Core Viewpoint - The article emphasizes the importance of public funds in managing personal pension investments, highlighting the growth of pension fund products and the strategic approach taken by fund managers to ensure long-term stability and risk management [1][4]. Group 1: Market Overview - As of mid-2023, the number of personal pension funds has expanded to 297, with fund of funds (FOF) products reaching 212, indicating a growing market for pension investment [1]. - The total scale of FOF funds has reached 171.1 billion, reflecting a growth of nearly 40 billion, or 30%, since the beginning of the year [4]. Group 2: Investment Strategy - The investment framework consists of three layers: asset allocation based on expected returns and risks, selection of fund managers, and continuous strategy supplementation to manage risk exposure [2]. - The first layer focuses on long-term and short-term asset allocation, with a preference for precious metals due to better expected returns over the long term [2]. - The second layer involves selecting fund managers based on various effective investment strategies available in the A-share market [2]. Group 3: Risk Management - The approach to risk management includes contrarian thinking and emotional management, adjusting risk asset allocation based on market sentiment [3]. - Emphasis is placed on communication with investors to help them understand the relationship between short-term fluctuations and long-term goals [3]. Group 4: Investor Participation - Fund managers suggest three key factors for investors: maximizing tax benefits within the annual contribution limit of 12,000 yuan, selecting suitable products based on age and risk tolerance, and adhering to a long-term investment philosophy [5]. - Young investors are encouraged to choose funds with higher equity ratios, while those nearing retirement should opt for more conservative products [5].

在投资策略上，民生加银稳健配置FOF覆盖股票、债券、商品等多类资产，力求在不同市场环境下实现 收益与风险的动态平衡。产品由基金经理孔思伟管理，其具备丰富的证券从业经验与扎实的学术背景， 注重风险控制与资产轮动判断。在其管理期间，产品运作平稳，管理期间实现正回报。 FOF基金的核心优势在于其通过跨资产、跨市场和跨行业的精密分散化配置，有效平滑组合波动，控制 回撤。以中证FOF基金指数为例，近1年的最大回撤为-5.92%，而同期中证股票基金指数的最大回撤 为-14.32%(数据来源：Wind资讯，截至日期2025.8.31)， 民生加银稳健配置6个月持有期混合型FOF(基金代码：011580)自2021年成立以来，凭借清晰的产品定位 和稳健的运作表现，受到市场广泛关注。该产品致力于为风险偏好适中、追求长期稳健回报的投资者提 供一站式资产配置解决方案。通过投资于一篮子优质基金，实现二次风险分散，有效缓解个人投资者在 资产配置与持有过程中的痛点，提升投资体验。 随着资本市场的日益复杂和投资者需求的多样化，基金中基金(FOF)作为一种多元资产配置工具，正逐 渐成为投资者追求长期稳健回报的重要选择。近年来，FOF基金因其 ...

Core Insights - The public FOF (Fund of Funds) industry in China has experienced significant growth in 2023, with a notable increase in scale and popularity among investors, particularly in the context of a rising equity market [1][2][4] - The Huazhong Yingrui Stable Preferred 6-Month Holding Period FOF has emerged as a standout product, benefiting from a multi-asset allocation strategy that has led to substantial growth in its scale [1][7][11] - The evolution of the FOF industry reflects a shift from single-asset focus to multi-asset strategies, allowing for better risk management and enhanced returns [6][11] Industry Development - The FOF industry in China has gone through cycles of growth and decline since its inception in 2017, with a significant boom in 2021 driven by regulatory changes and a shift away from guaranteed bank products [2][4] - After a period of underperformance, fund companies have focused on optimizing investment portfolios and innovating product designs to meet diverse investor needs [2][3] - The demand for stable investment options has increased, leading to a resurgence in the popularity of multi-asset FOF products [3][4] Product Strategy - The Huazhong Yingrui Stable Preferred FOF employs a risk parity model to balance the risk contributions of various asset classes, aiming for stable performance [7][11] - The product has undergone significant upgrades, expanding its asset classes and incorporating new strategies to enhance yield and adaptability in different market conditions [8][9][10] - The diversification of assets, including international equities and commodities, allows the FOF to seek incremental returns while managing risks effectively [9][10] Team and Expertise - The success of the Huazhong Yingrui FOF is attributed to the experienced team at Huazhong Fund, which emphasizes a systematic approach to asset management and continuous evolution of investment strategies [10][11] - The fund manager, Lu Jingchang, has extensive experience in the industry, contributing to the product's robust performance through strategic asset allocation and risk management [10][11]

