2025年，在权益市场环境改善的背景下，FOF全年收益水平较前期有所抬升，部分产品取得 了可观的回报，FOF这一品类重新回到市场视野。 从数据上看，2025年FOF的全年平均收益已超过10%，整体业绩稳健。与此同时，有多只FOF产 品的总回报超过50%，在权益行情修复阶段展现出一定的收益弹性。 权益资产回暖，底层配置支撑FOF业绩表现 沪上一位基金评价人士指出，2025年，FOF产品整体业绩回暖，与权益市场环境改善密切相关。 随着权益大盘逐步企稳回升，权益类基金的净值修复为FOF底层资产提供了直接支撑，尤其是在 结构性行情较为清晰的阶段，FOF对权益资产的配置弹性得以释放，推动部分产品取得了较为亮 眼的收益表现。 进一步来看，FOF产品的表现改善，既受益于底层权益资产的回暖，也与其自身的产品结构有 关。通过组合化配置与基金筛选机制，FOF在不同市场环境中具备一定的适应性，能够在控制整 体波动的同时，把握阶段性市场机会。 全年表现整体向好，头部产品收益超50% 根据Wind数据，截至2025年12月31日，FOF全年收益的头部收益中位数为12.89%，算术平均数为 11.83%。在整体收益水平稳步提升的同时，头 ...

在公募基金行业迈向高质量发展的关键阶段，资产管理正从"规模导向"转向"质量为先"。在愈发明显 的"马太效应"之下，面对同质化竞争、费率下行趋势与投资者专业化需求提升的多重挑战，如何构建可 持续的核心竞争力，成为每一家基金公司必须回答的时代命题。 在37万亿的公募资管版图中，信达澳亚基金走出了一条独具特色的差异化发展之路，不盲目追逐短期热 点，不泛化布局产品线，而是坚持"有所为，有所不为"的战略定力，深耕主动管理能力，聚焦科技成长 赛道，依托深度研究驱动长期超额收益，在权益、固收、量化以及FOF领域均交出亮眼答卷。 随着总经理方敬的履新，信达澳亚基金将如何通过投研体系的深度建设、产品线的精品化布局以及治理 结构的持续优化，夯实长期发展的内核，同样值得期待。 投研体系深度搭建，以深度研究驱动超额收益 在资产管理行业中，真正的护城河并非短期排名或爆款产品的爆发力，而是能否持续输出稳定且可复制 的投资能力。信达澳亚基金对此有着清醒的认知，主动管理的本质，是通过专业的基本面研究，识别并 持有那些具备长期成长潜力的优质企业，从而实现资产的复利增值。 公司主动权益投研团队始终坚持"研究创造价值"的核心理念，强调投资决策必须 ...

2025年，个人养老金制度迎来实施三周年。《2025中国养老金金融白皮书》显示，截至6月15日，全国 个人养老金账户开户人数已突破1.5亿，居民养老投资意识显著增强。随着可投资工具日益丰富，越来 越多投资者认识到：单一资产难以有效穿越经济周期，构建涵盖多资产的多元化组合，或成实现长期稳 健增值的关键路径。在此背景下，公募FOF凭借其专业化资产配置能力和风险分散优势，赚钱效应逐步 显现，投资者认可度持续提升，推动行业规模稳步扩张。天相投顾数据显示，截至2025年三季度末，全 市场FOF基金数量达518只，管理规模超1872亿元，较发展初期实现跨越式增长，产品体系与投资策略 亦日趋完善与成熟。 从早期以"基金优选"为核心的1.0阶段，到如今跨资产、跨市场的"系统性配置"2.0阶段，FOF的功能定 位已发生深刻转变。而当FOF与养老需求结合，其分散风险、专业运作和长期导向的特性，恰好契合个 人养老金对稳健性与持续性的核心要求。为更好满足市场需求，信达澳亚基金积极布局FOF业务，构建 起覆盖多元目标的FOF产品条线。 由信达澳亚基金FOF与养老投资部负责人王奕蕾管理的3只产品，既包含明确服务于养老目标的养老型 FOF ...

