Core Viewpoint - The FOF (Fund of Funds) market has experienced explosive growth in 2026, becoming a prominent category in the public fund industry, with total assets surpassing 300 billion yuan, significantly reshaping the competitive landscape of the sector [1][8]. Group 1: FOF Market Performance - FOF products have seen a surge in issuance, with several products raising over 4 billion yuan, indicating a strong market demand [1][2]. - The market has witnessed a peak in fundraising, with multiple "one-day sell-out" products, including the China Europe Yingxin Stable 6-Month Holding FOF raising 5.125 billion yuan in 62 days [2][3]. - As of March 14, 2026, a total of 40 FOF products have been established this year, raising a combined amount of 61.973 billion yuan, marking a significant increase compared to the same period in 2025 [8]. Group 2: Reasons for FOF Popularity - The current low-interest-rate environment and increased market volatility have heightened the demand for stable and diversified investment products, which FOFs effectively address [3][4]. - FOFs help investors navigate the complexities of market timing and fund selection, providing a professional asset allocation solution that minimizes risks associated with individual funds [4]. Group 3: Distribution Channels and Strategies - Bank channels have emerged as a key driver of FOF growth, shifting from merely selling products to offering comprehensive asset allocation solutions [5][6]. - Major banks have developed proprietary FOF brands and collaborated closely with fund companies to design and manage these products, enhancing their appeal to clients [6][7]. - The majority of FOF products launched this year have short holding periods of 3 to 6 months, aligning with domestic investors' preferences for stable, short-term investments [7]. Group 4: Industry Structure and Competition - The total FOF market size has officially surpassed 300 billion yuan, with 84 fund managers competing in this space, indicating significant growth potential [8][9]. - The industry is witnessing a reshuffling of rankings, with several fund managers, such as Fuguo Fund and Zhongou Fund, significantly increasing their FOF assets, while others have seen declines [9][10]. - The current competitive landscape shows a clear tiered structure, with leading firms like Fuguo Fund and Zhongou Fund holding over 20 billion yuan in FOF assets, while others are still establishing their presence [8][9].

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - FOF fund scale continued to rise in Q4 2025, with the number increasing by 31 to 549 and the scale rising by 26.2% to 244.19 billion yuan. The issuance scale also significantly increased, with 43 funds issued and a total issuance scale of 45.246 billion yuan, a 592.7% increase from the previous quarter. [5][8][10] - In Q4 2025, 49% of FOF funds achieved positive returns, and bond - biased FOF funds performed relatively better. The median returns of bond - biased, balanced, and stock - biased FOF funds were - 1.38%, - 0.57%, and 0.30% respectively. [12] - FOF funds had different preferences in terms of holding funds. They focused on increasing positions in active equity funds in dividend, growth, and cyclical sectors; passive equity funds in gold, rare metals, and communication equipment sectors; fixed - income + funds such as Invesco Great Wall Jingyi Shuangli and Ruiyuan Wenyizengqiang 30 - day Holding; bond - type funds with short - duration strategies; and QDII funds, especially the Sino - Korean Semiconductor ETF. [5][3][4] 3. Summary According to Relevant Catalogs 3.1 FOF Fund Scale and Issuance - **Scale Change**: By the end of Q4 2025, the number of FOF funds increased by 31 to 549, and the scale rose by 26.2% to 244.19 billion yuan. The scales of ordinary FOF, target - date FOF, and target - risk FOF funds were 180.93 billion yuan, 25.55 billion yuan, and 37.71 billion yuan respectively, with increases of 38.1%, 0.1%, and 2.0% from the previous quarter. [5][8] - **Fund Issuance**: In Q4 2025, 43 FOF funds were issued, with