Industry Landscape - The public FOF industry is entering a second expansion cycle, with significant changes in the supply-side landscape. Since the first public FOF issuance in October 2017, the industry has experienced cycles of expansion (2020-2021), contraction (2022-2024), and is now in a new expansion phase starting in 2025. By the end of 2025, the number of public FOF products is expected to rise to 547 (up 134% year-on-year), with total assets reaching 244.1 billion yuan (up 231% year-on-year), breaking historical records. The main contributor to this growth is the mixed bond FOF category [2][7][9]. Risk and Return - In 2025, the performance of mixed bond FOFs is expected to outperform traditional "fixed income+" funds. The median return for mixed bond FOFs is projected to be 6.06%, compared to 4.65% for secondary bond funds and 5.49% for mixed bond funds. The asset allocation characteristics of mixed bond FOFs, with a stock position of 17% as of the first half of 2025, are similar to those of "fixed income+" funds, making them a common comparison in the market [2][13]. Innovative Products - The trend of passive investment continues, with ETF-FOF gaining widespread attention. By the end of 2025, the ETF market is expected to exceed 6 trillion yuan (up 62% year-on-year), with 1,381 products (up 34% year-on-year). The increasing completeness of passive investment tools is driving public FOFs towards new product forms, with 13 ETF-FOF products established and 19 more in the application or acceptance stage as of February 27, 2026 [3][18]. 2026 Outlook for Public FOF Industry - The public FOF industry is poised for development opportunities under the narrative of asset allocation. The focus will be on achieving higher performance through a combination of Beta allocation and selective fund manager alpha. The current market environment still offers significant alpha opportunities, and the ability to select capable fund managers will be crucial for performance enhancement [4][21][22]. Funding Sources - Retail investors are the primary source of funding, with institutional investors playing a supplementary role. Public FOF products are naturally more suited to individual investors due to their two-layer nested structure and ability to address selection difficulties. In 2025, the proportion of individual investors in mixed bond FOFs and mixed equity FOFs is around 95%. The focus for public FOF managers will be on retail channels, particularly banks, to attract low-risk preference funds [5][34][38].

在中东地区地缘局势升级的背景下，A股市场的石油天然气板块强势异动，在短短数日内"独占鳌 头"。 油气股掀起狂潮，公募基金快速响应，调整相关产品发行节奏——3月3日晚间，易方达国证石油 天然气ETF（159181）发布公告，将募集时间提前了两个工作日。 不过，由地缘冲突引发的资产价格再定价中，市场关注的是，资源板块的行情是趋势反转，还是阶 段性交易？基金公司"抢发"产品又释放了怎样的信号？ ETF"抢发" 伴随着近期行情演绎，公募基金对产品发行节奏快速调整。 3月3日晚间，易方达基金发布了一则募集期调整公告。公告称，易方达国证石油天然气ETF募集 时间调整为2026年3月5日至3月12日，该基金管理人根据认购的情况可适当调整募集时间，并及 时公告，但最长不超过法定募集期限。 2月28日，易方达国证石油天然气ETF发布公告表示，该基金将自2026年3月9日至3月20日进行 发售。 油气股掀起狂潮，公募基金快速响应，调整相关产品发行节奏 ——3月3日晚间，易方达国证石油天然气ETF（159181）发 布公告，将募集时间提前了两个工作日。 作者：洪小棠 封图：图虫创意 这也意味着，该基金仅提前2个交易日发售。 根据公 ...

Core Viewpoint - The public fund industry in Hainan Free Trade Port has officially initiated substantial actions in cross-border asset management, marking a significant step in expanding cross-border investment opportunities for domestic and foreign investors [1][2]. Group 1: Cross-Border Asset Management Initiatives - On March 3, Huibaichuan Fund announced that its fund products are now available for sale to eligible foreign investors, following the implementation of the pilot business guidelines [2][3]. - The Huibaichuan Yuanhang Mixed Fund, established in 2024, is now open to foreign investors, reflecting the latest developments in cross-border asset management in Hainan [3][4]. - The pilot scale of 5 billion RMB for four institutions, including Huibaichuan Fund and Peng'an Fund, was approved last year, indicating a growing interest in cross-border asset management [4]. Group 2: Investment Trends and Statistics - As of now, the cumulative inflow of southbound mutual funds has exceeded 130 billion RMB, showcasing the increasing trend of domestic investors utilizing public funds for asset allocation [5][6]. - The southbound mutual fund scheme has been in place for 10 years, allowing mutual recognition of funds between Hong Kong and mainland China, with significant inflows recorded [6][7]. - The cross-border payment and receipt scale in Hainan is projected to reach 115.4 billion USD by 2025, reflecting a 6.1% year-on-year growth, driven by increased foreign direct investment [4]. Group 3: Innovations in Fund Products - The mutual recognition of funds and the introduction of cross-border ETFs represent innovative approaches to facilitate capital flow between domestic and international markets [8][9]. - Recent collaborations, such as the listing of ETFs in Thailand and Brazil, highlight the expanding reach of Chinese funds into international markets, allowing foreign investors to access Chinese assets [9][10]. - The ongoing development of cross-border asset management, mutual recognition funds, and cross-border ETFs is expected to continue evolving, with potential for further innovative products in the future [10].

