Core Insights - Fund of Funds (FOF) is increasingly becoming a preferred choice for investors seeking long-term stable returns due to its diversified asset allocation capabilities and risk mitigation features [1] - As of the second quarter of 2025, the total management scale of 519 public FOFs reached 165.06 billion, representing a nearly ninefold increase from the initial six FOFs launched eight years ago [1] - The maximum drawdown of the CSI FOF Index over the past year was -5.92%, compared to -14.32% for the CSI Equity Fund Index, highlighting the risk management effectiveness of FOFs [1] Company Insights - Minsheng Jianyin's Stable Allocation FOF (Fund Code: 011580) has gained significant market attention since its establishment in 2021, focusing on providing a one-stop asset allocation solution for moderately risk-averse investors [1] - The product aims to alleviate the pain points faced by individual investors in asset allocation and holding processes by investing in a basket of high-quality funds, thereby achieving secondary risk diversification [1] - The fund is managed by Kong Siwei, who possesses extensive securities experience and a solid academic background, emphasizing risk control and asset rotation judgment [2] Investment Strategy - The Minsheng Jianyin Stable Allocation FOF covers multiple asset classes, including stocks, bonds, and commodities, aiming to achieve a dynamic balance between returns and risks across different market environments [2] - The product has demonstrated stable operations under Kong Siwei's management, achieving positive returns during the management period [2]

Core Insights - The public FOF (Fund of Funds) industry in China has experienced significant growth in 2023, with a notable increase in scale and popularity among investors, particularly in the context of a rising equity market [1][2][4] - The Huazhong Yingrui Stable Preferred 6-Month Holding Period FOF has emerged as a standout product, benefiting from a multi-asset allocation strategy that has led to substantial growth in its scale [1][7][11] - The evolution of the FOF industry reflects a shift from single-asset focus to multi-asset strategies, allowing for better risk management and enhanced returns [6][11] Industry Development - The FOF industry in China has gone through cycles of growth and decline since its inception in 2017, with a significant boom in 2021 driven by regulatory changes and a shift away from guaranteed bank products [2][4] - After a period of underperformance, fund companies have focused on optimizing investment portfolios and innovating product designs to meet diverse investor needs [2][3] - The demand for stable investment options has increased, leading to a resurgence in the popularity of multi-asset FOF products [3][4] Product Strategy - The Huazhong Yingrui Stable Preferred FOF employs a risk parity model to balance the risk contributions of various asset classes, aiming for stable performance [7][11] - The product has undergone significant upgrades, expanding its asset classes and incorporating new strategies to enhance yield and adaptability in different market conditions [8][9][10] - The diversification of assets, including international equities and commodities, allows the FOF to seek incremental returns while managing risks effectively [9][10] Team and Expertise - The success of the Huazhong Yingrui FOF is attributed to the experienced team at Huazhong Fund, which emphasizes a systematic approach to asset management and continuous evolution of investment strategies [10][11] - The fund manager, Lu Jingchang, has extensive experience in the industry, contributing to the product's robust performance through strategic asset allocation and risk management [10][11]

Group 1 - The core viewpoint of the report is to provide a comprehensive overview of the performance and management of the Huaxia Preferred Allocation Equity Fund of Funds (FOF-LOF) for the first half of 2025, highlighting its investment strategies and financial results [1][2][3] - The fund aims for long-term capital appreciation through a diversified investment strategy that includes various asset classes such as stocks, bonds, and other financial instruments [1][2] - The fund's performance is benchmarked against a composite index consisting of the CSI 300 Index, Hang Seng Index, and a bond index, with a target risk and return profile higher than mixed and bond funds [1][2] Group 2 - As of June 30, 2025, the total fund shares amounted to 303,349,394.74, with a net asset value of approximately RMB 209.24 million [2][13] - The fund reported a realized loss of approximately RMB 6.39 million for Class A and RMB 0.31 million for Class C during the reporting period, with net profit margins of -2.18% and -2.37% respectively [2][3] - The cumulative net value growth rate for Class A was -30.98% and for Class C was -31.94%, indicating a significant decline in performance compared to the benchmark [2][3] Group 3 - The fund management company, Huaxia Fund Management Co., Ltd., has a long history and is recognized as one of the first national fund management companies in China, with a wide range of investment products and strategies [4][5] - The company emphasizes a research-driven investment approach to capture market opportunities and aims to provide good returns for investors [4][5] - The fund's investment strategy during the reporting period focused on high equity allocation, particularly in growth assets, while maintaining a balanced approach with consumer and financial sectors [9][10]

