NO.1 两家千亿级公募董事长变更 近日，信达澳亚基金公告称，商健于8月22日起代任公司董事长，原董事长祝瑞敏因工作安排离任。商 健代为履行董事长职务的时间不超过6个月。 履历显示，商健曾任职于陕西省国际信托投资股份有限公司、健桥证券股份有限公司，也曾担任信达证 券合规与风险管理部总经理、风险总监、首席风险官、董事会秘书、副总经理，信达期货董事、董事 长。 此外，华宝基金公告，黄孔威因"任职年龄原因"离任公司董事长，公司党委书记、宝信软件原董事长夏 雪松接任。 据了解，夏雪松曾任职于宝钢集团、宝钢股份、宝信软件。历任上海宝信软件股份有限公司董事会秘 书、财务总监兼财务部经理，副总经理兼财务总监，总经理、党委书记、董事长等职。 NO.2 超四成股票ETF净值创新高 数据显示，股票ETF上周的涨跌幅中位数达到3.83%，整体向上态势较为显著。截至8月22日，A股市场 上超过1000只股票ETF中，有超四成产品创下净值新高。 具体来看，部分科创主题ETF涨幅居前，其中有ETF单周上涨超21%。不过，不同行业主题间的表现仍 存在分化。黄金股ETF与房地产ETF的净值出现下行，跌幅相对靠前。 NO.3 养老基金新进29 ...

Wind数据显示，截至8月22日，515只公募FOF年内平均业绩达9.41％，仅一只产品收益为负；近40只 （只统计初始份额）公募FOF年内累计净值增长率超20％。其中，曾辉管理的国泰优选领航一年持有、 国泰行业轮动A以45.49％、39.97％的年内单位净值增幅，暂列第一、第二；工银睿智进取一年A、易方 达优势回报A、工银养老2050A、交银智选星光A等业绩均在30％左右。整体来看，无论是最佳业绩还 是整体表现，公募FOF均处于五年来最佳状态。 ...

伴随市场回暖，基金中基金（FOF）业绩大"回血"，达到近五年最佳状态。 业内人士表示，未来3年股市或结构性走强，债市则处于超涨高位相对走弱，可择机加大权益资产配 置。 最牛涨超45% 择机加大权益资产配置 近期，"股债跷跷板"效应显著，刘迪认为，当前股债性价比处于中性区间，股票和债券的吸引力相对均 衡，尚未出现极端配置信号。具体方向上，优先关注估值处于历史低位或政策支持的科技成长领 域。"要根据自身风险偏好动态调整，避免激进切换，稳中求进更适配当前市场环境。" "国内宏观经济平稳运行，债券的边际上行空间有限；同时，权益市场回暖，风险偏好和微观流动性开 始好转，在原有赔率优势的基础上，胜率优势也逐渐上升。从股权风险溢价指标角度，目前权益市场仍 具有性价比。短期由于资金驱动带来'股债跷跷板'效应比较极致，需要注意可能的波动加大及回摆调 整。"平安基金基金经理王家萌谈道。 公募FOF五年来最佳表现 Wind数据显示，截至8月22日，515只公募FOF年内平均业绩达9.41%，仅一只产品收益为负；近40只 （只统计初始份额）公募FOF年内累计净值增长率超20%。其中，曾辉管理的国泰优选领航一年持有、 国泰行业轮动A以 ...

