Core Viewpoint - The "2025 White Paper on the Development of Fund Advisory Business" highlights the increasing importance of investment experience and return results for investors, with a focus on volatility control and diversified asset allocation as preferred strategies for over 90% of clients [2][20]. Group 1: User Behavior Analysis - Fund advisory users exhibit healthier investment behaviors compared to single fund users, characterized by diversified asset allocation, contrarian trading, and longer holding periods [5][28]. - Fund advisory users tend to increase equity strategy allocations during market lows and shift to fixed income strategies during market highs, avoiding irrational investment behaviors [5][28]. - The white paper indicates that fund advisory users have a more disciplined approach, leading to better long-term investment experiences [9][28]. Group 2: Investment Experience and Performance - Fund advisory users have shown a higher average return experience, with 75% of them reporting better one-year holding experiences compared to single fund users, achieving an average gain of approximately 2.2% [9][15]. - Data from the past three years shows that fund advisory users have a higher percentage of profitable clients and better returns than single fund clients, with an average return rate exceeding single fund clients by 1.33 percentage points [15][28]. - The white paper reveals that most fund advisory users feel they have a better holding experience compared to direct investments in single funds [12][28]. Group 3: Market Trends and Future Outlook - As the A-share market recovers, investors are optimistic about future returns, with over 50% expecting returns above 10% in 2026, while still emphasizing the need for diversified asset allocation [20][28]. - The demand for low-volatility and low-drawdown products is increasing, as these strategies provide better holding experiences and longer retention periods for investors [27][28]. - The fund advisory industry is entering a new development phase, with ongoing policy support expected to enhance the accessibility of fund advisory services to a broader audience [28].

Group 1 - Dongwu Securities has approved significant measures to enhance its financing and futures business, raising the credit limit for margin trading to 600% of its net capital, which is expected to improve customer service capabilities and positively impact stock prices [1] - Dongwu Securities plans to invest 403 million yuan in Dongwu Futures, increasing its registered capital from 1.0318 billion yuan to 1.5318 billion yuan, aimed at expanding business scale and consolidating market position [1] - The overall trend in the brokerage sector indicates a clear expansion of capital intermediary businesses, which may lead to industry valuation recovery and inject vitality into the market [1] Group 2 - Shouchuang Securities has proposed a cash dividend of 0.10 yuan per share, totaling 273 million yuan, which represents 34.01% of its net profit for the first three quarters of 2025, reflecting its strong profitability and commitment to shareholder returns [2] - The dividend distribution is expected to boost investor confidence and may serve as a benchmark for similar companies in the brokerage sector, reinforcing market expectations for valuation recovery in the financial sector [2] - Regular dividend payments could attract long-term capital, providing stability to the market [2] Group 3 - Over 30% of public fund companies have experienced changes in leadership this year, with more than 50 companies seeing changes at the chairman or general manager level, indicating increased competition and the need for strategic adjustments in the industry [3] - Frequent leadership changes may lead to shifts in investment strategies and business directions, posing short-term stability challenges for fund companies, but potentially injecting new vitality in the long term [3] - The industry landscape is undergoing a transformation, necessitating attention to the strategic intentions and execution capabilities of new management [3] Group 4 - The issuance scale of Funds of Funds (FOF) has exceeded 780 billion yuan this year, with over 75 new FOFs established, reflecting a growing demand for professional asset allocation among investors [4] - The total scale of FOFs has surpassed 2000 billion yuan, indicating accelerated market expansion and the potential for leading companies to increase their market share through research and investment capabilities [4] - The diversification of FOF holdings into ETFs and REITs is expected to promote the development of passive and alternative investment sectors, supporting overall market stability and enhancing the liquidity of tool-based products [4]