步入12月，2025年投资进入收官阶段。回顾这一年，A股从年初的3200点一路攀升至4000点，其中不乏震荡调整。 （数据来源：WIND，截至2025年11月20日。） 市场持续波动下，投资该如何布局？多元资产配置或许是个不错的答题思路。 多元资产配置通过搭配投资股票、债券、黄金及其他资产，利用不同资产之间的低相关性，有助于降低投资组合的整 体波动性，改善投资体验。 以中证多资产风险平价指数为例，该指数是由A股、债券、黄金三类资产构成的多资产指数。近10年中证多资产风险 平价指数累计上涨58.11%，对应的年化波动率、最大回撤分别为1.93%、-3.79%，对比同期沪深300指数、中证 全债指数以及南华黄金指数，呈现更优的风险收益比。 多元资产配置：应对不确定性的"从容之道" 多元资产配置的核心在于"不把鸡蛋放在同一个篮子里"，在当前不确定性加大的市场环境下，其含金量正不断凸显。 适应多变市场环境，捕捉多元机会 复盘历史数据，不同资产在不同周期中表现各异，存在一定轮动现象，没有任何一类资产能够持续走强，比如2017 年的港股、2020年的A股、2021年的美股，虽当年领涨，但次年均出现不同程度的下跌。 而多元 ...

FOF市场在经历三年蛰伏后，今年迎来关键转折，规模回升与市场关注度双双回暖。 在低利率与高波动交织的市场环境中，投资者对收益稳健、风险分散产品的需求日益迫切。FOF产品凭借资产配 置与风险控制能力，正成为连接投资者与优质资产的重要桥梁。 在这场资管机构竞相布局的赛道上，作为FOF模式市场先行者，第一创业证券基金投资管理部负责人景殿英近期 接受专访，分享公司九年积累的实战经验，阐述券商系FOF的差异化优势与发展路径。 10 P # # 2 eddy (日) A 200 FOF回暖券商亮剑 在经历连续三年规模缩水后，FOF市场正迎来久违的"小阳春"。四季度以来，FOF的发行规模已超过今年前三个季 度的单季水平。与此同时，FOF市场存量规模也在本季度重新站上2000亿元关口。 谈及FOF今年以来受追捧的原因，第一创业基金投资管理部负责人景殿英表示，当前资产收益率整体下行，投资 者希望参与潜在收益率更高的资产的投资，然而这类资产通常具有更高波动的属性，而FOF产品可以通过构建分 散化的投资策略降低波动，并通过专业化的资产配置获取收益，较好满足投资者需求。 他解释，投资研究是业务发展的基础，核心课题是在市场收益率普遍下 ...

招 聘 启 事 团队介绍： 国信金工团队组建于2020年6月，团队目前共有7名成员，研究内容涵盖量化选股、FOF 投资、基金产品研究、行业轮动、资产配置、港股投资、CTA策略等多个方向，研究成 果受到机构投资者的广泛好评。 团队荣誉： 2024年证券时报 • 新财富杂志最佳分析师金融工程第4名 2021年第十九届新财富最佳分析师金融工程第5名 2021年第十五届卖方分析师水晶球奖金融工程 总榜单 第3名（公募榜单第1名） 金融工程分析师 职位介绍： 职位要求： 1、国内外院校数学、计算机、统计、金融工程、金融经济等相关专业硕士及硕士以上 学历的2026年应届毕业生or从事买方/卖方量化研究工作不超过5年的非应届生。 2024 年第十八届卖方分析师水晶球奖金融工程总榜单第3名（公募榜单第2名） 2023年第二十一届新财富最佳分析师金融工程第2名 2023年第十七届卖方分析师水晶球奖金融工程总榜单第2名（公募榜单第2名） 2022年第二十届新财富最佳分析师金融工程第1名 2022年第十六届卖方分析师水晶球奖金融工程总榜单第1名（公募榜单第1名） 2、具备扎实的数理统计知识和建模能力，熟练使用Python、Matl ...

