中信证券研报指出，截至2025年三季度末，全市场共有519只公募FOF产品，合计管理规模达1935亿 元，较上季度增长16%。其中，富国、中欧、广发等基金管理人的FOF规模增长较为显著。从业绩表现 来看，三季度偏股型FOF整体收益优于同类FOF平均水平。在持仓结构方面，FOF投资于本公司内部基 金的平均占比为52%，指数基金的配置比例持续上升。随着无风险利率持续下行，市场开始关注股债资 产之外的其他资产的配置价值，预计未来多元资产配置将成为FOF发展的重要方向。在结构性行情加剧 的背景下，主动管理型基金获取超额收益的难度日益增大，指数基金的配置价值进一步凸显，被动化投 资也正成为FOF发展的另一大趋势。 ...

Core Viewpoint - The development of China's smart investment advisory industry is essential for better meeting residents' wealth management needs and facilitating long-term capital market investments, highlighting the necessity of addressing current obstacles to its growth [2][3]. Group 1: Necessity for Development - The application of AI large model technology in the financial services industry has accelerated, with smart investment advisory services becoming a key focus area [3]. - The demand for professional wealth management services among Chinese residents is rapidly increasing, with smart investment advisory serving as a crucial vehicle for this [5][6]. - China's economic context, including slowing growth, aging population, and urbanization challenges, is shifting wealth growth drivers from real estate to financial assets [6][7]. Group 2: Challenges and Obstacles - The current legal framework in China restricts full discretionary authority in investment advisory services, primarily to protect investors, which reflects concerns about the implementation of fiduciary duties [3][16]. - There is a lack of clarity regarding responsibility among key stakeholders in the smart investment advisory process, leading to potential gaps in investor protection [16][17]. - The confidentiality requirements and limitations in algorithm design pose significant challenges, as the subjective nature of algorithm optimization and lack of transparency can undermine investor trust [17]. Group 3: Market Growth and Trends - The global smart investment advisory market has seen rapid growth in assets under management (AUM), revenue, and client base, indicating a strong trend towards digital investment solutions [6]. - By 2024, the proportion of financial assets held by Chinese residents is projected to reach 47.6%, reflecting a growing inclination towards financial products [7]. - The diversification of financial products available to residents has increased, complicating the investment landscape and intensifying the demand for specialized wealth management services [8][10].

Core Insights - Public FOF (Fund of Funds) achieved a record profit in Q3, surpassing the total scale of the peak year 2020, with over 98% of FOF products generating positive returns and a nearly 50% increase in scale year-to-date [1][2] Performance Highlights - In Q3, FOF products generated a total profit of 14.606 billion yuan, marking a historical high for a single quarter, which is over 5.3 times the profit of the previous quarter and exceeds the best annual performance of 10.927 billion yuan in 2020 [2] - The average return for FOF products reached 10.42% in Q3, a significant increase from 1.87% in Q2, with over 98% of products achieving positive returns [2] - As of October 31, the average annual return for 987 FOF products was 14.02%, with the highest return being 69.53% for Guotai's selected leading fund [2] Scale Growth - The total scale of FOF products reached 193.419 billion yuan by the end of Q3, a nearly 48.15% increase from 130.558 billion yuan at the end of the previous year [3] - More than half of existing funds saw growth in scale, with some funds experiencing significant increases, such as Xingsheng Global's fund growing nearly 4.6 times [3] Investment Preferences - FOF managers are focusing on multi-asset allocation and passive investment strategies, with a notable decrease in active equity holdings and an increase in passive index products [5][6] - Bond funds remain the primary investment choice, accounting for 66% of FOF holdings, with significant investments in various bond ETFs [5] - Gold ETFs have seen increased holdings, with the Huaan Gold ETF being the only non-bond fund in the top ten holdings, reflecting a shift towards commodity assets [5][6] Market Outlook - Fund managers express cautious optimism for Q4, with expectations of limited upward movement in the stock market and potential for sectoral corrections [8][9] - There is a focus on gold stocks due to rising gold prices, with plans to balance investments in gold and rare earth sectors [8] - Managers are adjusting their portfolios based on macroeconomic conditions, with a preference for technology and resource assets while reducing financial sector exposure [10]

