以下文章来源于中新经纬 ，作者周奕航 中新经纬 . 中新经纬是由中国新闻社主办的财经新媒体，拥有中国互联网新闻信息采编发布服务资质。以手机客户端（APP）等为主要传播平台，以"权威、前瞻、 专业、亲和"为特色宗旨，传播财经资讯、解读经济政策、讲述商界故事，打造精英的财经资讯平台。 为何市场只有一只白银主题基金？ 文 ｜ 周奕航 编辑 ｜ 李晓萱 来源｜ 中新经纬 （ID：jwview） 封面来源｜ Unsplash "好宝宝我买少了，你啥时候再开门""还有没有平替啊，快，来一个"……1月26日晚间，国投瑞银白银期货（LOF）公告称将暂停申购后，引发网友热 议。 近期，白银价格持续走高，作为中国国内唯一 一只主要投资于 白银期货 的基金 ，国投瑞银基金旗下的国投瑞银白银期货（ LOF）基金受到高度关注。 不少投资者疑惑，为何市场只有一只白银主题基金？ 彼时，公募基金行业正尝试拓宽投资范围。 2013年，华安基金和国泰基金已分别成立了华安黄金ETF、国泰黄金ETF，国投瑞银基金于2015年推出的国 投瑞银白银期货（LOF）作为国内首只白银主题基金，与黄金ETF等产品共同构成了大宗商品投资工具。 国投瑞银白银期货（ ...

Core Viewpoint - The public FOF (Fund of Funds) has entered a historic moment of regaining reputation, with the emergence of the first product achieving a doubling of performance, indicating a new phase of rapid growth in this product category as market acceptance increases, pushing the FOF market size beyond 180 billion yuan [1][2]. Group 1: Performance and Growth - The first public FOF to achieve a doubling of performance is the Qianhai Kaiyuan Yuyuan FOF, established in May 2018, with an asset size of 168 million yuan and a year-to-date return of 38%, leading to a cumulative return of 129% [2]. - Other notable public FOFs include Xingquan Antai Balanced Holding, China Universal Pension, and Penghua Pension 2045 Mixed, with cumulative returns of 79.61%, 70.12%, and 69.40% respectively, showcasing strong long-term performance [2]. - As of the third quarter of 2025, the total number of public FOFs reached 518, with a total management scale of 187.25 billion yuan, reflecting significant growth and maturity in product offerings and investment strategies [3]. Group 2: Investment Strategy - The success of public FOFs is attributed to a refined selection strategy that emphasizes industry-themed funds while reducing exposure to broad-based funds [4][6]. - The Qianhai Kaiyuan Yuyuan FOF's performance is significantly driven by its heavy allocation to resource-themed funds, with nearly 48% of its portfolio in such funds, which have shown substantial returns [6]. - The Penghua Pension 2045 Mixed FOF also benefits from a strong focus on narrow-based products, particularly in technology sectors, with significant contributions from funds like the GF New Energy Battery ETF and the E Fund Growth Power [7]. Group 3: Market Outlook - Star fund managers express optimism for the equity market in the first quarter of next year, anticipating improved economic data and favorable conditions for equity investments [8]. - The investment strategy includes a diversified asset allocation of 30% in gold, 30% in equities, and 40% in fixed income, aiming for both stability and growth potential [8]. - The long-term bullish outlook on gold is supported by ongoing global fiscal deficits and underlying economic vulnerabilities in the U.S., suggesting that gold could serve as a hedge against equity risks while providing capital gains [9][10].

Group 1 - The core viewpoint of the article highlights the resurgence of public FOFs (Fund of Funds) as they enter a new growth phase, driven by the performance of industry-themed funds and an increase in investor recognition, with the market size surpassing 180 billion yuan [1][3] - The first public FOF to achieve a doubling of returns, the Qianhai Kaiyuan Yuyuan FOF, was established in May 2018 and has shown a year-to-date return of 38%, with a net value of 2.29 yuan and a cumulative return of 129% since inception [2][3] - The overall FOF market has grown significantly, with 518 funds and a total management scale of 187.25 billion yuan as of the third quarter of 2025, indicating a rapid increase in product diversity and investment strategies [3] Group 2 - The success of public FOFs is attributed to a refined selection strategy that emphasizes industry-themed funds while reducing exposure to broad-based funds, aligning with market trends that favor niche sectors [4][5] - The Qianhai Kaiyuan Yuyuan FOF has allocated nearly 48% of its portfolio to resource-themed funds, which have significantly contributed to its performance, with top holdings showing returns of 81.73%, 67.27%, and 47.38% [5] - Conversely, some poorly performing FOFs have adopted a "heavy broad-light narrow" strategy, leading to substantial losses due to a lack of focus on industry themes, resulting in net values remaining below 0.75 yuan [6] Group 3 - Star fund manager Li He emphasizes a diversified asset strategy for the Qianhai Kaiyuan Yuyuan FOF, with a 30% allocation to gold, 30% to equities, and 40% to fixed income, aiming for stable returns while capturing market opportunities [7] - Li He expresses optimism for the equity market in the first quarter of next year, anticipating improved economic data and a favorable stock-bond valuation ratio, with specific allocations planned for large-cap value stocks and sectors like consumer and technology [7][8] - The potential for gold investments is highlighted, with Li noting that ongoing global fiscal deficits and economic vulnerabilities in the U.S. could support long-term gold price increases, making it a valuable component of the investment portfolio [8]