Core Viewpoint - The article discusses the recent developments in public fund of funds (FOF) in China, highlighting the growth in the number and scale of FOF products, as well as their investment preferences and directions in the third quarter of 2025 [1]. Group 1: Market Trends and Growth - The FOF market has seen a resurgence in 2025, driven by a recovery in the stock market, leading to increased activity in the fund market [2][3]. - As of September 30, 2025, there are 513 FOF funds, with 50 new funds established in 2025. The total asset scale reached 200.11 billion yuan, an increase of 65.42 billion yuan from the end of 2024 [4]. Group 2: Investment Preferences - FOFs have significantly increased their allocation to short-term bond funds, with nearly half of the top 10 funds held by FOFs being short-term bond funds. The total market value of holdings in the Hai Fu Tong Zhong Zheng Short Bond ETF rose from 1.8 billion yuan at the end of Q2 to 3.3 billion yuan at the end of Q3 [6]. - The shift in FOFs' bond fund allocation from off-market to on-market is noted, with a preference for ETFs among the top holdings [7][9]. Group 3: Gold Investments - FOFs have continued to increase their exposure to gold, with 139 funds holding gold-related investments totaling 2.8 billion yuan by the end of Q3 2025. The Hua An Yi Fu Gold ETF remains the most popular, with a total market value of 1.73 billion yuan [10][11]. Group 4: Equity Fund Allocation - FOFs have shifted their equity fund allocations from value to growth styles, with significant increases in holdings of growth-oriented funds such as Yi Fang Da Ke Rong Mixed Fund and Xin Quan He Run [12][13]. - Notably, several value-oriented funds have been reduced in FOF portfolios, indicating a strategic pivot towards growth sectors like technology and new energy [14]. Group 5: International Investments - FOFs are increasingly utilizing ETFs to gain exposure to overseas markets, with total holdings in QDII funds reaching 4.49 billion yuan by the end of Q3 2025. The focus remains on developed markets such as Hong Kong and the U.S. [17][19]. - The popularity of Hong Kong mutual recognition funds is also highlighted, with a total market value of 1.6 billion yuan held by FOFs, primarily in bond funds [20][22]. Group 6: Insights for Individual Investors - The asset allocation strategies and fund selection approaches of FOFs provide valuable insights for individual investors, emphasizing the importance of diversified portfolios that include commodities and cross-border assets [23]. - A "core + satellite" investment strategy is recommended, prioritizing stable funds for core holdings while incorporating higher-risk, high-growth funds for potential additional returns [24].

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 19日开放式基金净值增长排名前10的基金分别是：华富永鑫灵活配置混合A、华富永鑫灵活配置混合C、万家周期视野股票发起式A、万家周期视野股票发 起式C、前海开源金银珠宝混合A、前海开源金银珠宝混合C、南方中证沪深港黄金产业股票指数发起A、南方中证沪深港黄金产业股票指数发起C、永赢中 证沪深港黄金产业股票ETF发起联接C、永赢中证沪深港黄金产业股票ETF发起联接A。 一顿操作猛如虎，基金净值已更新，谁是基金中的王者，谁又垫底，请看数据： | 基金简称 PK | | | 最新净体 : : | | | --- | --- | --- | --- | --- | | 1 | 华富永鑫灵...C | 1.6648 | 4.96% | 27 | | | 001467 | 2025-11-19 | | | | 2 | 华富永鑫灵... A | 1.7137 | 4.96% | 8 | | | 001466 | 2025-11-19 | | | | 3 | 万家周期视 ... A ...

Core Viewpoint - The performance of public FOFs (Fund of Funds) has significantly improved, with some achieving returns as high as 68% this year, surpassing many actively managed equity funds and changing the perception of FOFs as conservative investment products [1][2]. Group 1: Performance and Strategy - The top three performing FOFs this year are Guotai Youxuan Lihang (68%), E Fund Advantage Return (58.33%), and Guotai Industry Rotation (57.47%), all of which have outperformed the average return of actively managed equity funds [2][3]. - FOFs are increasingly focusing on narrow-based industry theme funds, such as ETFs related to gold, batteries, and innovative pharmaceuticals, to enhance their performance [3][4]. - The shift towards selecting funds rather than individual stocks has allowed FOFs to achieve high performance, indicating a new trend in the capital market and public fund industry [2][3]. Group 2: Future Investment Directions - Resource industry funds are becoming popular choices for FOFs, with managers identifying potential recovery opportunities in cyclical industries, particularly in the metal and financial real estate sectors [4][5]. - FOF managers are also looking to increase defensive positions by focusing on the most undervalued sectors within growth and cyclical industries, suggesting that bank, resource, and photovoltaic theme funds may become core investment targets [5][6]. - The current momentum in the global AI industry and improvements in the renewable energy sector are driving FOFs to adjust their allocations, increasing exposure to technology and resource theme funds while reducing financial asset allocations [5][6].

Core Insights - A total of 28,873 funds have updated their net asset values, indicating a significant level of activity in the fund market [2] Group 1 - The article highlights the performance of various funds, identifying the top performers and the underperformers within the market [2]

- The "Style Rotation Fund Selection Strategy" is based on the dimensions of growth value and market capitalization, constructing an absolute active rotation indicator to identify whether a fund is a style rotation fund or a style stable fund. The strategy uses a semi-annual rebalancing approach, adjusting positions at the end of March and August each year, and the fund selection range includes equity-biased hybrid funds and ordinary stock funds, with transaction costs deducted[4][46][51] - The "Comprehensive Fund Selection Strategy Based on Fund Characteristics and Capabilities" constructs selection factors from multiple dimensions such as fund size, holder structure, fund performance momentum, stock selection ability, hidden trading ability, and gold content, and performs equal-weight synthesis. The strategy uses a quarterly rebalancing approach, adjusting positions at the end of January, April, July, and October each year, with transaction costs deducted[5][55][60] - The "Fund Selection Strategy Based on Trading Motivation Factors and Stock Spread Income Factors" combines the trading motivation factors of funds with the stock spread income factors from the fund's profit statement. The strategy aims to select funds with high stock spread income, active trading motivation, and low likelihood of performance manipulation. The strategy uses a semi-annual rebalancing approach, adjusting positions at the end of March and August each year, with transaction costs deducted[6][61][66] - The "Fund Manager Holding Network Trading Uniqueness Fund Selection Strategy" constructs a network based on the details of fund managers' holdings and transactions, and constructs an indicator of the uniqueness of fund managers' transactions. The strategy uses a semi-annual rebalancing approach, adjusting positions at the beginning of April and September each year, with transaction costs deducted[7][67][74] - The "Style Rotation Fund Selection Strategy" achieved a return of -0.08% in May 2025, with an excess return of -1.11% relative to the Wind equity-biased hybrid fund index[4][46][51] - The "Comprehensive Fund Selection Strategy Based on Fund Characteristics and Capabilities" achieved a return of 0.18% in May 2025, with an excess return of -0.88% relative to the Wind equity-biased hybrid fund index[5][55][60] - The "Fund Selection Strategy Based on Trading Motivation Factors and Stock Spread Income Factors" achieved a return of -0.96% in May 2025, with an excess return of -1.98% relative to the Wind equity-biased hybrid fund index[6][61][66] - The "Fund Manager Holding Network Trading Uniqueness Fund Selection Strategy" achieved a return of -0.06% in May 2025, with an excess return of -1.09% relative to the Wind equity-biased hybrid fund index[7][67][74]