● 本报记者 张韵 近期，多家公募基金公司出现董事长、总经理变更。类似变更在今年并不少见。Wind数据显示，截至 12月10日，今年以来已有超过50家公募基金公司（不含券商资管）出现董事长或总经理级别的高管变 更，约占公募基金公司总数的三成。 新舵手纷纷亮相的背后，公募基金公司将在高质量发展浪潮中驶向何方？历经二十余载大发展后的公募 行业，将涌现哪些新亮点？中国证券报记者在采访调研中发现，大力发展指数投资、促进主动被动协调 发展，充分发挥与股东方、其它金融机构的协同效应，积极拓展多元资产配置正成为部分公募基金公司 未来发展规划中的共识。 数十位新掌舵人上任 Wind数据显示，今年以来，有36家公募基金公司迎来新任董事长（含仍代任，下同），29家公募基金 公司迎来新任总经理。其中，有十余家公募基金公司的董事长、总经理两项职务均有所变动。 大中型公募基金公司中，易方达基金、招商基金、博时基金、兴证全球基金均变更了董事长和总经理。 3月20日，易方达基金迎新任董事长刘晓艳，总经理变更为吴欣荣；11月27日，招商基金迎新任董事长 王颖，5月20日，钟文岳任总经理；10月15日，博时基金迎新任董事长张东，11月11日， ...

Core Insights - The public FOF (Fund of Funds) industry has made a strong comeback in 2025 after three consecutive years of decline, with total management scale reaching approximately 232.53 billion yuan, a four-year high [1][2] - Over 96% of FOF funds achieved positive returns in 2025, with an average return rate of 11.89%, driven by a significant profit effect [1][2] Industry Overview - As of December 10, 2025, there are 539 FOF funds, with a total management scale of about 232.53 billion yuan, marking a 75% increase from 133.15 billion yuan in 2024 [2][5] - The number of new FOF fund shares issued in 2025 reached 78.58 billion, surpassing the total issuance of the previous three years combined [2][5] - The average issuance per FOF fund in 2025 was 1.034 billion shares, a significant increase compared to previous years [2][5] Market Dynamics - The recovery of the FOF market is attributed to improved market conditions and upgraded product strategies, including better asset allocation in QDII, ETFs, REITs, and commodities [3][5] - The low interest rate environment has increased investor preference for stable products, while the implementation of personal pension systems has provided a stable funding source for FOF funds [3][5] Competitive Landscape - The FOF fund market is becoming increasingly competitive, with 82 public institutions involved and eight institutions managing over 10 billion yuan [6] - The top ten institutions account for 60% of the market share, indicating a significant concentration of assets [6][7] Challenges - Despite the growth, over 70% of FOF products have a scale of less than 200 million yuan, limiting their asset allocation flexibility [7] - Product homogeneity remains a significant issue, with many funds lacking diversified asset allocation capabilities [7][8] - Investor confidence needs time to recover, as many clients exited the market during the downturn from 2022 to 2024 [7][8] Future Outlook - The future development of public FOF funds should focus on enhancing asset allocation capabilities to smooth volatility and reduce risks [8] - There is a need for increased product promotion and investor education to rebuild confidence in FOF funds [8]

