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公募FOF九月迎“丰收”:业绩胜率高、收益可观 四季度配置策略看这些建议
Mei Ri Jing Ji Xin Wen· 2025-09-29 16:26
9月以来,公募FOF表现不俗,虽然此前权益市场有所回落,但整体上FOF基金单月投资胜率不低,单月最高收益率已近8%。有不少基金经理在近期对四季 度的配置策略做出研判,特别是对于一些均衡配置的方案给出合理建议,在他们看来,一些"反内卷"、红利方向以及海外权益和商品等也值得关注。 9月公募FOF投资胜率高,业绩最高产品收益率已近8% 9月以来,公募FOF业绩维持高胜率,截至9月28日,权益类FOF的单月投资胜率均超过九成,全市场单月业绩为负的基金数量不足30只(统计初始基金)。 权益市场方面,上周虽然市场延续震荡,但各主要指数也在周内收涨。宽基指数方面,上证指数报3828.1点,上涨0.21%;深证成指报13209.0点,上涨 1.06%;创业板指报3151.5点,上涨1.96%。板块方面,电力设备、电子、汽车板块表现较好。 而在债市方面,当前债券市场的利多、利空信息均相对明确。在低利率时代背景下,债券市场的反应呈现出明显的不对称性,对利空的敏感度大于对利多的 敏感度。国债期货T合约于8月下旬跌破年线后,持续在年线以下运行,自2018年4月以来,除2020年下半年至2021年上半年外,本次为首次跌破年线,表明 前 ...
A股上周回调 多只公募FOF单周跌超1% 业内:投资者可以关注股债多元机会
Mei Ri Jing Ji Xin Wen· 2025-09-24 15:28
上周,美联储9月会议降息25个基点,为2024年12月以来首次降息,A股市场冲高回落。受此影响,公 募FOF(基金中的基金)回撤较为明显,多只产品单周回撤超1%。 摩根资产管理认为,对于投资者而言,美联储年内再降息2次的概率提升,降低了现金回报的吸引力, 而长久期国债的资本利得机会或浮现。基于美元可能继续走弱,非美市场和黄金可能持续保持韧性,而 从估值吸引力、盈利趋势和市场动能来看,A股、港股及日股的结构性机会值得继续关注。但基于整体 风险回报的平衡,投资者宜在优质债券、价格合理的股票、跨市场资产和另类资产中保持多元化。 天风证券研报分析指出,后续债市更有可能继续沿着区间震荡的状态演绎,多空博弈或仍是主旋律。当 前债市难以走出独立行情的原因在于缺乏新的叙事逻辑,以及配置盘的持续缺位,但即便出现增量政策 加码或是国债买卖落地,预计对当前格局的影响或相对有限。 QDII-FOF能否有机遇 上周,海内外权益市场表现强劲,QDII(合格境内机构投资者)基金涨幅领先,商品基金受黄金回调 影响微跌,基金市场新成立产品以权益和被动指数型为主,整体呈现结构性分化。 《每日经济新闻》记者注意到,在业内人士看来,美联储年内再降息 ...
A股上周回调,多只公募FOF单周跌超1% 业内:投资者可以关注股债多元机会
Sou Hu Cai Jing· 2025-09-24 12:46
《每日经济新闻》记者注意到,在业内人士看来,美联储年内再降息2次的概率提升,降低了现金回报 的吸引力,长久期国债的资本利得机会或浮现,建议关注股债多元机会。 公募FOF上周回撤明显 上周(9月15日至21日),A股市场冲高回落,在市场快速上涨后遇到阶段性上行阻力,后续大概率回 归慢牛演绎。宽基指数方面,上证指数下跌1.30%,深证成指上涨1.14%,创业板指上涨2.34%。 美东时间9月17日,美联储9月会议降息25个基点,是自2024年12月以来首次降息,最新公布的经济预测 摘要上调2025~2027年经济增长,最新的利率点阵图则暗示年内或仍有两次降息可能。 受此影响,公募FOF单周回撤明显,许多产品的回撤超1%。股票型FOF当中,国泰行业轮动A单周跌幅 超过3%,混合型FOF中的前海开源裕源跌幅超过2.59%,养老目标FOF当中的国泰民安养老2040三年A 跌幅超过1.12%。 在业绩表现出色的基金方面,华夏优选配置A上周收益率录得0.18%,是股票型FOF中业绩最好的一 只;财通资管博宏积极6个月持有A上周收益率录得2.25%,是混合型FOF中业绩最好的一只;养老目标 FOF中业绩最好的是工银养老205 ...
