Core Viewpoint - The article discusses the increasing complexity of selecting mutual funds in a growing market, highlighting the role of Fund of Funds (FOF) as a guide for investment decisions, particularly focusing on the popularity of quantitative and conservative fund strategies [3][4][5]. Group 1: FOF and Fund Performance - FOFs are seen as "smart money" due to their backing by institutional research systems, which provide them with a keen market sense and professional selection logic [4][5]. - The article analyzes quarterly holdings data from FOFs to reveal institutional fund flows and market style shifts [6]. - The top actively managed equity fund by FOF holdings is the Baodao Jiuhang C (008319.OF), which has been included in the portfolios of 22 FOFs and achieved over 40% returns last year [7][9]. Group 2: Fund Performance Metrics - Baodao Jiuhang C has shown significant performance metrics, with a return of 40.14% in 2025, outperforming its benchmark and the CSI 300 index [8]. - The second fund, Baodao Growth Zhihang C (013642.OF), managed by Yang Meng, also performed well with nearly 50% returns last year, but its quarterly holding change dropped by 49.4%, indicating some profit-taking [10]. - The third fund, Fuguo Stable Growth C (010625.OF), managed by Fan Yan, is known for its balanced and stable approach, being favored by 17 FOFs [11][12]. Group 3: Investment Strategies and Trends - The article notes a trend where FOF managers prefer C-class shares for tactical allocations due to their lower transaction costs and flexibility, especially in volatile sectors like technology [31][32]. - A-class shares are typically seen as long-term holdings, while C-class shares are favored for short-term strategies, reflecting a tactical approach by FOFs [30][34]. - The upcoming regulatory changes may blur the lines between A-class and C-class shares, potentially impacting FOF strategies in the future [35].

Core Viewpoint - The A-share market has entered a phase of high volatility and structural differentiation after an initial rapid rise at the beginning of the year, prompting investors to seek stable returns through diversified asset allocation strategies, such as the newly launched Fuguo Hengxin 3-Month Holding Period Mixed (ETF-FOF) fund [1] Group 1: Market Environment - Since 2025, FOF funds have gained popularity among investors due to their asset allocation and risk diversification advantages, with a total of 545 public FOF funds and a combined scale of 244 billion yuan by the end of 2025, marking a historical high [2] - The ETF-FOF product combines the advantages of both ETFs and FOFs, allowing off-market investors to flexibly capture trading opportunities in on-market funds, with at least 80% of its non-cash fund assets invested in ETFs [2] Group 2: Fund Strategy - Fuguo Hengxin 3-Month Holding Period Mixed (ETF-FOF) aims for low volatility and low drawdown, primarily using bond ETFs as the underlying assets while integrating A-share sector rotation and Hong Kong Smart Beta strategies to enhance returns [3] - The fund employs a momentum risk budgeting model for dynamic adjustment of asset contributions to achieve stable volatility and controlled drawdown levels, with different strategies for various asset classes, including sector rotation for A-shares and duration timing for bonds [3] Group 3: Management Team - The fund will be managed by Zhang Ziyan, the Director of Multi-Asset Investment at Fuguo Fund, who has 15 years of experience in the securities industry and a strong background in mathematics and finance [4] - Under Zhang's management, the Fuguo Xinwang Steady Pension Target One-Year Holding (FOF) A fund achieved a net value growth rate of 27.60% since inception, significantly outperforming its benchmark return of 18.63% [4] - Fuguo Fund's multi-asset investment department, established in May 2017, focuses on strategy investment and research, aiming to provide clients with long-term stable returns through multi-strategy and multi-asset allocation [4]

