Group 1 - The core viewpoint of the articles highlights the positive performance and growing acceptance of public FOF (Fund of Funds) in China, with nearly 90% of FOF products achieving positive returns since inception as of August 25, 2025 [1] - The public FOF market in China began in 2017, with 514 existing products, of which 318 were established between 2021 and 2023, indicating a significant growth in this investment category [1] - The recovery of the equity market has contributed to the improved performance of FOF products that were launched during the previous market peak [1] Group 2 - FOF funds have demonstrated lower annualized volatility compared to traditional funds, with a three-year average annualized return of 1.56% and volatility of 15.06% for equity-oriented FOFs, outperforming the corresponding mixed equity funds [2][4] - For bond-oriented FOFs, the average annualized return was 1.63% with a volatility of 4.26%, which is lower than the average volatility of bond mixed funds [4] Group 3 - As of June 30, 2025, the total market size of FOFs reached 165.67 billion yuan, reflecting a 24.43% growth since the beginning of the year, reversing a two-year trend of decline [5] - By August 2025, 39 new FOFs were launched, surpassing the total of 36 for the entire year of 2024 [5] Group 4 - The trend towards multi-asset allocation in public FOFs is evident, with a shift from traditional stock-bond combinations to more diversified asset types, including gold ETFs and various commodity funds [6] - As of August 2025, 103 public FOF products included Hong Kong market indices in their performance benchmarks, and 21 products incorporated gold [6] Group 5 - The significant excess returns of FOFs managed by Xingzheng Global are attributed to their choice of performance benchmarks, which are more challenging to outperform, such as the CSI Mixed Equity Fund Index [8][10] - All 11 FOF funds managed by Xingzheng Global have recorded maximum drawdowns lower than their respective benchmarks, with 10 funds achieving excess returns [14]

Core Viewpoint - The resurgence of public FOFs (Fund of Funds) in the A-share market is notable, with a year-to-date return exceeding 20%, attracting attention from ordinary investors seeking to capitalize on stock market gains [1] Group 1: Performance and Growth - FOFs have seen a significant turnaround in performance, with over 95% of public FOF products reporting positive returns as of August 18, with the highest return reaching 34.28%, outperforming bank wealth management and bond funds [3] - The total scale of FOFs surpassed 165.6 billion yuan in Q2, marking a 24% increase from the beginning of the year, with some new products raising as much as 6 billion yuan [3] Group 2: Market Demand and Strategy - The sudden market interest in FOFs is driven by ordinary investors' challenges in selecting from thousands of funds, with FOFs acting as "fund buyers" that reduce risk through professional allocation [5] - FOFs have shifted their investment strategy from bond funds to equity assets, significantly reducing bond fund allocation from 79.5% to 16.7% and increasing exposure to stock funds, particularly in high-growth sectors like innovative pharmaceuticals, semiconductors, and AI [5] Group 3: Global and Strategic Diversification - Leading FOFs, such as Guofu Balanced Pension Three-Year FOF, are diversifying their investments not only in A-shares but also through QDII funds into U.S. tech stocks and Hong Kong pharmaceutical stocks, mitigating single-market risks [6] - The evolution of strategies from "fixed income+" to "equity+" allows FOFs to flexibly respond to market conditions, with target risk-type FOFs dynamically adjusting stock-bond ratios to capture returns amid volatility [7] Group 4: Channel Empowerment and User Engagement - Major platforms like China Merchants Bank and Ant Wealth are promoting FOFs as key products in their retirement planning sections, showcasing multiple FOF options [4] - Ant Wealth utilizes data-driven tools to match FOF products to users based on risk assessments, recommending conservative mixed FOFs for risk-averse users and tech-themed FOFs for more aggressive investors [10] Group 5: Investment Guidance for Ordinary Investors - Ordinary investors are advised to clarify their needs before selecting FOFs, with options ranging from conservative mixed FOFs for short-term funds to technology and healthcare-themed FOFs for those willing to accept short-term volatility [11][13] - Long-term retirement planning can be facilitated through target date FOFs, which gradually reduce equity exposure as retirement approaches, balancing long-term returns with risk control [14] Group 6: Selection Criteria for FOFs - Investors should prioritize performance stability by selecting products that have been established for over three years and rank in the top 30% annually [15] - Transparency in fees is crucial, with a recommendation to avoid products with combined management and subscription fees exceeding 1% [16] - Diversification in holdings should be assessed, ensuring that no single fund constitutes more than 20% of the top ten holdings to mitigate risk [17] Group 7: Long-term Investment Strategy - A long-term investment approach is encouraged, utilizing dollar-cost averaging to smooth out volatility by investing a fixed amount monthly [18] - Ignoring short-term fluctuations is essential, as FOFs demonstrated resilience during market downturns, with top FOFs averaging a drawdown of only 8% compared to 20% for equity funds in 2022 [19]

