2025年，公募FOF基金的持有人的账户应该不错。根据iFinD数据，截至2025年8月25日，近九成FOF产 品成立以来实现正收益，其中49家管理人旗下FOF主份额成立以来收益全线飘红，其中也包括全市场 FOF管理规模最大的兴证全球基金。 中国公募FOF市场发轫于2017年，目前存续的514只公募FOF产品中，有318只成立于2021年至2023年， 这些产品成立后经历了一段较长时期的下跌，使得公募FOF品类一度承受了较大的市场压力。 伴随权益市场回暖，成立于上一轮市场高点的公募FOF产品也陆续翻红。业绩转好之外，公募FOF多元 配置、风格清晰、降低波动等优势逐渐显现，以兴证全球基金为代表的公募基金行业在探索多元资产配 置、精细刻画业绩比较基准、追求稳定且可持续的超额收益等方面取得了长足进步。 更低波动提升持有体验 经典的资产配置理论认为，通过多种资产的组合配置，可以在不降低预期收益的情况下，显著降低波动 ——从过去三年实证数据来看，FOF基金相较普通基金的确表现出了相对更低的年化波动率。 具体来看，我们根据银河证券分类，将权益资产占比60-95%的混合型FOF和权益资产占比60—80%的养 老目标风险FO ...

亚盘时段，现货黄金涨幅扩大至1%，现报3482.2美元/盎司，升至逾四个月高位纽约黄金期货涨近1%， 达到每盎司3550美元的历史新高，黄金ETF基金（159937）大涨1.9%，年内涨幅扩大至28.55%。 黄金ETF基金（159937）跟踪SGE黄金9999，今年资金净流入额高达92.27亿元，最新规模增长至284.38 亿元，双双稳居深市同类第一，支持 T+0 交易，投资者可以在交易日内随时买卖，能够及时把握市场 机会，灵活应对市场波动。该ETF同样设有场外基金：联接A(002610)和联接C(002611)。 因市场对美联储本月降息的预期升温，提振了黄金的吸引力。此外，美国PCE数据环比上涨0.2%，同比 上涨2.6%，均符合预期。据CME美联储观察，交易员目前预计美联储9月降息25个基点的可能性为 87%。此外，美国总统特朗普对美联储的多次攻击引发了人们对美联储独立性的担忧。 ...

Core Insights - The public FOF (Fund of Funds) industry in China has experienced significant growth in 2023, with a notable increase in scale and popularity among investors, particularly in the context of a rising equity market [1][2][4] - The Huazhong Yingrui Stable Preferred 6-Month Holding Period FOF has emerged as a standout product, benefiting from a multi-asset allocation strategy that has led to substantial growth in its scale [1][7][11] - The evolution of the FOF industry reflects a shift from single-asset focus to multi-asset strategies, allowing for better risk management and enhanced returns [6][11] Industry Development - The FOF industry in China has gone through cycles of growth and decline since its inception in 2017, with a significant boom in 2021 driven by regulatory changes and a shift away from guaranteed bank products [2][4] - After a period of underperformance, fund companies have focused on optimizing investment portfolios and innovating product designs to meet diverse investor needs [2][3] - The demand for stable investment options has increased, leading to a resurgence in the popularity of multi-asset FOF products [3][4] Product Strategy - The Huazhong Yingrui Stable Preferred FOF employs a risk parity model to balance the risk contributions of various asset classes, aiming for stable performance [7][11] - The product has undergone significant upgrades, expanding its asset classes and incorporating new strategies to enhance yield and adaptability in different market conditions [8][9][10] - The diversification of assets, including international equities and commodities, allows the FOF to seek incremental returns while managing risks effectively [9][10] Team and Expertise - The success of the Huazhong Yingrui FOF is attributed to the experienced team at Huazhong Fund, which emphasizes a systematic approach to asset management and continuous evolution of investment strategies [10][11] - The fund manager, Lu Jingchang, has extensive experience in the industry, contributing to the product's robust performance through strategic asset allocation and risk management [10][11]

上证报中国证券网讯（记者 汪友若）上周（8月25日至29日）A股市场继续上行，主要指数普遍上涨，市场交投活跃。Go-Goal ETF数据显示，上周科技主 题ETF涨幅居前，通信ETF（515880）单周涨17.11%位居榜首；此外，创业板人工智能ETF、科创创业ETF等表现较好。跌幅方面，创新药相关ETF品种小 幅回调。 上周（8月25日至29日）A股市场继续上行，主要指数普遍上涨，市场交投活跃。 | 序号 | 基金代码 | 基金名称 | ● 基金公司 | ♥ 认购起始日 | ◆ 认购终止日 | | --- | --- | --- | --- | --- | --- | | 1 | 289650 | 科创100ETF富国 | 富園基金 | 2025-09-15 | 2025-09-25 | | 2 | 515720 | 令部科技ETF富国 | 富国基金 | 2025-09-15 | 2025-09-24 | | 3 | 159275 | 农牧渔ETF | 夜雪喜等 | 2025-09-08 | 2025-09-19 | | ব | 589780 | 科创200ETF富国 | 富園瀑金 | 2025-09-08 ...