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the招商智星稳健配置混合型基金中基金 (FOF-LOF) for the first half of 2025, highlighting its investment strategies, financial metrics, and market conditions affecting its performance. Fund Overview - Fund Name: 招商智星稳健配置混合型基金中基金 (FOF-LOF) - Fund Manager: 招商基金管理有限公司 - Fund Custodian: 中国银行股份有限公司 - Fund Type: Open-ended mixed fund of funds (FOF-LOF) - Fund Contract Effective Date: June 8, 2022 - Investment Objective: To achieve long-term stable appreciation of fund assets through asset allocation and fund selection while controlling risk [2][3]. Financial Performance - Total realized income for the period: 149,466.59 RMB - Total profit for the period: 269,800.00 RMB - Weighted average net value profit rate: 0.55% - Net asset value at the end of the period: 41,738,549.13 RMB - Fund share net value growth rate: 0.57% - Cumulative net value growth rate: 0.80% [3][4]. Market Conditions - The equity market experienced significant volatility in the first half of 2025, with the Hang Seng Index rising by 20% and the Hang Seng Technology Index increasing by 18.68% [7][10]. - The bond market showed mixed trends, with a notable decline in yields for 10Y and 30Y government bonds by over 25 basis points during the second quarter [9][10]. Investment Strategy - The fund focuses on dynamic asset allocation based on economic cycles and policy changes, aiming to optimize the investment portfolio while maintaining a stable overall risk level [2][3]. - The fund's investment strategies include stock, bond, convertible bond, and asset-backed securities strategies, among others [2][3]. Fund Manager's Report - The fund manager emphasizes adherence to legal regulations and a commitment to managing fund assets with diligence and integrity, ensuring compliance with investment strategies and risk management protocols [4][5][6]. - The fund manager has established a robust research and decision-making process to ensure fair investment opportunities across all portfolios [5][6]. Future Outlook - The fund aims to continue its stable and low-volatility investment philosophy, striving to create sustainable long-term returns for investors [9][10]. - The focus will remain on identifying opportunities in both equity and bond markets while being mindful of external market pressures such as geopolitical risks and inflation [10].

Core Viewpoint - The Fund of Funds (FOF) industry has achieved its best performance in five years, driven by market recovery and favorable investment opportunities in equity assets [1][3]. Performance Summary - As of August 22, 515 public FOFs have an average annual performance of 9.41%, with only one product showing negative returns; nearly 40 FOFs have a cumulative net value growth rate exceeding 20% [2]. - The top performers include Guotai's "Optimal Navigation" with a 45.49% increase and "Industry Rotation A" with a 39.97% increase [2]. Market Conditions - The overall performance of public FOFs is at its best in five years, with significant contributions from the domestic equity market and commodities like gold [3]. - The A-share market has shown considerable gains, leading to increased capital inflow and enhanced profitability for FOFs [3]. Investment Strategy - There is a notable "stock-bond seesaw" effect, with current stock and bond attractiveness being relatively balanced; a focus on technology growth sectors is recommended [4]. - The domestic macroeconomic stability suggests limited upward potential for bonds, while the equity market is recovering, indicating a shift towards increasing equity asset allocation [4]. Asset Allocation Insights - The potential for a global monetary easing cycle, driven by factors such as the U.S. interest rate cuts, presents opportunities for domestic manufacturing and inflation-hedging assets like gold [5][6]. - The domestic equity market is seen as having relative advantages over overseas markets in terms of valuation, with a focus on sectors like new materials and renewable energy [6]. Risk Management - It is advised to avoid over-concentration in single sectors and to regularly adjust the stock-bond ratio to maintain alignment with initial risk levels [6].