Core Viewpoint - The average performance of public FOFs has exceeded 9% this year, marking the best state in nearly five years, driven by market recovery and opportunities in equity asset allocation [2][4][6]. Performance Overview - As of August 22, 515 public FOFs achieved an average performance of 9.41% this year, with only one product showing negative returns; nearly 40 FOFs recorded a cumulative net value growth rate exceeding 20% [5]. - The top performers include Guotai's "Optimal Navigation" with a 45.49% increase and "Industry Rotation A" with a 39.97% increase in net value [5]. Market Conditions - The current market environment is characterized by a significant recovery, with domestic and overseas equity markets, as well as commodities like gold, showing strong performance [6][12]. - The A-share market has seen substantial inflows, contributing to the overall positive performance of FOFs [6]. Investment Strategy - There is a shift in public FOF investment strategies from traditional fund selection to a core-satellite model focusing on ETFs, particularly in a structural bull market [7]. - The recommendation is to increase equity asset allocation, especially in "fixed income plus" assets, as the stock market is expected to strengthen structurally over the next three years [9][12]. Asset Allocation Insights - The current "stock-bond seesaw" effect indicates a balanced attractiveness between stocks and bonds, with a focus on technology growth sectors that are historically undervalued or supported by policy [9]. - The macroeconomic stability in China suggests limited upward potential for bonds, while the equity market is recovering, enhancing the risk-reward profile for equities [9][12]. Sector Opportunities - There are notable opportunities in commodities, Hong Kong stocks, and A-shares, with a focus on growth industries such as new materials and renewable energy, as well as cyclical industries like metals [11][13]. - The recommendation is to avoid over-concentration in single sectors and to regularly adjust the stock-bond ratio to maintain alignment with initial risk levels [13].

Core Viewpoint - The public offering FOFs are expected to increase their equity allocation as the A-share market rises, leading to a rebound in returns for these products [1][2][5] Group 1: Performance and Trends - Over 95% of public offering FOF products have positive returns year-to-date, with approximately 36 products achieving returns exceeding 20% [1] - The rebound in FOF returns is attributed to adjustments in portfolio structure, with a shift from pure bond funds to equity funds, particularly in sectors like technology and healthcare [2][3] - The best-performing FOFs have significantly increased their equity positions, with some funds reporting equity allocations as high as 99% [2] Group 2: Challenges and Risks - FOFs heavily invested in pure bond funds are underperforming, with many of these products facing pressure to liquidate [4][5] - There has been an increase in the number of FOFs facing liquidation risks, with 19 funds reporting liquidation this year, up by 8 from the previous year [5] - The industry is experiencing a divergence in performance, with smaller FOFs struggling to survive due to unclear positioning and competition for capital [5][6] Group 3: Future Outlook - The expectation is that the equity allocation in FOFs will continue to rise as economic recovery strengthens and market valuations remain low [5] - The industry is moving towards a more differentiated strategy, with a focus on the ability of FOF managers to adapt to structural opportunities in the equity market [6]

Group 1 - The People's Bank of China emphasizes that maintaining a moderately loose monetary policy is essential for improving the quality and efficiency of credit allocation [2][1] - As of the end of Q2 2025, the balance of funds utilized by insurance companies exceeded 36 trillion yuan, reaching 36.23 trillion yuan, a year-on-year increase of 17.4% [3][1] - China Shenhua Energy announced the acquisition of 13 coal, electricity, and chemical enterprises from State Energy Investment Group, with the transaction involving assets worth 250 billion yuan [1][3] Group 2 - The report from the People's Bank of China outlines the implementation of a moderately loose monetary policy, considering both domestic and international economic conditions [2] - The stock investment balance and proportion of both life insurance and property insurance companies have been continuously increasing [3] - The performance of brokerage firms in the first half of the year has been generally positive, with 33 firms reporting net profits, and several firms showing significant year-on-year growth in net profit [3]

Core Insights - Publicly offered Fund of Funds (FOF) has achieved its best performance in five years, driven by heavy investments in equity funds, particularly in the pharmaceutical and technology sectors [1] - The shift from bond funds to equity funds has become a new growth highlight for publicly offered FOFs, with the best-performing FOF product yielding 34.28% year-to-date [1] - Over 90% of all FOFs in the market have reported positive returns this year, with the top 10 FOFs heavily investing in high-volatility equity funds while reducing allocations to bond funds and conservative balanced funds [1]

