1. Report Industry Investment Rating - No information provided in the content 2. Core Viewpoints of the Report - In Q3 2025, the cumulative scale of FOF reached the highest level since Q4 2022, with significant increases in both new - issue and continued - operation scales. Performance was highly differentiated, and top - performing FOFs generally preferred gold and computing power assets. FOFs showed a trend of increasing A - share equity holdings, decreasing pure - bond holdings, and continuously emphasizing passive investment. The scale of personal pension funds maintained a relatively high growth rate [4]. 3. Summary by Relevant Catalogs 3.1 Scale Dimension - **Classification Method**: FOF funds are classified into four types: bond - type FOF, fixed - income + FOF, balanced FOF, and equity - type FOF based on post - penetration equity positions or the proportion of equity indices in the performance benchmark. For pension target funds, classification is based on the holding period [9][10]. - **Scale Review**: In 2025, the new - issue scale of FOF was relatively stable, with 11783 million yuan issued in Q3, similar to Q3 2022 but showing a decline compared to the previous quarter. The continued - operation scale increased significantly, rising by 16034 million yuan, the first significant increase since 2023, indicating high investor enthusiasm [11]. - **New - Issue Representatives**: Among fund companies, Morgan Fund had a prominent new - issue scale of 2752 million yuan. Among custodian banks, China Merchants Bank had a cumulative new - issue scale of 3851 million yuan, far exceeding other banks [14]. - **Product New - Issue and Continued - Operation**: Bond - type FOF remained popular, and some fixed - income +/bond - type FOFs had net subscriptions exceeding 3000 million yuan in Q3. Most FOF products with large net subscriptions were from the Changying Plan, reflecting investors' preference for low - risk products [16][17]. - **Fund Company Dimension**: The scale of a few leading fund managers increased significantly. China Europe Fund became the institution with the largest FOF management scale, and Fullgoal Fund also saw a significant increase in its management scale [20]. 3.2 Performance Dimension - **Overall Performance**: In Q3, the stock market was highly elastic, with the CSI 300 index rising by 17.90%. FOF performance was more affected by equity positions. As the equity position increased, FOF performance improved, and the median return of equity - type FOF reached 20.86%, surpassing the CSI 300, CSI 1000, and CSI 2000 indices [23]. - **Performance Differentiation**: The performance of top - performing fixed - income + FOF and bond - type FOF was highly differentiated. Top - performing balanced FOF and equity - type FOF tended to prefer gold funds such as gold - stock ETFs or equity funds with computing - power characteristics like E Fund Ke Rong [30]. 3.3 Investment Characteristics - **Asset Allocation of Leading Managers**: Leading managers generally emphasized multi - asset allocation. Some focused on QDII stock - type assets, some on mutual - recognition funds, and some on commodity investments [35]. - **Market - Wide Characteristics**: In Q3, FOFs generally increased A - share equity holdings, decreased pure - bond holdings, and continued to emphasize passive investment. The proportion of pure - bond funds decreased significantly, while the attention to active and passive equity funds increased, and the proportion of fixed - income + and commodity funds also rose [39]. - **Preference for Assets**: The heavy - position fund allocation in Q3 showed a preference for A - share growth stocks, especially technology - related active equity funds and passive equity funds related to technology, advanced manufacturing, and gold [40]. - **Stock Allocation**: The sector - allocation preferences of the three types of FOF (fixed - income + FOF, balanced FOF, and equity - type FOF) differed significantly. Each type had different trends in sector - specific increases and decreases [47]. 3.4 Personal Pension Funds - **Overall Scale**: In Q3, the total scale of personal pension funds was 12817 million yuan, an increase of 1983 million yuan compared to Q2 2025, maintaining a relatively high growth rate. Pension target - date funds were more popular, with a current scale of 7803 million yuan. The scale of equity - type FOF and the 2050 series FOF increased significantly [50].