牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 今年以来，随着市场行情向好，投资者对于基金的配置需求水涨船高。中基协发布的数据显示，截 至2025年8月底，我国公募基金总规模为36.25万亿元。这是我国公募基金总规模今年以来第5次创 下历史新高。 基民的投资行为有什么新变化？ 中国证券报记者在国庆、中秋假期期间，访谈了十多位基民发现， 相比此前，投资者的行为有明显的变化，加大权益类基金配置、青睐被动指数型产品、重视科技主 题赛道基金等，成为这些基民的一大共性。整体而言，投资者篮子中的"菜"，花样越来越多。 36万亿公募"聚沙成塔" 日前，基金业协会发布的最新数据显示，截至2025年8月底，我国境内公募基金管理机构共164 家，其中基金管理公司149家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产 净值合计36.25万亿元，较7月末的35.08万亿元增加1.17万亿元，增幅为3.34%。 记者通过梳理上述受访投资者的访谈内容发现，经历过市场的洗礼，他们的投资理念明显出现了新 的变化。 一是多元配置的情况，占据受访者的大多数。 14位 ...

今年以来，随着市场行情向好，投资者对于基金的配置需求水涨船高。中基协发布的数据显示，截至 2025年8月底，我国公募基金总规模为36.25万亿元。这是我国公募基金总规模今年以来第5次创下历史 新高。 基民的投资行为有什么新变化？中国证券报记者在国庆、中秋假期期间，访谈了十多位基民发现，相比 此前，投资者的行为有明显的变化，加大权益类基金配置、青睐被动指数型产品、重视科技主题赛道基 金等，成为这些基民的一大共性。整体而言，投资者篮子中的"菜"，花样越来越多。 36万亿公募"聚沙成塔" 日前，基金业协会发布的最新数据显示，截至2025年8月底，我国境内公募基金管理机构共164家，其中 基金管理公司149家，取得公募资格的资产管理机构15家。以上机构管理的公募基金资产净值合计36.25 万亿元，较7月末的35.08万亿元增加1.17万亿元，增幅为3.34%。 这是自2024年以来，公募基金总规模第11次创历史最高纪录，也是公募基金总规模今年以来第5次创下 历史新高。与此同时，这也是公募基金规模首次突破36万亿元大关。 回顾发现，公募基金行业经过二十多年的发展，已成为资本市场重要的专业机构投资者，在管理规模屡 创新高 ...

与银行理财规模同步增长的，还有基金产品的规模。9月25日，中国证券投资基金业协会发布的数据显 示，截至2025年8月底，我国公募基金资产净值合计36.25万亿元，再创新高。这是我国公募基金总规模 今年以来第五次创下历史新高，也是公募基金规模首次突破36万亿元。 值得一提的是，自2024年9月底以来，公募基金规模持续增长。2024年12月底，公募基金规模达32.83万 亿元。2025年7月底，公募基金总规模突破35万亿元大关。与7月底相比，8月公募基金规模增长约1.2万 亿元。 国庆期间，家住西北某省会城市的张女士，申请提前支取10万元定期存款。近一年来，张女士的子女和 身边的朋友，通过理财都获得了不错的收益，这让张女士也有些动心，决定先用10万元存款"试试水"。 张女士的情况并非个例。"十四五"期间，中国居民理财观念经历了一场变革：银行理财规模突破30万亿 元，公募基金站上36万亿元新高，私募基金走向专业化。这组数字背后，是普通人从"唯存款"转向多元 配置的五年，是百姓财富观念重塑的五年。 理财、基金规模持续攀升 银行业理财登记托管中心此前发布的《中国银行业理财市场半年报告(2025年上)》显示，截至2025 ...

Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point cut in the federal funds rate target range to 4.00%-4.25%, marking the first rate cut in nine months, aligning with market expectations [1] - HSBC anticipates two additional 25 basis point cuts in December and March, potentially lowering the target range to 3.50%-3.75% by the end of next year [1] - There is an increasing risk of multiple rate cuts if labor market data shows further weakness [1] Group 2: Investment Strategy - Emphasis on diversified asset allocation across asset classes, industries, and regions to enhance portfolio resilience in a changing environment [3] - The opportunity cost of holding cash assets may rise as the Fed's actions lower cash rates and bond yields, prompting a focus on high-quality bonds [4] - Preference for UK government bonds and investment-grade bonds in euros and pounds to hedge against downside risks, while maintaining a neutral view on US Treasuries [4] Group 3: Regional Market Outlook - The strategy maintains a diversified regional approach, favoring US, Asian, and UAE markets, with a positive outlook for Asian markets excluding China [5] - Singapore's defensive advantages and attractive dividends have made it stand out in Asia, while the UAE is seen as a market with structural growth potential [6] - The US market benefits from AI and economic growth, with second-quarter earnings exceeding expectations due to favorable conditions [6] Group 4: Sector Opportunities - The rapid application and commercialization of AI globally are enhancing productivity and creating new revenue streams, benefiting sectors like software, cloud services, and infrastructure [7] - The industrial sector is becoming a strategic focus due to ongoing trends in re-industrialization and the demand for digital infrastructure [7] - The financial sector is also showing growth potential, with banks being less affected by tariffs, making them an attractive investment opportunity [7]

