存款利率这么低，养老要不要改投黄金？ 望着接连攀升的金价，再对比已然"1"字打头的存款利率，不少投资者心里都冒出了同一个疑问： "存款利率这么低，养老要不要改投黄金？买黄金养老到底靠谱吗？" 从抗通胀能力到避险属性，再到近年全球央行购金潮与地缘政治的催化，黄金的光环似乎愈发耀眼。 但当我们手握养老资金，直面"黄金能否撑起养老支柱"这个核心问题时，答案或许需要跳出短期涨跌的喧嚣，回归养老投 资的本质—— 追求长期稳健的现金流、可控的波动性，以及对抗购买力缩水的确定性。 01 黄金在养老投资中的角色 ——是"压舱石"，而非"主力军" 黄金的长期配置价值在于其"反脆弱性"。历史上，黄金与股票、债券等传统资产的相关性较低，这意味着当市场遭遇剧烈 波动时，黄金往往能起到对冲风险的作用，成为资产组合的"压舱石"。 以2023年为例，当年权益市场整体蛰伏，沪深300指数全年下跌11%，而内盘金价却逆势上涨16%。这种在市场动荡中仍能 创造收益的"危机alpha"特性，正是黄金吸引投资者的重要原因。（来源：Wind） 不过，若将黄金作为养老核心资产，其短板也同样鲜明。 第一，黄金不生息，不产生持续的现金流。 养老资金的核心诉 ...

我只觉得一到秋天，心境便十分调和，常常被秋风秋雨秋色秋光所吸引而融化在秋中。 ——丰子恺 ◇ 8天假期过去了，好像昨天才刚刚放假一样。对于投资者而言，在牛市中，假期是漫长的，尤其是不时看 到港股大涨，海外日股美股大涨，黄金大涨，内心的躁动是压不住的，恨不得假期早点结束，开启赚钱 模式。 终于，开门红如愿以偿。今日A股开盘后，压抑了一周的资金热情涌动、目标明确，上证指数站上3900 点，科创50涨逾5%，核电、半导体、贵金属概念领涨。国债全线反弹，沪金、沪银逆势拉升，机会令人 应接不暇。（数据来源：Wind，截至2025.10.9） 火热的行情、微凉的秋。似乎还没有从假期缓过劲来，又要开始面对生活与投资的新课题。喧嚣过后， 机会又会去向何方，聚光灯下的科技、黄金、日经投资者能不能往上"冲"？2025年后1/4的投资该如何做 呢？ 北京一夜透雨，秋天真正到来了。秋天的投资，也该是沉淀后，平和、悠缓的模样。一篇写在秋日的思 考，一起来聊聊~ #"多事之秋" 交易主线的新逻辑 具体看，OpenAI与存储巨头及AMD达成战略合作；DeepSeek发布V3.2模型，架构方面具备创新，更加支 持国产算力；OpenAI发布其 ...

今年以来，随着资本市场逐步转暖，投资者对FOF基金的认可度逐步提升，因为相信专业的力量， 近年来很多股民转变成基民。 下半年，ETF-FOF基金迎来上报的密集期，多家机构加速布局，为投资者提供更多选择。 1. 市场转暖，机构加速布局ETF-FOF 在市场回暖的背景下，也让FOF的市场认可度逐步提升。Wind数据显示，截至2季度末，超过90% 的FOF今年以来取得正收益。与此同时，ETF规模突破，持续刷新历史新高，截至８月末，我国ETF市 场总规模已突破5万亿元，各种细分赛道的ETF层出不穷，这一规模的快速增长，反映了公募市场对指 数化投资的热情。 在这一背景下，为进一步提升资产配置的灵活性，越来越多的FOF将目光投向ETF。Wind数据显 示，截至9月26日，今年以来已有20只ETF-FOF产品申报，其中有14只为7月份以来申报，这种创新型产 品正在成为新的资产配置工具，为投资者提供更多选择。 ETF-FOF，顾名思义是一种以配置ETF为主的FOF产品，与传统FOF主要配置主动管理型基金不 同，ETF-FOF更加专注于被动指数的投资组合，将80%以上的非现金底层资产配置于ETF的策略，这类 产品融合了ETF和 ...