Market Overview - The Shanghai Composite Index rose by 0.84% to close at 3857.93 points, with a weekly high of 3888.6 points [1] - The Shenzhen Component Index increased by 4.36% to 12696.15 points, reaching a high of 12791.18 points [1] - The ChiNext Index saw a significant rise of 7.74%, closing at 2890.13 points, with a peak of 2933.99 points [1] - In contrast, major global indices experienced declines, with the Nasdaq Composite down by 0.19%, the Dow Jones Industrial Average down by 0.19%, and the S&P 500 down by 0.1% [1] ETF Market Performance - The median weekly return for stock ETFs was 2.82% [2] - The highest performing scale index ETF was the Southern CSI Technology Innovation 50 ETF, with a return of 11.65% [2] - The highest performing industry index ETF was the GF National Communication ETF, returning 13.54% [2] - The top five stock ETFs by weekly return included the National Communication Equipment ETF (17.11%), the Fortune CSI Communication Equipment Theme ETF (16.68%), and others [4][5] ETF Liquidity - Average daily trading volume for stock ETFs increased by 55.5%, while average daily turnover rose by 30.9% [6] ETF Fund Flows - The top five stock ETFs by fund inflow included the Jiashi CSI Technology Innovation Board Chip ETF (1.385 billion yuan) and the National Communication Equipment ETF (0.982 billion yuan) [9][10] - The largest outflows were from the Southern CSI Technology Innovation 50 ETF (0.973 billion yuan) and the Southern CSI 500 ETF (0.720 billion yuan) [10] ETF Financing and Margin Trading - The financing balance for stock ETFs increased from 41.1178 billion yuan to 43.9557 billion yuan [11] - The highest financing buy amount was for the E Fund ChiNext ETF, totaling 1.238 billion yuan [11] ETF Market Size - The total market size for ETFs reached 51,130.84 billion yuan, with stock ETFs accounting for 34,987.39 billion yuan [14] - Stock ETFs represented 80% of the total number of ETFs and 68.4% of the total market size [16] New ETF Issuance - No new ETFs were issued last week, but ten new ETFs were established, including the Dachen ChiNext 50 ETF and others [17] Industry Insights - Galaxy Securities noted that the communication AI sector is in an upward trend with low valuations, driven by performance exceeding expectations [17] - Guosheng Securities highlighted that the optical communication industry is entering a new growth phase due to the expansion of global AI computing power, with a shift from performance realization to expectation amplification [19]

9月1日讯，国债市场早盘小幅上行。截至上午10:00，30年国债ETF(511090)涨0.05%。债市方面，30年期国债期货合约(TL2512)最新价为116.65 元，涨0.09%，成交量为31412手，总持仓量为123317手。其余国债期货合约10年期国债(T2512)涨0.03%；5年期国债(TF2512)涨0.02%；2年期国债 (TS2509)持平0.00%。(数据来源：中国金融期货交易所) 1.资金面 央行今日开展1827亿元7天期逆回购操作，中标利率为1.40%，与此前持平。银行间主要利率债收益率普遍下行，截至上周五下午16:30，10年期国 债活跃券250011收益率下行1bp报1.78%，30年期国债活跃券2500002收益率下行1.15bp报2.021%，10年期国开活跃券250215收益率下行1.25bp报 1.875%。 8月债市表现相对逆风，数据显示，截至8月29日收盘，沪指累计上涨7.97%，与此同时10年期国债市场收益率涨幅为7.35bp。不过随着近期股债出 现一定的同步上涨，有分析人士认为，原因可能是央行呵护力度加大，月末资金面转松，逐渐利好债市。 此外，从更长的时间段来看， ...

Core Viewpoint - Aiwai Electronics experienced a 5% decline in stock price, with a current price of 89.26 CNY per share and a total market capitalization of 20.809 billion CNY [1] Group 1: Company Overview - Aiwai Electronics, established on June 18, 2008, and listed on August 16, 2021, is located in Minhang District, Shanghai [1] - The company's main business involves the research and sales of integrated circuit products, with revenue composition as follows: 51.64% from high-performance mixed-signal chips, 38.34% from power management chips, 9.89% from signal chain chips, and 0.14% from other sources [1] Group 2: Shareholder Information - The largest circulating shareholder of Aiwai Electronics is the Jiashi Fund, which increased its holdings in the Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) by 206,000 shares in the second quarter, now holding 2.2118 million shares, accounting for 1.63% of circulating shares [2] - The Jiashi Shanghai Stock Exchange Science and Technology Innovation Board Chip ETF (588200) was established on September 30, 2022, with a current scale of 27.806 billion CNY and has achieved a year-to-date return of 49.3% [2] Group 3: Fund Performance - Jiashi Green Theme Stock Initiation A (017744) holds 111,400 shares of Aiwai Electronics, representing 4.92% of the fund's net value, ranking as the ninth largest holding [3] - The Jiashi Green Theme Stock Initiation A (017744) was established on February 17, 2023, with a current scale of 38.1522 million CNY and has achieved a year-to-date return of 51.39% [3]

