Core Viewpoint - The FOF (Fund of Funds) is experiencing significant growth due to the increasing demand for wealth management among residents and the acceleration of an aging society, leveraging its advantages in professional allocation, risk diversification, and suitability for retirement [1] Group 1: Investment Strategy - The Minsheng Jianyin FOF team emphasizes that the essence of asset allocation is managing expectations and risks, aiming to enhance returns while controlling volatility through dynamic adjustments of stock and bond ratios and selecting sub-funds with strong excess return capabilities [1] - The team encourages investors to establish reasonable return expectations and avoid chasing short-term trends, exemplified by the Minsheng Jianyin Kangning Stable Retirement Target One-Year Holding Period Mixed (FOF) A, which has provided consistent returns since its inception in 2019 [1] Group 2: Performance Metrics - As of the second quarter, the Minsheng Jianyin Kangning Stable Retirement Target One-Year Holding Period Mixed (FOF) A ranks 8th out of 81 and 9th out of 70 in its category for the past one and two years, respectively, according to data from Galaxy Securities [1] - The fund's net value growth rate over the past year is 8.35%, outperforming the performance benchmark during the same period [1] Group 3: Future Outlook - The asset allocation strategy will focus on two main lines: high-dividend assets as a base to match absolute return investment goals, and technology growth sectors, which currently show a rare degree of prosperity and long-term potential under favorable policies and industry trends [2] - The team stresses that tactical views should not dominate investment strategies; rather, a long-term balanced strategic allocation is essential for achieving consistent performance [2] Group 4: Historical Performance - The Minsheng Jianyin Kangning Stable Retirement Target One-Year Holding Period Mixed (FOF) has shown varying annual returns since its establishment, with a cumulative net value growth rate of 24.93% against a benchmark of 28.69% since inception [3] - The fund's annual returns from 2020 to 2024 are as follows: 14.23% vs. 9.16%, 0.79% vs. 3.15%, -6.06% vs. -3.09%, -0.71% vs. 0.98%, and 4.02% vs. 10.73% [3]

Core Viewpoint - The article emphasizes the importance of independent research and prioritizing investor interests in selecting funds, particularly focusing on four noteworthy FOF (Fund of Funds) products that aim for long-term stable growth through diversified asset allocation and optimal fund selection [1]. Group 1: Fund Overview - The article introduces four FOF products, categorized into target date funds and target risk funds, designed to meet different retirement investment needs [1]. - Target date funds adjust asset allocation based on the investor's retirement date, while target risk funds maintain a preset risk level throughout their lifecycle [1]. Group 2: Fund Details - **Zhaoshang Heyue Stable Pension Target One-Year Holding Mixed (FOF)**: This conservative mixed fund targets a benchmark of 15% from the CSI 300 Index and 85% from the China Bond Composite Index, managed by an experienced fund manager with a strong background in pension investment [4][5]. - **Hongli Taihe Balanced Pension Target Three-Year Holding Mixed (FOF)**: This standard mixed fund aims for a balanced allocation of 50% equity and 50% fixed income, utilizing a tactical asset allocation strategy to achieve excess returns [7][8]. - **Zhongou Yujian Pension Target Date 2035 Three-Year Holding Mixed (FOF)**: A target date fund designed for investors retiring around 2035, focusing on asset allocation and fund selection, with a strong emphasis on risk control [11][12]. - **Ping An Pension Target Date 2035 Three-Year Holding Mixed (FOF)**: This fund incorporates a diverse asset allocation strategy, including overseas stocks, and employs a "core + satellite" approach for its equity investments [17][18]. Group 3: Investment Strategies - The investment strategies of the funds include a mix of strategic and tactical asset allocation, with a focus on maintaining a balance between risk and return [5][8][12]. - Fund managers utilize quantitative models and qualitative assessments to select underlying funds, ensuring a robust evaluation process that considers various market factors [9][14][20]. Group 4: Manager Expertise - Each fund is managed by experienced professionals with extensive backgrounds in asset allocation and pension fund management, contributing to the overall effectiveness of the investment strategies [5][8][12][18]. - The teams behind these funds emphasize collaboration and disciplined investment processes, which are crucial for achieving sustainable excess returns over the long term [6][9][20].

