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]

Core Viewpoint - The report provides an overview of the Tianhong Pension Target Date 2045 Five-Year Holding Mixed Fund of Funds (FOF), highlighting its investment strategies, performance metrics, and future outlook. Fund Product Overview - The fund is a mixed-type target date FOF, with a target date of December 31, 2045, and aims for long-term stable asset appreciation through diversified asset allocation strategies [2][4]. - The fund's investment strategies include asset allocation, underlying asset investment strategies, and various securities investment strategies [2][3]. Performance Metrics - As of June 30, 2025, the fund's net asset value (NAV) was 0.9728 CNY, with a net value growth rate of 3.37% over the past three months, 5.38% over six months, and 8.11% over the past year [5][9]. - The fund's performance comparison against benchmarks shows a negative return of -2.72% since the fund's contract effective date on July 24, 2023 [5]. Investment Portfolio - The fund's total assets include approximately 1,016,416.53 CNY in stocks (7.21% of total assets) and 607,623.45 CNY in bonds (4.31% of total assets) [10]. - The fund has invested in Hong Kong stocks through the Stock Connect mechanism, with a fair value of 190,150.70 CNY, representing 1.36% of the fund's net assets [10][11]. Future Outlook - The company maintains a relatively optimistic view on equity assets due to a favorable liquidity environment and improving fundamentals, while remaining cautious about geopolitical uncertainties and economic pressures [9]. - The investment strategy will focus on high-quality comprehensive funds for stable returns and actively seek opportunities in growth sectors while monitoring cyclical assets [9].