Group 1 - The core viewpoint of the articles highlights the positive performance and growing acceptance of public FOF (Fund of Funds) in China, with nearly 90% of FOF products achieving positive returns since inception as of August 25, 2025 [1] - The public FOF market in China began in 2017, with 514 existing products, of which 318 were established between 2021 and 2023, indicating a significant growth in this investment category [1] - The recovery of the equity market has contributed to the improved performance of FOF products that were launched during the previous market peak [1] Group 2 - FOF funds have demonstrated lower annualized volatility compared to traditional funds, with a three-year average annualized return of 1.56% and volatility of 15.06% for equity-oriented FOFs, outperforming the corresponding mixed equity funds [2][4] - For bond-oriented FOFs, the average annualized return was 1.63% with a volatility of 4.26%, which is lower than the average volatility of bond mixed funds [4] Group 3 - As of June 30, 2025, the total market size of FOFs reached 165.67 billion yuan, reflecting a 24.43% growth since the beginning of the year, reversing a two-year trend of decline [5] - By August 2025, 39 new FOFs were launched, surpassing the total of 36 for the entire year of 2024 [5] Group 4 - The trend towards multi-asset allocation in public FOFs is evident, with a shift from traditional stock-bond combinations to more diversified asset types, including gold ETFs and various commodity funds [6] - As of August 2025, 103 public FOF products included Hong Kong market indices in their performance benchmarks, and 21 products incorporated gold [6] Group 5 - The significant excess returns of FOFs managed by Xingzheng Global are attributed to their choice of performance benchmarks, which are more challenging to outperform, such as the CSI Mixed Equity Fund Index [8][10] - All 11 FOF funds managed by Xingzheng Global have recorded maximum drawdowns lower than their respective benchmarks, with 10 funds achieving excess returns [14]

Group 1 - The "2025 Asset Management Conference" was held in Shanghai, focusing on the development of asset management and the role of banks in the industry [1] - As of mid-August, the asset management scale of Pu Yin Wealth Management reached 1.45 trillion yuan, serving 13 million clients, with all products achieving positive returns this year [1] - The current market volatility is seen as a norm, and multi-asset allocation capabilities are becoming a core competitive advantage for asset management institutions [1] Group 2 - The positioning of bank wealth management is to provide low-volatility, stable products that pursue absolute returns, catering to the demand for low-risk asset allocation [2] - The asset management industry's mission is to serve the real economy and preserve and increase the value of people's wealth, especially in the context of green transformation and industrial upgrading [2] - Multi-asset allocation is essential for guiding capital towards new productive forces and supporting high-quality development [2]

Core Insights - The rise of passive investment, particularly index-based investment, is becoming a significant focus for asset management institutions as they adapt to changing market dynamics [1][2][3] - The total scale of ETFs listed in China has officially surpassed 5 trillion yuan, marking a historical high and indicating the growing importance of passive investment in capital markets [1][2] Group 1: Factors Driving ETF Growth - Regulatory support and guidance from authorities have been crucial in the rapid development of the ETF market [2] - Significant capital inflows from large institutional investors have provided a solid funding base for ETFs [2] - The supply side has seen public funds increasingly view ETFs as a key growth area, allocating substantial resources to this segment [2] - The ecosystem surrounding ETFs is maturing, with innovations in sales, research, and advisory services further promoting market development [2] Group 2: Characteristics and Trends in Passive Investment - Passive investment is characterized by its transparency, tradability, large capacity, and convenience, making ETFs one of the best tools for asset management companies to engage in equity market investments [2][3] - The structure of stock market investors is rapidly changing, with institutional investors now holding over 50% of the market, which influences the index curves that passive investments track [3] Group 3: Challenges in the Passive Investment Market - The passive investment market faces issues of significant homogeneity and concentrated supply, leading to potential resource wastage within the industry [3][4] - Many asset management firms are grappling with the decision to enter the passive investment space, as competition is fierce and often results in many participants exiting the market [3] Group 4: Strategies for Asset Management Institutions - Asset management institutions are exploring various strategies to provide stable and sustainable returns to investors, particularly in a low-risk environment [5][6] - Institutions are focusing on multi-asset allocation opportunities and enhancing their research capabilities to improve investor returns and client experiences [9][10] - The need for diversified asset allocation is emphasized, as single asset classes may not effectively navigate market cycles [9][10] Group 5: Innovations and Future Directions - Institutions are increasingly adopting quantitative strategies within passive index investment, with trends such as "passive active" and "active passive" emerging [7] - Wealth management institutions are enhancing their strategy for index products and focusing on investor education to promote the value of ETFs [8]

Group 1 - The market has been experiencing a smooth bull trend since April, with recent acceleration and increasing confidence among investors [1] - Investment should enhance life choices rather than define them, emphasizing the importance of a rational investment plan and framework to cope with market fluctuations [1] - Key points to remember about bull markets include: 1) Bull markets change the probability of making money but do not enhance individual investment abilities [1] 2) Ordinary investors benefit from beta returns rather than alpha, making index investing more practical than stock picking [1] 3) Bull markets validate correct investment philosophies rather than disrupt them, highlighting the importance of maintaining diversified asset allocation [1] 4) It is unnecessary to dwell on missed opportunities; focus on future changes instead [1]