Core Viewpoint - The article emphasizes the importance of a stable analytical framework and diversified asset allocation to avoid the pitfalls of chasing trends in investment, highlighting that there is no optimal solution in asset allocation [1][4]. Group 1: Asset Allocation Strategies - The performance of FOF funds has been strong this year, attributed to effective diversified allocation strategies [6]. - The manager, Tang Jun, adjusts the allocation between A-shares and Hong Kong stocks based on market conditions, demonstrating a responsive approach to market changes [1][6]. - Tang Jun actively participates in sectors like innovative pharmaceuticals and military ETFs, capitalizing on structural opportunities in a complex market environment [1][8]. Group 2: Professional Background and Insights - Tang Jun's career spans quantitative investment, fund evaluation, and macro research, providing a solid foundation for his current asset allocation work [3][4]. - His experience in quantitative research has enhanced his ability to identify various market factors, which is crucial for effective asset allocation [3][4]. - The "Zhongtai Clock" research incorporates policy analysis to better fit the domestic market, addressing the limitations of the previously used Merrill Lynch Clock [4]. Group 3: Dynamic Adjustment and Market Trends - Tang Jun believes that while macro trends provide guidance for asset allocation, the timing of price reflections can be uncertain, necessitating continuous monitoring and dynamic adjustments [6][8]. - The current allocation shows a shift towards A-shares over Hong Kong stocks, indicating a responsive strategy to market conditions [6][8]. Group 4: Avoiding Common Investment Mistakes - The article discusses the common mistake of "chasing trends," where investors buy high and sell low, and suggests establishing a stable analytical framework to counter this behavior [10][11]. - Diversification is recommended to enhance the return stream and provide confidence in maintaining the analytical framework during market fluctuations [11]. - Understanding "expectation differences" is crucial to avoid chasing trends, as short-term asset performance is often driven by the gap between fundamentals and market expectations [12].

Group 1 - The A-share market is experiencing a recovery, with major indices showing upward trends and increased trading activity, leading to a gradual restoration of investor confidence [1] - FOF funds are gaining traction as important tools for investors to capture structural opportunities in the market and mitigate volatility risks due to their asset allocation capabilities and professional fund selection [1] - As of the end of Q2 2025, the total scale of FOF funds in the market reached 165.1 billion yuan, reflecting a growth of over 10% compared to Q1 [1] Group 2 - The Minsheng Jia Yin Stable Allocation 6-Month Mixed FOF fund aims to achieve risk diversification and return balance through a selection of funds across various asset classes, including stocks, bonds, and commodities [2] - The fund has outperformed its benchmark in net value growth over the past six months and one year, achieving excess returns [2] - The core value of FOF lies in its ability to dynamically balance risk and return through professional fund selection and asset allocation, as emphasized by the fund's management team [2]

Summary of Key Points Core Viewpoint - The latest FOF (Fund of Funds) report reveals a strong preference for bond funds, with significant interest in various ETF, actively managed equity funds, and QDII funds as the capital market shows signs of recovery [1][3]. Group 1: FOF Holdings and Performance - In Q2, bond funds remained the primary focus for FOF, with the highest market value held in Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [3][4]. - The top 30 actively managed equity funds held by FOF saw 21 funds yielding over 20% returns, while two QDII funds exceeded 100% returns [1][19]. - The top three funds with the most significant increase in holdings were all bond funds, with Bo Shi Credit Preferred E seeing an increase of over 800 million shares [6][7]. Group 2: ETF Performance - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the previous year [10]. - The top five ETFs by market value held by FOF include Hai Fu Tong Zhong Zheng Short Bond ETF and Bo Shi Zhong Dai 0-3 Year National Development Bank ETF [10][12]. - The best-performing ETFs focused on the technology sector, with returns ranging from 35.98% to 49.30% [11]. Group 3: QDII Fund Insights - The highest market value QDII fund held by FOF was Hua Xia Hang Seng ETF, with over 800 million yuan in holdings [19][20]. - Two QDII funds, Hui Tian Fu Hong Kong Advantage Selected A and Guang Fa Zhong Zheng Hong Kong Innovative Medicine ETF, reported returns exceeding 100% [19][20]. Group 4: Market Outlook - FOF managers express optimism for the market's continuation, emphasizing the need for cautious investment strategies amid rapid industry rotations [23]. - The anticipated economic stabilization and potential overseas capital inflows are expected to benefit the Chinese capital market [23].

