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 ...

银行理财周度跟踪（2026.1.19-2026.1.25） 分析师：蔡梦苑 分析师登记编码：S0890521120001 电话：021-20321004 邮箱：caimengyuan@cnhbstock.com 分析师：周佳卉 分析师登记编码：S0890525040001 电话：021-20321070 邮箱：zhoujiahui@cnhbstock.com 2026 年 01 月 28 日 证券研究报告|银行理财周报 2025 年报：规模高增，结构优化，增配基金和存款 021-20515355 期 新 品 亮 相 — 银 行 理 财 周 度 跟 踪 （2026.1.12-2026.1.18）》2026-01-21 2、《公募销售新规正式落地，理财子深化 推进新直联系统上线—银行理财周度跟 踪（2025.12.29-2026.1.4）》2026-01-07 3、《信披统一框架正式落地，苏银理财深 耕持有型不动产 ABS 实践—银行理财周 度 跟 踪 （ 2025.12.22-2025.12.28 ）》 2025-12-31 4、《理财共议高质量发展新路径，首单科 创债 ETF 质押式回购交易落地—银行理 财周 ...

8位基金经理跻身300亿元阵营 在权益类产品管理规模排名中，易方达基金张坤表现突出，以483亿元的规模居于首位，且其管理规模 全部集中于权益类产品。兴证全球基金谢治宇以386亿元的规模紧随其后。广发基金杨冬、中欧基金葛 兰、景顺长城基金刘彦春的管理规模均超过300亿元，具体分别为360亿元、353亿元和314亿元。此外， 中欧基金周蔚文、蓝小康以及永赢基金张璐的管理规模也均站上300亿元关口。 这一梯队清晰地展示了大型基金公司在培育和留住顶尖投资人才方面的平台优势。以中欧基金为例，其 旗下葛兰、周蔚文、蓝小康三位基金经理权益管理规模均超过300亿元，赵磊与冯炉丹的规模也分别达 到269亿元和206亿元。 易方达基金同样如此，除张坤外，陈皓、萧楠、刘健维、郑希的权益管理规模均在200亿元以上，形成 了显著的集群效应。一位行业观察人士对《华夏时报》记者指出，头部基金经理的管理规模是其历史业 绩、投资理念被市场广泛认可的结果。尤其是在市场波动加大、结构性机会为主的背景下，投资者出于 对确定性的追求，更倾向于将资金托付给历经牛熊、风格稳定的基金经理。这使得头部基金经理的管理 规模得以维持甚至增长，但同时也对其投资操作 ...

Core Viewpoint - The bank wealth management market in 2025 shows significant growth and structural optimization, with a focus on increasing allocations to public funds and bank deposits [5][6][7]. Regulatory and Industry Dynamics - As of the end of 2025, the bank wealth management market's total scale reached 33.29 trillion yuan, marking an 11.15% increase from the beginning of the year, with an annual increment of 3.34 trillion yuan [5]. - The growth is supported by three main factors: the "deposit migration" narrative, proactive market expansion by wealth management companies, and strong net value management capabilities despite market volatility [5]. - The product structure is characterized by a contraction in cash management products, dominance of fixed-income products, and expansion of mixed products [6]. - By the end of 2025, cash management products accounted for 7.04 trillion yuan, representing 26.48% of all open-ended wealth management products, a decrease of 3.69 percentage points from the beginning of the year [6]. - Fixed-income products contributed significantly to growth, with "fixed-income+" products gaining popularity due to their flexible asset allocation [6]. - The allocation direction has shifted towards increasing public fund and bank deposit investments, with public fund investments reaching 1.82 trillion yuan, a historical high [7]. Asset Allocation Adjustments - By the end of 2025, bond investments accounted for 51.93% of the total wealth management assets, a noticeable decline from the previous year [9]. - The average yield of wealth management products fell below 2% for the first time, dropping to 1.98%, down from 2.12% in the first half of 2025 and 2.65% in 2024 [9][10]. - The decline in yields is attributed to several factors, including a continuous decrease in market interest rates and increased difficulty in enhancing returns through traditional bond allocations [9][12]. Performance Tracking - The broken net rate of bank wealth management products was 0.55%, a decrease of 0.25 percentage points from the previous week, with credit spreads also tightening [16]. - The relationship between broken net rates and credit spreads is generally positive, indicating potential redemption pressure when broken net rates exceed 5% [16].