Core Viewpoint - The article highlights the advantages of Fund of Funds (FOF) in addressing common challenges faced by ordinary investors, such as difficulty in selecting funds and holding them long-term. The newly launched "Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF)" aims to provide a solution through professional fund selection and risk diversification [1][6]. Group 1: Fund Overview - The "Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF)" is being issued by Huashang Fund, a well-established public fund company with nearly 20 years of experience [1][12]. - The fund will be managed by Sun Zhiyuan, who is recognized for his strong research and investment capabilities, aiming for long-term stable returns for investors [1][3][12]. - The fund's asset allocation strategy includes 5%-30% in equity assets, with the possibility of investing up to 50% in Hong Kong Stock Connect stocks and a maximum of 10% in commodity funds [7][8]. Group 2: Investment Philosophy - Sun Zhiyuan's investment philosophy focuses on providing a good investment experience, even for investors entering at the worst market timing, by combining absolute and relative returns [5][12]. - The fund emphasizes a minimum holding period of three months to encourage long-term investment habits and avoid irrational decisions due to short-term market fluctuations [8][12]. Group 3: Performance and Ratings - Sun Zhiyuan's management of the "Huashang Anyuan Steady Progress One-Year Holding Mixed Fund (FOF)" has achieved notable rankings, with the A-class share ranking second and the C-class share ranking first in its category over the past year [5][13]. - Huashang Fund has received multiple top ratings, including a 5A rating from Tianxiang Investment Advisors for its three-year comprehensive management and performance in both equity and fixed-income categories [12][15].

Core Viewpoint - In the current low-interest, high-volatility environment, there is a significant increase in investor demand for low-volatility, absolute return products as traditional investment yields decline [2][8] Group 1: Investment Philosophy - Liu Xin, the assistant general manager and head of asset allocation at Minsheng Jianyin Fund, emphasizes a pragmatic approach focused on manageable issues rather than short-term market predictions, aiming for long-term success through diversified FOF portfolios [2][5][7] - The investment philosophy is rooted in "respecting the market" and "weakness thinking," acknowledging market complexity and individual limitations, and prioritizing solvable investment problems over elusive predictions [7][8] Group 2: FOF Strategy - The Minsheng Jianyin Fund has shifted its FOF investment strategy from selecting star fund managers to a diversified asset allocation approach, utilizing a "localized all-weather" strategy that balances risk across various asset classes [10][12] - The strategic allocation is based on risk parity models and long-term asset characteristics, ensuring that portfolio risk is not dominated by any single high-volatility asset [11][12] Group 3: Market Outlook - Liu Xin holds a relatively optimistic and strategic view on the A-share market, citing its reasonable valuation and sustainable upward trend, making it a core equity asset for future portfolios [14] - The team has identified the Korean stock market as undervalued and has made a contrarian investment in related funds, which has yielded significant returns [15] Group 4: Bond and Commodity Strategy - Bonds are viewed as a stabilizing component of the portfolio, with a focus on interest rate bonds for risk hedging rather than yield generation, while credit bonds are selected based on the management team's risk control capabilities [15] - The team has strategically reduced bond duration based on market conditions but maintains a higher duration compared to industry standards [15] Group 5: New Product Launch - A new fund, Minsheng Jianyin Multi-Asset Stable Allocation 3-Month Holding Period Mixed FOF, is set to launch, implementing the "localized all-weather" strategy and focusing on dynamic asset allocation [16]

