Core Insights - The FOF (Fund of Funds) market is experiencing a significant recovery, with a notable increase in investor enthusiasm and new fund launches, particularly in October 2025 [1] - The growth in FOFs is primarily driven by the need for multi-asset allocation strategies in a complex macroeconomic environment, rather than just performance in a bull market [1][21] - The leading FOF product, Zhongou Yingxuan Stable, has achieved substantial growth due to its clear positioning and strong risk management capabilities [2][7] FOF Market Trends - In October 2025 alone, four new FOFs raised over 2 billion, and two FOF products surpassed 10 billion in size for the first time in three quarters [1] - As of September 30, 2025, the public FOF market saw an increase of 604 billion, with over 70% of this growth attributed to mixed bond FOFs [1] - Zhongou Yingxuan Stable is highlighted as a representative product, showcasing the demand surge in the FOF sector [1] Performance Metrics - Zhongou Yingxuan Stable has maintained a maximum drawdown of only -0.7% over the past year, significantly better than the average maximum drawdown of -2.8% for similar mixed bond FOFs [2] - The fund has recorded the longest continuous growth period of 11 months, indicating strong performance stability [6] Fund Management and Strategy - Zhongou Yingxuan Stable's rapid growth from 30 million at the beginning of 2024 to over 100 billion by the third quarter of 2025 reflects a positive feedback loop of investor trust and performance [7] - The fund employs a multi-asset investment strategy, incorporating various asset classes such as bonds, equities, and REITs, which enhances its risk management and performance consistency [10][11] Competitive Landscape - As of September 30, 2025, Zhongou Fund has become the industry leader in FOF management scale, surpassing competitors like Xingzheng Lingqiu Fund and Yifangda Fund [8] - The success of Zhongou Yingxuan Stable illustrates the importance of product experience and investor confidence in driving fund inflows [7][21] Future Outlook - The demand for high-quality, stable FOFs is expected to continue, especially in a market characterized by low-risk returns and ongoing economic uncertainty [11][21] - The FOF sector is likely to see further growth as investors increasingly prioritize diversified asset allocation and stable investment experiences over short-term performance [21]

10月31日，证监会发布公募基金业绩比较基准指引征求意见稿，中国基金业协会同步发布相关操作细 则，向社会公开征求意见。 这意味着，未来每一只公募基金的业绩评价都将迎来一个更加清晰、稳定、客观的"参照系"。 业内人士指出，上一阶段改革推出的新型浮动费率模式暂时只覆盖新发产品，聚焦于"增量改革"。本次 业绩比较基准全面升级则涉及到存量公募基金业绩评价和考核，标志着本轮公募基金改革迈出"关键一 步"，进入"存量改革"阶段。 这就说明业绩比较基准没有成为真正的"尺"和"锚"，基金公司和基金经理对业绩比较基准的重视程度不 够。 证监会相关部门负责人介绍，这次改革就是要发挥业绩比较基准对基金投资行为的约束和指导作用，尽 量确保投资者"所见即所得"。完善对业绩比较基准的监管安排，也将引导基金行业进一步回归以投资者 为本的发展理念。 让业绩比较基准成为真正的"尺"和"锚" 业绩比较基准，就像一把"尺子"，是公募基金给自己业绩设定的"参照系"，用来衡量投资表现好坏。它 不仅能帮投资者看懂基金主要投资什么、风险收益特征如何，还能锚定基金经理的投资风格，让他们别 跑偏，确保基金老老实实按约定策略操作，追求相对基准的超额收益，并切实 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has drafted the "Guidelines for Performance Comparison Benchmarks of Publicly Raised Securities Investment Funds (Draft for Comments)" and is seeking public feedback, aiming to standardize fund managers' investment behavior and enhance investor experience [1][2]. Summary by Sections General Principles - The guidelines consist of 21 articles divided into six chapters, emphasizing the representativeness and objectivity of performance comparison benchmarks [1]. Constraints on Performance Benchmarks - The new regulations state that performance benchmarks cannot be adjusted arbitrarily due to short-term factors, and any changes must follow specific procedures, including announcements and informing investors [2]. Evaluation Role of Performance Benchmarks - The guidelines also standardize the use of performance benchmarks in salary assessments, fund sales, and fund evaluations [2]. Strengthening Supervision - There is a focus on enhancing information disclosure and supervision by fund custodians, establishing multiple layers of defense beyond self-regulation by fund managers [3].