Core Viewpoint - The public fund of funds (FOF) achieved a record profit in Q3 2023, surpassing the total scale of the peak year 2020, with over 98% of FOF products generating positive returns and a nearly 50% increase in scale year-to-date [3][4]. Group 1: Performance Highlights - In Q3 2023, FOF products generated a total profit of 14.606 billion yuan, marking a historical high for a single quarter, which is a 5.3-fold increase from the previous quarter's profit of 2.317 billion yuan [4]. - The average return for FOF products reached 10.42% in Q3, a significant increase of 8.56 percentage points from the previous quarter's average of 1.87% [4]. - By October 31, 2023, the average annual return for 987 FOF products was 14.02%, with the highest return being 69.53% for the Guotai Preferred Navigation One-Year Holding Fund [4]. Group 2: Scale Growth - The total scale of FOF products reached 193.419 billion yuan by the end of Q3 2023, a nearly 48.15% increase from 130.558 billion yuan at the end of the previous year [5]. - More than half of the existing funds saw growth in scale, with some funds experiencing significant increases, such as the Xingsheng Global Preferred Stable Six-Month Holding Fund, which grew from 0.462 billion yuan to 2.583 billion yuan [5]. Group 3: Investment Strategy Changes - FOF managers have shifted their investment strategies, focusing more on multi-asset allocation and passive investment, with a decrease in active equity holdings and an increase in passive index products [7][9]. - The proportion of active equity assets decreased, while the holdings in ETF products increased from 6.51 billion units to 7.148 billion units [9]. - Gold and silver assets have seen a resurgence in allocation, with significant increases in holdings of gold ETFs, reflecting a strategic pivot towards commodities [8][9]. Group 4: Market Outlook for Q4 - Fund managers anticipate limited upward potential for the stock market in Q4, with expectations of local corrections and a focus on gold stocks due to rising gold prices [10][12]. - The macroeconomic environment is viewed as more favorable than in previous years, with expectations for structural highlights in the domestic market [13]. - There is a consensus among fund managers that while opportunities exist, caution is warranted due to potential structural bubble risks in the market [13][14].

Core Insights - The public FOF (Fund of Funds) achieved a record profit in Q3, surpassing the total scale of the peak year 2020, with over 98% of FOF products generating positive returns and a nearly 50% increase in scale year-to-date [1][2] Group 1: Performance Metrics - In Q3, the total profit of FOF products reached 14.606 billion yuan, marking a historical high for a single quarter, and representing a more than 5.3 times increase from the previous quarter's profit of 2.317 billion yuan [1][2] - The average return of FOF products in Q3 was 10.42%, a significant increase from 1.87% in Q2, with the highest performers achieving returns over 56% [2] - By the end of Q3, the total scale of FOF products reached 193.419 billion yuan, a nearly 48.15% increase from 130.558 billion yuan at the end of the previous year [2] Group 2: Fund Management and Strategy - Over half of the existing funds saw an increase in scale, with some funds experiencing dramatic growth, such as the Xingsheng Global Preferred Stable Fund, which grew nearly 4.6 times [3] - Major fund companies like Xingsheng Global Fund and Zhongou Fund led the market with management scales exceeding 18.2 billion yuan, while E Fund and others also surpassed 10 billion yuan in FOF scale [3] - FOF managers are increasingly favoring multi-asset allocation and passive investment strategies, with a notable reduction in active equity holdings and an increase in bond and ETF products [4][5] Group 3: Asset Allocation Trends - By the end of Q3, bond funds accounted for 66% of FOF's top holdings, with significant investments in bond ETFs and a notable increase in holdings of gold ETFs [5][6] - The preference for active equity funds decreased, with holdings dropping from 9.417 billion units to 8.114 billion units, while ETF holdings increased from 6.51 billion units to 7.148 billion units [6] - FOF managers are focusing on gold stocks and resource assets, anticipating significant price increases and a favorable macro environment for the equity market [7][8][10] Group 4: Market Outlook - Fund managers express cautious optimism for Q4, predicting limited upward potential for the stock market and potential local corrections, while highlighting the need for balanced asset allocation [7][9] - The overall market environment is seen as favorable due to liquidity conditions, but there are warnings about potential structural risks if the market rises too quickly [10]