an issuance scale of 45.246 billion yuan, a 592.7% increase from the previous quarter. Among them, 40 ordinary FOF funds and 3 target - risk FOF funds were issued, with issuance scales of 44.005 billion yuan and 12.41 billion yuan respectively. [10] 3.2 FOF Fund Performance - **Q4 Bond - Biased FOF Performance**: In Q4 2025, 49% of FOF funds achieved positive returns, and bond - biased FOF funds performed relatively better. The median returns of bond - biased, balanced, and stock - biased FOF funds were - 1.38%, - 0.57%, and 0.30% respectively. The proportions of funds with positive returns in stock - biased, balanced, and bond - biased FOF funds were 24%, 35%, and 72% respectively. [12] - **Top - Ten Performance Lists of Different Types of FOF Funds**: The top three bond - biased FOF funds in terms of returns were Tianhong Pension Target 2030 One - Year Holding, Guotai Ruiyue 3 - Month Holding, and Zhongtai Tianze Steady 6 - Month Holding, with returns of 2.92%, 1.80%, and 1.50% respectively in Q4 2025. The top three balanced FOF funds were Shangyin Hengrui Pension Target Date 2045 Three - Year Holding, Shenwan Hongyuan Xinyin Pension Target Date 2045 Five - Year Holding, and GF Pension 2050 Five - Year Holding, with returns of 3.28%, 2.60%, and 2.57% respectively. The top three stock - biased FOF funds were CSC Ruixuan 6 - Month Holding, Qianhai Kaiyuan Yize Fixed - Open, and E Fund Advantage Return, with returns of 6.41%, 4.37%, and 3.88% respectively. [13][15][17] 3.3 FOF Holding Fund Analysis - **Active Equity Funds**: FOF managers favored Fuguo Steady Growth, Bodao Jiuhang, and China Europe Dividend Premium. Compared with the previous quarter, the top three funds with the largest increase in the number of heavy - position holdings were China Europe Dividend Premium, Morgan Core Growth, and Invesco Great Wall Cyclical Selection. The top three funds with the largest increase in heavy - position shares were ICBC Selected Return, Changxin Jinli Trend, and Caitong Asset Management Advanced Manufacturing. [20][24][25] - **Passive Equity Funds**: FOF managers favored Winwin CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF, Fullgoal CSI Hong Kong Stock Connect Internet ETF, and Guotai CSI All - Index Communication Equipment ETF. Compared with the previous quarter, the top three funds with the largest increase in the number of heavy - position holdings were Winwin CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF, Harvest CSI Rare Metals Theme ETF, and Guotai CSI All - Index Communication Equipment ETF. The top three funds with the largest increase in heavy - position shares were Harvest CSI Rare Metals Theme ETF, ICBC National Securities Hong Kong Stock Connect Technology ETF, and Winwin CSI Shanghai - Hong Kong - Shenzhen Gold Industry Stock ETF. [27][30][32] - **Fixed - Income + Funds**: FOF managers favored Invesco Great Wall Jingyi Shuangli, Winwin Steady Enhancement, and Invesco Great Wall Jingsheng Shuangxi. Compared with the previous quarter, the top four funds with the largest increase in the number of heavy - position holdings were Invesco Great Wall Jingyi Shuangli, Dacheng Yuanfeng Duoli, Boshi Credit Bond, and E Fund Ruixin. The top three funds with the largest increase in heavy - position shares were Ruiyuan Wenyizengqiang 30 - day Holding, China Europe Fengli, and Dacheng Yuanfeng Duoli. [34][37][39] - **Bond - Type Funds**: FOF managers favored GF Pure Bond, Western Securities Huixiang, and Huatai Baoxing Zunhe. Compared with the previous quarter, the top three funds with the largest increase in the number of heavy - position holdings were GF Pure Bond, Changcheng Shengyu Pure Bond, and Guotai Runli Pure Bond. The top three funds with the largest increase in heavy - position shares were E Fund Anhe Medium - Short - Term Bond, GF Pure Bond, and Orient Tianyi. [40][44][45] - **QDII Funds**: FOF managers favored Fullgoal Global Bond RMB, Southern Asia US Dollar Bond A RMB, and Huaxia Hang Seng Technology ETF. Compared with the previous quarter, the top four funds with the largest increase in the number of heavy - position holdings were Huatai - Peregrine CSI Korea Exchange Sino - Korean Semiconductor ETF, Fullgoal Asia Income RMB, E Fund Global High - Quality Enterprises, and E Fund Medium - Short - Term US Dollar Bond A RMB. The top three funds with the largest increase in heavy - position shares were E Fund Medium - Short - Term US Dollar Bond A RMB, Huatai - Peregrine CSI Korea Exchange Sino - Korean Semiconductor ETF, and Haitong US Dollar Income RMB. [47][51][53]