Core Insights - The FOF (Fund of Funds) market is experiencing significant growth due to a combination of low interest rates and market volatility, leading to increased demand for diversified investment strategies [2][3] - Yang Zhe, a prominent FOF fund manager, emphasizes the importance of multi-asset strategies in achieving stable returns and risk mitigation [3][4] Group 1: Market Trends - The FOF market has seen a rise in "small blockbuster" funds, with total scale reaching new highs, driven by both demand and supply factors [2] - Low interest rates are pushing investors to seek diversified income sources, as traditional low-risk assets yield diminishing returns [2] - The proportion of QDII funds, alternative investment funds, and REITs in FOF portfolios has been increasing, with QDII and alternative funds accounting for 4.4% and 3.9% of allocations respectively as of Q3 2025 [2] Group 2: Performance Metrics - Yang Zhe's managed fund, Guangfa Anteng Stable Six-Month Holding (FOF), has maintained a maximum drawdown of no more than 1.5% since its inception in May 2023, achieving annual returns of 4.24% and 3.18% for 2024 and 2025 respectively [1] - The Guangfa Anyu Stable One-Year Holding (FOF) has delivered a cumulative return of 13% since its launch in March 2022, with a maximum drawdown of 4.53%, outperforming the bond-mixed fund index [3] Group 3: Investment Strategy - The core of multi-asset strategies lies in combining assets with different risk-return profiles to achieve effective hedging and manage volatility [4] - The asset allocation team at Guangfa Fund is structured into research groups based on asset categories, ensuring comprehensive qualitative and quantitative analysis [5] - The upcoming Guangfa Yuefeng Multi-Dimensional Stable Three-Month Holding (FOF) aims to provide a diversified investment approach, including domestic equities, overseas markets, and commodities [5] Group 4: Market Outlook - Current valuations in the A-share and Hong Kong markets are considered attractive compared to historical highs in the US and other developed markets [7] - The A-share market has seen significant valuation recovery, supported by improving PMI data and potential corporate earnings growth [7] - The outlook for 2026 favors large-cap growth styles, particularly in technology and healthcare sectors, driven by innovation and demand in AI and semiconductor markets [7]

本报讯 （记者王宁）作为专业资产配置和分散风险工具的FOF基金，正日益发挥着投资者资产配置的压舱石功能。记者获 悉，银华华远多元配置六个月持有期混合（FOF）（A类025835 C类025836）目前正在发行中，旨在为稳中求进的投资者提供 优质之选。 据悉，银华华远多元配置六个月持有期混合（FOF）关注中债、A股、港股、美股、黄金等的投资机遇，力争兼顾组合的 风险与收益。固收方面，重点关注纯债基金，力争获取较为稳健的底仓收益；权益方面，5%—30%的基金资产投资于股票、股 票型基金、混合型基金等权益类资产，博取超额收益空间。 （编辑 郭之宸） 为了更好地平衡风险收益比，银华华远多元配置六个月持有期混合（FOF）将采用"核心+卫星"的权益多资产多策略构建 组合，以红利质量策略为核心，海外、商品、景气成长等多策略为卫星的模式进行运作。一方面发挥红利质量策略波动较小、 弹性较低的特点，另一方面加入其他策略，避免单一投资策略无法适应复杂多变的市场结构，力求增强组合的环境适应性。 未来银华华远多元配置六个月持有期混合（FOF）拟由王嘉鹏担任基金经理，其主要从事大类资产配置、组合投资和基金 产品研究工作。回顾2015年以 ...

午后，餐厅，资深的主厨正在设计一场定制家宴的菜单。 他并未着急决断，而是先仔细研究了宾客的饮食习惯——这次的宾客偏好清淡本味，喜爱新鲜的食材。 放下手中的宾客资料，宴席的架构开始浮现。 清蒸海鱼是李师傅的拿手菜，他对火候与时间的掌控已臻化境； 菊花豆腐汤全靠陈师傅的经验，一手出神入化的刀工，豆腐在水中绽放如丝缕菊瓣； 杏仁酪温润妥帖，心思缜密的周师姐能把握得恰到好处…… 主厨不需要自己去种菜或捕鱼，亦不需要亲手制作每道美食。 涨跌刺激如烈酒的权益产品、温和滋补如老火汤的固收产品、散发着土地清香的资源品、清冽可饮用的 活水现金…… 这有点像FOF基金经理遴选投资标的的动作。 首先明确投资者的风险偏好，确定产品的投资目标。 其次根据投资目标，精心构建组合的框架和策略。 再根据资产配置方案，从浩如烟海的基金中，选择最合适的投资品种。 而这个组合并不是静态不变的，需要根据市场的变化，动态调整。 FOF基金经理在投资时，也会面对琳琅满目的"投资菜系"—— 资产轮动，就像春季尝鲜、秋冬进补。聪明的主厨不会死守一个菜谱，而是根据市场季节的变化，适度 增配当下更具潜力的资产，减配可能面临风险的资产，旨在捕捉不同阶段的收益机会 ...