Group 1 - The core viewpoint of the news is that Hengbang Co., Ltd. has seen a 5% increase in stock price, reaching 13.23 yuan per share, with a trading volume of 297 million yuan and a turnover rate of 2.50%, resulting in a total market capitalization of 15.189 billion yuan [1] - Hengbang Co., Ltd. is primarily engaged in gold exploration, mining, mineral processing, smelting, chemical production, and rare metal production, with gold accounting for 63.14% of its main business revenue [1] - The company's revenue composition includes electrolytic copper at 19.52%, silver at 8.97%, and other metals and products contributing smaller percentages [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) has entered the top ten circulating shareholders of Hengbang Co., Ltd., holding 5.3012 million shares, which is 0.58% of the circulating shares, with an estimated floating profit of approximately 3.3398 million yuan [2] - The Southern CSI 1000 ETF has a total scale of 64.953 billion yuan and has achieved a year-to-date return of 26.15%, ranking 1602 out of 4222 in its category [2] - The fund has a one-year return of 65.35%, ranking 1153 out of 3779, and an overall return since inception of 11.64% [2]

每日经济新闻 基准国债ETF（511100）是当下市场涵盖多个关键久期国债的特色产品，主要跟踪上证基准做市国债指 数，选取上交所基准做市品种名单范围内的全部国债作为成分券，具体从1年、2年、3年、5年、10年、 20年、30年、50年等期限的国债中分别选取两只左右最新上市的债券，目前成分券数量为24只，每月定 期调整一次，是偏向综合性的中期国债指数。 截至10:50，基准国债ETF（511100）跌0.03%。拉长时间看，截至2025年8月29日，基准国债ETF近1年 累计上涨4.14%，近1周日均成交37.62亿元。从资金净流入方面来看，基准国债ETF近5天获得连续资金 净流入，合计"吸金"20.73亿元。 天风证券认为，今年9月，上旬资金面均衡宽松仍有支撑，月初扰动主要在于公开市场到期规模较大， 但参考7~8月情形，月初资金面自发式转松或占主导，叠加季末月份财政支出或逐渐开始发力，对流动 性形成补充，资金利率有望延续"低位低波"运行。中下旬扰动增加但整体可控，波动主要体现在政府债 集中发行以及季末最后一周等时点，但在财政支出提速和央行有力护航的支撑下，流动性预计维持合理 充裕的状态。 ...

Core Viewpoint - The public FOF (Fund of Funds) industry in China is experiencing a resurgence, driven by a shift in investor demand towards multi-asset strategies that provide stability and risk diversification in volatile markets [2][4][7]. Group 1: Industry Development - The public FOF industry has evolved from its inception in 2017, experiencing a boom in 2021 due to regulatory changes and a shift away from guaranteed bank products, leading to increased popularity of stable FOFs [4][5]. - After a period of underperformance and reduced investor interest, the industry is now revitalizing, with fund companies optimizing portfolios and innovating product designs to meet diverse investor needs [4][5][7]. - The current market environment has prompted a collective push towards FOFs, as investors seek long-term wealth growth and stability across different market conditions [7][8]. Group 2: Product Strategy - The Huaan Yingrui Stable Preferred 6-Month Holding Period FOF has emerged as a leading product, benefiting from a multi-asset allocation strategy that balances risk and enhances returns [2][10]. - The fund employs a risk parity model to maintain balanced risk contributions from various asset classes, ensuring stable performance through dynamic rebalancing based on market conditions [10][12]. - The product has undergone significant upgrades, expanding its asset classes to include REITs, commodities, and international equities, thereby enhancing its ability to capture diverse revenue sources [13][14]. Group 3: Manager Expertise - The fund is managed by experienced professionals, including Lu Jingchang, who has extensive experience in FOF investment and a proven track record in managing large-scale fund portfolios [15][16]. - The management team focuses on achieving sustainable risk-adjusted returns through strategic asset allocation and dynamic risk management, adapting to market changes effectively [15][16]. - The company's investment research platform and diversified team structure support the FOF's comprehensive investment approach, enabling it to navigate various market environments successfully [14][15].