Group 1 - The core viewpoint emphasizes that cash is a poor long-term investment, and investors should diversify their portfolios beyond real estate and cash deposits [2][5] - A balanced and diversified investment portfolio can mitigate significant market volatility, as different asset classes perform differently under varying market conditions [4][6] - Investors should avoid trying to time the market, as it is essentially a zero-sum game, and instead focus on maintaining a well-diversified portfolio [4][8] Group 2 - The discussion highlights the importance of understanding that asset returns consist of price changes and interest, and caution is advised when returns are primarily driven by price appreciation rather than interest [6][7] - It is suggested that investors should not solely focus on individual components of their portfolio but rather consider how these components work together to create a well-diversified investment strategy [4][8] - The concept of risk balancing is introduced, where combining non-correlated assets can significantly reduce overall portfolio risk while maintaining expected returns [9][10] Group 3 - The importance of rebalancing investment portfolios is emphasized, as it helps to maintain strategic asset allocation and avoid emotional decision-making [24][26] - The article discusses the role of gold as a non-yielding asset, suggesting it should be viewed as a form of currency that can effectively diversify risk [13][15] - The potential structural decline of the US dollar is addressed, linking it to the excessive growth of debt and the implications for monetary policy [16][18] Group 4 - The article mentions the limitations of stablecoins as a wealth storage tool, emphasizing their role in transactions rather than as an investment asset [17][19] - The discussion includes the importance of teaching financial literacy and the value of saving, particularly through the practice of gifting gold coins to younger generations [21][22] - The necessity of having a solid financial foundation before taking on higher investment risks is highlighted, advocating for a disciplined approach to investing [22][23]

Core Viewpoint - The article emphasizes the importance of a stable analytical framework and diversified asset allocation to avoid the pitfalls of chasing trends in investment, highlighting that there is no optimal solution in asset allocation [1][4]. Group 1: Asset Allocation Strategies - The performance of FOF funds has been strong this year, attributed to effective diversified allocation strategies [6]. - The manager, Tang Jun, adjusts the allocation between A-shares and Hong Kong stocks based on market conditions, demonstrating a responsive approach to market changes [1][6]. - Tang Jun actively participates in sectors like innovative pharmaceuticals and military ETFs, capitalizing on structural opportunities in a complex market environment [1][8]. Group 2: Professional Background and Insights - Tang Jun's career spans quantitative investment, fund evaluation, and macro research, providing a solid foundation for his current asset allocation work [3][4]. - His experience in quantitative research has enhanced his ability to identify various market factors, which is crucial for effective asset allocation [3][4]. - The "Zhongtai Clock" research incorporates policy analysis to better fit the domestic market, addressing the limitations of the previously used Merrill Lynch Clock [4]. Group 3: Dynamic Adjustment and Market Trends - Tang Jun believes that while macro trends provide guidance for asset allocation, the timing of price reflections can be uncertain, necessitating continuous monitoring and dynamic adjustments [6][8]. - The current allocation shows a shift towards A-shares over Hong Kong stocks, indicating a responsive strategy to market conditions [6][8]. Group 4: Avoiding Common Investment Mistakes - The article discusses the common mistake of "chasing trends," where investors buy high and sell low, and suggests establishing a stable analytical framework to counter this behavior [10][11]. - Diversification is recommended to enhance the return stream and provide confidence in maintaining the analytical framework during market fluctuations [11]. - Understanding "expectation differences" is crucial to avoid chasing trends, as short-term asset performance is often driven by the gap between fundamentals and market expectations [12].

