Core Viewpoint - The public FOF (Fund of Funds) market has shown significant growth in 2025, with a notable increase in demand for stable FOFs and a shift towards diversified asset allocation strategies [1][3]. Group 1: Market Growth and Trends - As of June 30, 2025, there are 518 FOFs in the market, with a total scale of approximately 165.7 billion yuan, reflecting a quarter-on-quarter increase of about 14.6 billion yuan, or 9.68% [1]. - The demand for stable FOFs has increased, with the proportion of stable debt-mixed FOFs reaching 31% of the total FOF market [3][4]. - In Q2 2025, 15 new public FOFs were launched, with a total issuance scale of approximately 18.6 billion yuan, marking a continued upward trend [3]. Group 2: Fund Performance and Preferences - The bond-type FOFs have seen significant net subscriptions, with the top-performing bond FOF, Bosera Zhenxuan Chuhui, increasing by 6.847 billion units [5][6]. - The one-year return rates for the top three FOFs were 4.95%, 4.50%, and 5.19%, indicating stable performance [7]. - Despite high returns from target date and equity FOFs, there was no significant net subscription for these products, highlighting a preference for stable options [8]. Group 3: Asset Allocation Strategies - Public FOFs have increased their allocation to passive bond funds while reducing exposure to pure index equity funds, with the proportion of pure bond fund holdings rising from 30.75% to 36.80% [12][13]. - The allocation to passive equity funds has decreased, reflecting a strategic shift in asset allocation [13]. Group 4: Management and Concentration - The number of public institutions managing FOF products has increased to 85, with the top ten managers holding 60.8% of the market share, indicating a slight decrease in market concentration [10][11]. - Notable fund managers with FOFs exceeding 10 billion yuan include Xingzheng Global Fund, E Fund, and Zhongou Fund [11]. Group 5: Fund Selection and Holdings - The most frequently increased funds by FOFs in Q2 2025 were primarily bond funds, with significant increases in passive bond and short-term pure bond funds [16]. - Among active equity funds, the top holdings by FOFs were Dachen Gaoxin Stock C and E Fund Kairong Mixed, both showing high external holding frequencies [16][17].

Group 1 - The total scale of public funds reached 33.73 trillion yuan by the end of Q2, with an increase of 2.11 trillion yuan, representing a 6.68% quarter-on-quarter growth [2][4] - The main contributors to the growth were money market funds, bond funds, and stock funds, which increased by 904.37 billion yuan, 858.66 billion yuan, and 248.73 billion yuan respectively [4][5] - Passive index funds saw the largest growth among equity products, with an increase of 255.81 billion yuan in Q2, marking a 7.76% quarter-on-quarter growth [5][6] Group 2 - By the end of Q2, there were 162 licensed public fund institutions, with 8 members in the "trillion club," including E Fund and Huaxia Fund, both surpassing 2 trillion yuan in total management scale [8][11] - E Fund and Huaxia Fund achieved significant growth of 5.15% and 9.87% respectively, reaching 2.05 trillion yuan and 2.02 trillion yuan [8][11] - The rankings among the top ten fund managers changed, with Jiashi Fund moving up to seventh place and Huitianfu Fund to ninth, while Zhaoshang Fund dropped out of the top ten [8][11] Group 3 - Bond funds, particularly passive index bond funds, experienced substantial growth, with an increase of 305.06 billion yuan, reflecting a 24.91% quarter-on-quarter growth [5][12] - Alternative investment funds saw a remarkable increase of 54.61 billion yuan, with a growth rate of 45.25%, driven by the popularity of gold ETFs [4][6] - The non-money fund scale of E Fund and Huaxia Fund remains above 1 trillion yuan, with Huaxia Fund growing at a double-digit rate of 10.5% [11][12]