A股上周回调,多只公募FOF单周跌超1%,业内:关注股债多元机会
Sou Hu Cai Jing· 2025-09-22 09:48
天风证券研报分析指出,后续债市更有可能继续沿着区间震荡的状态演绎,多空博弈或仍是主旋律。前文提及, 当前债市难以走出独立行情的原因在于缺乏新的叙事逻辑,以及配置盘的持续缺位,但即便出现增量政策加码或 是国债买卖落地,预计对当前格局的影响或相对有限。 上周,美联储9月会议降息25个基点,为去年12月以来首次降息;A股市场冲高回落。 受此影响,公募FOF的回撤较为明显,多只产品单周回撤超1%。 在业内人士看来,美联储年内再降息2次的概率提升,降低了现金回报的吸引力,而长久期国债的资本利得机会 或浮现,建议关注股债多元机会。 A股回调,多只公募FOF单周回撤超1% 上周(9月15日至21日),A股市场冲高回落,在市场快速上涨后遇到阶段性上行阻力,后续大概率回归慢牛演 绎。宽基指数方面,上证指数下跌1.30%,深证成指上涨1.14%,创业板指上涨2.34%。 美东时间9月17日,美联储9月会议降息25个基点,是自去年12月以来首次降息,最新公布的经济预测摘要上调 2025-2027年经济增长,最新的利率点阵图则暗示年内或仍有两次降息可能。 受此影响,公募FOF单周回撤明显,许多产品的回撤超1%。股票型FOF当中,国泰 ...
中金:如果7天免赎成为历史,公募债基投资如何破局?
中金点睛· 2025-09-16 23:40
Core Viewpoint - The third phase of the public fund industry fee reform has officially started, focusing on the adjustment of sales fees to encourage long-term holding and reduce irrational short-term trading behaviors [2][9][11]. Group 1: Fee Reform Overview - In July 2023, the China Securities Regulatory Commission (CSRC) released the "Public Fund Industry Fee Reform Work Plan," marking the beginning of the third phase of fee reform [2][9]. - The reform aims to lower the comprehensive fee levels of public funds through a gradual approach, focusing on management fees, transaction fees, and sales fees [9][11]. - The proposed adjustments to redemption fees include a tiered structure for different holding periods, with a minimum of 1.5% for holdings under 7 days and 0.5% for holdings between 30 days to 6 months [12][11]. Group 2: Impact on Fund Market - The new redemption fee structure is expected to clarify the positioning of public products, distinguishing between long-term holding for off-market funds and active trading for ETFs [15][14]. - Frequent trading costs for bond funds are likely to increase, making it difficult for them to serve as tools for short-term trading, thus creating opportunities for bond ETFs [16][14]. - The cost of short-term adjustments for public funds of funds (FOFs) is expected to rise, leading to a trend towards ETF-based investment strategies [21][20]. Group 3: Recommendations for Investors - Investors are advised to optimize their pure bond fund management by using actively managed funds as a base, complemented by bond ETFs for market timing and liquidity management tools [29][31]. - A comprehensive evaluation system for bond ETFs is recommended, focusing on liquidity, tracking ability, and strategy uniqueness [31][32]. - The investment strategy for "fixed income plus" funds may polarize into long-term stable products and high-volatility aggressive products, maintaining a balance between risk and return [33][24]. Group 4: Future Product Development Directions - There is a significant opportunity for the development of bond ETFs, particularly in niche themes and strategies, as the market for these products is expanding rapidly [36][41]. - The diversification of institutional investors in bond ETFs is increasing, with a notable shift in the types of institutions holding these products [37][41]. - Future product innovations may include multi-asset ETFs and fixed-income ETFs, addressing the evolving needs of institutional investors [42][41].