在A股行情持续活跃的背景下，目前已有超50只公募基金在十一假期后定档发行。其中，"含权"基 金占据主流，被动指数型基金、偏股混合型基金的新发数量都在10只以上，财通基金金梓才、国金基金 姚加红、中欧基金蓝小康、汇添富基金马翔等知名基金经理均将"挂帅"。 今年前三个季度，公募基金的新发总数突破1100只，已接近2024年全年水平，尤其是今年第三季度 新发基金数量较此前明显增加，7月至9月的月度新发产品数量都在150只左右。此外，近期新产品上报 亮点不断。例如，兴证全球基金上报了首只ETF产品——兴证全球沪深300质量ETF；在多元资产配置 理念影响下，多家基金公司上报了FOF产品。 "蓄力"节后新发基金 十一假期前，公募行业已经开始布局节后的新发计划。Wind数据显示，目前，10月已定档发行的 新基金多达50只以上，仅10月9日启动发行的就接近20只产品。并且，在A股行情持续活跃的背景下， 10月新发的公募基金中"含权"产品占据主流。 其中，被动指数型基金10月待发行数量排在榜首，多达19只，标的指数既包括创业板综、创新能 源、航空航天、科创50等成长风格指数，又包括A500红利低波、红利低波100、中证红利、 ...

Core Insights - The public fund industry in China is experiencing a significant revival, with over 50 new public funds scheduled for issuance after the National Day holiday, primarily focusing on "rights-containing" products [1][2][4] - The number of newly issued public funds has surpassed 1,100 in the first three quarters of this year, nearing the total expected for 2024, with a notable increase in the third quarter [4] - Major fund managers are leading the issuance of new products, including well-known names such as Jin Zicai from Caitong Fund and Yao Jiahong from Guojin Fund [2][4] Fund Issuance Trends - In October, more than 50 new public funds are set to be issued, with nearly 20 products launching on October 9 alone [2] - Passive index funds dominate the new offerings, with 19 planned for issuance, covering various growth and dividend style indices [2] - Active equity products are also gaining traction, with 12 new mixed equity funds scheduled for release [2] Fundraising Limits - Several upcoming public fund products have set initial fundraising caps, such as 1 billion yuan for some funds and 2 billion yuan for others [3] Market Performance - The A-share market's upward trend has led to a significant increase in public fund issuance, with monthly new product numbers rising from around 120 in Q2 to approximately 150 in Q3 [4] - The number of newly issued passive index funds has exceeded 480 in the first three quarters, with index-enhanced funds also seeing substantial issuance [4] Investor Interest - The AI sector has attracted considerable investor interest, as evidenced by the high subscription rates for newly launched AI-related funds [5] New Product Developments - Xingsheng Global Fund has reported its first ETF product, the Xingsheng Global CSI 300 Quality ETF, marking a significant move into the ETF space [6] - The FOF (Fund of Funds) market is also seeing increased activity, with over 20 new FOF products reported since September, reflecting a growing demand for diversified asset allocation [6][7]

十一假期前，公募行业已经开始布局节后的新发计划。Wind数据显示，目前，10月已定档发行的新基 金多达50只以上，仅10月9日启动发行的就接近20只产品。并且，在A股行情持续活跃的背景下，10月 新发的公募基金中"含权"产品占据主流。 其中，被动指数型基金10月待发行数量排在榜首，多达19只，标的指数既包括创业板综、创新能源、航 空航天、科创50等成长风格指数，又包括A500红利低波、红利低波100、中证红利、港股通央企红利等 红利风格指数，此外还有上证180、上证380、上证580、中证500等系列宽基指数。 □本报记者 王鹤静 在A股行情持续活跃的背景下，目前已有超50只公募基金在十一假期后定档发行。其中，"含权"基金占 据主流，被动指数型基金、偏股混合型基金的新发数量都在10只以上，财通基金金梓才、国金基金姚加 红、中欧基金蓝小康、汇添富基金马翔等知名基金经理均将"挂帅"。 今年前三个季度，公募基金的新发总数突破1100只，已接近2024年全年水平，尤其是今年第三季度新发 基金数量较此前明显增加，7月至9月的月度新发产品数量都在150只左右。此外，近期新产品上报亮点 不断。例如，兴证全球基金上报了首只E ...

