Core Insights - The current global economic landscape is undergoing significant adjustments, leading to increased market volatility and making single-asset investment models inadequate for investors seeking stable growth [1] - The asset management industry is experiencing structural changes, with the overall AUM in China projected to reach 170.13 trillion yuan by mid-2025, reflecting a growth of approximately 4.27% from the end of 2024 [1] Group 1: Asset Management Trends - The asset management industry is shifting from a "single track" approach to a "diverse collaboration" model, with asset allocation concepts becoming mainstream [1] - The diversification of investment products is evident, with bank wealth management products at 30.67 trillion yuan, public funds at 34.39 trillion yuan, and pension funds managed by fund companies at 6.10 trillion yuan [1] Group 2: Scientific Asset Allocation - Scientific asset allocation can effectively buffer the impact of single-asset volatility on overall investments, creating a "defensive net" for portfolios [2] - Dynamic adjustments in asset allocation allow for risk control while seizing investment opportunities across different markets and stages, balancing long-term risk and return [2] - FOF (Fund of Funds) is emerging as a crucial tool for investors to achieve scientific asset allocation, offering dual diversification across different funds and asset classes [2] Group 3: New Product Launch - Minsheng Jianyin Fund is set to launch a new product, Minsheng Jianyin Multi-Asset Stable Allocation 3-Month Holding Period Mixed FOF, from November 24 to December 8, aimed at meeting investor demand for stable allocation and flexible holding [3] - The new product will adopt a "multi-asset, multi-strategy" allocation approach, expanding beyond traditional stock and bond allocations to include overseas assets and commodities [3] - The product will implement dynamic risk hedging and portfolio optimization based on in-depth analysis of asset correlations, aiming to control volatility while enhancing long-term return potential [3]

Core Viewpoint - The global market is entering a critical policy window, with a focus on potential interest rate cuts from the Federal Reserve, while investors are exploring multi-asset allocation strategies to convert risks into wealth opportunities [1] Group 1: Market Outlook - Zhang Chuan, head of FOF business at Puyin Ansheng Fund, expresses a long-term positive outlook on A-shares and Hong Kong stocks, driven by AI computing power and industrial capital expenditure, despite potential short-term volatility [1][8] - The long-term liquidity of overseas equity assets may improve in the context of the Fed restarting its rate cut cycle, although the US stock market may enter a consolidation phase after continuous upward movement [1][9] - Gold is expected to face short-term upward pressure but is projected to rise in the long term due to global economic uncertainties, geopolitical conflicts, and ongoing central bank purchases [1][8] Group 2: Investment Philosophy - Zhang emphasizes a systematic investment philosophy focused on risk management before asset allocation, aiming to provide sustainable and stable returns in a low-interest-rate environment [2][5] - The transition from a "heroic era" of asset management to a systematic and industrialized approach is highlighted, with a focus on multi-asset allocation as a key growth area for asset management institutions [3][4] Group 3: Asset Allocation Framework - A four-step asset allocation framework is proposed: asset selection and positioning, strategic asset allocation, tactical adjustments, and attribution iteration, aimed at creating a transparent and efficient investment experience [7][8] - The framework categorizes assets into "winning assets" (e.g., bonds) that provide safety and "odds assets" that enhance portfolio sharpness, balancing volatility [6][8] Group 4: Current Market Positioning - The current market is viewed as a "period of resonance improvement" between Chinese and American liquidity, leading to an overweight position on A-shares, Hong Kong stocks, and overseas equities [8][9] - Caution is advised regarding bond assets, which are seen as lacking short-term directional opportunities, while US Treasuries are viewed with skepticism due to liquidity and quota constraints [9]