公募FOF规模已近1700亿元,刘格菘卸任广发多元新兴股票基金经理
Xin Lang Cai Jing· 2025-09-14 23:13
Group 1: Approval of New Financial Products - The second batch of 14 technology innovation bond ETFs has been approved, including products from various fund companies such as ICBC Credit Suisse, Taikang, and Huaan [1] - The first batch of 10 technology innovation bond ETFs was launched on July 17, with an initial total scale of nearly 29 billion yuan, which has exceeded 120 billion yuan as of September 5 [1] Group 2: Growth of Public Fund of Funds (FOF) - The total scale of public FOFs in China has reached approximately 169.75 billion yuan, marking a 12.6 times increase from the initial issuance scale of 12.5 billion yuan [2] - There are currently 512 FOF products in the market, with 12 fund management companies managing over 2 billion yuan in ordinary FOFs [2] Group 3: Fund Market Activity - The public fund issuance market has been active in September, with 12 funds having closed their fundraising early, some within a single day [3][4] - As of September 9, 40 funds have been established in September, with a total issuance scale of approximately 29.92 billion yuan, of which active equity funds account for 42.3% [4] Group 4: Fund Manager Changes - Liu Gesong has resigned as the manager of the Guangfa Multi-Asset Emerging Stock Fund, with a return of 140.03% since he started managing it in November 2018 [5][6] - Ke Haidong has also stepped down from managing two funds due to personal reasons, with his management returns being 4.52% and 5.40% for the respective funds [7] Group 5: AI Investment Opportunities - Liu Yuanhai, a well-known fund manager, emphasizes the significant growth potential and investment opportunities in the AI sector, particularly in applications like smart driving and AI hardware [8][9] - The market is expected to see a gradual rollout of AI applications, with a focus on companies actively embracing AI technology [9]
回归资产配置本源 八岁FOF变革重生
2017年9月,首批公募FOF获批,"基金中基金"正式登陆中国资本市场。从过去8年的发展情况看,FOF 行业走出了一条"萌芽探索—快速扩容—调整低谷—变革重生"的成长路径。 随着多元资产配置策略成为行业新共识,在ETF快速发展背景下,ETF-FOF迎来集中扩容潮。这个历经 考验的基金品类,正迎来变革之年,在回归资产配置本源的路上,重新勾勒行业发展新蓝图。 求新:ETF-FOF开启配置新范式 ◎记者 赵明超 中金公司发布的研报显示,2020年下半年以来,伴随着权益资产赚钱效应凸显,公募FOF进入快速扩容 阶段,2020至2021年间,公募FOF市场存量规模由不足500亿元迅速提升至突破2000亿元。在此期间, 机构纷纷入场布局,2021年三季度迎来公募FOF产品发行高峰,单季度募集份额接近300亿份。截至 2021年末,布局公募FOF产品线的公募机构达到65家,存量产品数量240只,合计管理规模2222亿元。 然而,市场周期的考验很快到来。进入2022年以后,随着权益市场调整,部分FOF业绩出现较大回撤, 投资者持有体验较差,FOF规模大幅下降。Choice数据显示,截至去年底,FOF规模降至1436.92亿元 ...
8年,增长近9倍!
Zhong Guo Ji Jin Bao· 2025-09-14 11:36
8年来,公募FOF产品数量和整体规模都显著增长,细分品类更加多元:既包括满足各类型日常理财需 求的低、中、高风险普通FOF基金,也包括目标风险、目标日期等养老FOF产品。 业内人士表示,公募FOF走过8年,规模增长、品类多元,业绩可圈可点,该类产品发展得益于多方面 因素。未来要提升投研等产品服务能力,长期投资业绩是核心。在多资产配置趋势下,我国FOF发展空 间广阔。 规模增长近9倍 (原标题:8年,增长近9倍!) 【导读】公募FOF获批八周年,规模增长近9倍 8年规模增长近9倍 公募FOF发展前景广阔 中国基金报记者 李树超 自2017年9月8日国内首批产品获批至今,公募FOF已走过8年历程。 大类资产配置理念深入人心 天相投顾数据显示,截至今年二季度末,全市场519只公募FOF管理规模为1650.62亿元,与8年前首批6 只FOF合计166亿元的发行规模相比,增长近9倍。 "中国FOF产品8年来的发展可以概括为:起点很高、充满期待、快速冲高、经历阵痛、投资革新、浴火 重生。"国泰基金多资产配置部负责人曾辉称。 曾辉认为,三方面因素推动了FOF发展初期的快速增长:一是监管部门大力引导;二是头部机构高度重 视和 ...