Core Viewpoint - The article highlights the investment preferences of Fund of Funds (FOF) in the second quarter of 2023, indicating a strong preference for bond funds, while also noting significant interest in ETFs, actively managed equity funds, and QDII funds as the capital market recovers [1][2]. Summary by Sections FOF Investment Preferences - In the second quarter, bond funds remained the primary focus for FOFs, with the highest market value held in the Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [3][4]. - The top three bond funds held by FOFs include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan, with a year-to-date increase of 1.03% - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan, with a year-to-date increase of 0.47% - Bo Shi Credit Preferred E: 1.016 billion yuan, with a year-to-date increase of 1.07% [4][5]. Active Equity Funds - The article notes that among the top 30 actively managed equity funds held by FOFs, 21 funds achieved returns exceeding 20% in the year-to-date period [1][15]. - The highest market value for an actively managed equity fund held by FOFs is the Yi Fang Da Ke Rong, valued at 384 million yuan, despite a reduction of over 380,000 shares [15][17]. QDII Funds - QDII funds have also gained traction, with the highest market value held in the Hua Xia Hang Seng ETF, totaling over 800 million yuan [20][21]. - Notably, two QDII funds, the Hui Tian Fu Hong Kong Advantage Selected A and the Guang Fa Zhong Zheng Hong Kong Innovation Drug ETF, reported returns exceeding 100% [20][21]. ETF Performance - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the end of the previous year [10]. - The top five ETFs held by FOFs in terms of market value include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan - Hua An Gold ETF: 1.004 billion yuan, with a year-to-date increase of 26.60% - Hua Xia Hang Seng ETF: 835 million yuan, with a year-to-date increase of 23.56% [10][12]. Market Outlook - FOF managers express optimism about the market's future, emphasizing the need for cautious investment strategies amid rapid industry rotations [24]. - The article suggests that the market's liquidity is relatively abundant, which may lead to faster value discovery compared to previous years [24].

Core Viewpoint - The personal pension fund industry has achieved significant growth in both performance and scale in 2023, with the Y share scale surpassing 12.41 billion yuan, reflecting a 35.7% increase from the end of the previous year [2] Group 1: Performance and Growth - As of the end of June 2023, all personal pension funds have realized positive returns, with the highest return exceeding 20% [2] - The total scale of 296 personal pension funds' Y shares has exceeded 12.4 billion yuan, with FOF funds accounting for approximately 87.3% of this total [2] Group 2: FOF Fund Characteristics - FOF funds are characterized by low volatility and stable performance, aligning well with the long-term investment needs of personal pensions [2] - The global macro environment has led to increased market activity and volatility, prompting FOF products to adjust their regional and asset allocations more actively [2] Group 3: Case Study of Guohai Franklin Fund - Guohai Franklin Fund's FOF products exhibit two main characteristics: "global asset allocation" and "flexible investment strategies," leading to strong performance and high recommendations from retail channels [4] - The Guofu Balanced Pension Three-Year Mixed FOF has achieved a one-year return of 25.24%, ranking in the top 2% among similar conservative mixed funds [4] Group 4: Investment Strategy and Risk Management - The Guofu Balanced Pension FOF has historically invested in various markets, including A-shares, Hong Kong stocks, and U.S. stocks, effectively capturing market trends [5] - The fund has diversified its investments across bonds, commodities, and hedging tools, achieving a balance between risk and return [5] Group 5: Long-term Investment Philosophy - Guohai Franklin Fund promotes a "bottom warehouse" culture, focusing on long-term sustainable returns through fundamental research and balanced value allocation [7] - This investment philosophy aligns with the risk-controlled and long-term appreciation needs of pension funds, making it suitable for long-term holdings [7][8]

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]

Core Insights - The public FOF market experienced a rare "full house" of positive returns last week, with all products achieving gains, highlighting a significant recovery from previous market adjustments [1][4] Performance Summary - The top-performing FOFs for the week included: - Guotai Selected Navigation One-Year Holding with a return of 5.18% - Qianhai Kaiyuan Yuyuan with a return of 4.40% - Guotai Industry Rotation A with a return of 4.25% [2] - The overall market saw a total of 517 public FOFs by the end of Q2, with a total scale of 1656.72 billion, reflecting a 9.7% quarter-on-quarter growth [4] Market Activity - On August 4, Morgan Fund's Morgan Yingyuan Stable Three-Month Holding FOF ended its fundraising early, raising approximately 2.8 billion, indicating strong investor enthusiasm [2] - In Q2, 14 new FOFs were established, raising a total of 18.604 billion shares, with an average fundraising scale of 1.329 billion [4] Long-Term Performance - As of August 12, the threshold for the top 20 FOF products over the past three years was a return of 8.43%, with Xingzheng Global Fund securing five positions in this ranking [5][6] - Qianhai Kaiyuan Fund had three products in the top rankings, showcasing the emerging head effect in the FOF sector [5]

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]