2026 年 01 月 10 日 FOF 基金：2025 年度策略回顾与 2026 年度策略展望 证 券 研 究 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 目录 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 量 化 策 略 报 告 - ⚫ 规模维度：2025 年规模逆势回升，累计规模已超过 2021 年末水平。1）从数量来看， 2025 年 FOF 新发产品数量有明显提升，2025 年内共计新发 FOF93 只，对比去年 38 只 的新发数量明显上升；2）FOF 总规模逆势回升，2025 年内 FOF 规模累计 2383.76 亿 元，相比 2024 年末上升 1052.26 亿元；其中，年内规模增量主要源于新发规模，新发 规 ...

经济观察网1月10日，经济观察网从"中国光谷3551国际创业大赛暨人才基金十周年大会"获悉，截至目 前，光谷人才基金累计投资企业440余家，子基金总规模49.92亿元，撬动社会资本近10倍，累计培育2 家上市企业，11家国家级专精特新"小巨人"企业，12家潜在或种子独角兽企业，63家瞪羚企业。据悉， 光谷人才基金成立于2015年，2021年升级为光谷合伙人投资引导基金。 ...

Group 1: Fund Sales and Regulations - The China Securities Regulatory Commission (CSRC) issued new regulations to lower public fund subscription fees and sales service fees, aiming to reduce investor costs and enhance returns [2] - As of Q3 2025, the total amount of public funds held by wealth management products reached 1.34 trillion yuan, reflecting a growth of over 44% since the beginning of the year [2] Group 2: Fund Performance and Distribution - In 2025, over 3,600 funds announced distributions totaling more than 240 billion yuan, marking a 7.5% increase from 2024 [6] - Bond funds accounted for over 60% of the total distributions, with approximately 150 billion yuan distributed [6] Group 3: Market Trends and New Fund Launches - A total of 44 new funds were launched in the first week of January 2026, with active equity and index funds being the primary focus [5] - The number of new A-share accounts reached 2.6 million in December 2025, a 30.54% increase year-on-year, indicating a significant rise in market participation [8] Group 4: Private Fund Performance - In 2025, private equity funds achieved an average return of 37.75% in stock strategies, outperforming other strategies [15] - Quantitative stock long strategies demonstrated superior performance, benefiting from systematic advantages [15] Group 5: Regulatory Developments - The CSRC and the Ministry of Finance introduced a whistleblower reward system for reporting securities and futures violations, with rewards up to 1 million yuan [3] - The public fund industry saw a record number of management changes in 2025, with 462 changes across 162 fund managers [7]

Group 1: Fund Sales Regulations - The China Securities Regulatory Commission (CSRC) issued new regulations to lower public fund sales fees, aiming to reduce investor costs and enhance returns [1] - As of Q3 2025, the total value of public funds held by bank wealth management products reached 1.34 trillion yuan, reflecting a growth of over 44% since the beginning of the year [1] Group 2: Whistleblower Policy - The CSRC and Ministry of Finance announced a whistleblower reward program for reporting securities and futures violations, with rewards up to 1 million yuan [2] Group 3: Fund Issuance - In the first week of January 2026, 44 new funds were launched, with active equity and index funds being the primary focus [3] Group 4: Fund Dividends - Over 3,600 funds announced dividends in 2025, totaling over 240 billion yuan, a 7.5% increase from 2024 [4] - Bond funds contributed significantly to dividends, accounting for over 60% of the total [4] Group 5: Hong Kong MPF Performance - The Hong Kong Mandatory Provident Fund (MPF) achieved a record investment return of 219.2 billion HKD in 2025, with an annual return rate of 16.73% [5] Group 6: Fund Management Changes - The public fund industry saw a record number of management changes in 2025, with 462 changes involving 162 fund managers [6] Group 7: A-Share New Accounts - A-share new account openings reached 2.6 million in December 2025, a 30.54% increase year-on-year, marking the highest annual total since 2022 [7][8] Group 8: Enhanced Index Funds - Enhanced index funds showed significant performance improvement in 2025, with an average net value growth rate exceeding 32% and over 80% achieving excess returns [9] Group 9: Fund Manager Actions - Notable fund managers made significant adjustments to their holdings in Q4 2025, with various companies experiencing changes in investment [10] Group 10: Fund Purchase Limits - Several actively managed equity funds lifted purchase limits as the A-share market surpassed 4,000 points, indicating a positive market sentiment [11] Group 11: ETF Naming Update - A major ETF in China underwent a name change to reflect its scale exceeding 400 billion yuan, enhancing its market presence [12] Group 12: Private Fund Performance - Private funds reported strong performance in 2025, with stock strategies averaging a return of over 37%, outperforming other strategies [14]

Group 1: Fund Sales and Regulations - The China Securities Regulatory Commission (CSRC) issued new regulations to lower public fund sales fees, aiming to reduce investor costs and enhance returns [3] - As of Q3 2025, the total value of public funds held by bank wealth management products reached 1.34 trillion yuan, a year-to-date increase of over 44% [3] Group 2: Fund Performance and Distribution - In 2025, over 3600 fund products announced dividends totaling more than 240 billion yuan, marking a 7.5% increase from 2024 [9] - The average net value growth rate for enhanced index funds exceeded 32% in 2025, with over 80% achieving excess returns [14] Group 3: Market Activity and New Accounts - A-share new account openings reached 2.6 million in December 2025, a 30.54% increase year-on-year, marking the highest annual new account data since 2022 [13] - The number of new funds launched in the first week of 2026 reached 44, with active equity and index funds being the primary focus [8] Group 4: Executive Changes and Industry Trends - In 2025, the public fund industry saw a record 462 changes in senior management across 162 fund management firms [11] - The trend of high turnover in key positions, particularly among chairpersons and general managers, continues to rise [12] Group 5: ETF Developments - A major ETF in China, with a scale exceeding 400 billion yuan, underwent a name change to standardize its branding [18]