8年,增长近9倍!
中国基金报· 2025-09-14 11:05
Core Viewpoint - The public fund of funds (FOF) has experienced significant growth over the past eight years, with its scale increasing nearly ninefold, indicating a promising future for the FOF market in China [2][3][5]. Growth and Development - Since the approval of the first batch of public FOF products in September 2017, the number and scale of these products have significantly increased, with a diverse range of categories including low, medium, and high-risk ordinary FOFs, as well as target risk and target date pension FOFs [3][5]. - As of the second quarter of this year, the total management scale of 519 public FOFs reached 165.06 billion yuan, compared to 16.6 billion yuan for the initial six products, marking a growth of nearly nine times [5]. - The rapid growth of FOFs in the early stages can be attributed to three main factors: strong regulatory support, significant investment from leading institutions, and the favorable market conditions during the A-share bull market from 2019 to 2021 [5][6]. Performance and Returns - The average net value growth rate of public FOFs since inception is 12.3%, with nearly 90% of products achieving positive returns, and the highest performance exceeding 120% [7][8]. - The returns of FOF products are primarily derived from strategic and tactical asset allocation, as well as fund selection, with a growing emphasis on long-term stable performance as a core competitive advantage [10][12]. Future Outlook - The future development of public FOFs is expected to focus on enhancing research and investment capabilities, with a strong emphasis on long-term performance and multi-asset allocation strategies [11][12]. - The expansion of FOFs into new asset classes, including commodities, QDII funds, and public REITs, is anticipated to improve risk diversification and broaden sources of returns [16][18]. - The FOF market in China has significant growth potential, especially as the demand for multi-asset investment solutions and personal pension investments continues to rise [12][30]. Challenges and Recommendations - The development of pension FOFs faces challenges such as slow growth, product homogeneity, and insufficient investor awareness [25][27]. - To enhance the competitiveness and market recognition of pension FOFs, it is recommended to improve product design, increase investor education, and provide tailored asset allocation advice [27][28]. - Learning from international experiences, the industry should focus on optimizing institutional design, extending assessment periods, and enriching asset allocation tools to better meet investor needs [29][30].
兴证全球宋华:不靠择时的FOF,如何做出超额收益?
Sou Hu Cai Jing· 2025-09-01 12:54
Core Viewpoint - The investment strategy employed by the company is not focused on undervalued investments or opportunistic arbitrage, but rather on systematic execution of strategies that most investors can implement [2][5]. Investment Strategy - The investment approach is characterized by a bottom-up selection of funds, categorizing them into different risk-return profiles, akin to a football formation, to create a balanced portfolio that adapts to market changes without over-relying on market timing [2][3]. - The team emphasizes strict adherence to client-defined risk exposures, ensuring that equity positions remain within agreed limits to avoid excessive tracking errors [3][9]. - The company aims to enhance the stability of excess returns through a low-correlation multi-asset and multi-strategy approach, particularly in the context of arbitrage strategies [3][10]. Product Design - Absolute return products are designed with a focus on asset allocation, strategy alpha, and disciplined rebalancing to control volatility while enhancing the holding experience without sacrificing long-term returns [3][18]. - Public FOFs are primarily aimed at ordinary investors as long-term savings tools, while separate accounts are more flexible and tailored to meet specific client needs over shorter time frames [8][9]. Market Outlook - The company adopts a gradual operational approach, remaining cautious during market highs and more aggressive during lows, while focusing on generating alpha in intermediate market conditions [24][25]. - The investment philosophy does not rely on making large market predictions but instead emphasizes systematic methods and the stability of fund managers' performance [24][25].