Group 1 - The core viewpoint of the report is to provide a comprehensive overview of the performance and management of the Huaxia Preferred Allocation Equity Fund of Funds (FOF-LOF) for the first half of 2025, highlighting its investment strategies and financial results [1][2][3] - The fund aims for long-term capital appreciation through a diversified investment strategy that includes various asset classes such as stocks, bonds, and other financial instruments [1][2] - The fund's performance is benchmarked against a composite index consisting of the CSI 300 Index, Hang Seng Index, and a bond index, with a target risk and return profile higher than mixed and bond funds [1][2] Group 2 - As of June 30, 2025, the total fund shares amounted to 303,349,394.74, with a net asset value of approximately RMB 209.24 million [2][13] - The fund reported a realized loss of approximately RMB 6.39 million for Class A and RMB 0.31 million for Class C during the reporting period, with net profit margins of -2.18% and -2.37% respectively [2][3] - The cumulative net value growth rate for Class A was -30.98% and for Class C was -31.94%, indicating a significant decline in performance compared to the benchmark [2][3] Group 3 - The fund management company, Huaxia Fund Management Co., Ltd., has a long history and is recognized as one of the first national fund management companies in China, with a wide range of investment products and strategies [4][5] - The company emphasizes a research-driven investment approach to capture market opportunities and aims to provide good returns for investors [4][5] - The fund's investment strategy during the reporting period focused on high equity allocation, particularly in growth assets, while maintaining a balanced approach with consumer and financial sectors [9][10]

Core Viewpoint - The report provides a comprehensive overview of the performance and management of the招商智星稳健配置混合型基金中基金 (FOF-LOF) for the first half of 2025, highlighting its investment strategies, financial metrics, and market conditions affecting its performance. Fund Overview - Fund Name: 招商智星稳健配置混合型基金中基金 (FOF-LOF) - Fund Manager: 招商基金管理有限公司 - Fund Custodian: 中国银行股份有限公司 - Fund Type: Open-ended mixed fund of funds (FOF-LOF) - Fund Contract Effective Date: June 8, 2022 - Investment Objective: To achieve long-term stable appreciation of fund assets through asset allocation and fund selection while controlling risk [2][3]. Financial Performance - Total realized income for the period: 149,466.59 RMB - Total profit for the period: 269,800.00 RMB - Weighted average net value profit rate: 0.55% - Net asset value at the end of the period: 41,738,549.13 RMB - Fund share net value growth rate: 0.57% - Cumulative net value growth rate: 0.80% [3][4]. Market Conditions - The equity market experienced significant volatility in the first half of 2025, with the Hang Seng Index rising by 20% and the Hang Seng Technology Index increasing by 18.68% [7][10]. - The bond market showed mixed trends, with a notable decline in yields for 10Y and 30Y government bonds by over 25 basis points during the second quarter [9][10]. Investment Strategy - The fund focuses on dynamic asset allocation based on economic cycles and policy changes, aiming to optimize the investment portfolio while maintaining a stable overall risk level [2][3]. - The fund's investment strategies include stock, bond, convertible bond, and asset-backed securities strategies, among others [2][3]. Fund Manager's Report - The fund manager emphasizes adherence to legal regulations and a commitment to managing fund assets with diligence and integrity, ensuring compliance with investment strategies and risk management protocols [4][5][6]. - The fund manager has established a robust research and decision-making process to ensure fair investment opportunities across all portfolios [5][6]. Future Outlook - The fund aims to continue its stable and low-volatility investment philosophy, striving to create sustainable long-term returns for investors [9][10]. - The focus will remain on identifying opportunities in both equity and bond markets while being mindful of external market pressures such as geopolitical risks and inflation [10].

Core Viewpoint - The Fund of Funds (FOF) industry has achieved its best performance in five years, driven by market recovery and favorable investment opportunities in equity assets [1][3]. Performance Summary - As of August 22, 515 public FOFs have an average annual performance of 9.41%, with only one product showing negative returns; nearly 40 FOFs have a cumulative net value growth rate exceeding 20% [2]. - The top performers include Guotai's "Optimal Navigation" with a 45.49% increase and "Industry Rotation A" with a 39.97% increase [2]. Market Conditions - The overall performance of public FOFs is at its best in five years, with significant contributions from the domestic equity market and commodities like gold [3]. - The A-share market has shown considerable gains, leading to increased capital inflow and enhanced profitability for FOFs [3]. Investment Strategy - There is a notable "stock-bond seesaw" effect, with current stock and bond attractiveness being relatively balanced; a focus on technology growth sectors is recommended [4]. - The domestic macroeconomic stability suggests limited upward potential for bonds, while the equity market is recovering, indicating a shift towards increasing equity asset allocation [4]. Asset Allocation Insights - The potential for a global monetary easing cycle, driven by factors such as the U.S. interest rate cuts, presents opportunities for domestic manufacturing and inflation-hedging assets like gold [5][6]. - The domestic equity market is seen as having relative advantages over overseas markets in terms of valuation, with a focus on sectors like new materials and renewable energy [6]. Risk Management - It is advised to avoid over-concentration in single sectors and to regularly adjust the stock-bond ratio to maintain alignment with initial risk levels [6].

