Group 1 - The personal pension fund industry has achieved double growth in performance and scale in 2023, with the Y-share scale surpassing 12.41 billion yuan, a 35.7% increase from the end of last year [1] - FOF funds remain the dominant force in the personal pension fund sector, accounting for approximately 87.3% of the total Y-share scale [1] - All personal pension funds have reported positive returns in the first half of the year, with the highest return exceeding 20%, indicating a favorable investment environment [1] Group 2 - The global asset allocation and flexible investment strategies are key characteristics of FOF products, as exemplified by Guohai Franklin Fund's FOF products, which have received high recommendations from strong retail channels [2] - The Guofu Balanced Pension Three-Year Mixed FOF has achieved a return of 25.24% over the past year, ranking in the top 2% among similar conservative mixed funds [2] - The fund's investment strategy allows for flexible adjustments in equity asset allocation based on market conditions, maintaining a central investment ratio of 50% [2] Group 3 - The Guofu Balanced Pension Three-Year Mixed FOF has diversified its equity investments across multiple markets, including A-shares, Hong Kong stocks, and U.S. stocks, effectively capturing market trends [3] - The fund has strategically increased its allocation to technology sectors in Hong Kong and the U.S. while also investing in bonds and commodities to achieve risk diversification [3] - The fund has successfully navigated market trends by adjusting its asset allocation in response to changing market conditions over the years [3] Group 4 - Guohai Franklin Fund emphasizes a "bottom warehouse" culture that aligns with the long-term investment goals of pension funds, focusing on stable asset appreciation [4] - The firm employs in-depth fundamental research and a balanced value-oriented allocation strategy to achieve sustainable risk-adjusted returns [4] - This long-term investment philosophy has resulted in the firm receiving five-star ratings for its stock and bond investment capabilities over various time frames [4] Group 5 - The FOF fund products under Guohai Franklin Fund demonstrate significant advantages in balanced and stable performance, making them ideal for pension fund investments focused on long-term financial security [5]

上周（8月4日-8月10日），公募FOF市场迎来一场罕见的"满堂红"——所有产品均实现正收益，国泰优 选领航一年持有、前海开源裕源、国泰行业轮动等部分基金单周涨幅更超过4%。这在前一周市场调整 导致众多权益类FOF显著回撤的背景下，实属罕见。 | | 上周FOF涨幅榜TOP10 | | | --- | --- | --- | | 证券代码 | 证券简称 | 上周周内回报 | | | | [单位] % | | 013279.OF | 国泰优选领航一年持有 | 5.18 | | 005809.OF | 前海开源裕源 | 4.40 | | 501220.OF | 国泰行业轮动A | 4.25 | | 007231.OF | 国泰民安养老2040三年A | 3.05 | | 018674.OF | 渤海汇金优选讲取6个月持有A | 2.75 | | 013793.OF | 富国智浦精选12个月持有A | 2.68 | | 015326.OF | 交银慧选睿信一年持有A | 2.58 | | 019247.OF | 鹏华易洗积极3个月特有A | 2.39 | | 018302.OF | 华夏聚盈优选三个月持有A | 2 ...

