Core Viewpoint - The latest FOF (Fund of Funds) report indicates that bond funds remain the primary focus for FOF managers, accounting for over half of their holdings, with a notable increase in ETF products being favored for investment [2][4]. Group 1: FOF Holdings Overview - As of the end of Q2 2025, the top five funds held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF, Bosera Zhong Dai 0-3 Year National Development Bank ETF, Bosera Credit Selection E, Hua An Gold ETF, and Hua Xia Hang Seng ETF [2][4]. - The total number of bond funds in the top 50 held by FOFs reached 30, representing over 50% of the total [4]. - Hai Fu Tong Zhong Zheng Short Bond ETF had a market value held by FOFs exceeding 1.643 billion yuan, making it the highest valued fund among FOF holdings [4][5]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Yi Fang Da Ke Rong, with a total holding value of 384 million yuan, followed closely by Yi Fang Da Information Industry Selection C at 371 million yuan [8][9]. - Other notable active equity funds include Xing Quan Business Model Selection A and Yi Fang Da Supply Side Reform, both exceeding 300 million yuan in holdings [8][9]. Group 3: Fund Increases - The fund with the highest increase in holdings during Q2 was Bosera Credit Selection E, which saw an increase of 936 million yuan, bringing its total holding value to 1.016 billion yuan [10]. - Other funds with significant increases include Bosera An Yue Short Bond A and Bosera Credit Bond Pure Bond B, with increases of 760 million yuan and 711 million yuan, respectively [10]. Group 4: Market Outlook and Strategy - FOF managers express confidence in the A-share market, aiming for diversified and multi-strategy asset allocation [12][14]. - The focus is on sectors such as new materials, resource industries, and innovative pharmaceuticals, with a keen eye on the potential recovery of the A-share market [13][14].