以多元资产配置 平衡持有体验和长期收益 ◎记者 聂林浩 今年以来，全球大类资产相关性提升，结构性行情持续演绎。如何有效配置不同资产，实现持有体验和 账户收益的平衡，成为众多投资者共同面临的难题。针对这个问题，专注于FOF与量化投研工作的广发 基金资产配置部基金经理宋家骥，形成了以宏观量化框架和风险预算体系为核心的多资产配置方法。 宋家骥在接受上海证券报记者采访时表示，资产配置的价值不仅在于获取收益，还在于通过科学的方法 构建风险收益更优的组合。在此投资理念下，其参与管理的偏债混合型FOF以较小的波动取得良好的收 益。Wind数据显示，截至9月25日，广发悦享一年持有FOF近一年回报10.12%，最大回撤2.48%，卡玛 比率4.33，而同期同类FOF产品的平均最大回撤为10.2%。 资产配置的"道"与"术" 资产配置是FOF产品的"骨架"，其核心价值在于通过跨市场、跨类别的大类资产配置，增加组合收益来 源，同时降低整体波动，获得比单一资产更优的风险收益特征。在实际操作中，宋家骥将其拆解为两个 层次：第一层是大类资产配置，这是决定组合风险收益特征的"地基"；第二层则是底层基金及基金经理 的优选，是在既定框架中发 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - The fund manager Zhang Chuan of PuYin AnSheng Fund adopts a "Risk Management + Asset Allocation" investment strategy, aiming for "indexing traditional investments and systematizing active investments" to build a diversified asset allocation strategy that meets market trends. With an absolute - return orientation, the strategy focuses on tracking the performance benchmark and maintaining product positioning, offering a clear and transparent investment portfolio [2][17]. - The FOF products managed by Zhang Chuan have characteristics such as a good balance between risk and return, quick recovery from drawdowns, and a high - quality holding experience. The performance benchmarks of these products have moderate risk and return, and the products themselves show stronger returns on this basis [2][21]. - The portfolio structure of the representative funds combines diversified equilibrium with flexible allocation. The equity part is highly diversified, and the bond part uses a combination of active selection and passive flexible allocation to build a FOF product with advantages in sub - assets [2][30]. Summary According to the Directory 1. PuYin AnSheng Zhang Chuan: Creating a New Idea for FOF Investment from an Asset Allocation Perspective 1.1 Fund Manager's Basic Information - Zhang Chuan holds a master's degree in mathematics from Xi'an Jiaotong University, with 13 years of research experience in the securities and finance industry, including 6 years in financial engineering research and 7 years in asset allocation and FOF/MOM investment management. He currently manages three products with a total scale of 1.305 billion yuan [2][5]. 1.2 Performance Characteristics of the Products Managed by the Fund Manager - The risk - return performance of the wealth management product managed by Zhang Chuan from 2023/1/3 to 2024/8/31 was stronger than the average of comparable fixed - income + products, with relatively strong risk control [7]. - After applying the new strategy in February 2025, the net value of the products was ahead of the comparable benchmark, and the cumulative return of Yihe from 25/2/28 to 25/9/19 reached 4.95%, with an outstanding excess return [11]. 1.3 Fund Manager's Investment Framework - The investment framework consists of "risk management" and "asset allocation". Risk management emphasizes "weak - side thinking", focusing on controlling risks rather than predicting returns. Asset allocation involves diversified allocation based on risk control, without extreme operations on specific sectors or styles, and emphasizes tracking the benchmark [2][17]. 2. Return - Risk Characteristics - The performance benchmarks of Yihe and Jiahe have characteristics of moderate risk, moderate return, and quick recovery from drawdowns. The products show stronger returns on this basis, with an annualized tracking error similar to passive index products and significant excess returns [21][26]. - In April 2025, during market fluctuations, multi - asset allocation helped the products quickly recover their net values. The performance of the two products is consistent with the fund manager's investment concept, and the performance characteristics are sustainable [26][27]. 3. Portfolio Structure of Representative Funds 3.1 Equity Investment - The equity investment of the products is highly diversified, including multi - regional equity assets such as overseas and domestic index funds. There are also a small number of active equity positions to diversify income sources from an alpha perspective [32][33]. - The static equity fund portfolio simulation shows that the products' multi - asset allocation is successful, with a fast recovery speed during market fluctuations and relatively superior equity returns [36]. 3.2 Bond Investment - The bond investment strategy emphasizes identifying funds and managers to select alpha - generating funds, mainly in active pure - bond funds. Based on different risk settings, the products flexibly adjust the allocation ratio of other bond assets, especially bond index funds [38]. - The two products pay attention to the balanced allocation of bond types, with a relatively balanced allocation of credit bonds and interest - rate bonds to prevent excessive risk exposure [42].

