Group 1 - The core focus of Fund of Funds (FOF) is on asset allocation and fund investment, with a notable preference for gold and bond ETFs as primary investment targets [1][2] - As of the end of Q2 2025, the Huazhang Gold ETF was the most heavily held fund by FOFs, with 78 FOFs holding a total market value of 987 million yuan [1] - Despite the popularity of the Huazhang Gold ETF, there was a decrease in FOF holdings compared to Q1, where it had 86 FOFs with a market value of 1.414 billion yuan [2] Group 2 - Bond ETFs remain a significant focus for FOFs, with the Hai Futong Zhongzheng Short-term Bond ETF being the highest held, with a market value exceeding 1.643 billion yuan held by 57 FOFs [2] - FOF managers are increasingly adopting a proactive investment strategy, favoring growth-oriented themes such as Hong Kong tech, innovative pharmaceuticals, and semiconductor ETFs [1][3] Group 3 - The Industrial Bank's Rui Zhi Jin Qu FOF achieved a return rate of 21.64% year-to-date, ranking among the top FOFs, with significant holdings in growth-oriented ETFs [3] - The Bo Hai Hui Jin Preferred Progress FOF also focused on growth themes, heavily investing in Hong Kong innovative pharmaceuticals and technology ETFs, while also diversifying into overseas assets [3] Group 4 - The investment strategy of the Bo Hai Hui Jin Preferred Progress FOF includes a framework of "three main lines + one buffer," focusing on technology in the US, leading internet and financial assets in Hong Kong, and new productivity sectors in A-shares, with gold as a core buffer asset [4] - The FOF managers emphasize regular rebalancing of asset exposure and maintaining cash reserves to capture opportunities during market volatility [4]