Core Insights - The ETF-FOF market is experiencing significant expansion after a three-year hiatus, with 12 institutions filing for 17 ETF-FOF products as of September 5, 2025, indicating a renewed interest in this investment vehicle [1][3][5] - The growth of ETF-FOF is attributed to a recovering market and the overall ETF scale surpassing 5 trillion yuan, which has prompted fund companies to enhance their asset allocation capabilities [1][5][6] Group 1: Market Dynamics - As of September 5, 2025, there are 17 ETF-FOF products filed by 12 institutions, with 16 expected to be launched within the year [3][5] - The ETF-FOF products are designed to allocate over 80% of their non-cash underlying assets to ETFs, marking a shift from traditional FOFs that primarily focused on actively managed funds [2][5] - The total number of domestic ETF products has exceeded 1,200, with a total scale of over 5 trillion yuan, providing a diverse range of low-cost and high-efficiency underlying assets for FOFs [5][6] Group 2: Product Development - Notable ETF-FOF products include the Xingzheng Global Yingfeng Multi-Asset Allocation Three-Month Holding and the Ping An Yingxuan 90-Day Holding, both of which have raised over 500 million yuan [2][3] - The first batch of ETF-FOF products was initiated in 2021, with early adopters like Huaxia and ICBC Credit Suisse leading the way [4][5] Group 3: Managerial Challenges - The rise of ETF-FOF necessitates enhanced asset allocation skills from fund managers, as the increasing complexity and variety of ETFs require a more sophisticated approach to investment [7][8] - Fund managers must possess strong macroeconomic analysis capabilities, market insight, and flexible adjustment skills to optimize the risk-return profile of their portfolios [7][8] - The potential for product homogeneity as the number of ETF-FOF products increases highlights the need for strategic innovation and differentiation in the competitive landscape [8]

Core Viewpoint - The establishment of Tianjin Jiayu Equity Investment Fund and Suzhou Kuanyu Equity Investment Fund has attracted market attention, with significant participation from insurance capital, indicating a trend of increased investment in the primary market by insurance funds since 2025 [1] Group 1: Investment Trends - Insurance capital's subscribed investment amount in equity investment reached 52.4 billion yuan in the first half of 2025, representing a year-on-year increase of 46% [1] - The general partners (GPs) in this round of insurance capital cooperation include not only state-owned enterprises but also several leading dollar funds and market-oriented venture capital institutions [1] Group 2: Market Dynamics - The acceleration of insurance capital entering the primary market is driven by policy relaxation and the pursuit of diversified allocation paths due to declining interest rates [1] - The continuous entry of long-term funds like insurance capital is expected to transform previously anticipated long-term capital in the primary market into actual investments, injecting more vitality into the market [1]

Core Viewpoint - The market sentiment has shifted positively, with the Shanghai Composite Index reaching a 10-year high of 3,746 points in August, leading to discussions about a potential bull market [3]. Group 1: Market Performance - The Shanghai Composite Index was relatively stable in June but surged in July and August, breaking through significant resistance levels [3]. - The current market valuation, measured by rolling price-to-earnings (P/E) ratios, indicates that major indices like the CSI 300 and Hang Seng Index are at historical mid-levels, while the ChiNext Index is at a historical low [9]. Group 2: Investor Behavior - Experiments show that investors tend to exhibit risk-averse behavior when holding profitable stocks, often selling to secure gains, while showing risk-seeking behavior with losing stocks, hoping for recovery [6][8]. - The tendency to sell winning stocks while holding onto losing ones is likened to "pulling out flowers while watering weeds," highlighting a common behavioral bias among investors [14]. Group 3: Long-term Investment Strategy - Historical data indicates that despite the Shanghai Composite Index declining by 38% over 18 years, nearly 30% of stocks listed since 2007 have been profitable, with 185 stocks yielding over 50% returns [15]. - The importance of diversified investment strategies is emphasized, suggesting that spreading investments across various asset classes can mitigate risks and enhance resilience [15][16].

Core Viewpoint - The A-share market is experiencing significant gains, while the Hong Kong stock market is facing downward pressure due to capital inflow to A-shares and recent adjustments in the US stock market [1][3]. Group 1: Market Performance - A-shares reached a 10-year high with a trading volume of 2.8 trillion yuan, marking the third-highest in history, and the total market capitalization has reached 107 trillion yuan [8]. - The Hang Seng Index's earnings have been continuously revised downwards, with a projected growth rate of -1.2% for 2025, contrasting with the upward revisions in the US stock market [7]. Group 2: Investor Sentiment - There is a growing bullish sentiment among investors regarding A-shares, with predictions of breaking the 4000-point mark before the National Day holiday [7][11]. - Notable economists express differing views on asset valuations, indicating that while some sectors have room for growth, others may be nearing their peak [11]. Group 3: Liquidity and Market Dynamics - The tightening of Hong Kong dollar liquidity has led to a sharp rise in overnight Hibor rates, which may impact local real estate markets [5]. - The low AH premium at 125% is seen as an "invisible bottom," suggesting that below this level, dividend attractiveness diminishes [5].