"这只FOF只卖一天，额度抢得很快。"一位银行理财经理向记者展示刚刚售罄的产品页面。就在1月5 日，万家基金旗下一只FOF一日"售罄"；次日，广发基金旗下的另一只FOF也闪电结募。 多家基金公司销售负责人表示："FOF是银行渠道开门红的主力""每月都有新产品排期""有绩优FOF基金 经理被头部机构高价挖角。" 一边是万亿级到期的定期存款寻找新出路，另一边是基金公司密集排期新基金，一场由客户需求、产品 转型与渠道助推驱动的FOF角逐战，开年首个交易周全面打响。 2026年开年，基金发行市场呈现火热景象。 中国证券报记者实地走访多家银行网点与基金公司后发现，在理财经理、营销人员频繁提及的"长盈计 划""龙盈计划"背后，围绕FOF的渠道暗战与产品竞赛已趋于白热化。 三重共振 FOF销售火爆 1月5日，万家启泰稳健三个月持有（FOF）发售仅一天就结束募集，成为2026年首只一日结募的新发基 金。 1月6日，广发悦盈稳健三个月持有（FOF）也公告提前结束募集，募集时间仅两个交易日。 接近渠道人士透露，近一个季度新发的FOF产品，合同设置的募集上限会比较高，但在实际销售中，银 行会提前确定一定的销售目标，比如20亿元或者 ...

另一方面，指数产品"乱花渐欲迷人眼"，普通投资者如何挑选、配置成为新问题。这从近期沪深两市交 易所发布业务指南，对存量ETF名称进行统一规范，就可见一斑。 指数投资正面临新的挑战和机遇。 一方面，指数市场快速发展。Wind数据显示，截至2025年12月5日，中国市场ETF数量已经超过1400 只，累计规模超过5.7万亿元。 而在指数产品的交易过程中，不少投资者还发现，许多指数产品的波动性比较大，若缺少专业投资研 究，听消息、凭感觉，频繁择时操作，搞不好就会"赔了夫人又折兵"。 平心而论，指数产品作为一类"被动化"投资工具，凭借风格清晰、交易便捷、费率低廉等优势，一定程 度上缓解了投资者对投资机构的信任问题，也满足了部分交易需求。但不可否认的是，即便在指数投资 过程中，"主动化"的选择和配置仍旧不可或缺。 据笔者观察，针对"指数时代"的配置难题，市场给出了几种思路： 一是产品化的解决方案，利用FOF等标准策略进行指数配置。有业内人士指出，2025年ETF-FOF的申报 和发行节奏明显加快。ETF-FOF作为创新产品，在2021年首次推出，但进入2023年和2024年却无产品成 立，一度陷入沉寂。而在ETF供给极 ...

自2017年9月8日国内首批产品获批以来，公募FOF已走过八年有余。从初期借势结构性牛市快速扩容， 到经历市场周期洗礼后的理性回归，再到如今的养老第三支柱建设加速推进、居民财富管理需求升级以 及多资产配置理念深入人心的多重驱动下重焕活力，FOF正逐步从"小众品种"迈向"主流配置"。 在此进程中，鹏华基金始终秉持长期主义与专业精神，不仅积极参与FOF业务布局，更立足中国资本市 场实际，深度融合全球视野与本土实践，形成了兼具战略定力与战术灵活的"中国特色资产配置框架"。 该方法论已深度融入鹏华基金FOF投研的全流程，并持续赋能旗下养老FOF以及普通FOF等系列产品 线。此次推出的鹏华易选稳健3个月持有期FOF(基金代码：A类025950；C类025951)，正是在此框架指 导下的又一重要实践。 该产品由鹏华首席资产配置官郑科执掌，延续其一贯的投资理念，在底层资产筛选、跨市场联动策略及 回撤控制机制中，深度融入对当前宏观经济格局与中国资本市场结构性特征的研判，力求在复杂多变的 环境中，为投资者提供兼具时代适配性与长期复利价值的配置方案。 单一资产难以应对复杂的市场环境，多元资产配置成为趋势。对此，郑科有着独到见解： ...

