Group 1: Economic Logic Behind Gold's Safe-Haven Attribute - Gold's safe-haven property is rooted in its physical scarcity and stability, which ensures its role as a value store [1][2] - The global proven gold reserves are only 170,000 tons, which contributes to its inflation-resistant nature [2] - Gold typically shows low correlation with traditional assets like stocks and bonds, making it a preferred destination during market sell-offs [2] Group 2: Historical Context of Gold During Economic Crises - During the 2008 financial crisis, gold's price dropped to $712 per ounce but surged to over $1900 by 2011 due to quantitative easing [2] - In the early stages of the COVID-19 pandemic, gold briefly fell by 12% but later reached a historical high of $2075 per ounce, showcasing its stability compared to more volatile assets like Bitcoin [2] - In the 1970s, gold prices skyrocketed from $35 to $850 per ounce during high inflation, demonstrating its ability to preserve purchasing power [2] Group 3: Gold's Position in the Modern Financial System - Central banks have increased their gold reserves from 30,000 tons in 2000 to 35,000 tons in 2023, indicating a trend towards "de-dollarization" amid geopolitical risks [2] - The average daily trading volume of COMEX gold futures is $110 billion, highlighting its role in risk hedging [2] - The emergence of gold ETFs and digital gold tokens has lowered investment barriers, with global gold ETF holdings reaching 3100 tons and a management scale exceeding $200 billion in 2023 [2]

Group 1 - The core viewpoint of the articles highlights the positive performance and growing acceptance of public FOF (Fund of Funds) in China, with nearly 90% of FOF products achieving positive returns since inception as of August 25, 2025 [1] - The public FOF market in China began in 2017, with 514 existing products, of which 318 were established between 2021 and 2023, indicating a significant growth in this investment category [1] - The recovery of the equity market has contributed to the improved performance of FOF products that were launched during the previous market peak [1] Group 2 - FOF funds have demonstrated lower annualized volatility compared to traditional funds, with a three-year average annualized return of 1.56% and volatility of 15.06% for equity-oriented FOFs, outperforming the corresponding mixed equity funds [2][4] - For bond-oriented FOFs, the average annualized return was 1.63% with a volatility of 4.26%, which is lower than the average volatility of bond mixed funds [4] Group 3 - As of June 30, 2025, the total market size of FOFs reached 165.67 billion yuan, reflecting a 24.43% growth since the beginning of the year, reversing a two-year trend of decline [5] - By August 2025, 39 new FOFs were launched, surpassing the total of 36 for the entire year of 2024 [5] Group 4 - The trend towards multi-asset allocation in public FOFs is evident, with a shift from traditional stock-bond combinations to more diversified asset types, including gold ETFs and various commodity funds [6] - As of August 2025, 103 public FOF products included Hong Kong market indices in their performance benchmarks, and 21 products incorporated gold [6] Group 5 - The significant excess returns of FOFs managed by Xingzheng Global are attributed to their choice of performance benchmarks, which are more challenging to outperform, such as the CSI Mixed Equity Fund Index [8][10] - All 11 FOF funds managed by Xingzheng Global have recorded maximum drawdowns lower than their respective benchmarks, with 10 funds achieving excess returns [14]