- The report categorizes FOFs into three types based on the proportion of equity assets: debt-biased FOFs, balanced FOFs, and equity-biased FOFs[2][13] - The total number of FOF products established by the end of Q4 2025 is 549, with a combined scale of 2441.88 billion yuan, an increase of 26.20% compared to Q3 2025[2][12] - The scale of debt-biased FOFs, balanced FOFs, and equity-biased FOFs in Q4 2025 are 1611.13 billion yuan, 454.77 billion yuan, and 375.98 billion yuan respectively[2][13] - The median returns for debt-biased FOFs, balanced FOFs, and equity-biased FOFs in Q4 2025 are 0.33%, -0.64%, and -1.21% respectively[2][24] - The most heavily allocated active equity funds by FOFs are 富国稳健增长A, 博道久航C, and 中欧红利优享A[3][32] - The active equity funds with the largest FOF holdings are 兴全商业模式优选A, 易方达信息行业精选C, and 易方达科融[3][33] - The most heavily allocated passive index equity funds by FOFs are 永赢中证沪深港黄金产业股票ETF, 华夏恒生科技ETF, and 富国中证港股通互联网ETF[36] - The passive index equity funds with the largest FOF holdings are 华夏恒生ETF, 永赢中证沪深港黄金产业股票ETF, and 华夏恒生科技ETF[36] - The most heavily allocated enhanced index funds by FOFs are 汇添富国证2000指数增强A, 招商沪深300指数增强C, and 招商中证500等权重指数增强C[37] - The enhanced index funds with the largest FOF holdings are 汇添富国证2000指数增强A, 国泰海通中证500C, and 汇添富中证1000指数增强A[37] - The most heavily allocated bond funds by FOFs are 广发纯债A, 易方达岁丰添利A, and 兴全稳泰A[40] - The bond funds with the largest FOF holdings are 国泰利享中短债A, 富国国有企业债C, and 富国产业债A[40] - The most heavily allocated "fixed income+" funds by FOFs are 景顺长城景颐双利A, 西部利得汇享A, and 华泰保兴尊合A[42] - The "fixed income+" funds with the largest FOF holdings are 富国天利增长债券A, 易方达裕祥回报A, and 易方达稳健收益A[42] - The active equity funds with the highest estimated net increase in FOF holdings in Q4 2025 are 易方达改革红利, 景顺长城稳健回报C, and 中欧小盘成长C[44][48] - The active equity funds with the largest estimated net increase in FOF holdings in Q4 2025 are 景顺长城稳健回报C, 国泰海通量化选股D, and 西部利得研究精选C[44][48] - The bond funds with the highest estimated net increase in FOF holdings in Q4 2025 are 天弘信利C, 华夏短债A, and 鹏华丰恒A[50] - The bond funds with the largest estimated net increase in FOF holdings in Q4 2025 are 国泰利享中短债A, 富国国有企业债C, and 富国产业债A[50] - The top three active equity fund managers with the most FOF allocations in Q4 2025 are 杨梦, 范妍, and 刘健维[52][53] - The top three "fixed income+" fund managers with the most FOF allocations in Q4 2025 are 李怡文, 王晓晨, and 彭成军[54] - By the end of Q4 2025, 168 FOFs directly invested in stocks, with balanced FOFs having the highest proportion of stock investments, followed by equity-biased FOFs[60][61] - The top three stocks most heavily allocated by FOFs are 紫金矿业, 宁德时代, and 寒武纪-U[63] - The stocks with the largest FOF holdings are 宁德时代, 中国东航, and 盛达资源[63]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The cumulative scale of FOF reached a record high in Q4 2025, with the new - issue scale in Q4 exceeding the sum of Q1 - Q3 2025. The performance of FOF was highly differentiated, and high - performing FOFs generally preferred gold/non - ferrous metals. FOF increased the allocation of bond funds in Q4 and showed a preference for cyclical assets in equity positions. The scale of personal pension funds increased, with target - date funds being more popular [1]. 