Group 1: Overview of Public FOF Funds in Q2 2025 - As of Q2 2025, a total of 518 FOF products have been established, with a combined scale of 166.198 billion yuan, representing a 10.01% increase compared to Q1 2025 [1][6][9] - The scale of different types of FOFs in Q2 2025 is as follows: 92.091 billion yuan for bond-type FOFs, 32.454 billion yuan for balanced-type FOFs, and 41.652 billion yuan for equity-type FOFs, with median returns of 1.20%, 1.76%, and 2.62% respectively [1][6][16] Group 2: FOF Fund Manager Preferences - The most held active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Fuguo Stable Growth A, and Bodao Growth Zhihang C, with the largest holdings being Dachen Gaoxin A, Yifangda Kerong, and Yifangda Information Industry Selected C [2][23] - In the bond fund category, the most held funds are Yifangda Suifeng Tianli A, Guangfa Pure Bond A, and Yifangda Credit Bond A, with the largest holdings being Boshi Credit Preferred A, Yifangda Suifeng Tianli A, and Boshi Credit Pure Bond A [2][23] Group 3: Changes in Fund Allocations - Compared to Q1 2025, the most net increased active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Huashang Yuanjian Value C, and Qianhai Kaiyuan Gold and Silver Jewelry A, with the largest net increase in scale for Jiao Yin Technology Innovation C, Yifangda Smart Manufacturing Advantage C, and Yifangda Supply-side Reform [3][39] - In the bond fund category, the most net increased funds are Xingquan Stable A, Huatai Bairui Seasonal Red A, and Fuguo Industrial Bond A, with the largest net increase in scale for Boshi Credit Preferred A, Boshi Credit Pure Bond A, and Boshi Anyue Short Bond A [3][39] Group 4: FOF Fund Managers - The top three active equity fund managers with the most FOF allocations are Liu Xu, Fan Yan, and Xu Yan, while the top three "fixed income +" fund managers are Wang Xiaocheng, Peng Chengjun, and Zhang Ting [4][23] Group 5: FOF Stock Investment Situation - As of Q2 2025, 149 FOFs have directly invested in stocks, with the highest proportion of stock investments in balanced-type FOFs, followed by equity-type FOFs [5][6] - The top three stocks held by FOFs are Ningde Times, Changjiang Electric Power, and Zijin Mining, with the highest market value held in Ningde Times, Haomai Technology, and Wuliangye [5][6]

- The total number of FOF products established in the market by the end of Q2 2025 reached 518, with a combined scale of 1661.98 billion RMB, marking a 10.01% increase compared to Q1 2025[2][12][71] - FOFs are categorized into three types based on their equity asset penetration ratio: debt-oriented FOFs (less than 30%), balanced FOFs (30%-60%), and equity-oriented FOFs (greater than 60%)[13][71] - The scale of debt-oriented FOFs in Q2 2025 was 920.91 billion RMB, accounting for 55.41% of the total, followed by equity-oriented FOFs at 416.52 billion RMB and balanced FOFs at 324.54 billion RMB[13][71] - The median returns for Q2 2025 were 1.20% for debt-oriented FOFs, 1.76% for balanced FOFs, and 2.62% for equity-oriented FOFs[2][24][71] - The equity penetration ratio of FOFs is calculated using the formula: $W=\sum_{i}Fund_{i}\times Fund_{-}Stock_{i}+Stock$ where $Fund_{i}$ represents the scale of fund i as a proportion of net value, $Fund_{-}Stock_{i}$ represents the stock investment value of fund i as a proportion of its net value, and $Stock$ represents the direct stock investment value of the FOF as a proportion of net value[12] - The top three actively managed equity funds most heavily allocated by FOFs in Q2 2025 were Dachen Gaoxin A, Fuguo Wenjian Growth A, and Bodao Growth Zhihang C, with Dachen Gaoxin A being the largest in terms of scale at 3.88 billion RMB[32][33][34] - The top three passive index equity funds most heavily allocated by FOFs were Huaxia Hang Seng Technology ETF, Fuguo China Internet ETF, and Huaxia Hang Seng ETF, with Huaxia Hang Seng ETF having the largest scale at 8.35 billion RMB[36][38] - The top three enhanced index funds most heavily allocated by FOFs were Zhaoshang CSI 300 Enhanced C, Zhaoshang CSI 1000 Enhanced A, and Huitianfu CSI 300 Enhanced A, with Huitianfu CSI 300 Enhanced A having the largest scale at 0.98 billion RMB[37][39] - The top three bond funds most heavily allocated by FOFs were Yifangda Suifeng Tianli A, Guangfa Pure Bond A, and Yifangda Credit Bond A, with Boshi Credit Preferred A having the largest scale at 11.26 billion RMB[40][41] - The top three "fixed income+" funds most heavily allocated by FOFs were Huatai Baoxing Zunhe A, Anxin Target Income A, and Xibulide Huixiang A, with Yifangda Yuxiang Huibao A having the largest scale at 6.36 billion RMB[42][46] - The formula for estimating the net increase in FOF holdings of a fund is: $\Delta N=\sum_{i}I_{i}$ where $I_{i}=1$ if the investment share increased, $I_{i}=-1$ if it decreased, and $I_{i}=0$ if unchanged[44][45] - The formula for estimating the net increase in FOF investment scale in a fund is: $\Delta MV=\sum_{i}\Delta uv\times\Delta Share_{i}$ where $\Delta uv$ represents the average daily net value of the fund during the period, and $\Delta Share_{i}$ represents the change in investment shares[45] - The top three actively managed equity funds with the highest estimated net increase in FOF holdings in Q2 2025 were Dachen Gaoxin A, Huashang Yuanjian Value C, and Qianhai Kaiyuan Gold and Jewelry A[43][47] - The top three bond funds with the highest estimated net increase in FOF holdings in Q2 2025 were Xingquan Wentai A, Huatai Baorui Jiji Red A, and Fuguo Industry Bond A[48][50] - The top three actively managed equity fund managers most allocated by FOFs in Q2 2025 were Liu Xu (Dachen Fund), Fan Yan (Fuguo Fund), and Xu Yan (Dachen Fund)[51][54] - The top three "fixed income+" fund managers most allocated by FOFs in Q2 2025 were Wang Xiaochen (Yifangda Fund), Peng Chengjun (Jingshun Changcheng Fund), and Zhang Ting (Huatai Baoxing Fund)[53][55] - A total of 149 FOFs directly invested in stocks by Q2 2025, with balanced FOFs having the highest proportion of stock investments at 32.26%, followed by equity-oriented FOFs at 30.46%[59][61] - The top three stocks most heavily allocated by FOFs in Q2 2025 were Ningde Times, Changjiang Electric Power, and Zijin Mining, with Ningde Times having the largest scale at 0.98 billion RMB[62][66]