Group 1 - The National Internet Information Office is drafting regulations to standardize the collection and use of personal information by internet applications, emphasizing minimal impact on user rights and requiring easy account cancellation features [2] - The revised Market Supervision Complaint Handling Measures aim to enhance the efficiency of complaint processing and regulate malicious claims, requiring complainants to provide real identity information and factual basis [2] Group 2 - The Supreme People's Procuratorate reported an increase in financial fraud prosecutions, with 191 individuals indicted from 2024 to November 2025, marking a 21% year-on-year increase [3] - Major financial fraud cases, including those involving Jinzhou Port and Meishang Ecology, are being closely monitored and prosecuted to deter such crimes [3] Group 3 - The QDII fund sector is set to benefit from new policies encouraging the use of QDII quotas in public offerings, with a requirement to adjust the ratio of QDII quotas used in separate accounts to below 20% by the end of 2027 [3] Group 4 - China has applied for frequency resources for over 200,000 satellites, indicating a strategic national interest in satellite frequency resource allocation [4] - A new computational architecture developed by Peking University enhances Fourier transform capabilities, potentially improving computational power by nearly four times for various advanced applications [4] Group 5 - U.S. oil companies are expressing caution regarding investments in Venezuela's oil sector during discussions with President Trump, reflecting a cautious approach to international investments [5]

- The weekly performance of public quantitative funds shows that the average excess return of CSI 500 index-enhanced funds was -1.79%, with no funds achieving positive excess returns during the week[1][3][10] - Monthly performance data indicates that the average excess return of CSI 500 index-enhanced funds remained at -1.79%, consistent with the weekly data, and no funds achieved positive excess returns during the month[2][10][34] - Year-to-date (YTD) performance reveals that the average excess return of CSI 500 index-enhanced funds was -1.79%, with no funds achieving positive excess returns so far this year[3][10][34] - The average return of active quantitative funds for the week was 4.17%, with 98.81% of funds achieving positive returns[1][10][34] - The average return of active quantitative funds for the month was also 4.17%, consistent with the weekly data, and 98.81% of funds achieved positive returns during the month[2][10][34] - Year-to-date (YTD) performance of active quantitative funds shows an average return of 4.17%, with 98.81% of funds achieving positive returns so far this year[3][10][34] - The weekly average return of market-neutral quantitative funds was -0.07%, with 36.36% of funds achieving positive returns[1][10][34] - Monthly performance data for market-neutral quantitative funds shows an average return of -0.07%, consistent with the weekly data, and 36.36% of funds achieved positive returns during the month[2][10][34] - Year-to-date (YTD) performance of market-neutral quantitative funds reveals an average return of -0.07%, with 36.36% of funds achieving positive returns so far this year[3][10][34]

Core Viewpoint - Recent adjustments in QDII quota usage by multiple fund companies aim to prioritize public offerings and reduce the proportion of separate account products to below 20% by the end of 2027, promoting inclusive financial development and meeting diverse asset allocation needs [1] Group 1 - Several fund companies have received notifications regarding the adjustment of QDII quota usage [1] - The adjustment is intended to guide financial resources towards ordinary investors [1] - The new requirement mandates that the proportion of separate account products be reduced to below 20% by the end of 2027 [1] Group 2 - The State Administration of Foreign Exchange has issued a new batch of QDII investment quotas, with the total for securities and fund categories reaching $94.29 billion [1]

Core Viewpoint - Recent adjustments in QDII quota usage are aimed at prioritizing public fund products over separate account products, with a target to reduce the latter's usage to below 20% by the end of 2027, promoting inclusive finance and diversified asset allocation [1] Group 1 - Multiple fund companies have received notifications regarding the new QDII quota usage guidelines [1] - The adjustment is intended to direct financial resources towards ordinary investors [1] - The total quota for securities and fund categories has reached $94.29 billion [1]

据中国基金报记者了解，近期，多家基金公司接到通知，在鼓励发展普惠金融的大背景下，QDII额度 要更多地使用在公募产品上。 据业内人士透露，基金公司需对QDII额度在公募产品和专户产品的使用比例上进行调整，并要求在 2027年底之前将用于专户的QDII额度占比调整至20%之内，2026年底之前至少完成一半的调整任务。 QDII额度使用迎来新规范 QDII基金再迎政策利好。 据中国基金报记者了解，近期，多家基金公司接到通知，要求各家基金公司在QDII额度使用上，总体 应遵循"QDII额度优先用于公募产品的原则"。 同时，各家公司需要结合自身具体情况，制定QDII额度的管理方案。具体时间表上，要求到2027年 底，QDII额度用于专户产品的比例需降至20%以下。2026年底前，进度应该过半。 "近期确实行业传出这一消息，鼓励QDII额度多用于公募产品，如果在这个过渡期内，若专户上的QDII 额度占比或单一专户产品的QDII额度占比不降反升，或影响新增QDII专户产品的备案，也可能会影响 基金公司分类评价考核。过渡期后也有相关要求。"一位业内人士表示。 另一位业内人士表示，所在公司已经接到上述通知，未来在QDII额度 ...