Core Viewpoint - The article emphasizes the importance of independent research and prioritizing investor interests in selecting funds, particularly focusing on four noteworthy FOF (Fund of Funds) products that aim for long-term stable growth through diversified asset allocation and optimal fund selection [1]. Group 1: Fund Overview - The article introduces four FOF products, categorized into target date funds and target risk funds, designed to meet different retirement investment needs [1]. - Target date funds adjust asset allocation based on the investor's retirement date, while target risk funds maintain a preset risk level throughout their lifecycle [1]. Group 2: Fund Details - **Zhaoshang Heyue Stable Pension Target One-Year Holding Mixed (FOF)**: This conservative mixed fund targets a benchmark of 15% from the CSI 300 Index and 85% from the China Bond Composite Index, managed by an experienced fund manager with a strong background in pension investment [4][5]. - **Hongli Taihe Balanced Pension Target Three-Year Holding Mixed (FOF)**: This standard mixed fund aims for a balanced allocation of 50% equity and 50% fixed income, utilizing a tactical asset allocation strategy to achieve excess returns [7][8]. - **Zhongou Yujian Pension Target Date 2035 Three-Year Holding Mixed (FOF)**: A target date fund designed for investors retiring around 2035, focusing on asset allocation and fund selection, with a strong emphasis on risk control [11][12]. - **Ping An Pension Target Date 2035 Three-Year Holding Mixed (FOF)**: This fund incorporates a diverse asset allocation strategy, including overseas stocks, and employs a "core + satellite" approach for its equity investments [17][18]. Group 3: Investment Strategies - The investment strategies of the funds include a mix of strategic and tactical asset allocation, with a focus on maintaining a balance between risk and return [5][8][12]. - Fund managers utilize quantitative models and qualitative assessments to select underlying funds, ensuring a robust evaluation process that considers various market factors [9][14][20]. Group 4: Manager Expertise - Each fund is managed by experienced professionals with extensive backgrounds in asset allocation and pension fund management, contributing to the overall effectiveness of the investment strategies [5][8][12][18]. - The teams behind these funds emphasize collaboration and disciplined investment processes, which are crucial for achieving sustainable excess returns over the long term [6][9][20].

Core Insights - The retirement savings of Americans are increasingly tied to the stock market performance, with a record proportion of funds in 401(k) accounts being invested in stocks [1] Group 1: Investment Trends - Workers in their 30s allocated 88% of their 401(k) accounts to stocks last year, up from 82% a decade ago [1] - Investors in their early 60s have a stock allocation of 60% in their 401(k) accounts, an increase from 57% ten years prior [1] - The average stock allocation for newly employed workers in target-date funds is 92%, compared to 85% in 2014 [1] Group 2: Fund Management - Asset managers are increasingly directing more funds into stocks on behalf of investors, reflecting a broader trend in retirement savings strategies [1] - Target-date funds, which typically shift investments from stocks to bonds as retirement approaches, are also seeing higher stock allocations [1]

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 ...