25Q4FOF季报分析：累计规模创历史新高，四季度FOF偏好周期基金

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The cumulative scale of FOF reached a record high in Q4 2025, with the new - issue scale in Q4 exceeding the sum of Q1 - Q3 2025. The performance of FOF was highly differentiated, and high - performing FOFs generally preferred gold/non - ferrous metals. FOF increased the allocation of bond funds in Q4 and showed a preference for cyclical assets in equity positions. The scale of personal pension funds increased, with target - date funds being more popular [1]. 3. Summary According to the Directory 3.1 Scale Dimension - FOF Classification: FOF is 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, they are classified according to the holding period [6][7]. - Scale Review: By the end of Q4 2025, there were 549 FOF funds, an increase of 31 compared to Q3 2025. The new - issue scale in Q4 was 45.422 billion yuan, exceeding the cumulative new - issue scale of Q1 - Q3 2025. The continuous operation scale increased by 5.152 billion yuan, and the difficulty of continuous operation of new - issue funds was alleviated to some extent [8]. - New - issue Representatives: In Q4 2025, E Fund had a prominent new - issue scale of 6.087 billion yuan, mainly from the new product E Fund Ruyi Ying'an 6 - month Holding. China Merchants Bank was outstanding in terms of the number and scale of newly - issued FOF it托管, with 13 products and a scale of 23.925 billion yuan [11]. - Net - purchase and New - issue Top Funds: In Q4, Cathay Ruiyue 3 - month Holding and GF Zhihui Multi - asset Allocation 6 - month Holding had prominent net - purchase amounts. There were 7 funds with a new - issue scale of over 2 billion yuan, including E Fund Ruyi Ying'an 6 - month Holding and Huatai - Peregrine Yingtai Stable 3 - month Holding [15][16]. - Fund Company Dimension: Four institutions' managed scales increased by over 5 billion yuan. E Fund became the institution with the largest managed FOF scale [18]. 3.2 Performance Dimension - Market Differentiation: In Q4 2025, the stock market was differentiated, which was also reflected in the FOF market. The median performances of bond - type, fixed - income +, balanced, and equity - type FOF were 0.35%, 0.30%, - 0.57%, and - 1.20% respectively [22]. - Scale Ranking of FOF Types: The list of large - scale fixed - income + FOF changed significantly in Q4 2025, while the lists of other types of FOF remained stable [25]. - Preference of High - performing FOF: High - performing balanced and equity - type FOF generally preferred funds related to gold, non - ferrous metals, and communication. High - performing fixed - income + and balanced FOF showed a short - bond allocation tendency [27]. 3.3 Investment Characteristics - Multi - asset Allocation of Top Managers: Top managers generally attached importance to multi - asset allocation, with different investment directions. Some focused on QDII stock - type assets, some on mutual - recognition funds, and some on commodity investment [30]. - Overall Market Allocation: The overall allocation of FOF was more stable. The proportion of pure - bond funds in the heavy - position increased significantly, while the proportions of active and passive equity funds decreased slightly, indicating a more conservative year - end allocation [32]. - Preference for Cyclical Assets: The heavy - position fund allocation in Q4 showed a preference for A - share cyclical assets. The proportions of cyclical, resource, fundamental, and value - type funds in active equity increased, and new energy vehicles, gold stocks, chemicals, and non - ferrous metals in passive equity funds also received more attention [35]. 3.4 Personal Pension Funds - Scale Growth: In Q4 2025, the scale of personal pension funds was 14.322 billion yuan, an increase of 1.505 billion yuan compared to Q3 2025. Target - date funds were more popular, with a current scale of 8.222 billion yuan. The number of target - date Y - share funds decreased slightly due to the transformation of 2025 target - date funds [37]. - Scale - ranked and Growth - ranked Funds: By the end of Q4 2025, Xingquan Antai Active Pension Target Five - year Y had the largest scale. In Q4, the proportion of target - date and target - risk funds with large - scale growth was relatively balanced, and investors preferred target - risk funds with a five - year holding period [40][44]. - Fund Company Dimension: Xingzheng Global Fund, Huaxia Fund, and E Fund had the largest managed scales of Y - share products. The top - scale products of top managers were mainly pension funds with relatively high equity positions [45].