Group 1 - Morgan Fund Management (China) announced the early closure of its Morgan Yingyuan Stable Three-Month Holding Mixed FOF, which raised nearly 2.8 billion yuan, becoming the first "sold out in one day" FOF product since 2025 [1] - In the first half of the year, 30 FOFs were established, raising a total of over 33 billion yuan, representing a year-on-year growth of 267% [2] - The majority of newly established FOFs this year are mixed-type, accounting for over 80% of the total issuance scale [2] Group 2 - A total of 36 new FOF funds have been launched this year, surpassing the total number launched in 2024 [3] - The issuance of public FOF funds has shown a continuous recovery, driven by an improved market environment, product advantages, and increased policy support [3] - The A-share market has shown significant recovery since 2025, with investor sentiment improving and overall equity fund issuance gradually rebounding [4] Group 3 - In the latest week, 36 new funds were launched, a 5.88% increase from the previous week, marking the second consecutive week with no fewer than 30 new fund launches [4] - Equity funds are the main focus of fundraising, with 26 out of the 36 new funds being equity funds, accounting for 72.22% of the total [4] - The number of actively managed equity products is increasing, indicating growing investor confidence in these types of funds [4]

Core Viewpoint - Guotou Ruijin Fund has appointed Yang Han as a co-manager for two pension target funds, indicating her rapid rise in the fund management industry, now overseeing all FOF products under the company [1][10]. Group 1: Fund Management Changes - Yang Han has been appointed as a co-manager for both Guotou Ruijin Stable Pension Target One-Year Holding Mixed Fund (FOF) and Guotou Ruijin Balanced Pension Target Three-Year Holding Mixed Fund (FOF) alongside the original manager Zhou Hongcheng [1][3]. - Zhou Hongcheng, with 12 years of experience, has been managing only two FOF products, and his role has been expanded to share responsibilities with Yang Han [4][10]. - Yang Han's career trajectory is notable, having transitioned from a newcomer to a leading figure in FOF management within just over a year [1][5]. Group 2: Performance and Challenges - The Guotou Ruijin Stable Pension Target One-Year Holding Mixed Fund (FOF) recorded a -3.16% annual negative growth in 2023, raising concerns about the effectiveness of the FOF strategy [4][10]. - Yang Han's previous management of the Guotou Ruijin Xingyuan Six-Month Regular Open Mixed Fund (FOF) has not shown improvement, underperforming against its benchmark by 4 percentage points [5][10]. - The newly launched Guotou Ruijin Xingrun Six-Month Regular Open Mixed Fund (FOF) also faced challenges, reporting negative returns shortly after its inception [10]. Group 3: Market Context and Expectations - The FOF market has seen increasing interest, with average returns for equity mixed FOFs reaching 12.96% in 2025, highlighting the pressure on Yang Han to deliver positive results [5][10]. - The appointment of a relatively inexperienced fund manager in a struggling fund raises questions about the company's strategy and the rationale behind such decisions [10].

Core Viewpoint - The latest FOF (Fund of Funds) report indicates that bond funds remain the primary focus for FOF managers, accounting for over half of their holdings, with a notable increase in ETF products being favored for investment [2][4]. Group 1: FOF Holdings Overview - As of the end of Q2 2025, the top five funds held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF, Bosera Zhong Dai 0-3 Year National Development Bank ETF, Bosera Credit Selection E, Hua An Gold ETF, and Hua Xia Hang Seng ETF [2][4]. - The total number of bond funds in the top 50 held by FOFs reached 30, representing over 50% of the total [4]. - Hai Fu Tong Zhong Zheng Short Bond ETF had a market value held by FOFs exceeding 1.643 billion yuan, making it the highest valued fund among FOF holdings [4][5]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Yi Fang Da Ke Rong, with a total holding value of 384 million yuan, followed closely by Yi Fang Da Information Industry Selection C at 371 million yuan [8][9]. - Other notable active equity funds include Xing Quan Business Model Selection A and Yi Fang Da Supply Side Reform, both exceeding 300 million yuan in holdings [8][9]. Group 3: Fund Increases - The fund with the highest increase in holdings during Q2 was Bosera Credit Selection E, which saw an increase of 936 million yuan, bringing its total holding value to 1.016 billion yuan [10]. - Other funds with significant increases include Bosera An Yue Short Bond A and Bosera Credit Bond Pure Bond B, with increases of 760 million yuan and 711 million yuan, respectively [10]. Group 4: Market Outlook and Strategy - FOF managers express confidence in the A-share market, aiming for diversified and multi-strategy asset allocation [12][14]. - The focus is on sectors such as new materials, resource industries, and innovative pharmaceuticals, with a keen eye on the potential recovery of the A-share market [13][14].