Core Insights - The article discusses the increasing integration of multi-asset portfolios, represented by FOF and "fixed income +" products, into ETF investments, highlighting their growing importance in wealth management [1][6] - It notes a significant increase in the number of ETFs held by multi-asset portfolios, surpassing 200 by the end of Q3, indicating a trend towards diversified investment strategies [1][2] ETF Investment Trends - Leading ETFs, such as the Huazhong Gold ETF and the Hai Fu Tong Zhong Zheng Short Bond ETF, have seen substantial increases in holdings from multi-asset portfolios, with the former attracting over 1.7 billion yuan in total market value [2] - The number of FOF and "fixed income +" products holding these ETFs has increased significantly compared to Q2, indicating a shift in investment focus [2] Sector Performance - FOF and "fixed income +" products have notably increased their holdings in sectors like securities and chemicals, while reducing exposure to high-performing ETFs in sectors such as technology and rare earths [3][4] - Specific ETFs, such as the Guotai Zhong Zheng All Index Securities Company ETF and the Penghua Zhong Zheng Subdivision Chemical Industry ETF, received over 200 million shares in increased holdings during Q3 [3] Investment Strategy Shifts - The article highlights a trend towards passive investment and diversified asset allocation within FOF products, with a noted decrease in QDII and mutual fund allocations due to market volatility [4] - The demand for stable and diversified investment strategies is driving the expansion of FOF products, which leverage the low fees and high transparency of ETFs [6] Market Landscape - The public fund industry is evolving to include a wide range of investment products, with a focus on index investment tools that offer transparency and low transaction costs [5] - The current market environment presents an opportunity for FOF products to expand their reach and play a more significant role in wealth management [6]

Core Insights - The ETF market is experiencing significant growth, with brokers focusing on transforming retail investors into institutional investors through comprehensive ETF services [1][2][5] - Major brokers are enhancing their competitive edge by upgrading from basic ETF trading to a full-fledged investment ecosystem, leveraging their research capabilities [1][3][6] Market Overview - As of September 2025, the total number of ETFs in the Shanghai market reached 760, with a total market value of 4 trillion yuan, reflecting a 7.65% increase [3] - The leading brokers in ETF holdings are Galaxy Securities and Shenwan Hongyuan, holding a combined market share of approximately 39.49% [3][4] Broker Performance - In terms of trading volume, CITIC Securities led the Shanghai market with an 11.24% share, followed closely by Huatai Securities at 11.09% [4] - Huabao Securities has established a comprehensive service system around ETFs, indicating its strategic importance to the firm [4][6] Strategic Developments - Brokers are increasingly focusing on creating an ETF ecosystem, integrating research, distribution, and custody services to enhance collaboration [2][7] - The shift towards a comprehensive investment ecosystem is evident, with firms like Guotai Junan and招商证券 developing tools and community platforms to support investors throughout the investment process [6][7] Future Outlook - The ETF market is expected to continue its robust growth, with brokers that effectively leverage AI and deepen business collaboration likely to gain a competitive advantage [2][5] - Analysts suggest that ETFs serve not only as investment products but also as a vehicle for brokers to transition retail investors into a more structured investment framework [7]

Core Viewpoint - The re-entry of China Merchants Jinling Schroder into the ETF market after 14 years highlights a significant shift in the competitive landscape of the ETF industry, with a focus on niche markets and customized indices [1][2][3]. Group 1: Company Actions - China Merchants Jinling Schroder has submitted an application for the CSI Smart Selection Hong Kong-Shenzhen Technology 50 ETF, currently awaiting regulatory approval [2][3]. - The company previously launched two ETFs in 2009 and 2011, with current asset sizes of 227 million yuan and 63 million yuan respectively [5]. - The firm has been actively expanding its index fund offerings, adding five new index funds since 2024, including popular indices like the CSI Dividend Low Volatility 100 Index and the CSI A500 Index [5]. Group 2: Market Context - The ETF market is experiencing intense competition, with many traditional active management firms now entering the ETF space, driven by the growing trend towards passive investment [4][6]. - The total scale of ETFs is approaching 1 trillion yuan, with 15 fund companies now classified as "billion players" in the ETF market [7]. - Major players like Huaxia Fund and E Fund have seen significant growth in their ETF management scales, with increases exceeding 46% this year [7]. Group 3: Index Strategy - The CSI Smart Selection Hong Kong-Shenzhen Technology 50 ETF will track a newly customized index, which aims to reflect the performance of 50 high-growth technology companies from both mainland China and Hong Kong [6]. - The index is designed to capture companies with strong research capabilities and good fundamentals, with the top five sectors being electronics, machinery, communications, power equipment, and computers [6]. - Differentiation in index selection is crucial for new entrants in the ETF market, as many existing ETFs struggle to cover their costs [6].