Core Insights - The article emphasizes the importance of diversification in investment strategies, highlighting that a well-diversified portfolio can mitigate risks and enhance returns over time [2][4][11]. Group 1: Investment Strategies - The use of hedging techniques allows investors to maintain patience with undervalued stocks and reduce psychological fears in the market [3]. - Diversification is presented as a key strategy to avoid the pitfalls of concentrated investments, which can lead to significant losses if the selected stocks underperform [4][5]. - The article cites the example of investors who lost money by concentrating their investments in failing companies, underscoring the need for a diversified approach [5]. Group 2: Performance of FOF Products - As of January 23, 2026, the total net asset value of E Fund's FOF products reached 211.11 billion [5]. - All 62 FOF products under E Fund achieved positive returns by the end of 2025 [6]. - In 2025, seven out of the top ten performing public FOFs were from E Fund's "Advantage" series, indicating strong performance in a competitive market [7][8]. Group 3: Manager Insights - Zhang Haoran, a key fund manager at E Fund, emphasizes a deep understanding of underlying asset logic and focuses on macroeconomic, policy, and fundamental analyses to guide investment decisions [18][20]. - The investment strategy involves a core-satellite approach, balancing stable core positions with more flexible satellite investments to adapt to market changes [22][26]. - Zhang Haoran's management style prioritizes low turnover and effective risk diversification through a selection of fund managers with proven track records [19][20]. Group 4: Market Trends and Adjustments - The article notes that in 2024, 75% of E Fund's FOF products that had been established for over a year maintained positive returns, reflecting resilience in a recovering market [9]. - In 2023, only 55 FOF products across the market achieved positive returns, with E Fund being one of the top performers [9]. - The launch of the "Ruyi" series in 2025 saw significant fundraising success, with one fund raising over 58 billion, marking it as the largest new fund in the fourth quarter [10].

Group 1 - The public fund issuance remains strong at the beginning of the year, with 44 new funds starting fundraising this week, a 10% increase compared to the previous week, marking the fourth consecutive week above 35 funds [1] - The average subscription period for new funds this week is only 13.18 days, indicating a faster pace of capital entry and a steady increase in investor confidence [1] - The A-share market saw a decline in major indices, with the Shanghai Composite Index down 0.08% to 4132.9 points, and the Shenzhen Component Index down 0.85% to 14316.64 points, reflecting a weak performance in small and mid-cap stocks [1] Group 2 - A total of 56 new funds were launched on January 26, primarily consisting of equity and mixed funds, with notable fundraising targets such as the Fortune China Securities Industrial Nonferrous Metals Theme ETF aiming for 8 billion yuan [2] - The surge in AI demand has led to a global increase in storage prices, with domestic policies supporting the semiconductor sector, resulting in a synchronized rise in A-share and US stock markets [2] - Despite high short-term valuations and potential adjustment pressures, the global tech wave driven by AI is expected to propel the industry into a new growth cycle, benefiting companies with core technologies and ecological barriers [2] Group 3 - The public fund of funds (FOF) market is expected to see significant activity in Q4 2025, with a substantial increase in the number and scale of new funds, and a growing number of managers entering the market [3] - Pure bond funds remain the largest type held within FOFs, providing a stable base, while some FOFs are moderately increasing their allocation to equity funds, particularly in technology themes [3] - FOFs are recognized as "professional fund buyers," leveraging diversified allocations to mitigate risks, which is expected to appeal to conservative investors in 2026 [3]