Core Viewpoint - The article emphasizes the importance of creating a fund manager ranking list that not only reflects past performance but also provides guidance for future investment opportunities, aiming to identify managers who can outperform the market [1][11]. Group 1: Purpose of the Ranking List - The increasing number of funds (over 20,000) has made it difficult for investors to select the right ones, and many existing rankings do not provide future performance guidance [2][3]. - Many funds have managers whose performance may not be sustainable due to factors like increased fund size, managerial distractions, or even departures [3][7]. - The article argues that simply selecting past winners does not guarantee future success, and a more systematic approach is needed to identify potential outperformers [9][11]. Group 2: Methodology for Identifying Future Alpha - The methodology consists of four steps: scientific classification, establishing a fund pool, quantitative validation, and qualitative assessment [12][13]. - The first step involves categorizing funds into distinct styles to allow for meaningful comparisons, using a proprietary classification system that includes eight styles and four industries [14][15]. - The second step involves populating these categories with researched fund managers, ensuring a comprehensive pool for analysis [19][20]. - The third step focuses on quantitative metrics to filter out underperformers, while the fourth step involves qualitative assessments to finalize the rankings [23][24]. Group 3: Performance Verification - The performance of the funds listed in the rankings is evaluated against market indices, with the rankings showing a consistent ability to outperform benchmarks over time [26][28]. - From 2022 to 2024, the funds in the equity ranking outperformed the Wind Mixed Equity Index by 9.31% cumulatively [28]. - The rankings also demonstrated that selected funds maintained their performance over multiple years, indicating their sustainability [31]. Group 4: Recognition of Potential Managers - The rankings have successfully identified lesser-known but capable fund managers, leading to significant growth in their fund sizes post-inclusion in the rankings [35][38]. - For instance, a manager from Huazhong Fund saw a size increase of 56.9 billion after being included in the rankings, highlighting the recognition and validation from the market [36][39]. Group 5: Continuous Recognition - The rankings have received consistent support from investors and industry peers over the past five years, reinforcing the value of the lists [42]. - A list of fund managers who have been recognized for five consecutive years is provided, showcasing their sustained performance [44].

2026 年 03 月 03 日 证券研究报告 | 财富生态周报 ETF 及指数产品网格策略周报 2026/3/3 分析师：卫以诺 分析师登记编码：S0890518120001 电话：021-20321014 邮箱：weiyinuo@cnhbstock.com 分析师登记编码：S0890522110001 电话：021-20321297 邮箱：chengbingzhe@cnhbstock.com 分析师：薛婧怡 分析师登记编码：S0890525070001 电话：021-20321092 邮箱：xuejingyi@cnhbstock.com 021-20515355 1、《ETF 及指数产品网格策略周报— 2026/2/25》2026-02-25 2、《ETF 及指数产品网格策略周报— 2026/2/10》2026-02-10 3、《ETF 及指数产品网格策略周报— 2026/2/3》2026-02-03 4、《ETF 及指数产品网格策略周报— 2026/1/27》2026-01-27 5、《ETF 及指数产品网格策略周报— 2026/1/20》2026-01-20 华宝证券 1/8 财富生态周报 投资要点 ...

Core Viewpoint - The South China Oil Securities Investment Fund (code: 501018) will be suspended from trading on March 3, 2026, as per the announcement from the Shanghai Stock Exchange [1]. Group 1: Fund Performance - The South China Oil LOF fund has a latest net value of 1.2657, with a discount rate of -37.55% and a total share of 740 million [2]. - The fund experienced a near one-year return of 1.29% [2]. - On March 2, multiple oil-themed funds, including the South China Oil LOF, saw significant price increases, with some funds reaching the daily limit up [4]. Group 2: Market Activity - The trading volume for the South China Oil LOF was 916,800, with a total transaction amount of 159 million [2]. - The fund's price opened at 1.741, reaching a high of 1.741 and a low of 1.647 during the trading session [2]. - The fund's price increased by 9.98% during the trading session [2]. Group 3: Risk Alerts - Several oil-themed funds, including the South China Oil LOF, issued premium risk warning announcements due to significant price premiums in the secondary market, cautioning investors against blind investments that could lead to substantial losses [4].