Core Viewpoint - The report provides an overview of the Tianhong Pension Target Date 2045 Five-Year Holding Mixed Fund of Funds (FOF), highlighting its investment strategies, performance metrics, and future outlook. Fund Product Overview - The fund is a mixed-type target date FOF, with a target date of December 31, 2045, and aims for long-term stable asset appreciation through diversified asset allocation strategies [2][4]. - The fund's investment strategies include asset allocation, underlying asset investment strategies, and various securities investment strategies [2][3]. Performance Metrics - As of June 30, 2025, the fund's net asset value (NAV) was 0.9728 CNY, with a net value growth rate of 3.37% over the past three months, 5.38% over six months, and 8.11% over the past year [5][9]. - The fund's performance comparison against benchmarks shows a negative return of -2.72% since the fund's contract effective date on July 24, 2023 [5]. Investment Portfolio - The fund's total assets include approximately 1,016,416.53 CNY in stocks (7.21% of total assets) and 607,623.45 CNY in bonds (4.31% of total assets) [10]. - The fund has invested in Hong Kong stocks through the Stock Connect mechanism, with a fair value of 190,150.70 CNY, representing 1.36% of the fund's net assets [10][11]. Future Outlook - The company maintains a relatively optimistic view on equity assets due to a favorable liquidity environment and improving fundamentals, while remaining cautious about geopolitical uncertainties and economic pressures [9]. - The investment strategy will focus on high-quality comprehensive funds for stable returns and actively seek opportunities in growth sectors while monitoring cyclical assets [9].

Group 1 - The fund is a mixed-type fund of funds (FOF) with a target retirement date of 2045, aiming to gradually reduce equity asset allocation as the target date approaches while increasing non-equity assets [1][2] - The fund's investment strategy includes various asset allocation strategies, equity fund selection, bond fund selection, and risk control strategies to achieve long-term reasonable returns for investors [1][2] - The fund's performance benchmark is a combination of the CSI 300 Index and the China Bond Composite Index, with specific ratios changing over time as the target date approaches [1][2] Group 2 - As of the end of the reporting period, the fund's net asset value per share was 0.9894 yuan, with a net value growth rate of 1.42% during the reporting period, outperforming the benchmark's return of 1.26% [6][7] - The fund maintained a relatively stable allocation of equity assets, with an increase in dividend assets and QDII fund allocations, while controlling duration, credit, and liquidity risks in fixed-income investments [6][7] - The fund manager has a strong background, with the current fund manager having 14.5 years of experience in the industry [4][5] Group 3 - The total number of fund shares at the end of the reporting period was 10,197,708.42, with minimal changes in subscription and redemption during the period [9][10] - The fund has not held any bonds or asset-backed securities during the reporting period, focusing instead on equity investments [7][8] - The fund management strictly adheres to regulations and internal fair trading management systems, ensuring no unfair trading practices were detected during the reporting period [5][6]

Core Insights - The report provides an overview of the performance and strategy of the ICBC Credit Suisse Balanced Pension Target Three-Year Holding Period Mixed Fund of Funds (FOF) for the second quarter of 2025, emphasizing its focus on balanced asset allocation to achieve stable long-term returns [1][2]. Fund Overview - Fund Name: ICBC Credit Suisse Balanced Pension Target Three-Year Holding Period Mixed FOF - Fund Manager: ICBC Credit Suisse Fund Management Co., Ltd. - Fund Custodian: China Merchants Bank Co., Ltd. - Total Fund Shares at Period End: 223,794,332.14 shares [1]. - Investment Objective: To achieve better risk-adjusted returns through balanced asset allocation while diversifying investment risks [1][2]. Investment Strategy - The fund employs a target risk strategy for asset allocation, focusing on long-term risk-return characteristics and investment positioning of various asset classes [1]. - The strategy includes strategic asset allocation, tactical asset allocation, and disciplined rebalancing [1]. - The fund can invest in securities investment funds, stocks, and bonds, with a focus on bottom-up selection of investment targets [1][2]. Performance Metrics - The fund's A share net value growth rate for the past three months was 2.91%, while the Y share growth rate was 2.99% [7]. - The performance benchmark for the fund is a combination of the CSI 800 Index and the China Bond New Comprehensive Index, each contributing 50% [1]. - The fund's performance over the past year showed a net value growth rate of 13.80% for A shares and 14.22% for Y shares [2][7]. Financial Indicators - The fund's profit for the reporting period (April 1, 2025, to June 30, 2025) is derived from realized gains and fair value changes [2]. - The fund's total assets include a significant portion in bonds, with specific figures indicating a total bond investment of 10,646,718.41 RMB, representing 5.09% of total assets [8]. Market Conditions - The domestic macroeconomic environment remains stable but faces pressure, with expectations of around 5% economic growth for the second quarter of 2025 [6]. - The report highlights weak demand reflected in price data, with CPI remaining flat and PPI continuing to show negative growth [6][7]. - The market experienced fluctuations due to tariff events but showed signs of recovery, with structural performance differences across sectors [7]. Fund Management - The fund management team is committed to adhering to legal regulations and internal guidelines to ensure fair treatment of all investors [4][5]. - The report indicates no significant adverse events affecting the fund's investments during the reporting period [10].