Group 1 - LGT Capital co-led a $500 million multi-asset continuation fund by IDG Capital, which consists of a diversified portfolio of 13 assets [1][2] - The transaction reflects the growing maturity and scale of the S market in the Asia-Pacific region, showcasing LGT Capital's execution capabilities in dynamic markets [2][5] - LGT Capital focuses on private equity, multi-alternative strategies, and sustainable investments, establishing a strong network of quality GPs and funds globally [4][5] Group 2 - The multi-asset strategy chosen by IDG Capital indicates a high level of confidence in asset management capabilities and offers broader liquidity solutions for LPs [6] - The complexity of the transaction involves both onshore and offshore structures, requiring navigation through multiple jurisdictions and regulatory frameworks [6] - This collaboration highlights IDG Capital's ability to attract international capital and manage assets effectively on a global scale [6]

Group 1 - Zhongyin Fund announced the resignation of Chairman Zhang Yan due to work adjustments, effective June 16, with Executive President Zhang Jiawen acting as interim chairman [1] - Zhang Yan had a long tenure at Bank of China, serving in various senior roles before becoming chairman of Zhongyin Fund in August 2017 [1] - Zhang Jiawen has extensive experience at Bank of China and joined Zhongyin Fund in 2013 [1] Group 2 - Xinyuan Fund appointed two new deputy general managers, Zhang Pengfei and Yang Xiaoyu, with backgrounds in finance and technology [2] - Zhang Pengfei previously held positions at Huatai Securities and Nanjing Bank before joining Xinyuan Fund in December 2022 [2] - Yang Xiaoyu has a background in technology and joined Xinyuan Fund in December 2022 as Chief Information Officer [2] Group 3 - Dongfanghong Yingfeng Stable 6-Month Holding FOF announced an early closure of its fundraising period, reaching a cap of 8 billion RMB [3] - The FOF market has seen significant inflows, with a total growth of 17.9 billion RMB in the first quarter of this year, marking a new high since 2022 [3] Group 4 - As of June 17, four new floating rate funds, including E Fund Growth Progress and GF Value Stability, have completed their fundraising [4] - Huashan Competitive Advantage Fund also announced an early closure of its fundraising period, moving the deadline to June 18 [4] Group 5 - Over 100 bond funds have announced restrictions on large subscriptions in June, with a notable increase in announcements on June 16 and 17 [5][6] - Specific funds like E Fund Fucai Pure Bond and Wanjia Xinyao Pure Bond have set limits on large subscriptions, with caps of 4 million RMB and 1 million RMB respectively [6] Group 6 - Wu Huijuan resigned from her roles as fund manager for three products at Green Fund due to personal reasons, with her funds now managed by Yin Zixin [7] - Wu Huijuan had a return rate of 1.35%, 1.02%, and 0.67% for the funds she managed as of June 16 [7] - She has 14 years of experience in the securities industry and joined Green Fund in December 2023 [7] Group 7 - On June 18, the market saw a slight recovery, with the Shanghai Composite Index up 0.04% and the Shenzhen Component Index up 0.24% [8] - The total trading volume in the two markets was 1.19 trillion RMB, a decrease of 161 billion RMB from the previous trading day [8] - Sectors such as consumer electronics and wind power equipment performed well, while beauty care and rare metals sectors faced declines [8][9]

Group 1 - A total of 17 new public funds will be launched from June 16 to June 20, involving 15 fund companies, with an average fundraising period of approximately 21 days [1][5] - Among the new funds, equity funds dominate with 12 offerings, followed by 3 bond funds, primarily consisting of index funds [2][4] - The newly issued stock funds mainly include 10 passive index funds and 2 enhanced index products, featuring ETFs such as the Fortune Creation Board AI ETF and the Huabao Hang Seng Hong Kong Stock Connect Innovative Drug Selection ETF [2][4] Group 2 - Only one actively managed equity product will be issued during this period, which is the Huatai-PB Hong Kong Stock Connect Medical Selection Fund, focusing on quality listed companies in the medical industry [4] - The number of FOF funds issued is also limited to one, which is the Ping An Fund's Ping An Yingxuan 90-day Holding Bond FOF [4] - Notably, the issuance of new