Core Viewpoint - The NEMO system integrates Fidelity's global asset allocation processes, enhancing the efficiency of fund managers and researchers, ultimately benefiting the multi-asset pension fund products [2][3][20]. Group 1: NEMO System and Its Functionality - The NEMO system transforms the investment process of Fidelity's multi-asset pension funds from a flat to a three-dimensional structure, incorporating various asset classes, regions, strategies, and managers [2]. - It provides a clear framework for strategic asset allocation (SAA), tactical asset allocation (TAA), and fund selection, ensuring a systematic approach to investment [2][20]. - The system emphasizes the importance of coupling the fund manager selection process, allowing for a more cohesive investment strategy [7][20]. Group 2: Investment Philosophy and Framework - The investment philosophy is centered around a framework-based approach, which helps in identifying and solving key investment problems [3][9]. - The focus on long-term performance over short-term gains is crucial, with an emphasis on maintaining a steady upward trajectory in net asset value [3][4]. - Trust is identified as fundamental in asset management, with a strong belief that maintaining client trust leads to sustained growth in assets under management [4][18]. Group 3: Key Personnel and Their Influence - Zhao Qiang, the head of Fidelity's multi-asset department, plays a pivotal role in translating global investment wisdom into actionable strategies for pension funds [3][4]. - His educational background at the University of Chicago, where he learned from Nobel laureates, significantly shaped his investment thinking and framework [8][9]. - The importance of a global team of experts is highlighted, as successful asset allocation cannot rely solely on individual fund managers [12][18]. Group 4: Market Position and Growth - Fidelity has established itself as a leading provider of pension fund management, with a significant market share in the U.S. and Hong Kong [2][17]. - The company has maintained a 20% growth rate in its pension products, attributed to its ability to safeguard client wealth during market crises [4][18]. - The emphasis on client satisfaction as a key performance indicator reflects Fidelity's commitment to long-term client relationships [17][18]. Group 5: Investment Strategy and Asset Allocation - The multi-asset investment strategy involves diversifying across various asset classes, regions, and strategies to mitigate risk and enhance returns [22][25]. - Tactical adjustments in asset allocation are informed by comprehensive macroeconomic research and data analysis, ensuring informed decision-making [26][33]. - The integration of quantitative and qualitative frameworks in fund selection allows for a thorough evaluation of fund managers and their strategies [35]. Group 6: Future Outlook and Development - The development of new pension fund products is underway, with a focus on risk management and achieving stable returns [43][46]. - Fidelity aims to leverage its global expertise to enhance the pension fund landscape in China, advocating for policies that promote default options in retirement savings [45][46]. - The long-term assessment of pension fund performance is emphasized, moving away from short-term metrics to foster a more sustainable investment environment [46].

Core Insights - The long-term performance of FOF products managed by Sun Zhiyuan from Huashang Fund has significantly outperformed benchmarks, demonstrating the effectiveness and sustainability of his "steady counterattack" investment strategy [1][4]. Performance Summary - Sun Zhiyuan's FOF products have shown remarkable results, with the Huashang Anyuan Stable One-Year Holding Mixed (FOF) A achieving a net value growth rate of 13.16% and C shares at 12.72%, both surpassing the benchmark of 6.19% [2][3]. - In the same category, Huashang Anyuan Stable One-Year Holding Mixed (FOF) A ranked second among 69 similar funds, while C shares ranked first among 64 similar funds [3]. - For long-term value-focused pension target funds, the Huashang Jiayue Balanced Pension Target Three-Year Holding Mixed (FOF) A recorded a net value growth rate of 20.94%, exceeding the benchmark of 17.87% [2][3]. - The Huashang Jiayi Pension Target 2040 Three-Year Holding Mixed (FOF) A achieved a growth rate of 21.50%, compared to a benchmark of 15.65%, indicating significant excess returns [2][3]. - The Huashang Jiayue Stable Pension Target One-Year Holding Mixed (FOF) A also delivered a solid return of 11.87%, outperforming the benchmark of 11.73% [2][3]. Investment Methodology - The strong performance is attributed to a mature investment research system and a robust platform, with Sun Zhiyuan employing a clear investment methodology that includes mid-term market trend models and a three-dimensional evaluation system for fund managers [4]. - The investment strategy focuses on absolute return FOF management, utilizing three major absolute return sub-strategies and emphasizing drawdown control to enhance investor experience [4]. - Huashang Fund, with nearly 20 years of experience, has consistently maintained a proactive management approach and deep research capabilities, achieving a 5A rating from Tianxiang Investment Advisors for three-year comprehensive fund management [4]. Upcoming Fund Launch - A new fund, Huashang Huixiang Multi-Asset Allocation Three-Month Holding Mixed (FOF), managed by Sun Zhiyuan, is set to be launched on November 17, 2025, aiming to provide long-term stable returns for investors [5].