Core Viewpoint - The article discusses the evolution of the Chinese asset management industry, highlighting the differentiation between public and private funds, and how Huaxia Capital has carved out a unique niche by focusing on absolute returns through innovative derivative products [1][20]. Group 1: Huaxia Capital's Strategy - Huaxia Capital has developed a differentiated approach centered around three main strategies: "strategy assurance," "steady income," and "aggressive appreciation," providing a multi-asset solution for investors seeking clear absolute returns [1]. - Since entering the derivatives market in 2020, Huaxia Capital has issued products totaling over 100 billion, becoming a significant player in areas like "Xueqiu" and "alternative fixed income+" [1]. Group 2: Snowball Strategy - The "Snowball" strategy converts market volatility into sustainable returns, relying on structured designs that generate income as long as the index does not fall below a predetermined "safety cushion" [3][4]. - As of November 30, 2025, Huaxia Capital has launched over 500 Snowball products, with a success rate exceeding 99% and an average annual return of 14% for completed products [4]. Group 3: Core Competencies - Huaxia Capital prioritizes the interests of its investors, proactively adjusting product structures to mitigate risks, as seen in its cautious approach during market peaks [5]. - The company pioneered a "joint distribution" model to lower investment thresholds, allowing for the successful issuance of over 200 Snowball products with a total fundraising of over 28 billion [5]. - A refined online inquiry system has been established to enhance trading efficiency, allowing Huaxia Capital to secure better pricing and strengthen long-term relationships with trading partners [6]. Group 4: On-Site Derivatives - Huaxia Capital has developed two main product lines in on-site derivatives: income-generating strategies and tool-based strategies, with the covered call strategy being a key offering [8]. - The covered call strategy, particularly effective in a low-interest environment, aims to provide dual benefits of enhanced dividends and downside protection [9]. Group 5: Alternative Fixed Income+ - The "alternative fixed income+" model introduces clarity in return structures and risk characteristics, utilizing options to enhance income while providing transparent investment experiences [12]. - This strategy includes various core elements such as underlying assets, linked assets, and derivative contracts, allowing for flexible customization to meet diverse investor needs [12]. Group 6: Low-Volatility All-Weather FOF - The all-weather FOF aims to provide stable returns amidst increasing asset volatility, utilizing a risk parity model with a unique volatility control module [15][16]. - Huaxia Capital's all-weather FOF targets a volatility rate of 4.5%, significantly lower than many competitors, achieving a Sharpe ratio exceeding 3 since its inception [17]. Group 7: Market Positioning - In a low-risk return environment, Huaxia Capital has positioned itself as a provider of "alternative investments," addressing the growing demand for stable returns among high-net-worth clients [19]. - The company’s innovative spirit and commitment to continuous product iteration have allowed it to stand out in the asset management industry, aligning with the evolving needs of investors [20].

Core Insights - The public FOF (Fund of Funds) issuance market has significantly warmed up, with a total of 78 FOFs issued this year compared to only 29 in the same period last year [2] - The market scale has continued to rise, with a total of 538 FOF products and a net asset value of 231.611 billion yuan, an increase of 98.461 billion yuan since the beginning of the year [2] - The low interest rate environment has shifted market focus from single asset bets to diversified multi-asset allocations, driven by increased wealth management needs and pension investment demands [2] Group 1: Market Activity - In the fourth quarter, there has been a surge of "explosive" FOF products, with 7 out of 13 FOFs exceeding 2 billion yuan in scale established in this quarter [4] - The first week of December alone saw 10 FOFs confirmed for issuance, indicating a vibrant market with both volume and price rising [4] - Notable fundraising achievements include the Invesco Great Wall FOF, which raised 2.775 billion yuan in just 19 days, and several other products exceeding 1 billion yuan in short fundraising periods [5] Group 2: Performance and Trends - The FOFs focusing on bond strategies have become the mainstay of this issuance wave, characterized by rapid pace, stable scale, and active subscriptions [8] - As of December 5, all public FOFs have achieved positive returns this year, with some products yielding up to 61.78%, significantly outperforming the CSI 300 index [8] - However, there has been a noted decline in performance since November, with negative monthly averages for both bond and equity FOFs [8] Group 3: Investment Strategies - The current FOFs are primarily focusing on early-stage innovative high-tech companies and leading firms in healthcare, consumption, and manufacturing [9] - Multi-asset allocation has become a common investment choice among FOFs, with top managers emphasizing a mix of active equity, fixed income, and other asset classes [9] - The introduction of personal pension systems and policies promoting long-term capital market entry have created favorable conditions for FOF development [9]

