稳守反击：以客户体验为核心的投资哲学 作为"稳守反击型"基金经理，孙志远长期服务以稳健为导向的资金，专注绝对收益和相对收益的结合， 始终追求"即使投资者在最差的时点入场，也能获得较好的投资体验"。他以基金经理为核心评价对象， 通过"量化分析+定性调研"相结合的方式，深入挖掘每位基金经理最适配的市场环境，并将其与资产配 置策略紧密结合，实现"在合适的时点选合适的人"。 值得一提的是，据银河证券数据显示，孙志远管理的华商安远稳进一年持有混合(FOF)A类份额近一年 (2024.10.01至2025.09.30)业绩排名同类第二，C类份额更是位列同类第一。 目前正在发行的华商汇享多元配置3个月持有混合(FOF)，将基于大类资产配置策略，确定权益类、固定 收益类、货币市场类以及其他类基金的具体配置比例。基金法律文件显示，该基金权益类资产配置比例 为5%-30%，同时可投资港股通标的股票(不超过股票资产的50%)；并可配置不超过基金资产10%的商品 基金(含商品期货基金和黄金ETF)。在严格控制风险的前提下，该基金将结合动态优化调整及基金精选 策略，把握基金市场的投资机会，力争获取长期稳定的投资回报。(完整基金策略详见 ...

爆款产品成为规模增长的核心引擎。今年以来，有18只FOF产品的发行份额超10亿份，其中东方红盈丰 稳健6个月持有混合(FOF)以65.73亿份位居榜首，富国盈和臻选3个月持有期混合(FOF)、易方达如意盈 安6个月持有混合发起式(FOF)、华泰柏瑞盈泰稳健3个月持有混合(FOF)等3只产品发行份额超50亿份， 头部产品的虹吸效应明显。 深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜在接受《证券日报》记者采访时表示， 年内出现多只"爆款"FOF产品，主要源于以下多方面因素：其一，显著的赚钱效应是根本动力。截至11 月20日，年内FOF产品整体净值增长率超过12%，亮眼的业绩吸引了大量投资者关注。其二，产品策略 的持续优化是关键支撑。FOF产品底层资产配置日益多元，更好地契合了不同风险偏好投资者的需求。 其三，头部渠道的全力助推扩大了影响力。主要代销机构在资源上给予倾斜，显著提升了产品的市场曝 光度与可获得性。其四，解决投资者痛点的价值凸显。FOF产品凭借其专业的资产配置能力，为投资者 提供了便捷的解决方案。 11月19日，易方达基金公告旗下易方达如意盈安6个月持有混合发起式(FOF)正式成立，获得2 ...

来源：中国基金报 新基金发行市场再现小"爆款"。 易方达基金公告，易方达如意盈安6个月持有混合发起式(FOF)正式成立，发行规模超58亿元，是四季度 以来募集规模最大的新基金，也是年内第四只发行规模超50亿元的公募FOF。 据了解，这只新基金的托管行为有"零售之王"之称的招商银行，属于招行"TREE长盈计划"的一员，定 位为中低波动产品。今年以来，FOF诞生多只"爆款"产品，其中不少在"长盈计划"中。 募集规模超58亿元 公募FOF发行再现小"爆款" 公募FOF发行再现小"爆款"。 值得一提的是，这些"爆款"名字中都带有"盈"字，托管行都是招商银行，指向招行的"TREE长盈计 划"。 FOF诞生多只爆款 今年以来，公募FOF发行逐步回暖。 据Wind统计，截至11月19日，年内新成立公募FOF68只，募集规模接近680亿元，超过前两年总和，其 中包括多只"爆款"产品。 10月23日，华泰柏瑞盈泰稳健3个月持有FOF首发，仅一天时间便提前结束募集，最终发行规模接近56 亿元。这是一只定位低波动的偏债混合型FOF，以海内外债券资产为主，辅以权益(港A境外)、商品等 多元资产，权益资产比例为5%—30%。 6月19 ...