报 告 摘 要 一、公募FOF基金2025年一季度概览 截至 2025Q1 ，全市场已成立 FOF 产品数量 512 只，合计规模为 1510.79 亿 元，相比 2024Q4 增加 13.47% 。根据穿透后权益资产占比将 FOF 划分为偏 债型 FOF 、平衡型 FOF 和偏股型 FOF ， 2025Q1 规模分别为 766.59 亿 元、 326.02 亿元、 418.18 亿元， 2025 年一季度收益中位数分别为 0.44% 、 1.57% 、 2.64% 。 二、 2025年一季报中FOF配置最多的基金 为了能更好地观察 FOF 基金经理的投资偏好，本文就市场关注度较高的几类基 金分别统计了 FOF 重仓数量最多和重仓规模最大的基金。 在主动权益基金中，重仓该基金的 FOF 数量最多的三只基金是 大成高鑫 A 、富 国稳健增长 A 、华夏创新前沿 ；重仓规模最大的三只基金是 华夏创新前沿、大 成高鑫 A 、易方达信息行业精选 C 。 在债券型基金中，重仓该基金的 FOF 数量最多的三只基金是 广发纯债 A 、易方 达安悦超短债 A 、富国纯债 AB ；重仓规模最大的三只基金是 易方达安悦超短 债 ...

文 | 银行螺丝钉 （转载请注明出处） 产的牛熊市周期就更长了，平均15-20年 一轮。 成为日股最大的净买入方，也是最大的日 本指数基金投资方。 在坚持投资了十几年之后，日本央行也坚 特到了日股上涨,获利颇丰。 FJ | 川八丁目 | 阿拉 | 阿伯 | 阿拉 | 阿拉 | 这些机构的特点，是资金量非常庞大，甚 至自己就可以成为影响市场的主力。 那么，有哪些投资者，有希望成为耐心资 本呢? （1） 国家队 例如2024年1月市场下跌,当时中央汇金 为首的、俗称"国家队"的机构，在短短 几个月里，买入数千亿的沪深300等指数 基金，对稳定市场起到了巨大的作用。 类似的，还有日本央行。 从2012年开始，每年定投买入几千亿日元 的日股指数基金。 ·养老金需要支付每年的养老费用; •保险机构每年需要做理赔; 投资周期通常也比较长。 ·高校捐赠基金需要支付高校的科研费用。 所以这类机构比较喜欢长期持有有定期现 金流的资产。 并且喜欢通过指数基金等方式，来分散配 置股票资产。 (2) 养老金、保险机构、高校捐赠基金 这类机构的特点，是有比较长期的资金, 以及每年定期的现金流支出。 例如有利息的债券、高分红的红利股、有 ...