证券研究报告 | 基金研究（公募） 2026 年 01 月 23 日 FOF 新发市场回温，规模相对集中于低风险 FOF FOF 基金 2025 年四季报点评 ❑ FOF 基金持仓分析： 徐燕红 S1090524120003 xuyanhong@cmschina.com 徐肖雅 研究助理 xuxiaoya@cmschina.com 敬请阅读末页的重要说明 ❑ 市场新闻：2025 年四季度，个人养老金 FOF 基金数量回升至 213 只，整体发 展平稳。截至 2025/12/31，2023 年以来完整运行的 132 只 Y 份额个人养老金基 金平均收益为 12.74%，收益区间为[-5.95%,36.14%]，130 只基金获得了正收益。 ❑ 市场概况：截至 2025 年 12 月 31 日，全市场公募 FOF 基金共有 549 只，合 计管理规模 2441.88 亿元，其中低风险 FOF 规模占比约 66%。整体较 2025 年三季度末数量增加了 31 只，管理规模持续回升，相比三季度末增加 507.00 亿元，环比上升 26.20%，相较 2024 年末规模上升超过 80%。 ❑ 新发产品：2025 年四季 ...

Core Viewpoint - The dividend sector has shown a rebound this week, with various indices reflecting positive performance, indicating a growing interest in high-dividend assets [1][2]. Index Performance - The CSI Dividend Index increased by 2.1%, while the CSI Dividend Value Index rose by 1%. The Hang Seng High Dividend Low Volatility Index and the CSI Dividend Low Volatility Index saw increases of 0.9% and 0.6%, respectively [1][2]. - The dividend yield for the CSI Dividend Index is 5.0%, with a rolling price-to-earnings (P/E) ratio of 8.2 times. The CSI Dividend Low Volatility Index has a yield of 4.9% and a P/E ratio of 8.0 times [2][3]. Fund Inflows - The E Fund Dividend Low Volatility ETF (563020) attracted nearly 300 million yuan in net inflows over the first four trading days of the week, marking 41 consecutive trading days of net inflows totaling 2.3 billion yuan [1][3]. Fund Management Fees - E Fund is currently the only fund company offering all its dividend ETFs at a low management fee rate of 0.15% per year, which supports investors in low-cost allocations to high-dividend assets [1][3]. Sector Composition - The CSI Dividend Index comprises 100 stocks with high cash dividend yields and stable dividends, with over 50% of its composition from the banking, coal, and transportation sectors [3]. - The CSI Dividend Low Volatility Index consists of 50 stocks with good liquidity and stable dividends, with over 60% from the banking, coal, and transportation sectors [3]. - The Hang Seng High Dividend Low Volatility Index includes 50 stocks from the Hong Kong Stock Connect, with over 60% from the financial, real estate, and energy sectors [3]. Historical Performance - The CSI Dividend Index has shown a cumulative increase of 5.3% over the past year and 21.3% over the past five years, indicating strong long-term performance [5].

Core Insights - Growth stocks outperformed last year, leading to a significant increase in both performance and scale for several growth-oriented funds by the end of Q4 2025 [1][2] - The market trend has shifted from merely "star chasing" to focusing on "industry chain opportunities," with funds that strategically position themselves in high-growth sectors attracting substantial capital inflows [7] Fund Performance and Scale Growth - Several funds have transitioned from "mini funds" to larger scales, with notable examples including: - China Europe Cycle Selection increasing from 0.36 million to 15.75 million - Industrial Bank Quality Selection rising from 0.35 million to 17.91 million - Yongying Technology Selection reaching 154.68 million [1][2] - New funds entering the billion scale include: - Huatai PineBridge Xinxiang Tianli increasing from 62.65 million to 116.21 million - Huatai PineBridge Technology Innovation and Morgan Emerging Power also crossing the 100 million mark [2] Sector Focus and Investment Strategies - Funds that saw significant scale increases were heavily invested in high-demand sectors such as AI, commercial aerospace, and precious metals [1][4] - The investment strategies of these funds include: - Huatai PineBridge Xinxiang Tianli focusing on limited supply upstream resources and high-end manufacturing - Morgan Emerging Power maintaining positions in AI-related stocks while increasing exposure to lithium batteries and other sectors [4][5] - Funds like Yongying Technology Selection and Debon Xin Star Value continue to emphasize AI and related innovations, indicating a strong belief in the sector's growth potential [5][6] Market Dynamics and Fund Management - The surge in fund sizes is linked to the performance of their core holdings, creating a positive feedback loop where high sector demand drives fund inflows [8] - The shift in market dynamics reflects a growing preference for funds that can deliver stable returns and dividends, particularly in high-growth sectors [8] - Analysts suggest that the rapid increase in fund size may impact investment strategies, potentially leading to higher trading costs and challenges in maintaining flexibility [8]