Core Viewpoint - The article discusses the importance of multi-asset allocation strategies in balancing holding experience and long-term returns, emphasizing a macro-quantitative framework and risk budgeting system as key components of effective asset allocation [1][2]. Asset Allocation Strategy - The asset allocation is divided into two levels: the first level focuses on major asset allocation, which establishes the foundational risk-return characteristics of the portfolio; the second level involves the selection of underlying funds and fund managers to achieve excess returns within the established framework [1][2]. - Strategic asset allocation sets the long-term risk-return characteristics and investment horizon, while tactical asset allocation involves adjustments based on market conditions using a "five-dimensional framework" that considers macro, fundamental, valuation, sentiment, and technical aspects [2]. Fund Selection Process - The fund selection process is broken down into four steps: fund classification, quantitative analysis, qualitative analysis, and fund selection. Fund classification is crucial for accurate analysis and avoids mixing funds with different styles [3]. - Quantitative analysis utilizes a self-built fund evaluation system to assess factors such as timing ability, stock selection capability, performance cost-effectiveness, excess returns, maximum drawdown, and Sharpe ratio, followed by qualitative analysis that considers the investment philosophy and stability of fund managers [3]. Team Strength and Product Performance - The strength of the team is highlighted as a foundation for effective execution of FOF strategies, with a comprehensive research framework covering various asset classes established since 2013 [5]. - As of September 22, all 22 FOF products managed by the company achieved positive returns over the past year, with an average return of 33.53%, and 12 products exceeding a 30% return [5]. Investment Outlook - The company suggests an overweight position in A-shares and Hong Kong stocks, with specific sectors like technology, innovative pharmaceuticals, and new consumption showing structural opportunities [5]. - In the commodities sector, rare metals and gold are viewed positively due to rising prices and strategic importance in high-end manufacturing, alongside ongoing uncertainties that may drive gold prices higher [6].

Group 1 - The total number of fund advisory portfolios on the Tian Tian Fund APP reached 454 as of the end of August 2025, an increase of 4 from the previous month, with new portfolios in consumption, pharmaceuticals, dividends, and overseas strategies [9][10][11] - The performance of the fund advisory portfolios showed that the median return of the equity-debt balanced portfolios lagged behind similar FOF products over the past year, with all types of equity-debt balanced portfolios underperforming their benchmarks in the month [17][18] - The active equity funds saw significant increases in holdings, particularly in quantitative strategies, industry rotation strategies, and growth styles, indicating a shift towards more dynamic investment approaches [41][42] Group 2 - The performance of sector-specific portfolios indicated that all sector portfolios had positive median returns over the past year, with pharmaceuticals, new energy, consumption, dividends, and state-owned enterprises outperforming their benchmarks [23][27] - The regional portfolios, particularly those focused on Hong Kong stocks, outperformed their benchmarks over the past year, while overseas strategy portfolios underperformed in the same period [22][23] - The top-performing sector portfolios this year were concentrated in pharmaceuticals and technology, with the highest returns coming from the "Pharmaceutical Hamburger" and "China's Hard Technology" portfolios [25][27] Group 3 - The tracking of fund positions revealed that the conservative advisory portfolios reduced their holdings in index funds while increasing their allocation to mixed funds, reflecting a strategic shift in asset allocation [30][32] - The balanced advisory portfolios decreased their bond fund holdings and increased their mixed fund allocations, indicating a preference for more flexible investment strategies [32][35] - The aggressive advisory portfolios also reduced their stock fund holdings while increasing their allocations to active equity funds, suggesting a trend towards more active management in pursuit of higher returns [32][35]

1. Report Title and Information - The report is titled "Fund Analysis Special Report (In - depth): Counting the Semi - annual Report of Public Active Equity Funds in 2025 - Institutional Funds Focus on the Top, Market Activity and Fund Turnover Increase" [1] - The analysts are Wang Ziwei and Wang Dandan, and the report was released on September 5, 2025 [1] 2. Core View - In the first half of 2025, the A - share market recovered and became more active, but the total share of active equity funds decreased compared with last year. The proportion of institutional holdings increased, while that of individual holdings decreased slightly. Both individual and institutional investor funds were significantly concentrated in top - scale funds, with individual investors preferring larger - scale funds more than institutions [2] 3. Summary by Catalog 3.1 Holder Structure 3.1.1 Share/Proportion