FOF基金2025年四季报：FOF规模增长显著，稀有金属类ETF受青睐

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - FOF fund scale continued to rise in Q4 2025, with the number increasing by 31 to 549 and the scale rising by 26.2% to 244.19 billion yuan. The issuance scale also significantly increased, with 43 funds issued and a total issuance scale of 45.246 billion yuan, a 592.7% increase from the previous quarter. [5][8][10] - In Q4 2025, 49% of FOF funds achieved positive returns, and bond - biased FOF funds performed relatively better. The median returns of bond - biased, balanced, and stock - biased FOF funds were - 1.38%, - 0.57%, and 0.30% respectively. [12] - FOF funds had different preferences in terms of holding funds. They focused on increasing positions in active equity funds in dividend, growth, and cyclical sectors; passive equity funds in gold, rare metals, and communication equipment sectors; fixed - income + funds such as Invesco Great Wall Jingyi Shuangli and Ruiyuan Wenyizengqiang 30 - day Holding; bond - type funds with short - duration strategies; and QDII funds, especially the Sino - Korean Semiconductor ETF. [5][3][4] 3. Summary According to Relevant Catalogs 3.1 FOF Fund Scale and Issuance - Scale Change: By the end of Q4 2025, the number of FOF funds increased by 31 to 549, and the scale rose by 26.2% to 244.19 billion yuan. The scales of ordinary FOF, target - date FOF, and target - risk FOF funds were 180.93 billion yuan, 25.55 billion yuan, and 37.71 billion yuan respectively, with increases of 38.1%, 0.1%, and 2.0% from the previous quarter. [5][8] - Fund Issuance: In Q4 2025, 43 FOF funds were issued, with an issuance scale of 45.246 billion yuan, a 592.7% increase from the previous quarter. Among them, 40 ordinary FOF funds and 3 target - risk FOF funds were issued, with issuance scales of 44.005 billion yuan and 12.41 billion yuan respectively. [10] 3.2 FOF Fund Performance - Q4 Bond - Biased FOF Performance: In Q4 2025, 49% of FOF funds achieved positive returns, and bond - biased FOF funds performed relatively better. The median returns of bond - biased, balanced, and stock - biased FOF funds were - 1.38%, - 0.57%, and 0.30% respectively. The proportions of funds with positive returns in stock - biased, balanced, and bond - biased FOF funds were 24%, 35%, and 72% respectively. [12] - Top - Ten Performance Lists of Different Types of FOF Funds: The top three bond - biased FOF funds in terms of returns were Tianhong Pension Target 2030 One - Year Holding, Guotai Ruiyue 3 - Month Holding, and Zhongtai Tianze Steady 6 - Month Holding, with returns of 2.92%, 1.80%, and 1.50% respectively in Q4 2025. The top three balanced FOF funds were Shangyin Hengrui Pension Target Date 2045 Three - Year Holding, Shenwan Hongyuan Xinyin Pension Target Date 2045 Five - Year Holding, and GF Pension 2050 Five - Year Holding, with returns of 3.28%, 2.60%, and 2.57% respectively. The top three stock - biased FOF funds were CSC Ruixuan 6 - Month Holding, Qianhai Kaiyuan Yize Fixed - Open, and E Fund Advantage Return, with returns of 6.41%, 4.37%, and 3.88% respectively. [13][15][17] 3.3 FOF Holding Fund Analysis - Active Equity Funds: FOF managers favored Fuguo Steady Growth, Bodao Jiuhang, and China Europe Dividend Premium. Compared with the previous quarter, the top three funds with the largest increase in the number of heavy - position holdings were China Europe Dividend Premium, Morgan Core Growth, and Invesco Great Wall Cyclical Selection. The top three funds with the largest increase in heavy - position shares were ICBC Selected Return, Changxin Jinli Trend, and Caitong Asset Management Advanced Manufacturing. [20][24][25] - Passive Equity Funds: FOF managers favored Winwin CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF, Fullgoal CSI Hong Kong Stock Connect Internet ETF, and Guotai CSI All - Index Communication Equipment ETF. Compared with the previous quarter, the top three funds with the largest increase in the number of heavy - position holdings were Winwin CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF, Harvest CSI Rare Metals Theme ETF, and Guotai CSI All - Index Communication Equipment ETF. The top three funds with the largest increase in heavy - position shares were Harvest CSI Rare Metals Theme ETF, ICBC National Securities Hong Kong Stock Connect Technology ETF, and Winwin CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF. [27][30][32] - Fixed - Income + Funds: FOF managers favored Invesco Great Wall Jingyi Shuangli, Winwin Steady Enhancement, and Invesco Great Wall Jingsheng Shuangxi. Compared with the previous quarter, the top four funds with the largest increase in the number of heavy - position holdings were Invesco Great Wall Jingyi Shuangli, Dacheng Yuanfeng Duoli, Boshi Credit Bond, and E Fund Ruixin. The top three funds with the largest increase in heavy - position shares were Ruiyuan Wenyizengqiang 30 - day Holding, China Europe Fengli, and Dacheng Yuanfeng Duoli. [34][37][39] - Bond - Type Funds: FOF managers favored GF Pure Bond, Western Securities Huixiang, and Huatai Baoxing Zunhe. Compared with the previous quarter, the top three funds with the largest increase in the number of heavy - position holdings were GF Pure Bond, Changcheng Shengyu Pure Bond, and Guotai Runli Pure Bond. The top three funds with the largest increase in heavy - position shares were E Fund Anhe Medium - Short - Term Bond, GF Pure Bond, and Orient Tianyi. [40][44][45] - QDII Funds: FOF managers favored Fullgoal Global Bond RMB, Southern Asia US Dollar Bond A RMB, and Huaxia Hang Seng Technology ETF. Compared with the previous quarter, the top four funds with the largest increase in the number of heavy - position holdings were Huatai - Peregrine CSI Korea Exchange Sino - Korean Semiconductor ETF, Fullgoal Asia Income RMB, E Fund Global High - Quality Enterprises, and E Fund Medium - Short - Term US Dollar Bond A RMB. The top three funds with the largest increase in heavy - position shares were E Fund Medium - Short - Term US Dollar Bond A RMB, Huatai - Peregrine CSI Korea Exchange Sino - Korean Semiconductor ETF, and Haitong US Dollar Income RMB. [47][51][53]