products includes two from E Fund and Tianhong Fund, with E Fund launching the E Fund National Certificate Value 100 ETF and the E Fund CSI A50 Enhanced Strategy ETF [5] Group 3 - The fundraising cap for 10 of the new products has been announced, with some reaching up to 8 billion units, such as the Southern CSI Hong Kong Stock Connect Technology ETF and the Morgan Shanghai-Shenzhen 300 Free Cash Flow Linked Fund [5][8] - The average fundraising duration for the 17 products is about 21 days, with the E Fund CSI A50 Enhanced Strategy ETF and the Invesco CSI Science and Technology Innovation Board 200 Index having a longer subscription period of 92 days [8] - The management fee for the Huatai-PB Hong Kong Stock Connect Medical Selection Fund is relatively high, reaching an annual rate of 1.2% [8]

Core Viewpoint - The rapid development of public funds has led to a diverse range of fund products, making it challenging for investors to select suitable options. FOF funds, acting as "professional buyers," reflect market risk preferences and strategy adjustments, providing valuable insights for investors [2][3]. Group 1: FOF Fund Preferences - The top three actively managed equity funds favored by FOF funds in Q1 include Dachen Gaoxin C managed by Liu Xu (37 FOF funds), Fuguo Stable Growth C managed by Fan Yan (26 FOF funds), and Huaxia Innovation Frontier managed by Tu Huanyu (21 FOF funds) [5][6]. - Liu Xu is characterized as a value investor focusing on safety margins and long-term stock selection, while Fan Yan is known for her diversified holdings and strong drawdown control, earning her the title of "earthquake master" [7]. - Tu Huanyu adopts a technology growth style, focusing on TMT and new energy sectors, resulting in higher volatility compared to Liu Xu and Fan Yan [7]. Group 2: Fund Performance and Characteristics - Fuguo Stable Growth C and Jing Shun Chang Cheng Quality Evergreen C saw significant institutional buying in Q1, with shares increasing by 18.0373 million and 9.6018 million, respectively [10]. - Jing Shun Chang Cheng Quality Evergreen C, managed by Fan Yan, has consistently outperformed benchmarks and peers, achieving a year-to-date return of 8.17% and a total return of 44.39% over three years [13][12]. - The fund's strategy shifted towards technology sectors, significantly increasing allocations to electronics and communications, which contributed to a net value increase of over 40% in 2024 [15][14]. Group 3: Institutional Preferences - The top ten actively managed equity funds by FOF fund holdings, excluding those with high self-company holdings, include Huaxia Innovation Frontier with a market value of 4 billion yuan and 21 FOF funds [28][29]. - The fund manager Tu Huanyu focuses on long-term investment returns in TMT, new energy, and pharmaceuticals, achieving a cumulative return of 48% since he began managing the fund in March 2020 [30][31]. - The maximum drawdown for Huaxia Innovation Frontier during Tu Huanyu's tenure reached -44.5%, indicating a high level of volatility [33].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - This week, the equity market showed differentiation, with the BeiZheng 50 leading the gains and the small - cap value style outperforming. In terms of industries, comprehensive finance led, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. The bond market declined overall, while the convertible bond market rose. The average return of active equity funds in the whole market was - 0.41%; the average return of short - term bond funds was - 0.01%, and that of medium - and long - term bond funds was - 0.03%; the average return of bond funds with equity exposure was negative, and the average return of convertible bond funds was positive [1][2]. 3. Summary According to the Directory 3.1 Market Review - The equity market was differentiated, with the BeiZheng 50 leading and the small - cap value style dominant. Comprehensive finance led the industry performance, and national defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery also performed well. As of the close this week, the CSI 300 Index closed at 3840 points, down 1.08%; the Shanghai Composite Index closed at 3347 points, down 0.03%; the Shenzhen Component Index closed at 10041 points, down 0.91%; the ChiNext Index closed at 1993 points, down 1.4%. In the Hong Kong stock market, the Hang Seng Index fell 1.32%, and the Hang Seng Tech Index fell 1.46% [6]. - In