Group 1 - The core viewpoint of the articles highlights the significant growth of public FOFs (Fund of Funds) in 2025, with a total fundraising scale reaching 84.529 billion yuan, marking an over 8-fold year-on-year increase, reflecting the increasing demand for tools that effectively manage volatility in a macro environment characterized by market fluctuations and low interest rates [1] - In 2026, public FOFs are expected to continue expanding their development space, becoming a core choice in residents' asset allocation due to factors such as "financial relocation," "pension demand," and "tool upgrades" [1] - Financial institutions are accelerating collaboration to respond to investor needs with more professional services, exemplified by the launch of the "Hui Investment Plan" by Bank of China in partnership with public fund management institutions [1][2] Group 2 - The "Hui Investment Plan" is designed based on in-depth market research by Bank of China, offering four product lines targeting different risk-return profiles, thus providing clear and targeted asset allocation solutions for investors [2] - The "You Sheng You Yang Plan" by Southern Fund focuses on the full lifecycle management of products, aiming to match fund products and investment strategies with channel and investor needs, thereby creating a virtuous cycle of stable fund performance and positive investor experience [3] - The combination of these two models forms a complete service loop from demand insight to product supply and long-term support, establishing a solid foundation for the successful operation of products like Southern Haoxin [3] Group 3 - Southern Haoxin is highlighted for its clear strategy and stable performance, meeting the current market demand for low-volatility, stable-return investment tools [4] - The fund employs a risk parity model to determine asset allocation, focusing on a mix of domestic and international stocks, gold, and convertible bonds, while maintaining a diversified strategy for enhanced returns [4] - Recent quarterly reports indicate that Southern Haoxin A shares had a net value of 1.0635 yuan with a growth rate of 0.47%, while C shares had a net value of 1.0499 yuan with a growth rate of 0.37%, both outperforming their performance benchmarks [4] Group 4 - The management of Southern Haoxin is led by experienced professionals, including Li Wenliang and Wang Qingzhou, who bring extensive investment experience and a focus on steady growth and risk control [6] - The fund's investment philosophy emphasizes stable growth and a good client holding experience, with adjustments made to equity positions in response to market fluctuations [6] - The strong operational framework of Southern Fund's FOF team supports the fund's performance, leveraging integrated research resources across various asset classes [7] Group 5 - The ongoing growth in resident wealth management needs and the deepening of high-quality industry development will continue to enhance service models centered on investor interests and institutional collaboration [7] - The organic combination of the "Hui Investment Plan" and "You Sheng You Yang Plan," along with the practical launch of products like Southern Haoxin, exemplifies this trend [7] - The financial industry is expected to play a more significant role in helping residents preserve and increase their wealth while serving the real economy [7]

Core Viewpoint - The A-share market is experiencing heightened sentiment with the Shanghai Composite Index achieving a 17-day consecutive rise, surpassing the 4100-point mark, but has entered a phase of high-level fluctuations, prompting investors to seek opportunities while being cautious of risks [1] Group 1: Market Environment - The market has seen a significant increase in trading volume, with the total transaction amount exceeding 30 trillion yuan for three consecutive trading days [1] - Investors are facing anxiety due to the rapid rotation of sectors and the desire to balance opportunity with risk management [1] Group 2: Product Overview - The FOF product, "Fuguo Zhihui Stable 3-Month Holding Period Mixed FOF," launched by Fuguo Fund, aims to meet the current market demand for balancing returns and risk prevention [1] - The product is managed by Wang Dengyuan, a seasoned fund manager with 14 years of experience in the securities industry and 6 years in FOF management [1][2] Group 3: Investment Strategy - The FOF product employs a "bottom warehouse + strategy + risk control" approach, focusing on a solid foundation of fixed income assets to provide stability [2] - It utilizes a multi-asset and multi-strategy approach, flexibly allocating to quality funds in sectors influenced by domestic policies and technological changes, while also including gold and REITs to hedge against volatility [2] Group 4: Performance Validation - Wang Dengyuan's previous products have demonstrated strong performance, with returns of 10.89% and 15.93% for two of his managed funds, significantly outperforming their benchmarks [3] - The FOF product is part of the "Hui Investment Plan" by the Bank of China, which aims to provide a comprehensive asset allocation solution with clear risk-return profiles [3]

