Market Overview - The FOF market has shown growth in both product quantity and scale, with a total of 517 public FOF funds and a total scale of 165.67 billion yuan as of the end of Q2 2025, marking a significant increase from 151.04 billion yuan in the previous quarter [1][5] - In Q2 2025, 14 new FOF funds were established, raising a total of 18.60 billion units, with an average fundraising of 1.33 billion units per fund [1][10] - The number of FOF funds that were liquidated increased to 8 in Q2 2025, up from 4 in the previous quarter [1][16] Performance Analysis - All types of FOF recorded positive returns in Q2 2025, with the average return of the pension target date 2060 fund reaching 3.2% [2][31] - The performance of FOF products varied, with those having a higher equity allocation performing better, while bond-focused FOFs lagged behind with average returns of 1.0% [31][32] Asset Allocation - Public FOFs continued to increase their allocation to bond assets, with the proportion of bond funds rising from 55.68% to 61.93%, while equity fund allocation decreased from 14.30% to 11.35% [3][40] - The equity allocation of flexible allocation mixed FOFs and various pension target risk FOFs slightly decreased, while stock-type FOFs increased their equity allocation significantly from 83.57% to 91.94% [3][42] Fund Issuance and Liquidation - The issuance market for FOFs showed signs of recovery, with 14 new funds launched in Q2 2025, although the number of new funds decreased by 2 compared to the previous quarter [8][10] - The distribution of new FOFs varied significantly by type, with ordinary FOFs being the most prominent, accounting for 10 new funds and raising 16.22 billion units [11][12] Fund Management - The top 10 fund companies managed a total of 101.04 billion yuan in FOFs, representing 60.99% of the total market scale [23][24] - Notable fund companies such as Southern Fund and Oriental Red Asset Management saw significant increases in their FOF management scale due to successful new product launches [23][24] Personal Pension Y Shares - The Y shares of pension FOFs, aimed at individual pension investment, have shown strong growth, with a total scale reaching 10.83 billion yuan, an increase of 630 million yuan from the previous quarter [25][26] Fund Subscription and Redemption - Overall, public FOFs experienced a net redemption of 6.1 billion units in Q2 2025, while Y shares maintained positive net subscriptions, indicating strong market appeal [27][29]

Group 1 - The equity market has attracted attention again, with the Shanghai Composite Index recording four consecutive weeks of weekly gains, particularly in sectors like innovative pharmaceuticals and rare earths [1][2] - Publicly offered Fund of Funds (FOF) have shown high investment success rates, with some equity FOFs achieving weekly net value increases exceeding 4% [2][3] - The second quarter reports reveal that many funds have allocated resources to high-interest sectors, with specific sub-indices performing well and being heavily held by various FOFs [2][4] Group 2 - The performance of various funds indicates a focus on related sectors, with successful funds investing in both index and actively managed products, as well as in specific industry indices [3][4] - The A-share market continues its upward trend, driven by strong performance in the upstream computing sector and the telecommunications sector, while the banking sector has weakened [3][4] - Increasingly, FOFs are focusing on healthcare and military-related funds, with several funds making significant allocations to these sectors in their second-quarter reports [4][5] Group 3 - Long-term investment opportunities are anticipated in the military sector, with expectations of an overall market upturn as issues affecting military planning are resolved [5]

Market Overview - The FOF market shows growth in both product quantity and scale, with a total of 512 public FOF funds and a total scale of 1510.79 billion yuan as of the end of Q1 2025, marking a significant increase from 1331.5 billion yuan in the previous quarter [6][8][11] - The issuance market for FOF has also seen a rebound, with 16 new FOFs established in Q1, raising a total of 141.47 billion shares, averaging 8.84 billion shares per fund, which is a substantial increase from 1.63 billion shares in the previous quarter [11][12][17] Performance Analysis - All types of FOF recorded positive returns in Q1, with equity-heavy FOFs performing particularly well, such as the equity-mixed FOF and the retirement target date 2060, both exceeding an average return of 2.5% [3][33] - The bond FOFs lagged behind, with an average return of only 0.1%, impacted by rising bond yields [33] Asset Allocation - There was a noticeable increase in the allocation to bond and money market funds, with the proportion of stock funds decreasing from 14.9% to 14.3% and QDII funds from 6.14% to 5.59%. Conversely, the allocation to bond funds rose from 53.49% to 55.54% [4][43] - The equity allocation of various FOF types showed a slight increase for bond-mixed FOFs, bond FOFs, and actively managed retirement target risk FOFs, while stock FOFs saw a significant reduction in equity allocation from 91.43% to 83.57% [4][45] Fund Management - The top 10 fund management companies control 65.67% of the total FOF market, with a combined management scale of 992 billion yuan. Notable growth was observed in companies like Huaxia Fund and Fuguo Fund, with Fuguo Fund achieving a remarkable increase due to the successful launch of a new product [24][23] Individual Pension Y Shares - The Y shares of retirement FOFs have shown a positive trend since their launch at the end of 2022, with the total scale surpassing 10.2 billion yuan as of Q1 2025, reflecting a growth of 1.377 billion yuan from the previous quarter [2][26] Subscription and Redemption Trends - The overall FOF market has experienced a significant inflow of funds, with the net subscription of FOF shares turning positive for the first time, indicating strong market appeal [29][27]

报 告 摘 要 一、公募FOF基金2025年一季度概览 截至 2025Q1 ，全市场已成立 FOF 产品数量 512 只，合计规模为 1510.79 亿 元，相比 2024Q4 增加 13.47% 。根据穿透后权益资产占比将 FOF 划分为偏 债型 FOF 、平衡型 FOF 和偏股型 FOF ， 2025Q1 规模分别为 766.59 亿 元、 326.02 亿元、 418.18 亿元， 2025 年一季度收益中位数分别为 0.44% 、 1.57% 、 2.64% 。 二、 2025年一季报中FOF配置最多的基金 为了能更好地观察 FOF 基金经理的投资偏好，本文就市场关注度较高的几类基 金分别统计了 FOF 重仓数量最多和重仓规模最大的基金。 在主动权益基金中，重仓该基金的 FOF 数量最多的三只基金是 大成高鑫 A 、富 国稳健增长 A 、华夏创新前沿 ；重仓规模最大的三只基金是 华夏创新前沿、大 成高鑫 A 、易方达信息行业精选 C 。 在债券型基金中，重仓该基金的 FOF 数量最多的三只基金是 广发纯债 A 、易方 达安悦超短债 A 、富国纯债 AB ；重仓规模最大的三只基金是 易方达安悦超短 债 ...