Core Viewpoint - The article discusses the launch of the ETF-FOF strategy by Xingzheng Global Fund, highlighting the growing importance of index-based investment tools in multi-asset allocation strategies as the domestic market matures [3][4]. Group 1: ETF-FOF Strategy Launch - The ETF-FOF product, named Xingzheng Global Yingfeng Multi-Asset Allocation Three-Month Holding (ETF-FOF), is managed by experienced fund managers Liu Xiao and Liu Shuiqing [3][4]. - The performance benchmark for the ETF-FOF is set to a specific mix of indices, including 60% of the CSI A500 Index, 15% of the MSCI World Index, 15% of the China Bond Composite Index, 5% of the Hang Seng Index, and 5% of the Shanghai Gold Exchange Au99.99 spot contract closing price [4][5]. - The strategy aims to create a more diversified asset portfolio compared to traditional stock-bond combinations, focusing on long-term risk diversification and stable returns [5][6]. Group 2: Investment Approach and Management - The team plans to utilize index-based tools to express market factor views while also taking advantage of pricing discrepancies in extreme market conditions [6][7]. - The focus will be on selecting high-liquidity ETFs and engaging in short-term trading when significant arbitrage opportunities arise [7][8]. - The team emphasizes the importance of the capabilities of the index management teams behind the ETFs, considering factors like tracking error, liquidity, and fees in their selection process [6][8]. Group 3: Future Development and Goals - The team has over five years of experience in FOF investment management and aims to provide a comprehensive solution for multi-asset allocation [8][9]. - Future plans include expanding the range of asset classes included in the portfolio while maintaining a focus on performance benchmarks to enhance tracking and returns [9].

随着国内市场指数化投资日益成熟，如何挑选和运用这些指数化工具，成为不少投资者面临的难题。伴 随结构化行情持续演绎，多资产策略逐步得到市场关注和认可，指数化工具产品凭借其纯粹且透明的优 势，正在成为落实大类资产配置策略的有力抓手。 借此时机，兴证全球基金多元资产配置部启动ETF-FOF策略，推出拟由资深FOF基金经理刘潇和指数投 资"强将"刘水清共同管理的兴证全球盈丰多元配置三个月持有（ETF-FOF）。日前，刘潇、刘水清在接 受中国证券报记者采访时，围绕如何借助指数化工具践行多资产配置策略展开了详细介绍。 兴证全球基金 刘潇 兴证全球基金 刘水清 ETF-FOF推出时机成熟 "一方面，基于公司的主动权益投研观点支持，我们会在市值、成长、价值等方面适当做些风格暴露， 利用指数化工具来表达我们对于市场因子的观点；另一方面，ETF在极端情况下会出现定价失真的情 况，我们会积极把握这样的套利机会；此外，我们还会参与一些网下IPO、定增以及大宗交易的机会， 为组合积累更多的超额收益。"刘水清表示。 在海外权益投资部分，刘水清坦言，由于海外市场的机构化程度较高，相比指数难以做出更稳定的超额 收益，团队在这方面的主动管理操 ...

Core Viewpoint - The article discusses the innovative approach of Xingzheng Global Fund in utilizing ETF-FOF (Exchange-Traded Fund of Funds) to provide a simple and effective investment solution for investors, focusing on global asset allocation and risk diversification [4][5][7]. Group 1: Investment Strategy - Xingzheng Global Fund emphasizes the importance of expanding investment horizons globally and diversifying asset classes through FOF, primarily using ETFs as investment targets [4][5]. - The upcoming Xingzheng Global Yingfeng Multi-Asset Allocation Fund will focus on ETFs, with at least 80% of its non-cash fund assets allocated to ETFs, aiming to provide a diversified investment experience [7][10]. - The fund managers believe that the current market conditions are favorable for launching ETF-FOF products, given the rapid growth of passive investment and the increasing number of ETFs available [7][10]. Group 2: Product Features - The ETF-FOF product is likened to a Lego set, where various ETFs serve as components to create a comprehensive investment strategy, targeting long-term equity asset allocation with a focus on both Chinese and global assets [9][10]. - The product aims to enhance returns while mitigating risk through a diversified asset allocation strategy, appealing to long-term investors [9][12]. Group 3: Performance and Market Position - Since the launch of its first FOF product in 2019, Xingzheng Global Fund has grown its public FOF product management scale to over 14.3 billion yuan by mid-2025, serving over 1.22 million clients with diverse risk preferences [11][12]. - The performance of Xingzheng Global's FOF products has been strong, with several funds outperforming their benchmarks significantly, indicating effective management and strategy [11].