Core Viewpoint - The issuance and scale of FOF (Fund of Funds) products are approaching historical highs, driven by policy benefits, changes in market environment, and upgraded investor demand [1][3]. Group 1: Market Trends - As of December 5, 2025, there are 538 FOF products with a total net asset value of 231.61 billion yuan, surpassing the end of 2021 levels and nearing the historical high of 233.96 billion yuan at the beginning of 2022 [2][3]. - In 2025, 78 FOFs have been issued, compared to only 29 in the same period last year, with 37 issued in the fourth quarter alone [3]. - The fourth quarter has seen a significant increase in FOF issuance, with multiple "explosive" FOF products emerging [5][6]. Group 2: Performance and Demand - The total issuance scale of public FOFs in 2025 reached 74.96 billion yuan, a year-on-year increase of 415.6%, while the stock scale exceeded 220 billion yuan, up 67.6% [6]. - All public FOFs have achieved positive returns this year, with the top-performing products yielding 61.78%, significantly outperforming the Shanghai and Shenzhen 300 Index [12]. - The demand for multi-asset FOFs is increasing as investors seek diversified risk management and stable returns in a low-interest-rate environment [8][11]. Group 3: Investor Behavior and Strategy - The rise of FOFs indicates a shift in wealth management towards solution-oriented approaches, with clients seeking comprehensive plans that align with their financial goals [12]. - Individual investors have become the main force in FOF subscriptions, with a conservative risk preference dominating, particularly in bond-mixed FOFs [12]. - The introduction of personal pension systems is expected to further expand the market for FOFs, providing a stable funding source and enhancing the ecosystem for their development [8][13].

（原标题：规模逼近历史高位 公募FOF发行热度攀升） 12月3日，财通资管、景顺长城基金、财通基金旗下3只FOF（基金中的基金）同时官宣基金合同生效。另据Wind数据统计，12月5日，包括华商 基金、国联基金、宏利基金等7家基金公司的7只混合型FOF基金正在发行。进入第四季度，公募FOF发行市场显著升温，首发"爆款"频现，市场 规模持续攀升。 Wind数据显示，2025年7月以来，公募FOF总规模已连续5个月实现正增长。截至12月5日，全市场共有FOF产品538只，资产净值合计达到2316.11 亿元，整体规模已超过2021年末水平，接近2022年初2339.62亿元的历史高位。今年以来，成立规模在20亿元以上的FOF已有13只，其中有7只成 立于第四季度。 以认购起始日统计，截至12月5日，今年以来共有78只FOF发行，去年同期仅为29只。今年第四季度以来，共有37只FOF发行，其中12月份以来已 有10只FOF宣告发售。 经济观察报记者采访多位基金经理获悉，FOF产品发行放量与规模逼近历史高位，是市场环境演进和居民理财结构变迁的选择，其背后是政策红 利、市场环境变化与投资者需求升级的三重共振。 FOF"爆 ...