优秀的长期业绩是检验投资能力的试金石，华商基金FOF名将孙志远管理的多只FOF产品成绩亮眼。据 数据显示，截至2025年9月30日，孙志远在管的多只FOF产品在近一年及近三年维度上，净值增长率显 著跑赢业绩比较基准，并在权威评级中名列前茅，印证了其"稳守反击"投资体系的有效性与持续性。据 悉，拟由他掌舵的华商汇享多元配置3个月持有混合（FOF）（A类：025264，C类：025265）于2025年 11月17日起发行。 在管FOF业绩全面开花 多只产品超额收益显著 具体来看，孙志远管理的多只FOF产品表现亮眼。其中，华商安远稳进一年持有混合(FOF)A近一年 （2024.10.01至2025.09.30）净值增长率达13.16%，C份额达12.72%，双双超越同期6.19%的业绩比较基 准。更值得关注的是，在银河证券同类业绩排名中，华商安远稳进一年持有混合（FOF）A近一年业绩 表现高居同期同类第二，C份额业绩表现更是勇夺同期同类第一的桂冠。 对于注重长期价值的养老目标基金，中长期业绩更具参考意义。其中，他管理的华商嘉悦平衡养老目标 三年持有混合发起式(FOF)A近三年净值增长率达20.94%，超越17.87 ...

在波诡云谲的市场中，优秀的长期业绩是检验投资能力的试金石。华商基金FOF名将孙志远管理的多只 FOF产品成绩亮眼，为此提供了有力注脚。据数据显示，截至2025年9月30日，孙志远在管的多只FOF 产品在近一年及近三年维度上，净值增长率显著跑赢业绩比较基准，并在权威评级中名列前茅，印证了 其"稳守反击"投资体系的有效性与持续性。据悉，拟由他掌舵的华商汇享多元配置3个月持有混合 （FOF）（A类：025264，C类：025265）于2025年11月17日起发行。 在管FOF业绩全面开花 多只产品超额收益显著 具体来看，孙志远管理的多只FOF产品表现亮眼。其中，华商安远稳进一年持有混合（FOF）A近一年 （2024.10.01至2025.09.30）净值增长率达13.16%，C份额达12.72%，双双超越同期6.19%的业绩比较基 准。更值得关注的是，在银河证券同类业绩排名中，华商安远稳进一年持有混合（FOF）A近一年业绩 表现高居同期同类第二，C份额业绩表现更是勇夺同期同类第一的桂冠。 对于注重长期价值的养老目标基金，中长期业绩更具参考意义。其中，他管理的华商嘉悦平衡养老目标 三年持有混合发起式（FOF）A近三年 ...

Core Viewpoint - The public FOF funds have achieved remarkable performance in Q3 2025, with all funds reporting positive returns for the year, marking an unprecedented situation in the market [1][3]. Performance Highlights - The top-performing FOF product has recorded a return of nearly 70% this year, significantly outperforming many actively managed equity funds [2][5]. - The leading FOF fund, Guotai Youxuan Lianhang One-Year Holding FOF, achieved a return of 66.7%, followed by Guotai Industry Rotation Stock C at 60.3% and E Fund Gold Theme at 55.3% [3][4]. Fund Growth and Popularity - The total scale of public FOF funds increased from 165.7 billion yuan at the end of Q2 to 193.4 billion yuan by the end of Q3, with the number of funds rising from 517 to 518 [7][10]. - Some FOF products have seen their scale grow more than tenfold, indicating strong investor interest and confidence [10][12]. Investment Strategies and Trends - FOF funds have shown a significant preference for gold-themed funds, which accounted for 40% of the top ten performing FOF funds, reflecting a strategic focus on risk-averse assets amid rising geopolitical risks and fluctuating inflation expectations [5][19]. - The international gold price has been strong, surpassing $2,600 per ounce in Q3, contributing to the performance of gold-related investments [5][19]. Major Holdings and Adjustments - The top five funds held by FOFs include Hai Fudong Zhongzheng Short Bond ETF, Huazheng Gold ETF, and several other bond ETFs, indicating a strong focus on fixed-income securities [13][15]. - FOFs have increased their holdings in Huazheng Gold ETF by over 70 million shares in Q3, demonstrating a proactive approach to asset allocation [6][18]. Future Outlook - FOF fund managers are looking to balance their portfolios with a focus on technology and cyclical sectors for Q4, while maintaining a solid foundation in bond and gold investments [20][22]. - The consensus among FOF managers is to adopt a flexible and balanced investment strategy to navigate potential market volatility while seeking excess returns [22].

