Core Viewpoint - The A-share market has been performing strongly, with the Shanghai Composite Index reaching new highs for the year, leading to significant performance gains for certain fund companies, particularly GF Fund, which has seen many of its products achieve substantial returns [1] Group 1: Active Management Performance - Among the 131 products of GF Fund that have gained over 30% in the past year, active management products account for a significant portion, showcasing the company's ability to capture both specific styles and overall market alpha [2] - Notable active equity products include GF Growth Navigator A, GF North Exchange Select A, and GF Growth Start A, which achieved returns of 147.19%, 121.24%, and 112.73% respectively over the past year [2][3] - The performance of active equity products reflects GF Fund's diverse investment style and research capabilities, covering various themes and sectors such as manufacturing, pharmaceuticals, and technology [4] Group 2: Passive Investment Tools - GF Fund positions its passive tools as efficient vehicles for capturing market beta, complementing its active management strategies to meet diverse investor needs [5] - The company has developed a comprehensive index product line since 2008, covering various asset classes including A-shares, Hong Kong stocks, US stocks, bonds, and commodities [5] - Notable passive products include GF North Exchange 50 Index A, which achieved a return of 123.87%, and GF Hong Kong Innovative Drug ETF, with returns of 118.71% and 104.58% for its linked product [6][7] Group 3: Future Outlook - GF Fund aims to enhance its professional capabilities and product competitiveness to better meet the wealth management needs of residents, focusing on creating sustainable quality investment experiences for clients [8]

Core Viewpoint - FOFs are increasingly allocating to gold ETFs and index bond funds due to global monetary easing, de-dollarization trends, and rising risk aversion, with gold ETFs becoming a focal point for investment in 2024 [2][4]. Group 1: Gold ETF Investment - In 2024, gold ETFs significantly outperformed other asset classes, with the London spot gold price rising 27.23% to $2,624 per ounce, and the AU9999 gold tracked by the Huazhong Gold ETF increasing 28.19% to 614 yuan per gram [4]. - The Huazhong Gold ETF managed by Xu Zhiyan had a management scale of 41.6 billion yuan as of March 31, 2024, with a return of 27.45% for 2024 and 18.64% for the first quarter of 2025 [4]. - Factors driving gold's strong performance include the Federal Reserve's interest rate cuts, global central banks' continued gold purchases exceeding 1,000 tons, and increased global policy uncertainty [4][6]. Group 2: Index Bond Fund Trends - The allocation of FOFs to index bond funds has rapidly increased, while the share of traditional pure bond funds has declined. By the end of 2024, the allocation to index bond funds rose by 3.81%, while pure bond funds fell by 8.25% [7][8]. - As of the end of 2024, FOFs held 28.299 billion yuan in pure bond funds, accounting for 23.86% of total holdings, while mixed equity funds accounted for 14.11% [7]. - The shift towards index bond funds is attributed to a preference for passive management, cost control, transparency, and the growing institutionalization of the bond market [8].