来源：上海证券报·中国证券网 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》（以下简称"十五五"规划建议）不 仅勾勒出下一个五年的中国经济社会发展蓝图，还向资本市场传递了清晰的政策信号，相关部署对于资 本市场的改革发展、运行特征和投资逻辑必将产生深刻影响。 一、"十五五"规划建议关于资本市场工作的部署 针对资本市场下一个五年的发展规划，"十五五"规划建议在"加快完善要素市场化配置体制机制"部分， 强调要"促进各类要素资源高效配置，建立健全城乡统一的建设用地市场、功能完善的资本市场、流动 顺畅的劳动力市场、转化高效的技术市场"；在"提升宏观经济治理效能"部分，围绕"加快建设金融强 国"提出了"提高资本市场制度包容性、适应性，健全投资和融资相协调的资本市场功能。积极发展股 权、债券等直接融资，稳步发展期货、衍生品和资产证券化"。 如与"十四五"规划建议关于资本市场发展提出的"全面实行股票发行注册制，建立常态化退市机制，提 高直接融资比重"这一部署相比较，"十五五"规划建议更加突出了宏观层面的资本市场功能作用发挥， 尤其是将其纳入金融强国建设这一国家战略中进行部署，充分体现了接续推进中央金融工作会议关 ...

Core Insights - Foreign public funds are increasingly optimistic about the Chinese market, as evidenced by Fidelity Fund's recent capital increase, which raised its registered capital from $1.82 billion to $2 billion, marking a nearly 10% increase [2][3][4] - Fidelity Fund has completed two capital increases in 2023 alone, reflecting a 25% growth in registered capital since the beginning of the year [3][4] - The total registered capital of Fidelity Fund has grown over five times since its establishment in May 2021, from an initial $30 million to the current $2 billion [4][5] Company Developments - Fidelity Fund has completed six rounds of capital increases since its inception, with significant increments in 2022 and 2023, including a 30% increase in July 2023 [3][4] - The fund has launched 10 products since starting its public offering in December 2022, with a total management scale of 3.571 billion yuan [4][5] - The majority of Fidelity Fund's products are bond funds, which account for over 70% of its total management scale [5] Market Context - The trend of foreign public funds increasing capital in China is indicative of a broader confidence in the potential of the Chinese market, with other foreign institutions like Morgan Stanley and Legg Mason also increasing their registered capital [6][9] - The competitive landscape for foreign public funds in China is characterized by significant scale differentiation, with leading firms like Morgan Fund and Manulife Fund holding substantial market shares [6][8] - The ongoing capital market opening in China presents both opportunities and challenges for foreign public funds, necessitating a focus on localization and understanding of local investor behavior [9]

Group 1 - Fidelity Fund has increased its registered capital from $182 million to $200 million, marking the second capital increase this year, reflecting the long-term confidence of its shareholder, Fidelity International, in the Chinese capital market [1] - The company aims to establish a strong presence in the Chinese market and provide world-class investment solutions and services to local clients [1] - As of Q3 2025, Fidelity Fund manages a diversified product matrix with 10 fund products, totaling an asset management scale of 3.571 billion RMB [1] Group 2 - Morgan Stanley Fund Management (China) has increased its registered capital from 600 million RMB to 950 million RMB, representing a 58% increase [2] - Since 2025, several small and medium-sized fund companies, including Xiangcai Fund and Hongtu Innovation, have also implemented capital increases, totaling over 2 billion RMB [2] - As of November 2025, there are 9 foreign-funded public fund companies in China, with over 533 managed products achieving positive returns, with some funds seeing net value growth rates exceeding 80% [2]

Core Insights - The number and proportion of passive index funds being launched by fund companies are significantly higher than other types of funds as the year-end approaches, indicating a strategic shift in the market [1][2] - Despite strong performance, the share of actively managed equity funds is decreasing, leading to increased net redemption pressure on existing funds [1][2] Group 1: Fund Issuance Trends - As of November 5, 2023, a total of 1,333 new funds have been launched this year, surpassing previous years and nearing the 2022 total of 1,546 [2] - Equity and mixed funds account for over 50% of the new fund issuance, with equity funds making up 37.69%, the highest since 2020 [2] - The proportion of bond funds has sharply decreased from over 65% in the past three years to 41.13%, highlighting a "strong equity, weak bond" trend [2] Group 2: Performance of Passive Index Funds - In Q3, 361 new equity funds were established, with a total scale of 203.608 billion yuan, of which 258 were index equity funds, accounting for over 70% of the total issuance [2] - The total share of actively managed equity and mixed funds decreased by 230.961 billion yuan in Q3, indicating a shift in investor preference towards passive products [2] Group 3: Strategic Focus of Fund Companies - Fund companies are increasingly focusing on passive index products, with 44 new products awaiting issuance, half of which are passive index funds [3] - These new products include enhanced versions of major indices and thematic funds in popular sectors such as technology and renewable energy [3] - Market analysts suggest that while there may be profit-taking at year-end, the dividend strategy could benefit from lower competition and better valuation compared to the technology sector [3]

