Overview of Public FOF Funds in Q3 2025 - As of Q3 2025, a total of 518 FOF products have been established in the market, with a combined scale of 193.49 billion yuan, representing a 16.44% increase compared to Q2 2025 [1][6] - The FOFs are categorized into three types based on the proportion of equity assets: debt-oriented FOFs (112.32 billion yuan), balanced FOFs (39.43 billion yuan), and equity-oriented FOFs (41.74 billion yuan). The median returns for these categories in Q3 2025 are 3.07%, 11.84%, and 21.20%, respectively [1][8][16] FOF Fund Manager Preferences - The most held active equity funds by FOFs in Q3 2025 are: 1. Fuguo Stable Growth A (33 FOFs) 2. Boda Growth Smart Navigation C (30 FOFs) 3. Invesco Great Wall Quality Evergreen A (26 FOFs) [2][27] - The largest positions by scale in active equity funds are: 1. E Fund Science and Technology Innovation (5.87 billion yuan) 2. Huaxia Innovation Frontier A (4.85 billion yuan) 3. Xingquan Business Model Preferred A (4.62 billion yuan) [2][28] Changes in Fund Allocations Compared to Q2 2025 - In active equity funds, the most net increased holdings by FOFs are: 1. Caitong Asset Management Digital Economy C (13 FOFs) 2. E Fund Growth Power C (13 FOFs) 3. Invesco Great Wall Stable Return C (6 FOFs) [3][40] - The largest net increase in scale for active equity funds is seen in E Fund Information Industry A (1.60 billion yuan) [3][41] FOF Stock Investment Situation - By Q3 2025, 158 FOFs have directly invested in stocks, with balanced FOFs having the highest proportion of stock investments [5] - The top three stocks held by FOFs are: 1. Zijin Mining 2. CATL 3. Cambricon Technologies [5] Performance of Different FOF Categories - The median returns for different FOF categories in Q3 2025 are: - Debt-oriented FOF: 3.07% - Balanced FOF: 11.84% - Equity-oriented FOF: 21.20% [16] - The top-performing funds in Q3 2025 for each category are: - Debt-oriented: Galaxy Zhiyuan Pension Target Date 2045 (12.79%) - Balanced: Penghua Pension 2045 (25.24%) - Equity: Guotai Youxuan Leading One-Year Holding (59.42%) [18][20][22] FOF Fund Management Companies - As of Q3 2025, there are 82 fund companies engaged in FOF business, with the top five managing 40.71% of the total scale [9] - The leading fund managers by scale are: 1. China Europe Fund (9.44%) 2. Xingsheng Global Fund (9.42%) 3. E Fund (8.29%) [9] FOF Issuance and Market Trends - In Q3 2025, 20 new FOFs were issued, an increase of 4 from Q2 2025 [13] - The overall performance of FOFs has improved significantly compared to previous years, with median returns recovering from negative figures in 2022 to positive returns in 2025 [15][16]

Core Insights - The report indicates a clear preference for index funds among public FOFs, particularly in the bond ETF category, with significant increases in holdings and allocations [1][6][8] Group 1: FOF Holdings and Preferences - As of the end of Q3, index bond funds saw a notable increase in FOF holdings, rising from 11.14% at the end of Q2 to 14.94%, with a total holding size of 15.672 billion [1][6] - FOFs favored gold ETFs and bond ETFs over stock ETFs, with the top ten heavily weighted index funds being bond ETFs [1][7] - A total of 98 FOFs held the Huaan Gold ETF, with a holding of 208 million shares valued at 1.735 billion, reflecting an increase of over 7 million shares from the previous quarter [2][3] Group 2: Specific ETF Holdings - The second to fourth most held ETFs by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF, Peng Yang Zhong Dai 30-Year Treasury ETF, and Hua Xia Hang Seng Technology ETF, with 67, 54, and 39 FOFs holding them respectively [3][4] - The Hai Fu Tong Zhong Zheng Short Bond ETF saw a significant increase in holdings, with one FOF increasing its position by 8.8541 million shares [3][4] Group 3: Overall Market Trends - By the end of Q3, the total market size of FOFs reached 187.246 billion, marking a quarter-on-quarter increase of 19.69% [8] - The overall size of index funds reached 7.75 trillion, with an increase of over 1 trillion from the previous quarter, indicating a strong growth trend in the ETF market [9] - The total size of ETFs in the market reached 5.77 trillion, with 2.04 trillion being new growth this year, particularly in bond ETFs which approached 700 billion, with over 500 billion being new growth [9]