部分混合类理财短期业绩爆发 【导读】混合类理财产品业绩亮眼，年内最高单位净值增长率接近36% 中国基金报记者 李树超 张玲 今年以来，混合类理财产品业绩亮眼，短期业绩爆发，最高单位净值增长率接近36%。 业内人士表示，随着权益市场回暖，细分板块结构性机会增多，混合类理财产品业绩爆发。 在存款利率持续下调的大背景下，混合类理财产品仍有较大发展空间，建议理财机构不断加 强权益投研能力建设，做好多元配置与产品创新，更好满足市场差异化投资需求。 编辑：张洁 Wind数据显示，截至11月27日，超九成混合类理财产品今年以来单位净值增长率为正，11 只产品单位净值增长率超20%，最高达35.97%。 该类产品短期业绩也呈现爆发势头。普益理财数据显示，截至2025年三季度末，混合类理财 产品近7日、近1个月平均年化收益率分别为13.21%、6.62%，较上季度分别上升112.44个 百分点、35.32个百分点，收益弹性显著提升。 中国邮政储蓄银行研究员娄飞鹏表示，年内混合类理财业绩表现突出的原因有权益市场回 暖、策略精细化运作、资产配置多元化等。部分产品短期业绩爆发式增长，主要驱动因素是 对特定市场板块阶段性机会的精准捕捉 ...

Core Insights - The FOF market has significantly expanded in 2023, with total market size reaching 193.34 billion yuan by the end of Q3 2025, representing a growth of over 46% compared to the end of 2024 [1] - The demand for stable, diversified, and professional investment tools has surged due to challenges such as low interest rates, broken guarantees, and increased market volatility [1] Group 1: FOF Product Features - The essence of public FOFs is to provide investors with a professional investment solution for diversified asset allocation, aiming for a long-term balance between risk and return through scientific combinations and dynamic adjustments [1] - The newly launched Penghua Easy Selection Stable 3-Month Holding Period FOF, led by Chief Asset Allocation Officer Zheng Ke, focuses on multi-asset allocation and aims to control volatility while broadening sources of return [1][3] Group 2: Addressing Investor Challenges - FOFs effectively address common behavioral biases faced by ordinary investors, such as difficulty in selecting funds, timing issues, and holding onto investments [1] - The Penghua Easy Selection Stable FOF is designed to assist in fund selection by leveraging a research team with extensive experience to create a scientifically constructed portfolio of quality funds [2] Group 3: Investment Strategy - Asset allocation is identified as the core value of FOFs, contributing over two-thirds of investment returns, with a focus on both strategic asset allocation (SAA) and tactical asset allocation (TAA) [3] - The product aims to enhance the risk-return profile of the portfolio while optimizing the investor's holding experience through a disciplined asset allocation mechanism [3]

Core Viewpoint - The article highlights the advantages of Fund of Funds (FOF) in addressing common challenges faced by ordinary investors, such as difficulty in selecting funds and holding them long-term. The newly launched "Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF)" aims to leverage these advantages to provide stable returns for investors [1]. Group 1: Fund Overview - The "Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF)" is being issued by Huashang Fund, a well-established public fund company with nearly 20 years of experience [1]. - The fund will be managed by Sun Zhiyuan, a seasoned fund manager known for his strong research and investment capabilities [1][3]. - The fund's asset allocation strategy includes equity, fixed income, money market, and other types of funds, with equity allocation set between 5%-30% [6]. Group 2: Manager Profile - Sun Zhiyuan has 13.6 years of experience in the securities industry, with a focus on fund analysis and FOF/MOM investment management [3]. - He emphasizes a "steady counterattack" investment philosophy, aiming for absolute and relative returns while ensuring a good investment experience for clients [4]. Group 3: Performance Metrics - Data from Galaxy Securities indicates that the fund managed by Sun Zhiyuan, "Huashang Anyuan Steady Progress One-Year Holding Mixed Fund (FOF)," ranks second in its category for A-class shares and first for C-class shares over the past year [5]. Group 4: Investment Philosophy - The fund is designed to encourage a long-term investment perspective by setting a minimum holding period of three months, helping investors avoid irrational decisions due to short-term market fluctuations [6][10]. - Huashang Fund's strong research capabilities and active management approach are highlighted as key strengths that support the fund's investment strategy [9].