Changes - In the first half of 2025, the total share of active equity funds decreased compared with last year. The proportion of institutional holdings increased, and that of individual holdings decreased slightly. By the end of the first half of 2025, the institutional share of active equity funds was 424.585 billion shares, accounting for 15.51%, and the individual share was 2313.5 billion shares, accounting for 84.49%. The institutional holding ratio increased by 1.78% compared with the end of 2024 and 0.58% compared with the end of the first half of 2024. Among different investment categories, the ordinary stock - type funds had the highest institutional holding ratio at 23.59%, and the balanced hybrid - equity - oriented funds had the lowest at 11.50% [17] 3.1.2 Institutional/Individual Fund Distribution - In the first half of 2025, both individual and institutional investor funds were significantly concentrated in top - scale funds. By mid - 2025, 37.05% of institutional funds were concentrated in the top 5% of funds by scale, with the proportion increasing by 2.51% compared with the end of 2024 and 11.38% compared with the end of the first half of 2024. 38.16% of individual funds were concentrated in the top 5% of funds by scale, with the proportion decreasing by 0.66% compared with the end of 2024 but increasing by 1.27% compared with the end of the first half of 2024. Individual investors preferred larger - scale funds [22] 3.2 Institutional Positioning 3.2.1 Funds with Larger Holding Shares - As of the end of the first half of 2025, among the top ten ordinary stock - type funds held by institutions, 8 were increased in holdings and 2 were decreased. Among the partial - equity hybrid funds, 9 were increased and 1 were decreased. Among the flexible - allocation equity - oriented funds, 7 were increased and 3 were decreased. The ordinary stock - type, partial - equity hybrid, and flexible - allocation equity - oriented funds with the largest institutional holdings were "Invesco Great Wall Research Selection", "Changxin Jinli Trend", and "China Europe Dividend Premium", with holding shares of 3.465 billion, 9.571 billion, and 4.383 billion respectively, and the share changes in the past six months were 669 million, - 2.143 billion, and 2 billion respectively [26] 3.2.2 Funds with Larger Increased Holding Shares - In the first half of 2025, the ordinary stock - type fund with the largest increase in institutional holdings was "Fullgoal Consumption Selection 30" managed by Zhou Wenbo, with an increase of 1.755 billion shares. The partial - equity hybrid fund with the largest increase was "Fullgoal Steady Growth" managed by Fan Yan, with an increase of 5.108 billion shares. The flexible - allocation equity - oriented fund with the largest increase was "China Europe Dividend Premium" managed by Lan Xiaokang, with an increase of 2 billion shares [31][34][36] 3.2.3 Small - and Medium - Sized Funds with Faster - Rising Proportions - Among small - sized funds with a scale between 100 million and 500 million, the top ten funds with the fastest - rising institutional holding ratios were "Haitong Quantitative Forward", "Changxin Huizhi Quantitative Stock Selection", etc. Among small - sized funds with a scale between 500 million and 1 billion, the top ten funds with the fastest - rising institutional holding ratios were "China Europe High - end Equipment", "GF Balanced Growth", etc. [38][40] 3.3 FOF Positioning 3.3.1 Funds with Larger Holding Market Values - As of mid - 2025, the active partial - equity funds with the largest FOF holding market values were "Dacheng Gaoxin" with a holding market value of 896 million yuan. Other top - ten funds included "Fullgoal Steady Growth" (773 million yuan), "Xingquan Business Model Preferred" (568 million yuan), etc. [44] 3.3.2 Funds with Larger Increased Holding Shares - From the perspective of the share changes of FOF - held funds in the latest period, "Fullgoal Steady Growth" had the largest increase in FOF holdings, with an increase of 638 million shares. Other funds with large increases included "E Fund Strategic Emerging Industries", "E Fund Active Growth", etc. [47] 3.3.3 Funds with a Larger Number of Holders - As of mid - 2025, "Dacheng Gaoxin" was held by 169 FOFs. The second - and third - ranked funds were "Fullgoal Steady Growth" managed by Fan Yan and "Invesco Great Wall Quality Evergreen" managed by Nong Bingli, held by 132 and 88 FOFs respectively. Other top - ten funds included "Dongfanghong JD Big Data", "Boda Growth Zhihang", etc. [50] 3.4 Shareholding Characteristics 3.4.1 Fund Turnover - In the first half of 2025, the average turnover of all active partial - equity funds was 2.12, higher than that in the first half of 2024 (2.08) and the second half of 2024 (1.93). Among different types of active equity funds, the flexible - allocation equity - oriented funds had the highest turnover in the first half of 2025 at 2.26, followed by partial - equity hybrid funds and balanced hybrid - equity - oriented funds with turnovers of 2.11 and 1.98 respectively. The ordinary stock - type funds had the lowest turnover at 1.92 [53] 3.4.2 Market Value/Plate Changes - In terms of market - value style, active partial - equity funds were mainly allocated to small - and medium - cap stocks. By the end of the first half of 2025, stocks with a market value below 30 billion accounted for the highest proportion at 42.71%. Compared with the end of 2024, the proportion of large - cap stocks increased, while that of small - and medium - cap stocks decreased. By the end of the first half of 2025, among all the holdings of active partial - equity funds, the technology sector accounted for the highest proportion, and the financial sector accounted for the lowest. Compared with the end of 2024, the technology sector had the largest increase in market - value proportion, and the manufacturing sector had the largest decrease [64] 3.4.3 Industry Allocation Proportion Changes - At the sub - industry level, in the first half of 2025, the industries with a relatively large increase in shareholding market - value proportion were pharmaceutical biology, media, electronics, non - ferrous metals, and non - bank finance. The proportions of the power equipment, food and beverage, and household appliance industries decreased significantly. As of mid - 2025, the top three industries held by active equity funds were electronics, pharmaceutical biology, and power equipment, with their shareholding market - value proportions accounting for 17.03%, 12.12%, and 7.53% respectively [66] 3.4.4 "Hidden Heavy Positions" - In the first half of 2025, among the stocks with a heavy - position market value ranked below 50 in the second - quarter heavy - position holdings of active equity funds, the stock with the highest non - heavy - position market value calculated according to all shareholding details was Dongshan Precision, with a total shareholding market value of 922.9 million yuan, of which 380.2 million yuan was non - heavy - position holding. Among the stocks with a heavy - position market value ranked below 100, the stock with the highest non - heavy - position market value was Naxinwei [69] 3.4.5 Sub - Industry Changes - From the perspective of the market value of holdings in Shenwan primary industries, in the technology sector, the allocation proportions of the electronics and media industries increased significantly, and those of the communication and computer industries increased slightly. In the large - consumption sector, the pharmaceutical biology industry was booming in the first half of the year, while traditional consumption - related fields were reduced in holdings. In the cycle - manufacturing sector, except for a slight increase in the proportions of the national defense and military industry and the machinery equipment industry, other industries decreased, with the power equipment industry having the most significant decrease. In terms of resource products, the market - value proportion of the non - ferrous metals industry increased significantly [71][77]

Investment Rating - The report maintains a "Buy-A" investment rating for the company [3][6]. Core Views - The company achieved a robust profit growth in H1 2025, with operating revenue of 1.83 billion yuan (YoY +20.20%) and a net profit attributable to shareholders of 490 million yuan (YoY +21.41%) [1]. - The company has significantly improved its ranking in debt underwriting, completing 70 debt financing projects with a total underwriting amount of 25.274 billion yuan (YoY +296.64%), moving up 29 places to rank 26 in the industry [3]. - The asset management business has seen a total of 66.325 billion yuan in funds under management, an increase of 23.65% from the end of 2024, while public fund management has decreased by 5.72% to 596.15 billion yuan [2]. Summary by Sections Financial Performance - In H1 2025, the company reported net income from various business lines: brokerage at 230 million yuan (YoY +47%), investment banking at 140 million yuan (YoY +38%), asset management at 440 million yuan (YoY -6%), credit at 60 million yuan (YoY +22%), and proprietary trading at 690 million yuan (YoY +22%) [1]. Asset Management and Investment Banking - The company is focusing on ESG and FOF advantages in its asset management sector, with a notable increase in public fund management [2]. - The company has successfully filed for one IPO project on the Beijing Stock Exchange and has two projects under review as of H1 2025 [3]. Future Projections - The report forecasts EPS for 2025, 2026, and 2027 to be 0.23 yuan, 0.24 yuan, and 0.26 yuan respectively, with a target price of 8.74 yuan based on a P/B ratio of 2.2x for 2025 [3].