Core Viewpoint - E Fund's Zhang Kun reported a decline in total assets under management to 48.383 billion yuan as of December 2025, with three A-share focused funds underperforming their benchmarks, while the E Fund Asia Select fund achieved positive returns, significantly exceeding its benchmark [1][2]. Group 1: Fund Performance - As of December 2025, the largest fund, E Fund Blue Chip Select, had a net asset value of 1.8623 yuan, with a report period net asset value growth rate of -8.93%, compared to a benchmark return of -2.63% [1]. - Three main A-share focused funds reported negative quarterly returns and failed to outperform their performance benchmarks [1]. Group 2: Portfolio Adjustments - Zhang Kun reduced holdings in major stocks such as Kweichow Moutai, Wuliangye, Luzhou Laojiao, and Shanxi Fenjiu, while also significantly reducing positions in Focus Media and China Merchants Bank [1]. - The top ten holdings of E Fund Blue Chip Select remained unchanged, including Tencent, Kweichow Moutai, and Alibaba, with notable reductions in Focus Media and increases in Alibaba [2]. Group 3: Market Outlook - Zhang Kun expressed a long-term optimistic view on the macro economy and market, predicting significant improvements in living standards and social security in China over the next decade [2]. - He emphasized the importance of a strong domestic demand market in promoting technological innovation, suggesting that improved consumer environments could enhance subscription revenues and model capabilities [3]. Group 4: Confidence in Business Models - Zhang Kun maintained confidence in the business models, competitive barriers, and cash flow generation capabilities of the companies in the portfolio, asserting that the market's perception of quality companies presents good opportunities for long-term investors [3].

随着公募基金2025年第四季度报告披露收官，全行业最新管理规模排名出炉。Wind数据显示，2025年 末，易方达基金以2.49万亿元（ETF使用最新场内规模，下同）管理规模蝉联第一，华夏基金以2.21万 亿元紧随其后，成为业内仅有的两家管理规模超2万亿的公募机构。同时，公募基金管理规模Top10门 槛跃升至万亿元，广发基金、南方基金、富国基金等8家机构规模均超万亿，头部效应持续强化。 截至2025年末，公募基金规模同比新增约5万亿元，其中非货币型基金增长3.38万亿元，成为行业增长 主力，ETF与"固收+"产品则分别贡献了2.08万亿元和1.02万亿元增长，是全年机构规模增长的核心胜负 手。 易方达、华夏基金管理规模超2万亿元 Wind数据显示，截至2025年末，公募基金规模达37.5万元，同比增长约5万亿元。 公募基金管理规模前十门槛已经提升至万亿元级别。截至2025年末，易方达基金以2.49万亿元管理规模 蝉联榜首，华夏基金以2.21万亿元紧紧跟随。两家成为业内仅有的管理公募基金规模超2万亿的机构， 且增幅非常接近。易方达基金、华夏基金全年管理规模分别增加4361.11亿元、4268.44亿元，增幅分别 ...