Report Title - In the Era of Multi - asset Investments, Riding the Waves: Outlook for the Public Offering FOF Business and Product Layout in 2026 [1] 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Since Q4 2024, the overall scale of public offering FOFs has rebounded, reaching a new high since Q4 2022, mainly due to China Merchants Bank's "Long - term Prosperity Plan" and the increasing market recognition of multi - asset allocation for achieving fixed - income plus returns after the rapid decline in interest rates [10]. - Multi - asset low - volatility FOFs face issues such as potential overcrowding, reliance on the performance of gold and US stocks, and the need to build competitiveness through further asset diversification, strategy specialization, and product differentiation [49][54]. - High - volatility FOFs have a natural advantage in the personal pension Y - share market, and in the new regulatory environment, they can evolve in directions such as building low - volatility products under the same benchmark and making style - based asset allocations [103][114] 3. Summary by Directory 3.1 Public Offering FOF Industry Status - **Scale and Product Trends**: After years of overall decline, the scale of public offering FOFs started to rebound in Q4 2024, with positive net inflows for three consecutive quarters. The "Long - term Prosperity Plan" of China Merchants Bank brought about a scale of approximately 60 billion yuan, driving the development of the FOF industry. Most FOFs with large scale growth and initial issuance in 2025 belong to the "Long - term Prosperity Plan", mainly bond FOFs or fixed - income plus FOFs [10][12]. - **Asset Allocation**: Multi - asset allocation has become a common choice for FOFs. In Q3 2025, leading fund managers generally increased their allocation to QDII, mutual - recognition funds, and commodities while maintaining their allocation to active equity, fixed - income plus, and pure - bond funds [17]. - **Personal Pension Y - share**: In Q3, the scale of personal pension funds reached 12.817 billion yuan, a significant increase from Q2 2025. Pension target - date funds are more popular, and high - equity - position products in personal pension accounts are more favored. The scale of equity - type and 2050 - series FOFs increased significantly [28][32] 3.2 Next Evolution Direction of Multi - asset Investments - **Asset - side**: To overcome the "reliance on gold and US stocks", multi - asset FOFs should further diversify and increase sources of returns. Public REITs can be considered as a substitute for bonds, and commodity - type funds such as non - ferrous metal futures, chemical futures, and soybean meal futures can enhance the diversification effect of FOFs [56][64]. - **Strategy - side**: The ability to be familiar with alternative assets can be a competitive barrier for multi - asset investment. Multi - asset allocation frameworks can be labeled, transparent, and tool - based. The deployment of various assets under a stable allocation framework tests the tactical ability of fund managers, and the deployment models can be macro - driven, risk - driven, or value - driven [69][82] - **Multi - asset + Multi - strategy**: If bond yields remain low in the long term, multi - asset low - volatility FOFs can reduce bond allocation and adopt a multi - asset + multi - strategy model. By strategizing single assets and combining them with a risk - parity weighting, a quasi - absolute - return strategy can be formed [92] 3.3 Future of High - volatility FOFs - **Natural Battlefield - Personal Pension Y - share**: High - volatility FOFs are more popular in the personal pension Y - share market. The "search for lower points" model can be adopted in the Y - share business to promote the development of the third pillar of pensions [103]. - **Friendly Environment from High - quality Public Offering Development**: The high - quality development of the public offering industry provides a more favorable environment for FOFs. Due to their low - volatility characteristics, FOFs can offer better returns to investors [109]. - **Evolution Direction in the New Regulatory Environment**: In the new regulatory era with clear performance benchmarks, high - volatility FOFs can build low - volatility products under the same benchmark, improve the holding experience, and make style - based asset allocations to adapt to different market conditions [114][117]

11月以来，国内外市场环境愈发复杂多变：美联储降息进程充满争议，市场对政策转向的预期反复拉 扯，科技股估值高企引发泡沫担忧，板块波动幅度显著扩大，投资体验大打折扣。在此背景下，多元资 产配置成为平滑波动、提升长期回报的关键手段。博时基金推出的博时集益多元配置3个月持有期混合 （ETF—FOF）（基金代码：A类025834，C类025837），正是基于这一逻辑的创新解决方案。 ETF—FOF：多元配置的高效解 作为FOF的创新品类，ETF—FOF今年焕发"第二春"。其核心逻辑是以多只ETF为投资标的，由专业管 理人结合宏观研判与风险目标，动态配置股票、债券、商品等类型ETF，实现跨资产、跨市场分散投 资。这种模式既融合了FOF的专业配置能力，又兼具ETF高透明、低费率的工具属性，精准解决普通投 资者"选基难、配置难"的痛点。 与此同时，ETF市场扩容为配置提供充足"弹药"。iFinD数据显示，截至2025年11月14日，全市场ETF总 规模超65616亿元，较年初增加约45995亿元；年内新增ETF产品300余只，总量达1351只，覆盖宽基、 行业、主题、跨境、债券、商品等多个领域。同时，ETF交易活跃度持续提 ...