Core Viewpoint - The launch of the first batch of Sci-Tech Bond ETFs by ten public funds marks a significant innovation in the bond ETF market, reflecting strong market interest and institutional backing [1][5][6]. Group 1: Market Dynamics - Ten public funds, including major players like China Southern and E Fund, launched Sci-Tech Bond ETFs, with seven companies completing fundraising on the same day [1][5]. - The fundraising for these ETFs was primarily driven by institutional investors, with many companies opting for a one-day fundraising period to expedite listing [1][5]. - The rapid issuance of these ETFs is a response to policy support from the central bank and the China Securities Regulatory Commission (CSRC), which aims to accelerate the development of the Sci-Tech bond market [5][6]. Group 2: Product Characteristics - The Sci-Tech Bond ETFs are designed to fill a gap in the public fund market for technology-related bond products, providing essential funding support for innovative enterprises [6]. - The ETFs are expected to enhance the liquidity of Sci-Tech bonds and enrich investment tools for the Sci-Tech theme, thereby promoting the rapid development of China's technology innovation sector [6][9]. - The underlying assets for these bonds are expected to be of high quality, driven by the ongoing transformation and upgrading of the domestic economy [6][9]. Group 3: Industry Growth - The bond ETF market has seen significant growth, with the total scale surpassing 350 billion yuan by June 30, 2023, up from 200 billion yuan in February [7]. - The introduction of credit bond ETFs earlier in the year has revitalized the bond ETF market, with some products now exceeding 10 billion yuan in scale [7][8]. - Despite the rapid growth, the bond ETF market remains relatively underdeveloped compared to stock ETFs, presenting opportunities for expansion and increased market share [8]. Group 4: Future Outlook - The largest bond ETF, the China Universal 7-10 Year Policy Financial Bond ETF, has grown to over 50 billion yuan, indicating strong investor interest [8][9]. - The macroeconomic environment is expected to maintain low interest rates, which may support a continued bullish trend in the bond market [9]. - The successful commercialization of research outcomes from Sci-Tech bond issuers could enhance their profitability, positively impacting bond values and ETF net asset growth [9].

Core Viewpoint - The rise of ETF-FOF products is becoming a new trend in investment allocation, driven by the efficiency and advantages they offer compared to traditional FOF products [3][4][5]. Group 1: ETF-FOF Product Development - Several fund companies, including China Europe Fund and Ping An Fund, have reported new ETF-FOF products this year, indicating a renewed interest in this investment vehicle [3]. - The ETF-FOF market has evolved since its introduction in 2021, with a significant slowdown in growth observed in 2023, but is expected to regain traction by 2025 [3][5]. - By the end of 2024, over 90% of public FOFs had allocated to ETFs, with ETF allocations accounting for 16.69% of total FOF assets, surpassing the 11.93% of ETFs in the overall public fund market [4]. Group 2: Advantages of ETF-FOF - ETF-FOF products offer higher capital efficiency, timely asset allocation adjustments, and lower total fees compared to traditional FOFs, enhancing the investment experience for investors [4][5]. - The core design of ETF-FOF is to diversify investments across various ETFs, balancing risk and return while maintaining the advantages of ETFs such as low fees and transparency [5][11]. - The increasing popularity of passive investment strategies has led public FOFs to utilize index funds more frequently, which helps reduce costs and improve investment efficiency [9][11]. Group 3: Market Trends and Statistics - In Q1 2025, the issuance of new public FOFs saw a significant increase, with 16 products totaling approximately 14.15 billion yuan, marking a substantial rise from the previous quarter [7]. - The overall scale of public FOFs reached approximately 1510.79 billion yuan by the end of Q1 2025, reflecting a 13.46% increase from the previous quarter [7]. - The ranking of FOF managers has shifted significantly from 2019 to 2024, with notable changes in market share among the top ten managers [8]. Group 4: Popular Investment Themes - The most favored themes among FOFs include technology and dividend ETFs, indicating a preference for a "barbell strategy" that combines growth and defensive investments [9][10]. - By the end of Q4 2024, the number of FOFs holding specific ETFs, such as the Huatai-PB Dividend Low Volatility ETF, has increased significantly, showcasing the growing interest in these investment vehicles [10]. Group 5: Asset Allocation Strategies - Public FOFs are increasingly adopting a multi-asset allocation framework, incorporating various asset classes such as stocks, bonds, commodities, and overseas assets [11][12]. - The allocation to commodity ETFs, particularly gold, has seen a notable increase, driven by factors such as central bank purchases and geopolitical uncertainties [12][13].