Core Insights - The public fund industry in China has experienced significant changes in fund sizes and investor preferences, with a notable shift towards index funds and mixed bond funds while actively managed equity funds continue to face net redemptions [1][2][3][4][7][9] Fund Performance and Trends - As of December 31, 2025, the total net asset value of public funds exceeded 37.64 trillion yuan, marking a historical high, with continued net inflows into the public fund market [1] - Actively managed equity funds faced net redemptions despite improved performance, indicating a lack of investor confidence [1] - Index equity funds, particularly the A500 index ETFs, saw significant inflows, with several funds growing by over 10 billion yuan in the fourth quarter [2] Bond Fund Dynamics - Bond fund sizes rebounded, with a quarterly increase of over 300 billion yuan, reaching nearly 11 trillion yuan, driven mainly by mixed bond funds and bond ETFs [3] - Six out of ten bond funds that grew by over 10 billion yuan in the quarter were bond ETFs, highlighting their appeal due to low fees [3] Multi-Asset Fund Growth - 2025 marked a year of explosive growth for multi-asset funds, with overseas investment funds, commodity funds, and FOFs (funds of funds) seeing substantial increases in size [4] - Commodity funds experienced a quarterly growth rate exceeding 45%, with significant increases in gold and silver products [4] Competitive Landscape - The public fund industry exhibits a pronounced "Matthew Effect," where leading firms maintain strong positions while smaller firms face intense competition [7][9] - The top ten public fund companies by non-monetary scale remained unchanged compared to the previous quarter, with three firms surpassing the trillion-yuan mark [8] - Notable growth was observed among mid-sized firms, with some achieving substantial quarterly increases in non-monetary scale [9]

Core Viewpoint - The public fund industry in China is experiencing significant shifts in product scale and investor preferences, with a notable divergence in risk appetite among investors, leading to a mixed environment of opportunities and challenges for the industry [2]. Group 1: Market Trends - Since the fourth quarter of last year, there has been a rapid rotation in market styles, with a clear adjustment in the scale of industry products. Index funds, mixed bond funds, commodity funds, overseas investment funds, and FOFs have all seen growth, while actively managed equity funds and pure bond funds continue to shrink [2]. - As of December 31, 2025, the total net asset value of public funds exceeded 37.64 trillion yuan, marking a historical high, with continued net inflows into the public fund market [3]. - The bond fund sector has rebounded, with a quarterly growth exceeding 300 billion yuan, bringing the total scale close to 11 trillion yuan, also a historical high [4]. Group 2: Fund Performance - Actively managed equity funds faced net redemptions, with investors losing confidence despite improved performance. The overall share of these funds showed a net outflow in the fourth quarter [3]. - In contrast, investors favored index equity funds, particularly the A500 index ETFs, which saw significant inflows, with several funds growing by over 10 billion yuan in the fourth quarter [3]. Group 3: Multi-Asset Growth - 2025 is marked as a year of explosive growth for multi-asset funds, with overseas investment funds, commodity funds, and FOFs experiencing substantial increases in scale. The commodity fund sector saw a quarterly increase of over 45%, with gold and silver products leading the growth [5][6]. - The FOF products regained popularity, with several newly established funds achieving impressive fundraising results in the fourth quarter [6]. Group 4: Competitive Landscape - The public fund industry exhibits a pronounced "Matthew Effect," where leading firms maintain strong competitive positions, while mid-tier firms face intense competition. The top three firms in non-monetary fund scale are E Fund, Huaxia Fund, and GF Fund, with GF Fund recently surpassing the 1 trillion yuan mark for the first time [7][8]. - Smaller firms, some with non-monetary scales below 100 billion yuan, have also shown significant growth, with several achieving over 10 billion yuan in quarterly increases [9].

Core Viewpoint - The early closure of the fundraising for the Jianxin Hongtai Multi-Asset Allocation 3-Month Holding FOF reflects strong market recognition of the value of multi-asset allocation and highlights Jianxin Fund's long-term expertise in asset allocation [1][3]. Group 1: Fundraising and Market Trends - Jianxin Fund announced the early closure of its Jianxin Hongtai Multi-Asset Allocation 3-Month Holding FOF after just three trading days of fundraising [1]. - In 2025, the number of FOF funds issued reached 89, with a total fundraising scale of 845.29 billion yuan, accounting for 7.02% of the total fundraising scale of public funds for the year [1]. - The issuance of FOF funds in 2025 ranked third historically in quantity and second in scale [1]. Group 2: Product Features and Strategy - The product is based on bond assets and flexibly combines low-volatility dividend assets, the S&P 500 index, and gold, aiming to reduce exposure risks from single assets and managers while enhancing yield elasticity [2]. - The fund aims to achieve long-term performance that exceeds benchmarks by dynamically managing asset rotation opportunities and addressing investor pain points related to selection, allocation, and timing [2]. - The three-month holding period is designed to control volatility while maintaining adequate liquidity, aligning with current market conditions [2]. Group 3: Company Expertise and Offerings - Jianxin Fund is one of the early companies to obtain qualifications for public FOF, public MOM, and advisory services, with a product system covering low, medium, and high volatility characteristics to meet diverse investor risk preferences [3]. - The company has established the "Shan Jian Hui Tou" asset allocation service brand, focusing on providing comprehensive multi-asset allocation wealth management solutions and full-process support for investors [3].

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。 ...