宽基 ETF 中，中证 A500ETF 资金净流入额超过 900 亿元，而沪深 300ETF、创业板 ETF 资金净流出额相对较高，其中沪 深 300ETF 资金净流出超过 90 亿元。行业 ETF 中，本月周期 ETF 资金净流入额超过 50 亿元，而高端制造 ETF、周期金 融地产 ETF 资金净流出额超过 100 亿元。 12 月份万得偏股混合型基金指数上涨 3.06%，跑赢沪深 300 指数（2.28%），跑输 Wind 全 A 指数（3.30%）。12 月份主 动权益基金表现优异，部分基金 12 月份收益率超过 30% 我们根据基金经理持股、交易的明细构建网络并由此构建了客户基金经理交易独特性的指标，构建了选基策略。本策 略采用半年频调仓的策略，在每年 4 月初/9 月初进行调仓，我们对该策略在 2025 年 10 月份的表现进行了跟踪。 本月交易独特基金组合大幅跑赢万得偏股混合型基金指数。2025 年 12 月份，本策略取得 5.36%的收益率，相对于万 得偏股混合型基金指数的超额收益率为 2.27%。2025 年以来，策略获得 44.70%的收益率及 10.00%的超额收益率。 我们在 2025 ...

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].

Core Insights - The article provides an objective ranking of fund net asset values, highlighting the top-performing and bottom-performing funds without any subjective bias [1] Fund Performance Summary Top 10 Funds by Net Value Growth - The top-performing funds include: - Huafu Yongxin Flexible Allocation Mixed A with a net value of 1.7137, up by 4.96% [2] - Huafu Yongxin Flexible Allocation Mixed C with a net value of 1.6648, also up by 4.96% [2] - Wanjia Cycle Vision Stock Initiation A with a net value of 0.9939, up by 4.89% [2] - Wanjia Cycle Vision Stock Initiation C with a net value of 0.9931, up by 4.88% [2] - Qianhai Kaiyuan Gold and Silver Jewelry Mixed A with a net value of 2.4180, up by 4.45% [2] - Qianhai Kaiyuan Gold and Silver Jewelry Mixed C with a net value of 2.3630, up by 4.42% [2] - Southern CSI Hong Kong Gold Industry Stock Index Initiation A with a net value of 1.6638, up by 4.26% [2] - Southern CSI Hong Kong Gold Industry Stock Index Initiation C with a net value of 1.6596, up by 4.25% [2] - Yongying CSI Hong Kong Gold Industry ETF Initiation Link C with a net value of 1.8692, up by 4.24% [2] - Yongying CSI Hong Kong Gold Industry ETF Initiation Link A with a net value of 1.8793, up by 4.24% [2] Bottom 10 Funds by Net Value Decline - The underperforming funds include: - Huabao Overseas China Growth Mixed with a net value of 1.4560, down by 3.77% [3] - Bosera Greater China Mixed with a net value of 1.0430, down by 2.89% [3] - AVIC New Start A with a net value of 0.8586, down by 2.85% [3] - AVIC New Start C with a net value of 0.8421, down by 2.85% [3] - Huaan Greater China A with a net value of 2.2590, down by 2.67% [3] - Guofu National Certificate Hong Kong C with a net value of 0.9463, down by 2.66% [3] - Guofu National Certificate Hong Kong A with a net value of 0.9464, down by 2.66% [3] - Huaan Hong Kong Precision A with a net value of 2.8020, down by 2.64% [3] - Huaan Greater China C with a net value of 1.8460, down by 2.64% [3] - Fortune Core Advantage C with a net value of 1.6357, down by 2.57% [3] Market Overview - The Shanghai Composite Index showed slight fluctuations, closing with a minor increase, while the ChiNext Index exhibited similar behavior [5] - The total trading volume reached 1.74 trillion, with a stock rise-to-fall ratio of 1200:4175 [5] Leading Industries and Concepts - Industries with significant gains include: - Shipbuilding, Oil, Insurance, and Non-ferrous Metals, each rising over 2% [6] - Concepts leading the market include: - Aquaculture and Military Trade, both also increasing over 2% [6] Notable Holdings and Fund Strategies - The top holdings in the best-performing fund, Huafu Yongxin Flexible Allocation Mixed A, include: - Shandong Gold, with a daily increase of 5.98% [9] - Other significant holdings include Shandong International and Zijin Mining, contributing to a total holding concentration of 88.53% [9] - Conversely, the underperforming fund, Huabao Overseas China Growth Mixed, has a holding concentration of 38.75%, with major holdings in Jiangxi Copper and Luoyang Molybdenum, which have seen declines [9]

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]