2025年12月基金投顾投端跟踪报告：投顾组合调仓频率抬升，黄金和有色金属ETF受青睐

Group 1 - The total number of fund advisory portfolios on the Tian Tian Fund APP reached 476 by the end of December 2025, an increase of 7 from the previous month, including new balanced, aggressive, and conservative portfolios, as well as thematic portfolios focused on technology and dividends [2][8] - The distribution of fund advisory portfolios includes 417 in the stock-bond central type, 38 in the track type, and 21 in the regional type, with stock-bond central type portfolios being the most dominant [8][12] - The performance of the stock-bond central type portfolios showed that the median return of aggressive portfolios outperformed similar FOF products over the past year, while balanced and conservative portfolios underperformed [18][19] Group 2 - The performance of track type portfolios indicated that all track portfolios had positive median returns over the past year, with military, smart manufacturing, medical, consumer, dividend, and central state-owned enterprise portfolios outperforming their benchmarks [25][29] - The regional type portfolios showed that the Hong Kong strategy portfolio outperformed its benchmark over the past year, while overseas strategy portfolios underperformed [25][29] - The aggressive type portfolio with the highest return since 2025 was "Anxin Jijin 90" from Guolian Securities, achieving a return of 52.50% [22][29] Group 3 - The tracking of fund positions revealed that the conservative portfolio reduced its allocation to index funds while increasing its allocation to QDII funds, with QDII fund average positions rising by 0.67% [34][37] - The balanced portfolio decreased its allocation to mixed funds and increased its allocation to index funds, with index fund average positions increasing by 1.58% [34][37] - The aggressive portfolio reduced its allocation to equity funds and increased its allocation to mixed funds, with mixed fund average positions rising by 0.68% [34][37] Group 4 - The most favored active equity funds by the advisory portfolios included those managed by Chen Yunzong (growth style), Lan Xiaokang (dividend strategy), and Wu Guoqing (cyclical theme), which saw significant increases in holdings [43][48] - The most favored QDII funds included "Southern Asian Dollar Bond A RMB" and "E Fund Global Quality Enterprise A," which received notable increases in allocations [44][48] - The most favored passive index funds included "Oriental Red CSI Oriental Red Dividend Low Volatility A" and "Southern CSI Shenwan Nonferrous Metals ETF," which were also significantly increased in holdings [49][50]