聚焦科技主线，精细化捕捉市场结构性机会

Report Industry Investment Rating No information provided in the given content. Core Viewpoints of the Report In 25Q3, the scale of public offering FOF increased, with 7 fund companies having over 10 billion yuan in assets under management, and China - Europe took the lead in scale, with CR10 rising to 64%. The proportion of FOF funds with positive returns was close to 100%, and Cathay Preferred Pilot recorded the best performance in Q3. In terms of allocation, the proportions of partial - stock funds, secondary bond funds, and commodity - type funds increased. The equity funds that were significantly increased in holdings included E Fund Growth Momentum, Boda Growth Zhihang, and Caitong Asset Management Digital Economy. Overall, the focus was on the technology theme to capture market structural opportunities in a refined manner [1]. Summary According to Relevant Catalogs I. Development of Public Offering FOF Funds 1.1 Public Offering FOF Scale Increased, and 2 FOF Funds Exceeded 1 Billion Yuan - 1.1.1 Increase in Quantity and Scale of Public Offering FOF - In 25Q3, the number of public offering FOF funds increased by 1 to 518, and the scale increased by 278.16 billion yuan to 193.489 billion yuan compared to 25Q2. Since Q3 2025 (as of October 28, 2025), 19 FOF funds were liquidated. The proportion of public offering FOF funds in non - monetary funds was 0.91%, up 0.06 pct from the previous quarter [14]. - 1.1.2 Decline in New - Issue Scale in the Quarter, Positive Continued - Operation Scale - In 25Q3, 17 FOF funds were newly issued, with a total scale of 6.532 billion yuan, and the average issuance scale per fund was 384 million yuan. Since Q3 2025 (as of October 28, 2025), 25 FOF funds were newly issued, with a total scale of 21.805 billion yuan, and the average issuance scale per fund was 872 million yuan. The continued - operation scale of public offering FOF funds in Q3 was positive, increasing by 2.1285 billion yuan [19]. - 1.1.3 Scale of Partial - Debt FOF Increased by Over 2.2 Billion Yuan - In 25Q3, the number of partial - debt hybrid FOF funds increased by 2, and the scale increased by 2.2084 billion yuan, accounting for 51.32% of the total scale, up 4.71 pct from 25Q2. The scale of bond - type FOF increased by 162.9 million yuan, the scale of stock - type FOF increased by 18.5 million yuan, and the scale of hybrid FOF increased by 2.6003 billion yuan [25]. 1.2 Over Half of the Funds' Scale Increased, with Fullgoal Yinghe Zhenxuan 3 - Month Holding Leading - 1.2.1 2 FOF Funds Exceeded 1 Billion Yuan in Scale, with Fullgoal Yinghe Zhenxuan 3 - Month Holding Leading - The total scale of the top - ten FOF funds was 6.4135 billion yuan, accounting for 33.15%. As of 25Q3, Fullgoal Yinghe Zhenxuan 3 - Month Holding ranked first with a scale of 1.1759 billion yuan, followed by China - Europe Yingxuan Steady 6 - Month Holding with a scale of 1.0815 billion yuan [26]. - 1.2.2 Over Half of the Funds' Scale Increased, and 11 Funds' Scale Increased by Over 1 Billion Yuan - In 25Q3, 297 funds' scale increased, accounting for 57.34%. After excluding newly - issued funds, 278 funds' scale increased, accounting for 55.82%. 11 funds' scale increased by over 1 billion yuan [29]. 1.3 7 FOF Managers with Over 10 Billion Yuan in Assets, and China - Europe Took the Lead - 1.3.1 China - Europe Took the Lead, and Fullgoal, GF, and Huaxia Exceeded 1 Billion Yuan for the First Time - As of 25Q3, there were 82 managers deploying public offering FOF products, 7 of which had over 10 billion yuan in assets: China - Europe, Xingzheng Global, E Fund, Fullgoal, GF, Huaxia, and Huaan. China - Europe rose to the first place [31][32]. - 1.3.2 Scale of Fullgoal, China - Europe, and GF Increased by Over 5 Billion Yuan - In 25Q3, the FOF scale of 52 fund companies increased. 9 fund companies' scale increased by over 1 billion yuan, and Fullgoal, China - Europe, and GF increased by over 5 billion yuan [34]. - 1.3.3 Obvious Head - Effect, CR10 Increased to 64% - In 25Q3, the CR10 of public offering FOF fund companies increased to 63.73%, up 2.75 pct from 25Q2. The concentration of the top - ten managers of pension FOF was 45.80%, down 1.96 pct from 25Q2 [37]. 1.4 3 Fund Managers with Over 10 Billion Yuan in Assets, and the Top - Ten's Scale Accounted for Over 40% - The top - ten fund managers' total management scale was 8.5878 billion yuan, accounting for 44.38%. In 25Q3, there were 3 fund managers with over 10 billion yuan in assets: Lin Guohuai of Xingzheng Global, Wang Dengyuan of Fullgoal, and Deng Da of China - Europe [42]. 