Investment Rating - The report indicates a positive outlook for mixed FOF products and recommends brokers with strong institutional service capabilities and investment advisory abilities, specifically mentioning CITIC Securities, GF Securities, and Huatai Securities as favorable options [41]. Core Insights - As of October 2025, the total net asset value of public funds in the market reached 36.02 trillion yuan, reflecting a month-on-month increase of 2.26%. However, the total fund shares decreased by 0.38% to 31.24 trillion shares, with equity funds down by 2.73% and bond funds down by 5.46% [5][8][9]. - The report highlights a significant outflow of existing funds, with personal investors' risk appetite affected by market volatility, while institutional funds continue to seek yield enhancement [22][28]. - The issuance of new funds saw a dramatic decline, with a total of 722.93 billion shares issued in October, a decrease of 56.85% from the previous month. Equity fund issuance dropped by 60.11%, and bond fund issuance fell by 77.98% [10][13][16]. - Mixed FOF products have shown strong performance, with new mixed FOF fund issuance increasing by 67.28% month-on-month, indicating a shift towards more attractive fixed-income plus products amid market volatility [28][32]. Summary by Sections 1. Fund Outflow and Market Overview - In October 2025, the public fund market experienced a net outflow, with total net asset value increasing to 36.02 trillion yuan, while total fund shares decreased to 31.24 trillion shares [5][8][9]. - The average unit net value rose to 1.15 yuan, reflecting a month-on-month increase of 2.65% [5]. 2. Impact of Market Volatility on Investor Behavior - Personal investors' risk appetite has been negatively impacted by market fluctuations, leading to declines in ordinary stock, enhanced index, and mixed fund shares by 4.72%, 7.40%, and 6.02% respectively [22][28]. - Conversely, QDII and FOF funds emerged as significant safe-haven options, with share growth rates of 14.22% and 14.10% respectively [22][28]. 3. New Fund Issuance Trends - The issuance of new funds has significantly decreased, with equity and bond fund issuance dropping by 60.11% and 77.98% respectively, while mixed FOF funds saw a notable increase of 67.28% [10][13][28]. 4. Recommendations for Investment - The report recommends focusing on brokers with strong institutional service capabilities and investment advisory skills, specifically highlighting CITIC Securities, GF Securities, and Huatai Securities as key players in the market [41].