Core Viewpoint - The A-share market has shown significant structural trends this year, leading to increased interest in FOF products, particularly those aimed at stable asset appreciation, as investors face challenges in timing, selection, and allocation [1] Group 1: FOF Product Overview - FOF products offer a wide range of asset selection, allowing for effective risk hedging through low correlation among different assets, thereby smoothing portfolio volatility and enhancing the investment experience [1] - The ICBC Value Stable 6-Month Holding Mixed (FOF) fund focuses on global asset allocation, diversifying investments across equities, commodities, and bonds to mitigate risk [2][3] - The fund maintains an equity position of around 20% since its inception, reflecting its "fixed income +" strategy aimed at achieving stable returns while controlling volatility [1][2] Group 2: Performance Metrics - As of September 30, the ICBC Value Stable 6-Month Holding Mixed (FOF) fund achieved a year-to-date return of 7.19%, significantly outperforming its benchmark of 2.11% [2] - The fund ranks favorably among its peers over various time frames, including 8th out of 69 in the past year and 6th out of 32 over three years [2] Group 3: Dynamic Adjustment Strategy - The fund exhibits flexible dynamic adjustment capabilities, frequently altering its internal structure while maintaining a stable overall equity position [3] - Adjustments include reducing small-cap fund exposure and increasing allocations to value and overseas QDII funds, as well as adapting to market fluctuations by reallocating to A-shares and Hong Kong stocks [3] Group 4: Investment Strategy and Management - The fund employs a "core + satellite" strategy, with over 80% of its top ten holdings in stable core positions, primarily in pure bond products and external bond QDII funds [4] - The successful performance of the fund is attributed to the collaboration of fund managers and a robust FOF research system, focusing on absolute returns and risk management [4][5] Group 5: Historical Performance Data - The ICBC Value Stable 6-Month Holding Mixed (FOF) fund has shown varying net value growth rates from 2022 to 2024, with rates of -1.34%, -1.72%, and 4.95% respectively, compared to benchmark returns of 0.71%, 3.23%, and 8.30% [6]

Core Points - The case involves a significant financial scandal where the actual controllers of a private equity fund, Mao and Yao, manipulated the stock market using complex financial structures and illegal funding methods [1][2][4] - The incident, referred to as the "30 billion yuan quantitative private equity fund scandal," has caused widespread panic and speculation in the capital market [2] - The investigation revealed that the perpetrators utilized a network of accounts and funds to obscure the illegal activities, leading to a comprehensive legal response from the authorities [5][6][7] Group 1: Case Background - Mao, a law student, and Yao, a finance expert, orchestrated a stock manipulation scheme involving a company referred to as "Penguin," where they became major shareholders [2][3] - The duo faced regulatory scrutiny in the past, having been fined 15 million yuan for illegal stock purchases [3] Group 2: Financial Manipulation Techniques - The investigation uncovered a hidden financing network disguised as FOF (Fund of Funds) investments, which allowed them to raise 460 million yuan for stock manipulation [4][6] - The FOF structure was exploited to create a convoluted funding pathway, masking the true nature of the financial transactions [4][7] Group 3: Legal Proceedings - The Shanghai First Intermediate Court sentenced Mao and Yao to prison terms ranging from three and a half to seven years for market manipulation, with additional penalties for their accomplices [7] - The case highlights the importance of regulatory oversight and the need for investors to scrutinize the compliance and credibility of private equity firms [8]