Core Insights - In Q3, a stark contrast emerged in the fund industry, with large funds experiencing significant share shrinkage while smaller funds enjoyed substantial growth in both performance and share size [1][2][4] Group 1: Large Funds Performance - Many large funds, despite showing improved performance, faced significant redemptions, with examples like E Fund Blue Chip Select seeing a net value increase of 16.37% but a reduction of over 2 billion shares, a decline of more than 10% [2][3] - Other large funds, such as Xingquan Helun and Ruifeng Growth Value, also reported net value increases of over 35% and 50% respectively, yet their A-class shares decreased by over 2 billion shares [2][3] - The trend of redemption for large funds began after the market downturn in September 2022, with significant year-on-year share reductions noted [3] Group 2: Small Funds Performance - Smaller funds experienced a "highlight moment" in Q3, with significant increases in both net value and share size, such as Yongying Technology Selection achieving nearly 100% net value growth and a scale increase of over 10 billion [4] - Other small funds like Zhonghang Opportunity Navigator and Zhongou Digital Economy also saw net value increases of nearly 90% and 80%, respectively, with substantial share growth [4] - The performance of smaller funds is attributed to their ability to focus on high-growth sectors without the historical burdens faced by larger funds [7] Group 3: Investor Behavior - The contrasting performance of large and small funds reflects a shift in investor sentiment from "star chasing" to a more pragmatic approach, focusing on strategies and sectors rather than just fund managers [5][7] - Investors are currently in a transitional phase, with some opting to redeem for safety while others may re-enter the market if the upward trend continues [6][7] Group 4: Market Outlook - The outlook for the A-share market remains positive, with expectations of a "slow bull" market driven by factors such as improved macroeconomic conditions and liquidity, alongside strong performance in sectors like AI and semiconductors [8][9] - Analysts predict that as the market stabilizes, there will be a gradual return of long-term capital, enhancing market activity [8][9]

Core Viewpoint - Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund, and Allspring Utilities and High Income Fund have announced their monthly distributions for October 2025, with specific amounts and changes noted for each fund [1][2]. Distribution Details - Allspring Income Opportunities Fund (EAD) will distribute $0.05357 per share monthly, unchanged from the prior distribution [2]. - Allspring Multi-Sector Income Fund (ERC) will distribute $0.07221 per share monthly, a decrease of $0.00002 from the previous distribution [2]. - Allspring Utilities and High Income Fund (ERH) will distribute $0.08325 per share monthly, an increase of $0.00034 from the prior distribution [2]. Important Dates - Declaration date for all funds is October 31, 2025 [2]. - Ex-dividend date and record date for all funds is November 13, 2025 [2]. - Payable date for all funds is December 1, 2025 [2]. Fund Objectives - Allspring Income Opportunities Fund aims for a high level of current income, with a secondary objective of capital appreciation [3]. - Allspring Multi-Sector Income Fund seeks a high level of current income while limiting exposure to domestic interest rate risk [3]. - Allspring Utilities and High Income Fund focuses on high current income and moderate capital growth, emphasizing tax-advantaged dividend income [4]. Distribution Plan - The funds operate under a managed distribution plan, providing monthly distributions at a minimum fixed annual rate of 8.00% for ERH and 8.75% for EAD and ERC, based on the average monthly net asset value (NAV) per share over the prior 12 months [2]. - Distributions may come from income, paid-in capital, or capital gains, and may not reflect the net return earned by the funds [2].

公募基金改革又一项重磅指引正式落地。 10月31日，中国证监会起草了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（以下简称 《指引》），并向社会公开征求意见。同时，基金业协会同步起草了《公开募集证券投资基金业绩比较 基准操作细则（征求意见稿）》，进一步明确业绩比较基准的选取展示、信息披露、风险控制、合规管 理等具体操作规范。 作为基金产品设计的核心要素，业绩比较基准贯穿基金投资运作全周期，是界定基金投资范围和风格的 重要指标，也是评估基金业绩的专业标尺。 今年5月，证监会印发《推动公募基金高质量发展行动方案》，对公募基金高质量发展提出系列改革任 务，其中便特别强调，要强化业绩比较基准的约束作用，并提到要制定公募基金业绩比较基准监管指 引。 在多家业内机构看来，此次业绩比较基准指引及操作细则的出台，将有效规范基金管理人的投资行为， 加强公募基金行业服务居民财富管理需求的作用，提升投资者体验。 强化业绩基准作用，压实主体责任 证监会指出，《指引》的出台旨在落实《推动公募基金高质量发展行动方案》，规范公募基金业绩比较 基准的选取和使用，切实发挥业绩比较基准表征风格、约束投资和衡量业绩等功能作用，完善基金管 ...

10月31日，中国证监会起草了《公开募集证券投资基金业绩比较基准指引（征求意见稿）》（以下简称 《指引》），并向社会公开征求意见。同时，基金业协会同步起草了《公开募集证券投资基金业绩比较 基准操作细则（征求意见稿）》，进一步明确业绩比较基准的选取展示、信息披露、风险控制、合规管 理等具体操作规范。 21世纪经济报道记者 黎雨辰 公募基金改革又一项重磅指引正式落地。 作为基金产品设计的核心要素，业绩比较基准贯穿基金投资运作全周期，是界定基金投资范围和风格的 重要指标，也是评估基金业绩的专业标尺。今年5月，证监会印发《推动公募基金高质量发展行动方 案》，对公募基金高质量发展提出系列改革任务，其中便特别强调，要强化业绩比较基准的约束作用， 并提到要制定公募基金业绩比较基准监管指引。 在多家业内机构看来，此次业绩比较基准指引及操作细则的出台，将有效规范基金管理人的投资行为， 加强公募基金行业服务居民财富管理需求的作用，提升投资者体验。 强化业绩基准作用 压实主体责任 据了解，此次《指引》共二十一条，分为总则、基准的规范、管理人的内部控制、基准的外部约束、监 督管理、附则等六章，主要内容如下： 一是突出业绩比较基准的表 ...