Core Viewpoint - The report provides an overview of the performance and management of the Southern Stable View 3-Month Holding Mixed Fund of Funds (FOF) for the second quarter of 2025, highlighting its investment strategies, financial indicators, and market conditions during the reporting period [1][2]. Fund Overview - The fund is managed by Southern Fund Management Co., Ltd. and is designed to seek long-term stable appreciation of fund assets through a diversified investment strategy [1]. - The fund's total share at the end of the reporting period was approximately 3.63 billion shares [1]. Financial Indicators and Fund Performance - The A share net value at the end of the reporting period was 1.0031 yuan, with a net value growth rate of 0.31%, while the C share net value was 1.0026 yuan, with a growth rate of 0.26% [2]. - The performance benchmark for the fund showed a growth rate of 1.22% during the same period [2]. Management Report - The fund manager adhered to relevant laws and regulations, ensuring compliance and risk control while managing the fund assets [2]. - The macroeconomic environment in the second quarter was stable, with positive developments in US-China trade negotiations and a slight recovery in the domestic market [2]. Investment Strategy - The fund's investment strategy focuses on balancing risk and return, with an emphasis on selecting assets with high win rates during the initial phase of the investment period [2]. - The fund's asset allocation includes a mix of stocks, bonds, and other investment tools, aiming for a stable return [1][2]. Market Conditions - The domestic macroeconomic indicators showed a PMI of 49% during the reporting period, indicating a slight improvement [2]. - The market experienced a "V" shaped recovery, with the CSI 300 index rising by 1.25% and the CSI 500 by 0.98% [2]. Investment Portfolio - The fund did not hold any asset-backed securities at the end of the reporting period, and its investment in bonds was primarily focused on policy financial bonds [4][5]. - The fund's investment in the top ten securities did not exceed the limits set by the fund contract, ensuring compliance with investment guidelines [4].

Core Viewpoint - The report provides an overview of the performance and management strategies of the Southern Haoda Steady Preferred One-Year Holding Mixed Fund of Funds (FOF) for the second quarter of 2025, highlighting its investment objectives, financial indicators, and market conditions affecting its performance [1][2][3]. Fund Overview - The fund is a mixed fund of funds (FOF) aiming for long-term stable appreciation of assets through diversified asset allocation across various funds with different risk-return characteristics [1][2]. - The fund's performance benchmark is set at 15% of the CSI 300 Index return and 85% of the Shanghai Government Bond Index return [1]. Financial Indicators and Fund Performance - As of the end of the reporting period, the A share net value was 1.0460 RMB, with a net value growth rate of 1.38%, while the C share net value was 1.0372 RMB, with a growth rate of 1.28% [5]. - The fund's performance over the past three months showed a net value growth rate of 1.27% for both A and C shares, with a standard deviation of 0.11% and 0.14% respectively [2][5]. Management Report - The fund manager has adhered to relevant laws and regulations, ensuring compliance and risk control while managing the fund's assets [4][6]. - The macroeconomic environment in the second quarter was stable, with improvements in PMI and a low inflation rate, while the U.S. economy showed signs of slowing down [4][3]. Investment Strategy - The fund adopted a multi-asset and multi-strategy diversification approach, focusing on domestic assets while also allocating to overseas assets and commodities [3][4]. - In equity investments, the fund increased exposure to large-cap value stocks and reduced holdings in high-growth technology stocks during market fluctuations [3]. Future Outlook - The fund maintains a cautious short-term outlook while remaining optimistic in the medium to long term, anticipating potential government stimulus measures and a stable economic recovery [4][3].