1.5 31 Custodian Banks, with China Merchants Bank Ranking First in Scale - There were 31 custodian banks for public offering FOF, including 24 banks and 7 securities firms. China Merchants Bank ranked first in terms of scale and number of products. In Q3, its scale increased by 2.0592 billion yuan, ranking first in scale growth [43]. II. Performance of Public Offering FOF Funds 2.1 Over 90% of FOF Funds Had Positive Returns in Q3 - 2.1.1 The Equity Market Performed Strongly, and Partial - Stock FOF Had the Best Performance - In Q3, the average returns of partial - stock hybrid FOF, balanced hybrid FOF, partial - debt hybrid FOF, and target - date FOF were 22.75%, 11.45%, 3.94%, and 13.63% respectively. Compared with the Wind Fund Index, partial - stock FOF had negative excess returns, while balanced FOF had positive excess returns [47]. - 2.1.2 The Proportion of Funds with Positive Returns in Q3 Was Close to 100% - The dispersion of partial - stock FOF was higher, and the gap between the best and worst - performing balanced FOF was the smallest. The proportion of FOF funds with positive returns in Q3 was 99.35% [50]. 2.2 Balanced FOF Had Positive Excess Returns, while Partial - Stock FOF Had Negative Excess Returns - Partial - stock FOF had negative excess returns compared with the partial - stock hybrid fund index in 25Q3 and since 2025, and the negative excess return in Q3 further widened. Balanced FOF had positive excess returns compared with the balanced hybrid fund index [54]. 2.3 Analysis of FOF Fund Performance Based on Position Penetration - According to the equity position after penetration, FOF funds were classified into three types: conservative (equity position no more than 30%), aggressive (equity position over 60%), and balanced (equity position between 30% - 60%). Aggressive FOF had smaller dispersion, conservative FOF was mainly in the middle - performance and low - drawdown area of fixed - income + funds, and balanced FOF was concentrated in the high - return and low - drawdown area [63][64]. 2.4 Cathay Preferred Pilot One - Year Holding Was the Performance Champion in Q3 - Cathay Preferred Pilot One - Year Holding and Cathay Industry Rotation A were the champion and runner - up in Q3 performance. E Fund had the most funds in the top - ten performance list of each type of FOF [69]. III. Allocation of Public Offering FOF Funds 3.1 Public Offering FOF Asset Allocation: About 30% Directly Invested in Stocks, and the Position Increased - FOF funds mainly invested in funds, with a proportion of 88% - 91%. In 25Q3, the proportion of fund assets was 90.27%, up 0.01 pct from 25Q2, and the proportion of stock assets was 1.63%, up 0.11 pct from 25Q2. About 30% of FOF funds directly invested in stocks in 25Q3, down 1.66 pct from 25Q2 [76]. 3.2 Asset Allocation of Public Offering FOF after Position Penetration - 3.2.1 After Penetration, the Stock Position Decreased - After penetration in 25H1, the proportions of stock assets, bond assets, QDII funds, and commodity - type funds were 41.39% (- 0.97 pct), 50.09% (+ 0.36 pct), 5.97% (- 0.02 pct), and 2.42% (+ 0.60 pct) respectively compared with 24H2. Only the position of target - date FOF increased [81][85]. - 3.2.2 Industry Allocation after Penetration: More Holdings in Electronics and Pharmaceutical Biology - In 25H1, the top - five industries in terms of allocation proportion were electronics, pharmaceutical biology, power equipment, banks, and non - bank finance, with changes of + 0.83 pct, + 1.67 pct, - 2.14 pct, + 1.25 pct, and + 0.99 pct respectively compared with 24H2. Public offering FOF over - allocated pharmaceutical biology, media, etc., and under - allocated banks, non - bank finance, etc., compared with the CSI 300 [92]. 3.3 Public Offering FOF Fund Allocation: The Proportions of Partial - Stock Funds, Secondary Bond Funds, and Commodity - Type Funds Increased - The number and scale of bond - type funds held by FOF funds still ranked first. The scale proportion of passive index - type bond funds increased significantly, and the number proportion of secondary bond funds increased significantly. The scale and number proportions of secondary bond funds and short - term bond funds increased, while those of medium - long - term pure - bond funds, first - level bond funds, and convertible bond funds decreased [94].