Core Viewpoint - The article discusses the dramatic fluctuations in the market throughout the year, highlighting the impact of AI advancements and government support for emerging industries on A-shares, followed by a shift towards defensive investment styles as investors took profits. The article emphasizes the growing popularity of multi-asset investment strategies, particularly FOF (Fund of Funds) products, in both the U.S. and China as a response to market uncertainties [1][4][9]. Market Performance - A-shares initially rebounded due to significant breakthroughs in AI and supportive government policies, with sectors like AI models and humanoid robots performing well. However, the market cooled down as investors began to take profits, leading to a resurgence in new consumption and innovative pharmaceuticals [1]. - Global asset performance in the first seven months of the year showed strong results for indices such as the Korean Composite Index (+35.63%), gold (+34.05%), and the Hang Seng Index (+25.51%), with the Hang Seng Technology Index also performing well (+22.89%) [2]. Investor Sentiment - Investors are experiencing a dilemma between the fear of missing out on a bull market and the anxiety of potential market downturns, leading to cautious and indecisive investment behaviors [2]. FOF Product Growth - In the U.S., FOF products have grown to a scale of $3.4 trillion by the end of 2024, with 1,317 funds available, becoming a mainstream investment method. This growth is attributed to the diversification benefits of FOFs, which reduce non-systematic risks by investing in various funds with different strategies [4][5][9]. - The development of FOFs in the U.S. began in 1985 with the launch of the first public FOF product, leading to significant growth in the 1990s as more pension plans entered the market [4][5]. Domestic FOF Market - The domestic FOF market has rapidly developed since the first public FOF was issued in 2017, overcoming initial challenges related to public awareness and acceptance. The market has matured, with increased recognition and a variety of underlying assets available for investment [9][11]. Investment Strategy - The article highlights the importance of multi-asset strategies in the current market environment, with products like Huazhong Yingrui demonstrating effective asset allocation across various categories, including A-shares, pure bonds, U.S. stocks, gold, and commodities [13][14]. - The management team behind Huazhong Yingrui employs a systematic asset management approach, focusing on strategic and tactical asset allocation to optimize risk-return profiles [16][17]. Performance Metrics - Huazhong Yingrui has shown promising performance, with a return of 5.59% since its inception on May 19, 2023, outperforming its benchmark and similar funds [11][13].

Group 1: Regulatory Impact and Strategic Direction - The revised "Securities Company Classification Evaluation Regulations" emphasizes differentiated development for small and medium-sized institutions, which aligns with the company's focus on wealth management 3.0 transformation [1] - The company aims to enhance its classification evaluation score through targeted strategies that align with the new regulatory guidelines [1] Group 2: Wealth Management 3.0 Transformation - Wealth management 3.0 focuses on a customer-centric approach, utilizing product innovation and financial technology to enhance service delivery [1] - The company is committed to building a comprehensive wealth management system that integrates human expertise and technology, improving customer service experiences [1] Group 3: Asset Management and Product Strategy - The company is integrating asset securitization into its investment banking line to refocus on client investment needs, developing a diverse product system including FOF and quasi-fixed income products [2] - The aim is to meet the diverse needs of clients through a well-rounded product offering [2] Group 4: New Marketing Service Model - A new marketing service model is being developed, combining research, investment, investment banking, and wealth management to provide comprehensive financial services [2] - The company has established a dedicated business system to enhance customer service and internal collaboration [2] Group 5: Research Business Development - The research department aims to achieve revenue of RMB 125 million in 2024, focusing on long-term and value investments while enhancing its market influence [2] - The strategy includes deepening internal collaboration and regional economic research to support local industries [2] Group 6: Investment in Financial Technology - The company invested RMB 236 million and RMB 241 million in information technology in 2023 and 2024, respectively, focusing on AI, big data, cloud computing, and blockchain [3] - The development of proprietary technologies, such as the "Kongming AI Assistant," aims to enhance operational efficiency and support differentiated business development [3]