Core Insights - The article discusses the decision-making process for redeeming mutual funds, highlighting the differences between one-time and staggered redemptions, and how these choices can significantly impact returns [1][3]. Group 1: Understanding Regulations - The China Securities Regulatory Commission (CSRC) has set clear rules regarding redemption fees, which can greatly affect investor returns. The new regulations state that all redemption fees will go to the fund's assets, protecting long-term holders while maintaining penalties for short-term redemptions [3]. - A tiered fee structure has been established, where a 1.5% penalty applies for redemptions made within seven days, and fees may be waived for holdings over six months [3]. Group 2: Redemption Strategies - There are two main scenarios where one-time redemption is more advantageous: when immediate cash is needed or when a target return has been achieved, allowing investors to lock in profits [5]. - Staggered redemptions are recommended in volatile markets, as they can provide a balance between risk and reward. Data shows that investors using staggered redemptions can achieve an average return that is 12% higher than those who redeem all at once [6]. Group 3: Case Studies and Calculations - A comparison of redemption strategies using a hypothetical fund shows that staggered redemptions can yield significantly higher returns due to avoiding certain fees and capturing additional market gains [7][8]. - The example illustrates that staggered redemptions can result in a difference of 10,420 yuan in returns compared to a one-time redemption, emphasizing the financial benefits of this approach [8]. Group 4: Practical Guidelines - Investors are advised to follow a three-step process before redeeming funds: checking redemption fees and fund valuations, matching their situation to the appropriate redemption strategy, and avoiding common pitfalls such as opting for quick redemptions that incur additional fees [9].

Core Insights - The article provides a market analysis of three closed-end funds: John Hancock Preferred Income III, Nuveen Preferred Income Opportunities, and Cohen & Steers Limited Duration Preferred and Income [1] Group 1: Fund Performance - John Hancock Preferred Income III Closed Fund is highlighted for its performance metrics and investment strategy [1] - Nuveen Preferred Income Opportunities Closed Fund is analyzed for its yield and market positioning [1] - Cohen & Steers Limited Duration Preferred and Income Closed Fund is discussed in terms of its duration management and income generation capabilities [1] Group 2: Market Trends - The analysis reflects on the broader market trends affecting preferred income funds, including interest rate movements and investor sentiment [1] - The article notes the competitive landscape among these funds and their respective strategies to attract investors [1]

Core Viewpoint - The article emphasizes the importance of index investing for ordinary investors, particularly in the context of the Chinese A-share market, which is more volatile compared to the S&P 500. It suggests that a well-structured index fund strategy can help mitigate risks and achieve stable returns [3][4]. ETF Product Introduction - Warren Buffett recommends investing in the S&P 500 index fund for its cost-effectiveness and simplicity, cautioning against trying to time the market or select specific stocks [3]. - The article highlights the challenges faced by domestic investors in finding a suitable broad-based index similar to the S&P 500 due to the volatility of the A-share market [3]. Investment Strategy - The company has developed an all-weather index fund portfolio that adapts to the domestic market, allowing for easy one-click investment, currently available on JD Finance [4]. - The portfolio aims to achieve absolute returns through global asset allocation, focusing on high-quality assets while diversifying to smooth out volatility [6]. Portfolio Composition - The portfolio includes a mix of bonds, stocks, and currencies, with a focus on maintaining a controlled risk profile [7][9]. - The current holdings feature a significant allocation to bond assets, complemented by equity and commodity investments, ensuring diversification across different asset classes [14][16]. Performance Metrics - The portfolio has shown stable performance despite market fluctuations, achieving an absolute return since inception, with a recent one-month increase of 1.48% and a year-to-date increase of 6.79% [11][12]. - The strategy employs a quantitative approach to asset selection, aiming for risk parity across different asset classes, which helps in maintaining stability [10]. Future Outlook - The company remains optimistic about dividend-paying stocks and has allocated funds to both value and growth indices, including technology-focused investments [16]. - Gold is included in the portfolio as a hedge against inflation, reflecting its low correlation with other asset classes and its safe-haven characteristics [17]. Investment Accessibility - The portfolio is exclusively available on JD Finance, allowing investors to participate with a minimum investment of 200 yuan, and the company has committed to investing 2 million yuan in the fund within the year [19][20].