Core Viewpoint - Publicly offered Fund of Funds (FOF) has achieved its best performance in five years, primarily due to heavy investments in equity funds, especially in the pharmaceutical and technology sectors, reversing a four-year performance slump [1][3][4]. Group 1: Performance Metrics - As of August 17, 2023, 29 publicly offered FOFs have recorded annual returns exceeding 20%, with the best-performing FOF achieving a return of 34.28% [3]. - Over 95% of FOF products have turned positive in annual returns, marking a significant recovery from the previous years where the highest annual return was only 0.29% in 2022 [3][4]. - The top three FOFs in performance are from Guotai Fund, with returns of 34.28%, 31.27%, and 28.92% respectively [3]. Group 2: Investment Strategy Shift - FOFs have shifted their investment strategy from conservative bond funds to more aggressive equity funds, focusing on high-volatility stock funds [5][6]. - The leading FOFs predominantly hold equity funds, with the top-performing FOF, Guotai Youxuan Lihang, investing heavily in stock-based ETFs, including rare earth and Hong Kong innovative drug ETFs [6][7]. - The trend indicates a broader market shift towards aggressive investment strategies, with many FOFs now prioritizing technology and healthcare stocks [7][10]. Group 3: Market Dynamics - The recovery of FOFs is seen as a potential second growth curve for large fund companies, with an increase in total FOFs to 518 and a management scale of 1564.42 billion yuan as of Q2 2025 [4]. - The shift towards equity funds is crucial for retaining clients and ensuring the survival of FOF products, as those heavily invested in bond funds face significant challenges [9][10]. - Recent trends show that FOFs focusing on high-yield equity funds, particularly those with significant holdings in technology and Hong Kong stocks, are more likely to attract and retain investors [7][10].

Core Insights - Publicly offered funds of funds (FOFs) have achieved their best performance in five years, primarily due to heavy investments in equity funds, particularly in the pharmaceutical and technology sectors [1] - The shift from bond funds to equity funds has become a new growth highlight for public FOFs, with over 90% of FOFs showing positive returns this year [1] - The top 10 FOFs in the market have significantly increased their allocations to high-volatility equity funds while reducing their investments in bond funds and conservative balanced funds [1] Performance Metrics - The best-performing FOF product has recorded a return of 34.28% year-to-date, a stark contrast to the best return of only 0.29% in the 2022 fiscal year [1] - The overall market performance indicates a strong recovery and positive sentiment towards equity investments among FOFs [1]

Core Viewpoint - Publicly offered Fund of Funds (FOF) has achieved its best performance in five years, primarily driven by heavy investments in equity funds, particularly in the pharmaceutical and technology sectors [1][2][3]. Group 1: Performance Metrics - As of August 17, 2023, over 95% of FOF products have reported positive returns for the year, with the best-performing FOF achieving a return of 34.28% [2]. - The annual highest returns for public FOFs from 2021 to 2024 were 14.57%, 0.29%, 3.69%, and 17.14%, indicating a significant recovery in 2024 [2]. - The total number of FOFs in the market reached 518, with a total management scale of 156.44 billion yuan, reflecting a quarter-on-quarter increase of 9.45% [3]. Group 2: Investment Strategy Shift - FOFs have shifted their focus from conservative bond funds to more aggressive equity funds, with top-performing FOFs primarily holding stock-based investments [4][5]. - The top three FOFs by performance are heavily weighted in equity funds, with the leading FOF, Guotai Youxuan Lihang, investing predominantly in stock-based funds [4]. - The strategy of investing in high-yield funds, particularly those focused on technology and Hong Kong stocks, has become crucial for FOFs to maintain their client base and product viability [5][8]. Group 3: Market Trends and Client Retention - The current market trend shows a strong demand for FOFs that focus on high-elasticity equity funds, especially in technology and healthcare sectors, as clients are less likely to invest in FOFs heavily weighted in bond funds [8]. - The shift towards equity funds has not only helped FOFs escape a four-year performance slump but has also enhanced their ability to retain clients by demonstrating profitability [8][7].