Group 1 - The core viewpoint of the articles highlights a shift in residents' wealth management preferences from preservation to appreciation, with public "fixed income +" and FOF products acting as a bridge to guide funds into the market [1][4] - The People's Bank of China reported that in August, new deposits from households increased by 110 billion, which is 600 billion less than the same period last year, while non-bank financial institutions saw an increase of 11,800 billion, indicating a trend of funds moving from household deposits to non-bank deposits [2][3] - The performance of public "fixed income +" and FOF products has shown significant growth, with average returns of 9.55% and 36.24% respectively over the past year, and over 300 new "fixed income +" products launched this year, indicating strong market demand [3][4] Group 2 - The trend of increasing equity allocation in secondary bond funds is emerging, driven by policy encouragement and the need for better investment returns as bond yields decline [3][5] - The "fixed income +" funds are expected to play a crucial role in balancing returns and volatility for investors, especially in a market environment where equity assets are improving and bond yields are fluctuating [4][5] - The influx of funds into "fixed income +" products is likely to favor well-managed, high-cash-flow industry leaders, providing new momentum for market stability and value discovery [5]

Core Viewpoint - The article discusses the transformation and repositioning of Huafu Fund's "Fixed Income +" product line, emphasizing the importance of sustainable returns and risk management in the current market environment [1][2][4]. Group 1: Product Line Repositioning - Huafu Fund's fixed income team has accumulated extensive experience in various yield-enhancing strategies, including convertible bonds and risk parity, and has restructured its "Fixed Income +" product line to cover a range of risk-return profiles from low to high volatility [1][2]. - The team has redefined the positioning of its products based on risk-return characteristics, categorizing them into low, medium-low, medium, and high volatility, which helps clarify investment goals and risk management [2][4]. - The introduction of new strategies, such as dividend and risk parity strategies, has improved the stability and risk-return characteristics of the products, with a focus on multi-asset allocation in the future [3][4]. Group 2: Investment Strategy Evolution - The investment approach has shifted from a top-down perspective to a more asset-focused strategy, emphasizing the importance of risk-return characteristics and reducing reliance on subjective predictions [5][6]. - The current market environment has increased uncertainty, necessitating adjustments in investment paradigms, with a focus on finding lower-risk, higher-certainty opportunities [5][6]. - The team is now prioritizing ticket interest and leverage strategies over duration strategies, as the market anticipates a mild upward trend in equities, which may exert pressure on bond assets [7][8]. Group 3: Market Outlook and Challenges - The article highlights the challenges faced by the "Fixed Income +" products due to the performance drag from equity assets, prompting a reevaluation of their positioning [2][4]. - The current economic recovery is viewed with caution, as the sustainability of growth remains uncertain, and the market is still in a phase of weighing options [7]. - The team believes that while the bond market is supported by low interest rates, the pressure on long-duration bonds is expected to increase, leading to a preference for shorter-duration and ticket interest strategies [8].