3. Summary According to the Directory 3.1 Scale Dimension - **FOF Classification**: FOF is classified into four types: "Bond - type FOF", "Fixed - income + FOF", "Balanced FOF", and "Equity - type FOF" based on the post - penetration equity position or the equity index proportion in the performance benchmark. For pension target funds, they are classified according to the holding period [6][7]. - **Scale Review**: By the end of Q4 2025, there were 549 FOF funds, an increase of 31 compared to Q3 2025. The new - issue scale in Q4 was 45.422 billion yuan, exceeding the cumulative new - issue scale of Q1 - Q3 2025. The continuous operation scale increased by 5.152 billion yuan, and the difficulty of continuous operation of new - issue funds was alleviated to some extent [8]. - **New - issue Representatives**: In Q4 2025, E Fund had a prominent new - issue scale of 6.087 billion yuan, mainly from the new product E Fund Ruyi Ying'an 6 - month Holding. China Merchants Bank was outstanding in terms of the number and scale of newly - issued FOF it托管, with 13 products and a scale of 23.925 billion yuan [11]. - **Net - purchase and New - issue Top Funds**: In Q4, Cathay Ruiyue 3 - month Holding and GF Zhihui Multi - asset Allocation 6 - month Holding had prominent net - purchase amounts. There were 7 funds with a new - issue scale of over 2 billion yuan, including E Fund Ruyi Ying'an 6 - month Holding and Huatai - Peregrine Yingtai Stable 3 - month Holding [15][16]. - **Fund Company Dimension**: Four institutions' managed scales increased by over 5 billion yuan. E Fund became the institution with the largest managed FOF scale [18]. 3.2 Performance Dimension - **Market Differentiation**: In Q4 2025, the stock market was differentiated, which was also reflected in the FOF market. The median performances of bond - type, fixed - income +, balanced, and equity - type FOF were 0.35%, 0.30%, - 0.57%, and - 1.20% respectively [22]. - **Scale Ranking of FOF Types**: The list of large - scale fixed - income + FOF changed significantly in Q4 2025, while the lists of other types of FOF remained stable [25]. - **Preference of High - performing FOF**: High - performing balanced and equity - type FOF generally preferred funds related to gold, non - ferrous metals, and communication. High - performing fixed - income + and balanced FOF showed a short - bond allocation tendency [27]. 3.3 Investment Characteristics - **Multi - asset Allocation of Top Managers**: Top managers generally attached importance to multi - asset allocation, with different investment directions. Some focused on QDII stock - type assets, some on mutual - recognition funds, and some on commodity investment [30]. - **Overall Market Allocation**: The overall allocation of FOF was more stable. The proportion of pure - bond funds in the heavy - position increased significantly, while the proportions of active and passive equity funds decreased slightly, indicating a more conservative year - end allocation [32]. - **Preference for Cyclical Assets**: The heavy - position fund allocation in Q4 showed a preference for A - share cyclical assets. The proportions of cyclical, resource, fundamental, and value - type funds in active equity increased, and new energy vehicles, gold stocks, chemicals, and non - ferrous metals in passive equity funds also received more attention [35]. 3.4 Personal Pension Funds - **Scale Growth**: In Q4 2025, the scale of personal pension funds was 14.322 billion yuan, an increase of 1.505 billion yuan compared to Q3 2025. Target - date funds were more popular, with a current scale of 8.222 billion yuan. The number of target - date Y - share funds decreased slightly due to the transformation of 2025 target - date funds [37]. - **Scale - ranked and Growth - ranked Funds**: By the end of Q4 2025, Xingquan Antai Active Pension Target Five - year Y had the largest scale. In Q4, the proportion of target - date and target - risk funds with large - scale growth was relatively balanced, and investors preferred target - risk funds with a five - year holding period [40][44]. - **Fund Company Dimension**: Xingzheng Global Fund, Huaxia Fund, and E Fund had the largest managed scales of Y - share products. The top - scale products of top managers were mainly pension funds with relatively high equity positions [45].

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 ...