- The report introduces a quantitative model for evaluating equity funds' performance. The model uses 22 benchmark indices as independent variables and fund returns as dependent variables. A univariate linear regression is conducted for each index, and the rolling window regression is applied with a 6-month window to calculate the R² matrix for each fund. The index with the highest average R² over the last six periods is selected as the performance benchmark for the fund. The corresponding regression equation result is used as the performance evaluation result[17][18][20] - The evaluation method for equity funds also incorporates a scoring system based on fund-manager performance. The scoring system considers both horizontal (market-wide win-rate percentile) and vertical (long-term and short-term performance trends) dimensions. This creates a comprehensive scoring framework for all active equity funds. Funds are categorized into four ratings: AAA, AA+, AA, and BB+, with each rating reflecting different alpha characteristics and performance stability[41][42][43] - The report highlights the performance of different fund styles in December 2025. Growth funds achieved the highest median return of 7.49%, followed by small- and mid-cap funds at 4.45%, large-cap funds at 4.25%, thematic funds at 2.67%, and value funds at 0.29%. Growth funds exhibited significant polarization, with the best performer achieving a 25.0% return and the worst performer at -0.9%[23][25][27] - Thematic funds are further analyzed by sector, including technology, cyclical, high-end manufacturing, and financials. Among these, technology funds performed the best, with an average return of 57.5% for active funds in 2025. The top-performing technology fund, "Yongying Technology Smart Selection A," achieved a return of 236.9%[24][27][28] - The report identifies the most tracked indices by active equity funds in December 2025. The CSI 500 index was the most followed, with 559 funds tracking it, accounting for 14.95% of the sample. The second most tracked index was the ChiNext Index, with 428 funds (11.44%). The CSI A50 index saw the largest increase in the number of funds tracking it, rising from 121 to 145 funds during the month[36][37] - The report also provides details on high-rated funds across different styles, such as small- and mid-cap, large-cap, value, growth, and thematic funds. For example, in the small- and mid-cap category, "Huatai-PineBridge Quantitative Wisdom A" achieved a recent score of 10 with an R² of 0.96, while in the growth category, "Bosera Smart Quantitative Multi-Factor A" scored 10 with an R² of 0.86[52][53][55][56]

Core Viewpoint - The trading volume of the SSE 50 Index ETFs increased significantly today, with a total trading amount of 13.088 billion yuan, representing a week-on-week increase of 3.587 billion yuan, or 37.76% [1] Trading Volume Summary - The Huaxia SSE 50 ETF (510050) had a trading volume of 12.352 billion yuan, up 3.427 billion yuan from the previous trading day, with a week-on-week increase of 38.39% [1] - The E Fund SSE 50 ETF (510100) recorded a trading volume of 620 million yuan, an increase of 122 million yuan, with a week-on-week increase of 24.41% [1] - The ICBC SSE 50 ETF (510850) had a trading volume of 24.75 million yuan, up 14.26 million yuan, with a week-on-week increase of 136.01% [1] - The Shenwan Hongyuan SSE 50 ETF (510600) and the Wanji SSE 50 ETF (510680) saw the largest increases in trading volume, with increases of 355.35% and 213.23% respectively [1] Market Performance Summary - As of market close, the SSE 50 Index (000016) fell by 0.69%, while the average decline for related ETFs was 0.64% [1] - The ETFs with the largest declines included the Bosera SSE 50 ETF (510710) and the Jianxin SSE 50 ETF (510800), which fell by 1.01% and 0.90% respectively [1]

近日，汇丰中国宣布已落地其在境内市场的首单公募基金托管业务，为易方达基金最新发行的公募基金 产品提供托管服务。此外，汇丰中国还是该基金首次公开募集的代销银行之一。 在我国财富管理市场持续扩容的背景下，外资行动作频频。苏商银行特约研究员付一夫指出，居民财富 持续积累、资管新规深化以及跨境资产配置需求增长，共同构成中国财富管理市场的核心增长动力。随 着居民资产配置理念逐步成熟，财富管理需求正从单一储蓄向多元化、长期化配置转变，为各类机构提 供了广阔的发展空间。 发挥跨境服务资源优势 汇丰中国副行长兼资本市场及证券服务部联席总监张劲秋表示："通过落地首单本地公募基金托管，汇 丰首次以'托管+渠道'的模式加入公募基金托管这一黄金赛道，服务本地基金公司，并将发挥外资托管 行'本地+全球'的服务能力，积极支持本地基金的全球资产配置和海外业务布局，同时推动全球资管机 构深耕中国市场，以跨境服务资源支持中国资本市场的高质量发展。" 首先，从市场规模来看，中国是全球第二大资产和财富管理市场，并且私人财富总量持续增长，客户基 础庞大且稳定。虽然全球经济整体增速放缓，但在中国市场，私人财富总量仍在持续增长，展现出巨大 的市场潜力和 ...

