FOF 基金：2025 年度策略回顾与2026 年度策略展望

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In 2025, the FOF market showed a positive trend with an increase in scale and product issuance, and all FOFs achieved positive returns. The performance of FOFs was related to positions, and multi - asset allocation was a viable option for achieving excellent performance. - FOFs generally increased their allocation to A - share equities and reduced their holdings of pure - bond funds in Q3 2025, showing a preference for risk assets such as equities and an increasing tendency towards passive investment. - Customized FOFs, such as the Changying Plan and Longying FOF, focused on multi - asset allocation, aiming to meet the different risk - return requirements of investors. - In 2026, FOF products with multi - asset and multi - strategy allocation capabilities have broad development prospects, especially low - volatility FOFs that can meet the needs of investors for low - volatility and income enhancement [2][19][37]. 3. Summary by Directory 3.1 Scale Dimension: Which Type of FOF Funds Does the Market Pay More Attention to? - 2025 Scale Rebound: In 2025, the number of new FOF products increased to 93, compared with 38 in the previous year. The total FOF scale reached 238.376 billion yuan, an increase of 105.226 billion yuan from the end of 2024. The new - issue scale was 84.5 billion yuan, and the continued - operation scale increased by about 20.696 billion yuan [8]. - New - Issue Prominent Institutions: In 2025, the products托管 by China Merchants Bank had a prominent scale and quantity, with a new - issue scale of 46.075 billion yuan. Fund companies such as Fullgoal Fund, Orient Securities Asset Management, Ping An Fund, E Fund, and Huatai - Peregrine Fund had new - issue FOF scales exceeding 5 billion yuan [10]. - Changying Plan - Related FOFs: FOF products with large net subscriptions in 2025 were mostly bond - type FOFs and fixed - income + FOFs. The top 5 funds in net subscriptions were all from the Changying Plan. The top - ranked funds in terms of new - issue scale were also mostly fixed - income + FOFs or bond - type FOFs [12]. - Fund Companies: In 2025, the management scales of most leading institutions increased, and the scale rankings of managers changed significantly. Two institutions, Fullgoal Fund and E Fund, had their management scales increase by over 10 billion yuan [15]. 3.2 Performance Dimension: High - Performance FOFs Continue the Passive Investment Trend, and Some Emphasize Multi - Asset Allocation - Positive Returns in 2025: In 2025, all FOFs achieved positive returns. The performance of FOFs was positively correlated with positions. Equity - type FOFs performed the best, with a median return of 25.25%, while bond - type FOFs were relatively weak, with a median return of 2.70%. Two FOFs exceeded 10 billion yuan in scale [19][21]. - Investment Strategies of High - Performance FOFs: High - performance FOFs generally continued the passive investment trend that emerged in 2024 and some showed multi - asset allocation characteristics. High - performance bond - type FOFs generally allocated multi - assets such as commodities; high - performance fixed - income + FOFs actively obtained income from fixed - income + and stock funds while having multi - asset allocation characteristics; high - performance balanced FOFs mainly adopted passive investment, with heavy - position funds being ETFs with gold, TMT, and new - energy themes; high - performance equity - type FOFs further strengthened theme concentration [22][24]. - Fund Company Dimension: In 2025, the FOF teams of Guotai Fund performed outstandingly. In different FOF types, Guotai, Xingzheng Global, and Fullgoal Funds performed well in bond - type FOFs; Guotai, Penghua, and other funds performed well in fixed - income + FOFs; Tongtai and Penghua Funds performed well in balanced FOFs; Guotai and E Fund performed well in equity - type FOFs [28][30][31]. 3.3 Investment Characteristics: The Allocation of A - Share Active Equities Increases, and Q3 2025 Increases Show a Preference for Technology and Advanced Manufacturing - Multi - Asset Allocation of Leading Managers: Leading managers generally attached importance to multi - asset allocation. Some managers focused on QDII stock - type asset investment, some on mutual - recognition fund investment, and some on commodity investment [35]. - Overall Market Characteristics: Compared with the second quarter and the beginning of the year, FOFs significantly reduced their holdings of pure - bond funds and increased their attention to active and passive equity funds, showing a preference for risk assets such as equities and a continuous strengthening of passive investment [37]. - Preference for A - Share Assets: In Q3, the heavy - position fund allocation showed a preference for A - share growth stocks. Active equity funds generally preferred funds with technology attributes, and passive equity showed a preference for technology, advanced manufacturing, and gold [38]. 3.4 Personal Pension Funds: The Total Y - Share Amounts to 1.2817 Billion Yuan As of Q3 2025, the scale of personal pension funds reached 1.2817 billion yuan, an increase of 198.3 million yuan compared with Q2 2025 and 399 million yuan compared with the end of 2024. Pension target date funds were more popular, with a current scale of 7.803 billion yuan [46]. 3.5 Customized FOFs: Changying Plan & Longying FOF - Changying Plan: Established in early 2025, the included products are all positioned as multi - asset allocation FOFs, with different levels corresponding to different income and risk targets. The products generally achieved their goals in 2025 and paid more attention to drawdown control. Other new - issue products托管 by China Merchants Bank also generally showed a multi - asset allocation tendency [2][56]. - Longying FOF: Established in early 2026, initially only including multi - asset allocation FOFs, and will expand to ETF - FOFs and global investment FOFs in the future. The included products have multi - asset allocation characteristics and are more inclined to overseas investment [72][80]. - Other Multi - Asset Allocation FOFs: Some products have long adhered to multi - asset allocation and achieved excellent performance in 2025, such as Dongfanghong Yihe Stable Pension Target Two - Year Holding and Zhongtai Tianze Stable 6 - Month Holding [82]. - 2026 FOF Fund Investment Strategy: FOFs can achieve diversified investment through multi - asset allocation, improve the risk - return performance of investment portfolios, and create differentiated investment targets. In the current market environment, FOF products that can achieve low - volatility fixed - income + through multi - asset allocation are gradually attracting investors' attention [89].