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 - Hu Hengsong has been appointed as the Executive Vice President of Caida Securities, bringing extensive experience in fixed income business, which may aid in the company's business expansion [1] - The appointment of Hu Hengsong could introduce new strategic directions for the company, and the market will need to observe the execution effects [1] - The overall competition in the securities sector is intense, and this change may enhance the company's market visibility [1] Group 2 - The China Securities Association has revised the securities dispute mediation rules, introducing a small claims fast-track mechanism to improve investor rights protection efficiency [2] - The revised rules aim to enhance the satisfaction and sense of gain for the public in dispute mediation, potentially benefiting the securities sector by increasing investor confidence [2] - This initiative may lead to a reduction in the cost of rights protection for investors and could impact the operational costs of securities firms [2] Group 3 - Wu Chaoze has been appointed as a member of the Party Committee of CITIC Securities, highlighting the company's emphasis on research capabilities [3] - Wu Chaoze's extensive experience in the TMT and technology sectors is expected to strengthen the company's investment research capabilities [3] - This appointment may boost market confidence in CITIC Securities and increase activity in the brokerage sector [3] Group 4 - The FOF market has seen a strong issuance wave in 2025, with new FOFs totaling 23 billion yuan, a year-on-year increase of over 400% [4] - The mixed bond FOFs have emerged as the dominant type in this issuance wave, appealing to investors seeking stable returns in volatile markets [4] - The multi-asset strategy is considered the optimal solution in the current market environment, and FOFs are becoming crucial for institutional asset management [4]

2025年以来，FOF市场迎来了一波强劲的发行潮。 截至5月14日，年内新成立的FOF规模累计达230亿元，较去年同期增长超过400%。从类型来看，偏债混合型 FOF成为本轮发行的绝对主角。这类产品凭借攻守兼备的资产配置特性，成为投资者在震荡行情中寻求稳健收 益的重要选择。 业内人士认为，在全球进入降息通道、国内宏观政策持续发力的背景下，多资产策略将是当前市场环境下 的"最优解"。FOF作为天然具备多元配置优势的产品形态，正在成为机构资产管理的重要抓手。 新发规模同比暴增，偏债混合型FOF成"主力军" 截至5月14日，2025年以来新成立的基金中，FOF的表现尤为亮眼，年内累计成立规模已达到230亿元，显著超 过去年同期水平。其中，单只规模最大的FOF产品募集金额高达60亿元，平均发行规模达到11亿元，显示出资 金对该类资产配置工具的持续青睐。 相比之下，2024年同期FOF新发规模仅为45亿元，单只最大规模仅为16亿元，平均发行规模也仅约2亿元。今 年的FOF整体发行热度较去年同期增长超过400%，呈现出爆发式增长态势。 从具体产品来看，今年已有7只FOF的首发规模突破了10亿元。其中，包括富国盈和臻选3个 ...