terms of industry performance, comprehensive finance led with a gain of over 10%. National defense and military industry, medicine, agriculture, forestry, animal husbandry and fishery performed well, while the automobile, non - ferrous metals, power equipment and new energy sectors declined by over 2% [8]. - As of May 30, 2025, there were 5413 stocks in the A - share market, of which 3228 stocks rose this week. The number of rising stocks on the BeiZheng, ChiNext, Science and Technology Innovation Board, and Main Board was 194, 816, 343, and 1875 respectively [11]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: The average return of the whole - market funds in the sample was - 0.41%. Funds with better performance were heavily invested in industries such as medicine, non - ferrous metals, and food and beverages. Among industry - themed funds, medical sector funds had the highest average return, while mid - stream manufacturing and cyclical sector funds lagged [17][20]. - **Position Estimation**: This week, the positions of ordinary stock - type funds increased slightly, while those of partial - stock hybrid funds decreased slightly. Compared with the previous week, the positions of ordinary stock - type funds increased by 0.22 percentage points, and those of partial - stock hybrid funds decreased by 0.60 percentage points. Actively managed partial - stock funds increased their allocation to cyclical and stable sectors and reduced their allocation to financial, consumer, and growth sectors [23]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market declined overall this week. The ChinaBond Total Wealth Index closed at 245.89, down 0.07% from last week; the ChinaBond Treasury Bond Index closed at 246.62, down 0.07% from last week; the ChinaBond Credit Bond Index closed at 223, down 0.01% from last week. The CSI Non - Pure Bond Fund Index closed at 2184.93 on Thursday, down 0.02% from last Thursday. The CSI Convertible Bond Index closed at 429.31, with a weekly increase of 0.46% and a trading volume of 277.1 billion yuan, an increase of 2.093 billion yuan from last week [29][31]. - **Fund Performance Overview**: The average return of short - term bond funds was - 0.01%, and the median was - 0.01%. The average return of medium - and long - term bond funds was - 0.03%, and the median was - 0.04%. The average return of first - tier bond funds was 0%, and the median was - 0.01%. The average return of second - tier bond funds was - 0.02%, and the median was - 0.01%. The average return of partial - bond hybrid funds was - 0.03%, and the median was - 0.02%. The average return of low - position flexible allocation funds was - 0.07%, and the median was - 0.05%. The average return of convertible bond funds was 0.28%, and the median was 0.22% [34][37][40]. 3.2.3 New - share Subscription Funds - **New - share Overview**: One new stock was listed this week, with a total raised capital of 604 million yuan. There was no break - even on the first day of listing, and the expected total入围 income was 35,400 yuan [41]. - **New - share Subscription Income Calculation**: Assuming weekly participation in offline new - share subscriptions and successful入围, the weekly new - share subscription return sequence of an 800 - million - yuan account was calculated [42]. - **Fund Company New - share Subscription Overview**: Eight fund companies with more than two new - share subscription funds were selected. This week, the new - share subscription return rate of an 800 - million - yuan account was 0.004%. The optimal scale for weekly and annual new - share subscriptions was 400 million yuan [44]. - **New - share Subscription Fund Performance**: The average return of new - share subscription funds in the sample this week was - 0.18% [46]. 3.2.4 FOF Fund Performance - The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample this week were - 0.28%, - 0.88%, and - 1.45% respectively [48]. 3.2.5 QDII Funds - During the statistical period, partial - stock and index QDII funds declined by 0.71% and 0.83% on average respectively, while alternative and bond QDII funds rose by 0.02% and 0.37% on average respectively [2][49]. 3.2.6 REITs Funds - This week, REITs declined by 0.02% on average. The Huaxia TBEA New Energy REIT led the gains, rising 4.26% this week. The Huatai Suzhou Hengtai Rental Housing REIT had the highest liquidity, with a trading volume of 130.2489 million yuan this week [51].