黄金作为传统避险工具，在数字货币波动加剧背景下重现光芒。实物黄金配合 (02599.HK/N5B8R)、 (02599.HK/R2T9L) 等黄金 ETF 组合，既规避持仓风险，又保持流动性优势。技术面显示，当前金价在 1950 美元 / 盎司附近形成强支撑，与 (02599.HK/W7V3D)、(02599.HK/S4K8M) 等矿业股形成联动效 应。 组合构建策略建议采用 "核心 + 卫星" 架构：以 (02599.HK/D5F9G)、(02599.HK/3T8Q4) 等宽基指数产品 作为核心资产，配置权重不低于 50%；用 (02599.HK/Y6H2J)、(02599.HK/Z9L3K) 等行业轮动品种捕捉 超额收益；最后通过 (02599.HK/U1P5R)、(02599.HK/E4S8M) 等另类资产平抑波动。这种包含 (02599.HK/J7N2D)、(02599.HK/5G8T3) 等多资产标的的组合，回测显示近三年年化波动率较纯股组合 降低 38%。 随着 (02599.HK/A2B9C)、(02599.HK/6T8V1) 等跨境投资工具日益丰富，建议投资者保持动态再平衡， 每季度评估 (0 ...

Group 1 - Publicly offered FOFs have recently seen a surge in popularity, with notable products like Southern Stable 3-Month Holding and招商稳健策略优选 3-Month Holding raising approximately 36.26 billion and 29.71 billion respectively [3] - In 2023, the average net value growth rate of publicly offered FOFs reached 1.13%, with over 80% achieving positive returns, indicating strong stability [6] - A total of 20 publicly offered FOFs have been established this year, collectively raising over 230 billion, with an average scale exceeding 11.5 billion, significantly above the industry average [3][6] Group 2 - The recent success of FOF products is attributed to a shift in wealth management strategies among residents from "single products" to "portfolio allocation," aligning with the current market demand for "steady appreciation" [4] - As of the end of Q1, the total scale of publicly offered FOFs exceeded 1.4 trillion, with over 30 funds surpassing 1 billion in scale [6] - The market is currently experiencing a focus on high dividend stocks and new productive forces, with expectations of a fluctuating A-share market and a supportive policy environment for the bond market [6][7]

Core Viewpoint - The A-share market in April experienced significant fluctuations, leading to a "golden pit" bottoming out, with a notable influx of funds into equity funds, particularly FOF funds, which have gained popularity due to their "dumbbell" configuration advantage [1][2]. Fund Issuance Summary - In April, 119 new funds raised a total of 901.56 million units, with equity funds accounting for 435.53 million units, representing 48.31% of the total issuance [2][5]. - Passive index funds contributed nearly 60% of the total, with individual products from Huaxia and E Fund each raising over 40 million units, highlighting strong market interest in the sci-tech sector [2][6]. - Fixed income products maintained a steady issuance pace, with 20 bond funds raising 337.97 million units, making up 37.5% of the total, and long-term pure bond funds comprising 68% of this category [2]. FOF Fund Performance - Four newly launched mixed FOF funds raised a total of 88.84 million units, accounting for nearly 10% of the total for the month, with an average size of 22.21 million units, significantly above the industry average [3]. - The popularity of FOF funds is attributed to a shift in wealth management strategies among residents from single products to diversified portfolios, aligning with the current market demand for stable growth [3]. Innovative Products - April saw the emergence of several innovative products, including a new REIT focused on rental housing, which successfully raised 500 million units, indicating a deepening of public REITs in the livelihood sector [4]. - The introduction of cross-border index products and thematic funds focused on sectors like sci-tech and artificial intelligence reflects a trend towards precise investment strategies in a volatile market [4]. Head Effect in Fund Issuance - The top 20 equity funds accounted for 73% of the total issuance, significantly higher than the industry average, indicating a strengthening head effect in the market [5]. - Investors are increasingly favoring established products with clear investment frameworks, leading to a concentration of resources among high-quality managers [5][6].

Core Viewpoint - The A-share market in April experienced significant fluctuations, creating a "golden pit" for investment opportunities, with a notable influx of funds into equity funds and FOF products, indicating a shift in investor preferences towards stable and diversified investment strategies [1][2][3]. Fund Issuance Overview - In April, a total of 119 new funds raised 901.56 billion units, with equity funds accounting for 435.53 billion units, representing 48.31% of the total issuance [2][5]. - Passive index funds contributed nearly 60% of the total, with specific products from Huaxia and E Fund each raising over 40 billion units, highlighting strong market interest in the technology sector [2][5]. - Fixed income products maintained a steady issuance pace, with 20 bond funds raising 337.97 billion units, making up 37.5% of the total, and long-term pure bond funds comprising 68% of this category [2]. Performance of FOF Funds - Four newly launched mixed FOF funds raised a total of 88.84 billion units, accounting for nearly 10% of the total issuance, with an average size of 22.21 billion units, significantly above the industry average [3]. - The popularity of FOF products is attributed to a shift in wealth management strategies among investors, moving from single products to diversified portfolios, aligning with the current market demand for stable growth [3]. Innovative Products - April saw the introduction of several innovative fund products, including a new REIT focused on rental housing, which successfully raised 5 billion units, indicating ongoing development in public REITs within the housing sector [4]. - The launch of cross-border index products and thematic funds, such as those focused on artificial intelligence, reflects a trend towards targeted investment strategies in a volatile market [4]. - Funds targeting specific themes like the STAR Market and Hong Kong Stock Connect accounted for 37% of new fund issuances, suggesting a preference for precise investment rather than broad-based strategies [4]. Head of Fund Issuance - The top 20 equity funds accounted for 73% of the total issuance, indicating a strong head effect where investors prefer established products with clear performance histories [5][6]. - Notably, passive index and actively managed products exhibited distinct head characteristics, with leading funds in the technology sector attracting significant capital [5][6].