多只"固收+"、FOF产品细化业绩比较基准 一个基准涉及六类资产 数据显示，8月以来，新成立的多只FOF产品业绩比较基准较以往更为细化，大多由4～6类资产构成， 涵盖了美股、港股、商品、存款等多种资产类别。 【导读】多只"固收+"、FOF产品细化业绩比较基准 相较以往简单的股债搭配，记者发现，新一批多资产组合产品的业绩比较基准组成更为丰富。 比如，多只新发成立的FOF、"固收+"基金的业绩比较基准涵盖债券、A股、港股、美股、黄金、存款 等多类资产，其设计背后体现出基金管理人的多重考量。 业内人士表示，随着市场中基金产品和基金类型的不断丰富，同质化的问题也更加突出。通过细化业绩 比较基准，表明行业整体投资策略正在向更加精细化、多元化、特色化的方向转变。 永赢元盈稳健多资产90天持有基金经理段伟良表示，一方面，它明确了产品的投资边界，各资产类别的 权重设定实质上框定了组合的风险敞口，为资产配置提供清晰的约束框架。另一方面，多元化的基准有 助于强化投资纪律，要求管理人建立系统化、流程化的多资产研究与决策机制，减少"拍脑袋"式配置， 提升投资的科学性与可持续性。此外，多资产组合的收益来源复杂，细化的基准支持更精准的绩 ...

Core Viewpoint - The article highlights the trend of diversification and refinement in the performance benchmarks of multi-asset investment products, particularly "Fixed Income +" and Fund of Funds (FOF), indicating a shift towards more sophisticated investment strategies in the industry [2][9]. Summary by Sections Performance Benchmark Composition - Recent FOF and "Fixed Income +" products have performance benchmarks composed of 4 to 6 asset classes, including U.S. stocks, Hong Kong stocks, commodities, and deposits, reflecting a more nuanced approach compared to previous simpler stock-bond combinations [4][5]. - Examples of performance benchmarks include: - Morgan's "Yingyuan Stable Three-Month Holding" benchmark: 80% of the yield from the China Bond Pure Bond Index, 5% from the China Equity Fund Index, 5% from the MSCI World Index, 5% from Shanghai Gold Exchange AU99.99, and 5% from after-tax demand deposit rates [4]. - "Yongying Yuan Stable Multi-Asset 90-Day Holding" benchmark: 70% from the China Bond Comprehensive Index, 10% from the CSI 300 Index, 5% from the S&P 500 Index, 5% from the Hang Seng Index, 5% from Shanghai Gold Exchange AU99.99, and 5% from after-tax demand deposit rates [4]. Reasons for Refinement - The refinement of performance benchmarks aims to highlight the "stable multi-asset" positioning of products, optimizing risk-return structures through cross-market and cross-asset diversification [5]. - Clear asset composition enhances product transparency, helping investors understand risk sources and return drivers, and signals global allocation characteristics and inflation-hedging attributes [5][6]. Industry Trends - The trend towards refined performance benchmarks reflects a broader shift in public fund multi-asset investment strategies from traditional equity and fixed income configurations to more diversified asset allocations, including commodities, overseas assets, and REITs [6][9]. - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the need for stricter performance benchmark constraints to better regulate fund managers' investment behaviors [5]. Implications for Investors and Fund Managers - Refined benchmarks serve as both a performance measurement tool and a guide for investment management, clarifying investment boundaries and enhancing investment discipline [8]. - For investors, detailed benchmarks facilitate better assessment of fund strategies and alignment with personal investment goals and risk tolerance [8][9]. - For fund managers, refined benchmarks support improved portfolio management and decision-making, enhancing transparency and investor confidence in fund products [8].

Group 1 - The article discusses the contrasting performance of the stock and bond markets, highlighting a bullish stock market that recently surpassed 3800 points while the bond market remains volatile [2][6] - A specific mixed-asset financial product, "Autumn Series Ruiying 60-Day Holding Period No. 1 (Diverse)," was evaluated, showing a significant number of purchases (6427) on the bank's app [2][6] - The product's net value declined for three consecutive days despite the stock market's strong performance, indicating a disconnect between the product's performance and the broader market trends [6][10] Group 2 - The product employs a conservative investment strategy, with over 80% of its equity investments in preferred stocks and a low equity long position of around 1%, which limits its benefits from stock market gains [10][21] - The product's annualized return over the past month was only 1.87%, reflecting its conservative approach and the recent adjustments in the bond market [10][18] - The product received a score of 83, outperforming 85.96% of similar products, with strong risk control and a low maximum drawdown of 0.066% [12][19] Group 3 - The product's asset allocation as of the second quarter of 2025 consisted of 59.53% fixed income investments, 24.02% equity investments, and 11.46% in cash and bank deposits, indicating a diversified approach [21][22] - The product's fee structure is competitive, with a total fee of only 0.33%, ranking it favorably among its peers [14][19] - The investment strategy includes a cautious approach to equity investments, with plans to allocate a small percentage to public REITs and hedging strategies to mitigate market risks [21][24]