Core Viewpoint - The recent exposure of details regarding the "30 billion quantitative private equity" scandal in Hangzhou reveals the manipulation of the securities market by the involved parties, leading to significant legal consequences for the perpetrators [1][2][3]. Group 1: Case Background - The case involves the actual controllers of Panjing Investment, Mao and Yao, who manipulated stock prices using multiple accounts and funds, ultimately becoming major shareholders of a company referred to as "Penguin" [2][3]. - Mao and Yao faced penalties from regulatory authorities for illegal stock purchases, which they contested, leading to the eventual collapse of their operations and the emergence of the "30 billion private equity" rumor [2][3]. Group 2: Legal Proceedings - The Shanghai First Intermediate Court sentenced Mao, Yao, and another individual to prison terms ranging from three years and six months to seven years for manipulating the securities market, along with fines between 1.5 million to 2.5 million yuan [3]. - Despite their refusal to admit guilt, the Supreme People's Procuratorate utilized advanced AI tools to analyze and verify the financial activities related to the manipulation of the "Penguin" stock [3]. Group 3: Industry Implications - The case has unveiled a black and gray industrial chain involving illegal financing practices through FOF and private equity funds, highlighting the need for stricter regulatory oversight in the private equity sector [4][5]. - Regulatory bodies have intensified their scrutiny of private equity operations, particularly concerning nested investment structures and compliance with financial regulations [6]. Group 4: Broader Impact - The "30 billion private equity" incident has had widespread repercussions, affecting multiple fund management institutions and leading to significant financial risks for various listed companies [7][8]. - The China Securities Regulatory Commission (CSRC) has initiated investigations into several private equity firms involved in the scandal, emphasizing the importance of maintaining industry integrity and protecting investor rights [8].

Core Viewpoint - In a low interest rate environment, banks are lowering deposit rates, leading to a decline in money market fund yields, prompting a search for alternative low-risk investment options [1] Group 1: Investment Opportunities - The upcoming Changcheng Ruida Multi-Asset Stable 3-Month Holding Period Mixed FOF aims to provide a new choice for investors with a global and cross-asset perspective [1] - The fund adopts a multi-asset allocation strategy with a focus on stability, selecting high-quality bond funds to pursue long-term stable returns while actively capturing investment opportunities in diverse domestic and international markets [1][2] - The fund's equity assets will not exceed 30% of total assets, allowing for flexible allocation to QDII funds, public REITs, gold ETFs, and other products to diversify income sources and mitigate overall portfolio risk [1] Group 2: Performance Metrics - Historical data indicates that FOFs can effectively reduce net value volatility and are expected to achieve good long-term returns, with the Wind data showing an annualized return of 3.60% for the Wande Hybrid FOF Index since 2020, outperforming the Wande Pure Bond Index (3.08%) and the CSI 800 Index (2.76%) [2] - The annualized volatility of the Wande Hybrid FOF Index is 4.57%, which, while higher than the Wande Pure Bond Index (0.91%), is significantly lower than the CSI 800 Index (18.54%), demonstrating a favorable risk-return balance [2] Group 3: Differentiation from Traditional Products - The Changcheng Ruida Multi-Asset Stable FOF differs from traditional "fixed income +" products by having a broader investment scope, primarily investing in public funds (at least 80%), and potentially covering various asset classes such as A-shares, A-bonds, Hong Kong stocks, US stocks, US bonds, gold ETFs, and commodity funds [2][3] - The fund's diversified revenue sources are expected to provide a different net value trend compared to traditional domestic stock and bond "fixed income +" products, offering investors more diverse investment choices [2] Group 4: Risk Management - The fund employs a quantitative model for layered risk control and dynamic optimization, aiming to balance return elasticity and risk management [3] - After establishment, the fund will create several CPPI sub-portfolios and gradually release risk investment positions based on a risk budget model, allowing for dynamic adjustments and rebalancing of asset allocation ratios to capture returns while controlling risks [3]