《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 ...

Group 1 - A-share market has attracted significant capital attention, with over 95% of public FOF products achieving positive annual returns, marking the best performance in the last five years [1][2] - The recent strong performance of A-shares, with a weekly increase of 1.70%, has led to high success rates for public FOF investments, with all stock-type FOFs recording positive returns [2][3] - The best-performing FOF products this year include Guotai Preferred Navigation, Guotai Industry Rotation, and ICBC Smart Progress, with annual returns of 34.28%, 31.27%, and 28.92% respectively [2] Group 2 - The expectation of overseas interest rate cuts is boosting risk appetite among investors, contributing to the upward trend in A-shares [3][4] - The A-share market has shown strong performance across various sectors, with 22 out of 31 primary industries experiencing gains, particularly in the communication and electronics sectors [3] - The current market environment is characterized as a non-typical bull market under weak economic recovery, with low-risk returns and rising risk preferences, despite no significant improvement in corporate earnings [4]

上周（8月4日-8月10日），公募FOF市场迎来一场罕见的"满堂红"——所有产品均实现正收益，国泰优 选领航一年持有、前海开源裕源、国泰行业轮动等部分基金单周涨幅更超过4%。这在前一周市场调整 导致众多权益类FOF显著回撤的背景下，实属罕见。 | | 上周FOF涨幅榜TOP10 | | | --- | --- | --- | | 证券代码 | 证券简称 | 上周周内回报 | | | | [单位] % | | 013279.OF | 国泰优选领航一年持有 | 5.18 | | 005809.OF | 前海开源裕源 | 4.40 | | 501220.OF | 国泰行业轮动A | 4.25 | | 007231.OF | 国泰民安养老2040三年A | 3.05 | | 018674.OF | 渤海汇金优选讲取6个月持有A | 2.75 | | 013793.OF | 富国智浦精选12个月持有A | 2.68 | | 015326.OF | 交银慧选睿信一年持有A | 2.58 | | 019247.OF | 鹏华易洗积极3个月特有A | 2.39 | | 018302.OF | 华夏聚盈优选三个月持有A | 2 ...

Core Viewpoint - The FOF market has experienced a strong issuance wave since 2025, with a cumulative scale of 23 billion yuan as of May 14, representing a growth of over 400% compared to the same period last year. The mixed bond FOF has emerged as the dominant product type, appealing to investors seeking stable returns in volatile markets [1][2]. Group 1: FOF Market Performance - As of May 14, 2025, the newly established FOFs have reached a cumulative scale of 23 billion yuan, significantly surpassing the 4.5 billion yuan from the same period in 2024. The largest single FOF product raised 6 billion yuan, with an average issuance size of 1.1 billion yuan, indicating strong investor interest [2]. - The mixed bond FOF has become the absolute mainstay of the 2025 FOF issuance, with a total of 9.2 billion units issued in Q1 and 8.9 billion units in Q2, accounting for 49% of the total FOF stock [2]. Group 2: Investment Strategies and Market Outlook - FOF fund managers are optimistic about fixed income market opportunities in Q2 2025, anticipating potential policy easing such as reserve requirement ratio cuts and interest rate reductions, which could enhance market liquidity and create favorable conditions for fixed income assets [3]. - The overall performance of FOFs has been stable, with over 80% recording positive returns in 2025. The mixed bond FOFs have shown strong performance, with notable returns from specific funds such as Qianhai Kaiyuan Yuyuan at 8.17% and Zhongtai Tianze at 5.67% [4]. Group 3: Asset Allocation Trends - There has been a significant increase in allocations towards technology-themed active equity funds, gold ETFs, and Hong Kong Stock Connect technology ETFs among FOF products, reflecting a refined asset allocation strategy in response to structural market conditions [5][6]. - Gold is recognized for its benefits during interest rate cuts, its safe-haven properties, and low correlation with traditional assets, while the technology sector is seen as a key driver of portfolio returns due to its growth potential and innovative characteristics [6].