证券研究报告 | 2026年03月03日 基金周报 公募基金规模连续 10 个月创历史新高，中欧基金发布《FOF 多元资 产配置洞察报告》 核心观点 金融工程周报 上周市场回顾。上周 A 股市场主要宽基指数全线上涨，中证 1000、中证 500、中小板指指数收益靠前，收益分别为 4.34%、4.32%、2.87%，创 业板指、沪深 300、科创 50 指数收益靠后，收益分别为 1.05%、1.08%、 1.20%。 从成交额来看，除中小板指外，上周主要宽基指数成交额均有所下降。 行业方面，上周钢铁、有色金属、基础化工收益靠前，收益分别为 11.80%、 9.74%、6.21%，传媒、消费者服务、食品饮料收益靠后，收益分别为 -4.44%、-4.02%、-1.50%。 截至上周五，央行逆回购净回笼资金 7274 亿元，逆回购到期 22524 亿 元，净公开市场投放 15250 亿元。除 10 年期外，不同期限的国债利率 均有所上行，利差缩窄 0.99BP。 上周共上报 63 只基金，较上上周申报数量有所减少。申报的产品包括 7 只 FOF，19 只 ETF，华宝国证石油天然气 ETF、广发国证石油天然气 ETF ...

当国家队退场，ETF进入市 场化能力的淘汰赛 出品 | 妙投APP 作者 | 刘国辉 编辑 | 丁萍 头图 | AI生图 公募基金的最强增长赛道ETF，突然遭遇逆春寒。 2026年前，市场还沉浸在规模狂飙的热度之中。不仅沪深300ETF稳步增长，中证A500ETF更是在竞争 "期 权标的资格"的驱使下，规模在十多天里大涨上千亿，科创债ETF也整体大涨数百亿元。在2025年末，ETF 规模达到6.02万亿元，同比增长61.4%。 但年后，画风突变。 增持中证A500ETF的"帮忙资金"陆续撤退，汇金等国家队大资金更是巨量减持沪深300ETF、中证500ETF 等宽基。 ETF整体规模突然哑火，截至2月25日，全市场总规模为5.43万亿元，较2025年底减少了6000亿 元，降幅10%。 年前年后，可谓冰火两重天。 近十年以来，ETF规模一直呈现震荡上行态势，近一个月以来的规模大幅调整非常罕见。当然这不意味着 ETF的偃旗息鼓，更多是非常规资金的流出。 此次资金退出也属正常，毕竟现在股市表现较好，市场情绪较高，是救市资金退出的好时机，资金不可能 一直待在股市里，需要为下一次救市积蓄粮草，退出是早晚的事。现在退出还 ...

2026 年以来，量化策略基金整体运行环境良好，截止 2 月 13 日，今年以来除中证 500 指数相对强势导致相关产 品超额获取难度提升以外，其余主要宽基指数增强类别均实现正超额。其中，国证 2000、中证 1000、沪深 300 等指 增基金的超额收益相对领先。从阶段性表现来看，1 月初受科技成长及周期资源板块持续走强影响，市场风格阶段性 偏向中小盘及相关热点，导致中证 500、中证 1000、中证 2000、国证 2000 等指增基金遭遇普遍性超额回撤，但本轮 回撤幅度相对有限，自 1 月中旬起便陆续进入超额修复阶段，最终普遍实现了正超额回报。 本篇专题将继续延续之前《公募指增及量化基金经理精选》系列专题中对于公募量化基金经理的多角度刻画亮点， 进一步聚焦兴业基金楼华锋、人保资产刘石开、国联基金王喆、易方达基金殷明、华夏基金袁英杰等 5 名投资框架体 系各有特色的基金经理（按照姓名拼音字母顺序，下同）。我们将综合这 5 名基金经理的量化体系特点、风险控制制 度、投研团队现状以及产品绩效表现等多个维度进行深度研究，并结合历史持仓明细数据进行全面分析和特征刻画， 以供投资者参考。 楼华锋（兴业基金）：主张把 ...

- The report does not contain any specific quantitative models or factors for analysis[1][2][3] - The content primarily focuses on fund advisory performance, asset allocation changes, and fund rebalancing trends in February 2026[11][12][29] - Quantitative funds were highlighted as having higher allocation increases, with specific funds such as "Yongying Ruixin," "E Fund Kexin Quantitative Stock Selection," and others being mentioned as top allocation targets[29][31] - The report also discusses fund performance across various categories, such as equity funds, mixed funds, and fixed-income funds, but does not delve into quantitative factor construction or model testing[12][24][25]