Core Viewpoint - The Morgan Yingyuan Stable Three-Month Holding Mixed FOF was sold out in one day, indicating strong investor interest driven by a recovering equity market and effective sales capabilities of the custodian bank, China Merchants Bank [2][9]. Fund Issuance Highlights - The fund's fundraising period was originally set to end on August 22 but was closed early on August 4 due to high demand, with all valid subscription applications on that day confirmed [6]. - The fund employs a "fixed income plus" strategy, aiming for stable long-term returns by selecting high-quality bond funds and diversifying investments across various asset classes, including public REITs, gold, and QDII funds [6][12]. Market Context - Since the beginning of 2025, the A-share market has shown significant recovery, with overall equity fund issuance gradually improving. As of August 4, 810 new fund products were established, totaling 626.85 billion yuan in issuance [11]. - The popularity of FOF products has surged, with several funds achieving substantial fundraising success, such as the Dongfanghong Yingfeng Stable Six-Month Holding Mixed FOF, which raised 6.573 billion yuan [11]. Investment Strategy and Team - Morgan Asset Management's multi-asset investment team manages over 3 trillion yuan in client assets globally, focusing on guiding investors in establishing scientific asset allocation concepts [7]. - The firm emphasizes protecting investor interests by limiting the initial fundraising scale and prioritizing long-term holding experiences over short-term gains [9].

Core Viewpoint - The public FOF industry is accelerating towards a 2.0 era characterized by diversified, globalized, and tool-based asset allocation, with Penghua Fund leading the way through innovative strategies and product offerings [1][4]. Group 1: Industry Trends - The proportion of commodity funds in public FOFs increased from 20.16% to 49.40% from 2020 to 2024, while QDII equity funds rose from 25.81% to 65.93%, and QDII bond funds jumped from 4.03% to 32.06% [2]. - By the end of 2024, 8.27% of FOFs had allocated to REITs, indicating a growing interest in real estate assets [2]. - Passive funds are gaining importance, with stock index and bond index fund holdings increasing from 70.97% and 35.48% to 86.69% and 60.69%, respectively, and 90.73% of FOFs holding ETFs, significantly above the market average of 11.93% [2]. Group 2: Company Strategies - Penghua Fund emphasizes a customer-centric product design philosophy, creating a multi-tiered FOF product line that includes target date funds (TDF), target risk funds (TRF), and actively managed funds to meet diverse investor needs [3]. - The TDF products utilize a "glide path" strategy to gradually reduce equity exposure as the target date approaches, aligning with the changing risk tolerance of investors over their life cycles [3]. - Penghua is also exploring customized FOF/MOM services for high-net-worth and institutional clients, offering tailored solutions across various risk levels [3]. Group 3: Investment Philosophy - The investment philosophy of Penghua Fund combines a focus on domestic market opportunities with a global perspective, aiming to enhance portfolio diversity and stability [4]. - The research team prioritizes fundamental analysis of the A-share market while dynamically adjusting asset allocation based on macroeconomic cycles and industry trends [4]. - Penghua has developed a systematic FOF management framework that includes strategic and tactical asset allocation, risk management, and fund manager selection to support its diversified and global investment practices [4]. Group 4: Risk Management - Penghua Fund has established a comprehensive risk management system that integrates risk constraints during product design and employs quantitative models for real-time monitoring [5]. - The fund manager selection process utilizes a multi-factor fund database to ensure selected managers have sustainable alpha generation capabilities [5]. - The proprietary "Dynamic Beta Adjustment System" enhances tactical allocation efficiency and adaptability in extreme market conditions by quantifying risk exposure of passive tools like ETFs [5].