Core Insights - The performance of public FOFs has significantly improved, with the top-performing FOF achieving a return of 68% this year, surpassing many actively managed equity funds [1][2] - FOFs are increasingly focusing on narrow-based industry theme funds, particularly in manufacturing, consumer, and resource sectors, to enhance their performance [1][4] Performance Highlights - The top three FOFs this year are Guotai Youxuan Lihang (68%), E Fund Advantage Return (58.33%), and Guotai Industry Rotation (57.47%), all outperforming the average return of actively managed equity funds [1][2] - The shift towards FOFs reflects a new trend in the capital market, where selecting funds rather than stocks can lead to superior performance [2] Investment Strategies - Leading FOFs are adopting strategies that emphasize industry theme funds, with a focus on ETFs and narrow-based indices such as gold, battery, and innovative pharmaceuticals [2][3] - Resource industry funds are becoming popular choices for FOFs, with managers predicting recovery opportunities in cyclical industries, particularly in the metal and financial real estate sectors [4] Future Outlook - FOF managers are adjusting their portfolios to include more defensive positions, focusing on underperforming sectors in both growth and cyclical industries [4][5] - The technology and resource sectors are expected to see increased allocations, with a particular emphasis on AI and renewable energy as key growth areas [5]

Core Viewpoint - The performance of public FOFs (Fund of Funds) has significantly improved, with some achieving returns as high as 68% this year, surpassing many actively managed equity funds and changing the perception of FOFs as conservative investment products [1][2]. Group 1: Performance and Strategy - The top three performing FOFs this year are Guotai Youxuan Lihang (68%), E Fund Advantage Return (58.33%), and Guotai Industry Rotation (57.47%), all of which have outperformed the average return of actively managed equity funds [2][3]. - FOFs are increasingly focusing on narrow-based industry theme funds, such as ETFs related to gold, batteries, and innovative pharmaceuticals, to enhance their performance [3][4]. - The shift towards selecting funds rather than individual stocks has allowed FOFs to achieve high performance, indicating a new trend in the capital market and public fund industry [2][3]. Group 2: Future Investment Directions - Resource industry funds are becoming popular choices for FOFs, with managers identifying potential recovery opportunities in cyclical industries, particularly in the metal and financial real estate sectors [4][5]. - FOF managers are also looking to increase defensive positions by focusing on the most undervalued sectors within growth and cyclical industries, suggesting that bank, resource, and photovoltaic theme funds may become core investment targets [5][6]. - The current momentum in the global AI industry and improvements in the renewable energy sector are driving FOFs to adjust their allocations, increasing exposure to technology and resource theme funds while reducing financial asset allocations [5][6].

Core Viewpoint - The public offering of Fund of Funds (FOF) has seen a surge in issuance in October, driven by strong sales channels, particularly from China Merchants Bank, which has revitalized the market after a period of decline [1][8][14]. Group 1: Recent Trends in FOF Issuance - In October, the Huatai-PineBridge Yingtai Stable 3-Month Holding (FOF) was launched with a first fundraising scale of 55.77 billion yuan, making it the highest-selling public offering product of the month [1]. - This month marks the fourth public FOF with sales exceeding 20 billion yuan, with notable products including Ping An Yingxiang Multi-Asset 6-Month Holding (28.08 billion yuan) and others [2]. - The surge in "hot" FOF products is attributed to the promotional efforts of China Merchants Bank, which has implemented the "TREE Long-term Profit Plan" to provide a one-stop asset allocation solution [3][4]. Group 2: Performance and Market Dynamics - The FOF market has experienced three development phases since its inception in September 2017, with a significant increase in the number of products but a decline in overall scale from 2022 to 2024 [9]. - As of October 27, 2023, 56 new FOFs have been established this year, totaling 561.24 billion yuan, with 17 products exceeding 10 billion yuan in issuance [10]. - The year has seen a record number of FOFs being liquidated, with 28 products cleared, primarily due to failing to meet the minimum asset threshold [10]. Group 3: Impact of Distribution Channels - The strong promotional efforts by China Merchants Bank have been pivotal in reversing the downturn in the public FOF market, enhancing awareness and acceptance among investors [8][14]. - The "TREE Long-term Profit Plan" categorizes products based on risk and return, allowing for a structured approach to asset allocation [4][5]. - The competitive landscape has intensified as various fund companies seek collaboration with China Merchants Bank, leading to a diverse range of products available for investors [6]. Group 4: Future Outlook - The reliance on distribution channels for FOF sales has raised concerns about the sustainability of this growth model, as it may lead to a focus on marketing over product quality [15]. - The potential for continued growth in the FOF sector hinges on the ability of fund companies to innovate and improve product performance while maintaining strong relationships with distribution channels [15].