Core Insights - The article emphasizes the increasing demand for low-volatility, absolute return products in the current low-interest, high-volatility environment, with public FOFs (Fund of Funds) emerging as a key tool to meet this demand [1] - Liu Xin, the assistant general manager and head of asset allocation at Minsheng Jianyin Fund, is highlighted for his pragmatic investment philosophy that focuses on asset allocation rather than short-term market predictions [2][4] Investment Philosophy - Liu Xin's investment philosophy is characterized by "market reverence" and "weakness thinking," acknowledging the complexity of markets and the limitations of individual perception [2][3] - The focus is on addressing solvable investment issues, such as long-term asset patterns and risk correlation analysis, rather than attempting to predict short-term market movements [3] Asset Allocation Strategy - The essence of asset allocation is to "acknowledge uncertainty," aiming for sustainable investment returns through diversified portfolios that hedge against uncontrollable risks [4] - Liu Xin advocates for a "localized all-weather" FOF strategy that emphasizes multi-asset diversification rather than merely selecting top-performing funds [5][6] Performance Metrics - Under Liu Xin's leadership, the Minsheng Jianyin Kangning Stable Pension Target One-Year FOF has achieved a net value growth rate of nearly 8% since 2025, surpassing its performance benchmark by 3.51% with a maximum drawdown of -1.95%, indicating strong stability [1] Market Outlook - Liu Xin holds a relatively optimistic view on the A-share market, citing its reasonable valuation and sustainable upward trend, making it a core equity asset for strategic allocation over the next two to three years [9] - The A-share market is currently at a medium valuation level, providing a safety margin compared to other global markets [9] Bond Market Perspective - Bonds are viewed as a "stabilizer" in the portfolio, with a focus on interest rate bonds for risk hedging rather than yield generation, while credit bonds are selected through experienced active fund management [10] - The current bond market is characterized by low overall interest rates, but bonds still offer "insurance value" against economic downturns [10] New Fund Launch - A new fund, Minsheng Jianyin Multi-Dimensional Stable Allocation 3-Month Holding Period Mixed FOF, is set to be launched, which will implement the "localized all-weather" strategy and dynamically optimize asset allocation [11]

Core Viewpoint - The podcast episode titled "When the Big Cycle Fails, Where is the New Macro Coordinate?" hosted by fund manager Tang Jun from Zhongtai Asset Management has gained significant attention, with over 60,000 listeners in a week, indicating a strong interest among investors in learning about macroeconomic frameworks and investment strategies [2][5]. Group 1: Framework Construction - The background and reasons for the effectiveness and ineffectiveness of the Merrill Clock are discussed [5]. - The "Credit-Money" framework is introduced, explaining how to describe the current macroeconomic state based on this framework [5]. - The current macroeconomic state leads to specific asset allocation conclusions [5]. Group 2: Allocation and Portfolio Construction - The distinction between active and passive allocation is made, highlighting the problems that active allocation can solve [9]. - Preparations required for engaging in active allocation are outlined [9]. - The role of FOF (Fund of Funds) in addressing specific issues is examined [9]. - The execution of strategic and tactical layers in investment is discussed [9]. Group 3: Reflections on Human Nature - The importance of understanding human behavior in the context of investment allocation is emphasized, inviting listeners to engage in a professional and rigorous intellectual exchange [6]. Group 4: Risk and Return Concepts - The concept of risk budgeting and how to construct a portfolio within a given risk budget is explained [9]. - The notion of return streams and which assets can represent different return streams is analyzed, drawing lessons from Bridgewater's practices [9]. - The significance of having a framework in investment decision-making is highlighted [9]. - The meaning of logic in investment and the application of probabilistic thinking in market timing are discussed [9].

人民财讯11月14日电，11月14日交银施罗德基金公告显示，交银臻享多资产三个月持有期混合（FOF） 成立，募集规模23.67亿元，获9440户有效认购。根据统计，包括该FOF在内，今年以来成立规模在20 亿元以上的FOF已有11只，其中有5只成立于10月至今这段时间内。 ...

Group 1 - The core viewpoint of the articles highlights the recovery of Fund of Funds (FOF) in 2023, with a positive average return of 14.29% for 477 FOFs established for over six months as of October 31 [1] - The total market size of FOFs reached 187.147 billion yuan by the end of Q3, reflecting an increase of 57 billion yuan compared to the end of the previous year, indicating a trend towards diversified asset allocation for investors [1] - Historical data shows low correlation among various asset classes, which supports the strategy of multi-asset allocation in FOFs to enhance returns and reduce volatility [1] Group 2 - The proposed FOFs, such as the Invesco Great Wall and Xie Wenjin's three-month holding period FOF, aim to balance risk and return by employing a "fixed income + multi-asset" strategy, with a focus on 90% fixed income and 10% equity assets [1] - The fund manager Jiang Hong emphasizes a "stability first, then diversification" approach, with a focus on risk control and volatility management, leading to a 6.52% increase in the bond-oriented FOF index over the past year [2] - Jiang Hong maintains a positive outlook on the equity market, suggesting a focus on sectors like technology, high-dividend stocks, pharmaceuticals, and turnaround opportunities, while also advocating for leveraging strategies in the bond market [2]