FOF基金2025年二季报点评：FOF规模回升，重仓基金风格多元，加仓债券型基金

1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The personal pension fund market is developing steadily, and the scale of FOF funds has rebounded. The new - issue market is warming up, with a relative concentration in low - risk FOF products. The market concentration of fund companies has slightly decreased. In Q2 2025, FOF funds of different risk levels achieved positive average returns, and medium - risk FOF funds outperformed their benchmark public funds in terms of both returns and risks. FOF funds significantly increased their allocation to bond - type funds in Q2 2025 [3][7][19][26][31][38][46]. 3. Summary According to Relevant Catalogs 3.1 FOF Fund Market Review - Personal pension fund development is stable, and FOF scale rebounds: As of June 30, 2025, the number of personal pension funds increased to 212, and the average return of 132 Y - share personal pension funds that have been operating since 2023 was 3.61%. The total number of public FOF funds in the market was 518, with a total management scale of 165.706 billion yuan, an increase of 6 funds and 14.627 billion yuan compared to the end of Q1 2025, a 9.68% quarter - on - quarter increase. In terms of different types, ordinary FOF funds had an advantage in scale, accounting for over 60%, but fewer in number than pension - target FOF funds. In terms of risk types, low - risk FOF funds were the most numerous, with a scale accounting for 56.07% [7][10]. - The new - issue market is warming up, relatively concentrated in low - risk FOF products: In Q2 2025, 15 new FOF funds were issued, with a total issuance scale of 18.604 billion yuan, a 31.51% increase compared to the previous quarter. Among them, ordinary FOF funds accounted for 73% in terms of the number of new - issues and 87% in terms of the scale. Low - risk FOF funds dominated the new - issue scale, accounting for 94.57% [19]. - The market concentration of fund companies has slightly decreased: As of the end of Q2 2025, 93 fund companies had deployed FOF funds, with 2 participants reduced in Q2. The combined market share of the top - ten fund companies in terms of scale was 60.97%, a 4.69% decrease compared to the previous quarter [26]. 3.2 FOF Fund Performance Review - In Q2, the equity market rose overall, and FOF funds of different risk levels achieved positive average returns: In Q2 2025, the equity market rose overall, with the Hang Seng Index leading the gains, rising 4.12%. Low, medium, and high - risk FOF funds achieved average returns of 1.26%, 2.09%, and 2.71% respectively. The top - performing FOF funds of different risk types all achieved positive returns in Q2 [31]. - Medium - risk FOF funds outperformed their benchmark public funds in terms of returns and risks in Q2: In Q2 2025, medium - risk FOF funds outperformed their benchmark public funds, with a quarterly return of 2.09%. High - risk FOF funds underperformed active equity funds, and low - risk FOF funds slightly underperformed fixed - income + funds. In terms of maximum drawdown, FOF funds of all risk levels were better than their benchmark public funds. Since the beginning of the year, medium - risk FOF funds have also outperformed balanced hybrid funds [38]. 3.3 FOF Fund Positioning Analysis - FOF heavy - position fund type distribution: In Q2 2025, FOF funds' heavy - position in bond - type funds had the largest scale, with a total heavy - position scale of 42.913 billion yuan, accounting for 51.37%, a 4.61% increase compared to the previous quarter. The heavy - position scale of passive funds was 16.431 billion yuan, accounting for 19.67%, remaining basically the same as the previous quarter. The scale proportion of hybrid funds decreased [46]. - Fixed - income funds with top heavy - position and increased - position scale and frequency: For fixed - income funds, in terms of heavy - position scale, Boshi Credit Preferred had the highest scale, and in terms of heavy - position frequency, E Fund Sui Feng Tian Li and Fullgoal Global Bond RMB were the most frequently heavy - held. In terms of external heavy - position, Fullgoal Global Bond RMB ranked first in both scale and frequency. The fixed - income funds with top increased - position scale and frequency in Q2 2025 included Huataibao Xing Zunhe, Invesco Great Wall Jingtai Pure Income, etc. [50][52][53]. - Active equity funds with top heavy - position and increased - position scale and frequency: Among active equity funds, Dacheng Gao Xin, E Fund Ke Rong, etc. were among the top in heavy - position scale. Dacheng Gao Xin was the most frequently heavy - held, with 53 times of external heavy - holding. FOF's preference for active equity funds had diverse styles. The active equity funds with top increased - position scale and frequency included Fullgoal Shanghai - Hong Kong - Shenzhen Performance Driver, Golden Eagle Technology Innovation, etc. [55][56][57]. - Passive funds with top heavy - position scale and frequency: For passive funds, funds themed on credit bonds, interest - rate bonds, gold, and Hong Kong - stock technology were among the top in both heavy - position scale and frequency. The passive funds with top increased - position scale and frequency were themed on interest - rate bonds, credit bonds, gold, and US stocks [61][62][63].