type FOF remained popular, and some products under the long - term plan had net subscriptions exceeding 7 billion yuan. Investors still preferred low - risk bond - type FOF and fixed - income + FOF. The product with the largest increase in holding - operation scale in 25Q2 was Boshi Zhenxuan Chuhui Three - month Holding [15][16]. - Fund Company Dimension: Except for the top 3 fund companies in terms of scale, other leading fund managers had significant changes. Among the top 15 managers in terms of total FOF scale, 5 had an increase in scale, and 10 had a decline. There were two institutional replacements in the top 15 management list [19]. 3.2 Performance Dimension: High - Performing FOF Still Shows Multi - Asset Allocation Characteristics - Market Environment: In the second quarter, both the bond and equity markets fluctuated greatly. The ChinaBond Composite Wealth Total Index rose 1.67%, and the Wind All - A Index rose 3.86%, with equities being relatively dominant [21]. - Overall Performance: As the position increased, the performance of FOF gradually improved. The median return of equity - type FOF reached 2.43%, similar to that in 25Q1. Over 20% of equity - type FOF and fixed - income + FOF outperformed the corresponding market indices. The probability of positive returns for all types of FOF exceeded 90% [23]. - High - Performing FOF Characteristics: High - performing fixed - income + FOF showed characteristics of extending duration or increasing convertible bond holdings; high - performing balanced FOF generally showed multi - asset allocation characteristics, with QDII funds and commodity ETFs being the top - holding funds; high - performing equity - type FOF had differences [29]. 3.3 Investment Characteristics: Preference for Hong Kong Stocks and Overseas Funds, and a Consensus on Increasing Holdings of Pharmaceutical and Technology Stocks at the Stock - Holding End - Manager Allocation Characteristics: Leading managers generally emphasized multi - asset allocation, with different investment directions. Some focused on QDII stock - type assets, some on mutual - recognition funds, some on commodity investments, and some products under certain managers would choose to overweight REITs, but the overweight proportion was generally low [37]. - Overall Market Characteristics: In the second quarter, FOF generally increased holdings of pure - bond funds, and there was a preference for passive investment. The proportion of holdings in Shanghai and Shenzhen funds and passive stock indices decreased, while the proportion of pure - bond funds, QDII stock funds, and REITs funds increased [39]. - Asset Preference: The allocation of top - holding funds in the second quarter showed a preference for US and Hong Kong stock assets. There was a differentiation in the increase of equity assets. The increase in active equity products was diverse [40][42]. - Stock - Holding End Allocation: Three types of FOF with equity exposure generally reduced holdings in cyclical sectors and increased allocations to pharmaceutical and technology sectors. The consensus on increasing holdings of pharmaceutical and technology stocks was reached [49]. 3.4 Personal Pension Fund: The Total Y - Share Amounts to 1.0834 Billion Yuan - Scale Growth: In the second quarter, the scale of personal pension funds was 1.0834 billion yuan, an increase of 630 million yuan compared to 25Q1, maintaining a high growth rate. Pension target date funds were more popular, with a current scale of 649.4 million yuan [3]. - Popular Products: The scale of fixed - income + FOF increased significantly, and products in the 2040, 2045, and 2050 series were also favored. Y - share products with a large increase in scale were generally target - date FOF [3].