天弘养老目标日期2045五年持有期混合型发起式基金中基 金（FOF） 基金管理人:天弘基金管理有限公司 基金托管人:中国农业银行股份有限公司 报告送出日期:2025年07月21日 天弘养老目标日期2045五年持有期混合型发起式基金中基金（FOF）2025年第2季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 式（FOF） 基金主代码 017404 基金运作方式 契约型开放式 基金合同生效日 2023年07月24日 基金托管人中国农业银行股份有限公司根据本基金合同规定，于2025年07月17日 复核了本报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在 虚假记载、误导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基 金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应 仔细阅读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自2025年04月01日起至2025年06月30日止。 §2 基金产品概况 ...

Group 1 - The fund is a mixed-type fund of funds (FOF) with a target retirement date of 2045, aiming to gradually reduce equity asset allocation as the target date approaches while increasing non-equity assets [1][2] - The fund's investment strategy includes various asset allocation strategies, equity fund selection, bond fund selection, and risk control strategies to achieve long-term reasonable returns for investors [1][2] - The fund's performance benchmark is a combination of the CSI 300 Index and the China Bond Composite Index, with specific ratios changing over time as the target date approaches [1][2] Group 2 - As of the end of the reporting period, the fund's net asset value per share was 0.9894 yuan, with a net value growth rate of 1.42% during the reporting period, outperforming the benchmark's return of 1.26% [6][7] - The fund maintained a relatively stable allocation of equity assets, with an increase in dividend assets and QDII fund allocations, while controlling duration, credit, and liquidity risks in fixed-income investments [6][7] - The fund manager has a strong background, with the current fund manager having 14.5 years of experience in the industry [4][5] Group 3 - The total number of fund shares at the end of the reporting period was 10,197,708.42, with minimal changes in subscription and redemption during the period [9][10] - The fund has not held any bonds or asset-backed securities during the reporting period, focusing instead on equity investments [7][8] - The fund management strictly adheres to regulations and internal fair trading management systems, ensuring no unfair trading practices were detected during the reporting period [5][6]

工银瑞信平衡养老目标三年持有期混合型 发起式基金中基金（FOF） 基金管理人：工银瑞信基金管理有限公司 基金托管人：招商银行股份有限公司 报告送出日期：2025 年 7 月 21 日 工银瑞信平衡养老目标三年持有期混合型发起式基金中基金（FOF）2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人招商银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核了本报告 中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误导性陈述或 者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 基金简称 工银平衡养老三年持有混合发起（FOF） 基金主代码 013059 基金运作方式 契约 ...

Core Viewpoint - The report provides an overview of the performance and management of the Southern Stable View 3-Month Holding Mixed Fund of Funds (FOF) for the second quarter of 2025, highlighting its investment strategies, financial indicators, and market conditions during the reporting period [1][2]. Fund Overview - The fund is managed by Southern Fund Management Co., Ltd. and is designed to seek long-term stable appreciation of fund assets through a diversified investment strategy [1]. - The fund's total share at the end of the reporting period was approximately 3.63 billion shares [1]. Financial Indicators and Fund Performance - The A share net value at the end of the reporting period was 1.0031 yuan, with a net value growth rate of 0.31%, while the C share net value was 1.0026 yuan, with a growth rate of 0.26% [2]. - The performance benchmark for the fund showed a growth rate of 1.22% during the same period [2]. Management Report - The fund manager adhered to relevant laws and regulations, ensuring compliance and risk control while managing the fund assets [2]. - The macroeconomic environment in the second quarter was stable, with positive developments in US-China trade negotiations and a slight recovery in the domestic market [2]. Investment Strategy - The fund's investment strategy focuses on balancing risk and return, with an emphasis on selecting assets with high win rates during the initial phase of the investment period [2]. - The fund's asset allocation includes a mix of stocks, bonds, and other investment tools, aiming for a stable return [1][2]. Market Conditions - The domestic macroeconomic indicators showed a PMI of 49% during the reporting period, indicating a slight improvement [2]. - The market experienced a "V" shaped recovery, with the CSI 300 index rising by 1.25% and the CSI 500 by 0.98% [2]. Investment Portfolio - The fund did not hold any asset-backed securities at the end of the reporting period, and its investment in bonds was primarily focused on policy financial bonds [4][5]. - The fund's investment in the top ten securities did not exceed the limits set by the fund contract, ensuring compliance with investment guidelines [4].