Core Viewpoint - The trend of index-based allocation in public FOFs (Fund of Funds) is becoming increasingly prominent, with a significant preference for ETFs (Exchange-Traded Funds) over actively managed funds [1][4][7]. Group 1: FOF Holdings and Trends - As of October 25, 2023, many FOFs have shifted their top holdings to ETFs, with 9 out of 10 top funds in some cases being ETFs, indicating a clear trend towards index-based investment strategies [1][3]. - The report highlights that 90.73% of public FOFs are expected to allocate to ETFs by the end of 2024, with approximately 9.2% of FOF holdings being ETFs by mid-2025 [4][6]. - Notably, among the 37 FOFs that disclosed their third-quarter reports, 11 had ETFs as their largest holding, with 5 of these ETFs having a holding value exceeding 10% of the fund's net asset value [4]. Group 2: Product Innovation and Demand - In response to strong demand, new products such as multi-asset allocation FOFs and ETF-FOFs are being introduced, reflecting the evolving landscape of fund offerings [2][5]. - The emergence of multi-asset FOFs, which allow for a mix of active and passive investments, is evident, with recent launches indicating a growing trend towards diversified investment strategies [5][6]. - The ETF-FOF products are designed to allocate over 80% of their non-cash assets to ETFs, showcasing a significant shift towards passive investment strategies [5][6]. Group 3: Managerial Challenges and Opportunities - The proliferation of index funds presents both opportunities and challenges for fund managers, as they must enhance their asset allocation capabilities to navigate a more complex investment landscape [7][8]. - Fund managers are increasingly focusing on diverse asset classes, including equities, fixed income, commodities, and overseas investments, to create optimal portfolios that outperform traditional strategies [7]. - However, challenges such as market volatility and liquidity issues in certain ETFs may complicate asset rotation strategies, necessitating innovative approaches to maintain competitive advantages [8].

Core Insights - The article discusses the high-quality development activities of public funds in Beijing, emphasizing the themes of the new era, new funds, and new value [1] Group 1 - The MACD golden cross signal has formed, indicating a positive trend for certain stocks [1]

Core Insights - The performance of the Quan Guo Xu Yuan three-year holding period fund has improved significantly, allowing investors to redeem their investments after a challenging period [17][18] - The fund was established on October 18, 2022, and after three years of volatility, it has recently seen a net value increase of approximately 40% [17][19] - Investors initially had high expectations due to the fund manager's previous accolades, but the fund faced significant declines during the downturn in the new energy sector [17][19] Fund Performance - As of October 16, 2023, the fund's net value reached 1.0558 yuan, recovering from a significant drop experienced in the past years [17][19] - The fund's recovery is attributed to the manager's focus on quality companies and a consistent investment style, which has allowed it to navigate market fluctuations effectively [18][19] Investment Strategy - The investment philosophy emphasizes selecting fund managers based on their long-term sustainable investment frameworks rather than short-term trading abilities [18] - A consistent investment style focusing on high-quality enterprises is deemed more effective than frequent trading, especially during market downturns [18][19] - The ability of fund managers to adapt and evolve their strategies in response to market changes is crucial for identifying new investment opportunities [18][19] Industry Trends - The industry has seen the issuance of over 300 holding period funds from 2020 to 2024, with varying performance outcomes [19] - Many funds have struggled due to a lack of mature investment frameworks and a tendency to chase market trends, leading to prolonged underperformance [19]