Core Viewpoint - The new fund issuance market in China remains robust, with 43 new funds launched in the last week of January 2026, primarily driven by equity funds, while FOF and "fixed income+" products also show positive trends [1][9]. Fund Issuance Overview - A total of 43 new funds were issued during the week from January 26 to January 30, 2026, with 31 funds launched on January 26 alone, accounting for over 70% of the total [2][10]. - The average subscription period for new funds was 12.84 days, with the longest being approximately three months for the "Zhongjia Balanced Return" fund [2][10]. - The shortest subscription periods were for three funds, each planned for just one day, while several others had periods of 2-3 days [2][10]. Fund Target Goals - Out of the 43 new funds, 20 specified their fundraising targets, with 11 aiming for over 5 billion units. Notably, six funds, including "Guotai Consumer Leadership" and "Boshi Yingtai Zhenxuan," targeted 8 billion units each [3][11]. - Other targets included 6 billion units for "Jianxin Resource Selection" and 5 billion units for "Ping An Semiconductor Leadership Selection," which had the lowest target [3][11]. Fund Types and Themes - Equity funds dominated the new issuance, with 18 active equity funds making up over 40% of the total. This included 5 stock funds and 13 mixed funds, primarily focused on equity [4][12]. - The new equity funds covered a range of themes such as resources, cycles, consumption, semiconductors, and digital economy, with notable products like "Guotai Consumer Leadership" and "Boshi Digital Economy" [4][12]. - There were also 16 index funds, including 6 stock ETFs and 6 ordinary index funds, focusing on sector-specific indices [4][12]. FOF and QDII Funds - Five new FOF products were launched, primarily targeting risk-adjusted returns with holding periods of 3 to 6 months [5][13]. - Two new QDII funds were introduced, focusing on the Hong Kong stock market, namely "Zhongou Hong Kong Consumer" and "Xingye Hang Seng Technology Index" [6][14]. Fixed Income Products - The issuance of bond funds continued to decline due to poor performance in the bond market, with no pure bond funds launched this week. However, two mixed secondary bond funds were introduced [6][14].

开年首月，A股市场，正上演着高波动与强分化交织的图景。上证指数盘中触及4190.87点近十年新高 后，在4100点关口附近拉锯，多空博弈激烈。板块分化同样显著，据Wind数据统计，截至1月19日，申 万一级行业中传媒、有色金属、电子等板块上涨超10%，但非银金融、银行等则回调明显，行业轮动提 速让普通投资者的择时难度陡增。 而公募FOF基金作为"自身配置买手"的价值，也在这一背景下愈发凸显。在此背景下，富国基金倾力打 造富国智汇稳健3个月持有期混合型FOF（A类：026564，C类：026565），作为中国银行"慧投计划"首 支产品，将于今日结束募集，为希望参与多元资产配置的投资者，提供了一款精准契合需求的工具型产 品。 产品核心设计：多元配置 + 灵活策略 + 合理持有期 处于低利率环境的当下，投资者对"稳健增值+风险可控"的理财需求日益迫切，富国智汇稳健FOF精准 契合这一市场痛点。产品跳出了传统股债二元配置框架的局限，构建了跨市场、跨品类的多资产组合架 构——以优质债券基金为底仓构建稳健基础，同时将权益类资产占比控制在5%-30%区间，围绕政策红 利、制造业复苏及海外技术变革等结构性机会精选权益类基金。 ...

Group 1 - The public fund issuance has accelerated entering 2026, with 78 new funds launched as of January 15, reflecting a strong market interest in economic transformation opportunities [1][4] - Among the new funds, 31 are equity funds, 27 are mixed funds, 10 are bond funds, 8 are FOFs (funds of funds), and 2 are QDII funds, indicating a diverse product offering [2] - Six funds achieved "one-day sell-out" status, showcasing a rapid fundraising pace and strong investor demand [2][3] Group 2 - FOF products have shown strong fundraising capabilities, with notable examples including the Guangfa Yueying Stable Three-Month Holding Mixed Fund (FOF) raising over 3.2 billion units in just two days [3] - The popularity of FOFs is attributed to their alignment with investors' needs for stability and risk diversification, particularly in a low-interest-rate environment [3] - Over 20 new funds focus on themes such as technology and innovation, indicating a market trend towards growth sectors [3][4] Group 3 - The fund issuance market is seen as a positive signal for the economy, with a notable influx of funds into stable products like FOFs and a clear market optimism towards technology growth themes [4][5] - The top fund issuers include Guotai Fund with 5 new products, followed by Yongying Fund with 4, highlighting competitive dynamics among public fund institutions [4] - The industry is encouraged to enhance core competitiveness through improved research capabilities and diversified product offerings to support sustainable wealth growth for residents [4][5]