Summary of Key Points Core Viewpoint - The trading volume of the CSI 300 Index ETFs reached 100.59 billion yuan today, marking an increase of 45.57 billion yuan from the previous trading day, representing a growth rate of 82.82% [1] Group 1: Trading Volume and Changes - The E Fund CSI 300 ETF (510310) had a trading volume of 31.58 billion yuan, an increase of 15.28 billion yuan from the previous day, with a growth rate of 93.74% [1] - The Huatai-PB CSI 300 ETF (510300) recorded a trading volume of 31.83 billion yuan, up by 11.46 billion yuan, reflecting a growth rate of 56.24% [1] - The China Asset CSI 300 ETF (510330) saw a trading volume of 20.77 billion yuan, increasing by 11.07 billion yuan, with a growth rate of 114.17% [1] - The Fortis Fubon CSI 300 ETF (515360) and the China Asset CSI 300 ETF (510330) had the highest increases in trading volume, with growth rates of 3081.91% and 114.17% respectively [1] Group 2: Market Performance - As of market close, the CSI 300 Index (000300) fell by 0.45%, while the average decline for related ETFs was 0.36% [2] - The best-performing ETF was the Bosera CSI 300 ETF (515130), which increased by 0.06% [2] - The worst performers included the China Life Asset CSI 300 ETF (510380) and the Huabao CSI 300 Enhanced Strategy ETF (562070), which decreased by 0.72% and 0.68% respectively [2] Group 3: Detailed ETF Performance - The trading performance of various ETFs showed significant fluctuations, with the Fortis Fubon CSI 300 ETF (515360) experiencing a dramatic increase in trading volume by 3081.91% [2][3] - Other notable ETFs included the E Fund CSI 300 ETF (510310) and the Huatai-PB CSI 300 ETF (510300), both showing substantial increases in trading volume and relatively minor declines in price [2][3] - The overall trend indicates a mixed performance among the ETFs, with some experiencing significant trading activity despite the overall market decline [2][3]

Group 1 - The core point of the news highlights a significant surge in trading volumes for multiple Hu-Shen 300 ETFs, with two ETFs surpassing a transaction volume of 30 billion yuan, indicating heightened market activity [1][2] - The Hu-Shen 300 ETF from Huatai-PineBridge reached a transaction volume of 31.8 billion yuan, marking a new high since October 8, 2024, while the ETF from E Fund reached 31.5 billion yuan, also a record since its listing [1][2] - The report indicates that the total market value of ETFs held by the Central Huijin Investment and Central Huijin Asset Management companies exceeded 1.53 trillion yuan, reflecting an increase of 245.8 billion yuan compared to the previous year [8] Group 2 - The data shows that the Hu-Shen 300 ETF from Huatai-PineBridge had a holding market value of 169.49 billion yuan in Q4 2025, with no change in the number of shares held [3] - The Central Huijin Asset Management held 12 ETFs with a market value of 697 billion yuan in Q4 2025, also maintaining the same number of shares [5] - The report notes that since January 15, large funds have been selling off broad-based ETFs, with a net outflow of 77 billion yuan in a single day, totaling a net outflow of 534.6 billion yuan since the beginning of the year [11] Group 3 - The top 30 ETFs by net outflow since the beginning of 2026 include the Hu-Shen 300 ETF from Huatai-PineBridge, which saw a net outflow of 97.27 billion yuan, and the Hu-Shen 300 ETF from E Fund with a net outflow of 57.53 billion yuan [16] - Industry-specific ETFs have experienced a net inflow of 126.2 billion yuan, with sectors such as fine chemicals, semiconductor materials and equipment, non-ferrous metals, and electric grid equipment being the most attractive, drawing in 15.17 billion yuan, 14.41 billion yuan, 12.04 billion yuan, and 11.74 billion yuan respectively [18][19] - The report indicates that two ETFs, the Southern Non-Ferrous Metals ETF and the Huatai Electric Grid Equipment ETF, have each seen net inflows exceeding 10 billion yuan, with inflows of 12 billion yuan and 11.7 billion yuan respectively [21][22]