Core Viewpoint - The FOF (Fund of Funds) market has seen significant growth in 2023, with issuance surpassing 80 billion yuan, exceeding the total issuance of the previous three years combined [1][2]. Group 1: FOF Issuance Growth - As of December 12, 2023, 78 FOFs have been established this year, with a total issuance of 800.36 billion yuan, compared to only over 100 billion yuan from 35 FOFs in 2024 [2]. - The issuance scale in 2023 has already surpassed the combined total from 2022 to 2024 [2]. - Several FOFs have emerged as "blockbuster" products, with multiple FOFs exceeding 5 billion yuan in issuance, including the Dongfanghong Yingfeng Stable Allocation FOF at 65.73 billion yuan and the Fuguo Yinghe Zhenxuan FOF at 60.01 billion yuan [2]. Group 2: Performance and Strategy - The increase in FOF popularity is attributed to their multi-asset allocation strategies, which have led to stable net asset values and attracted significant capital inflows [3]. - Major banks are increasingly focusing on FOF products, collaborating with fund companies to create FOF selection pools, such as the TREE Changying Plan by China Merchants Bank, which emphasizes clear return and drawdown targets [3]. - Analysts note that the decline in interest rates has increased market acceptance of multi-asset allocation strategies, driving demand for FOFs [3]. Group 3: New Product Launches - New FOF products continue to be reported, with 10 new FOFs submitted in December 2023, featuring keywords like "multi-asset" and "stable" [4]. - The multi-asset allocation approach of FOFs is reflected in their performance benchmarks, which often include various asset classes [4]. - FOFs are seen as a new type of low-volatility "fixed income plus" product, appealing to investors amid the current volatile market conditions [4]. Group 4: Index Funds as Underlying Assets - Some FOFs are choosing index funds as their underlying assets, which offer transparency, flexibility, and risk diversification [5]. - However, industry-themed index funds may expose investors to high volatility risks due to reliance on single-factor exposure [5]. - FOFs provide dual advantages of diversified investment and asset allocation, potentially smoothing net asset value fluctuations and improving investor experience [5].

Core Viewpoint - The FOF (Fund of Funds) market has seen significant growth in 2023, with issuance surpassing 80 billion yuan, indicating a strong preference for multi-asset allocation strategies among investors [2][3]. Group 1: FOF Market Growth - As of December 12, 2023, 78 FOFs have been established this year, with a total issuance of 800.36 billion yuan, exceeding the combined issuance from 2022 to 2024 [3]. - Notable FOFs have emerged, with several exceeding 5 billion yuan in issuance, including Dongfanghong Yingfeng and Fuguo Yinghe, which raised 65.73 billion yuan and 60.01 billion yuan respectively [3][4]. - The rapid growth of FOFs is attributed to their multi-asset allocation strategies, which have attracted significant capital inflows due to stable net asset values [4]. Group 2: Investment Strategies and Trends - The increasing popularity of FOFs is linked to a decline in interest rates and a growing acceptance of multi-asset allocation strategies, which aim to achieve "fixed income plus" returns [4]. - The TREE Changying Plan by China Merchants Bank emphasizes products with clear return and drawdown targets, reflecting a shift towards more structured investment approaches [4]. - New FOF products continue to be reported, with a focus on keywords like "multi-asset" and "stable," indicating a trend towards diversified investment strategies [5]. Group 3: Performance and Investor Sentiment - FOFs are seen as a viable alternative to traditional bank wealth management products and pure bond funds, offering dual advantages of diversified investment and asset allocation [6]. - The use of index funds as underlying assets in some FOFs provides transparency and flexibility, although there are concerns about high volatility associated with single-factor exposure in thematic index funds [6]. - The multi-asset allocation approach of FOFs has gained traction among investors, particularly in the context of fluctuating stock and bond markets, enhancing the appeal of these products [5][6].

Core Viewpoint - The increasing market volatility and structural trends highlight the appeal of asset allocation, with a growing interest in Fund of Funds (FOF) characterized by diversified asset allocation, professional fund selection, and risk dispersion [1][17]. Fund Details - The Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF) managed by renowned fund manager Sun Zhiyuan was officially launched on November 17 and will close its fundraising on December 5 [1][17]. - The fund employs a major asset allocation strategy to determine specific allocation ratios for equity, fixed income, money market, and other types of funds, with a performance benchmark set as "CSI 800 Index return * 9% + China Bond Composite Total Return Index * 80% + CSI Hong Kong Stock Connect Composite Index (RMB) return * 3% + Shanghai Gold Exchange Au99.99 spot contract return * 3% + bank RMB demand deposit rate (after tax) * 5%" [3][19]. Investment Strategy - The fund's equity asset allocation is set between 5%-30%, allowing investment in Hong Kong Stock Connect stocks (up to 50% of equity assets) and commodity funds (up to 10% of total fund assets) [3][19]. - The multi-asset allocation model of "equity + fixed income + commodities + cross-border" is considered a quality choice to address the increasingly complex market environment and asset performance differentiation [5][21]. Fund Manager Profile - Sun Zhiyuan, the proposed fund manager, has over 13 years of experience in the securities industry, with 6.7 years in securities investment and 6.9 years in securities research and fund analysis [7][23]. - Under his management, the Huashang Anyuan Steady Progress One-Year Holding Mixed Fund (FOF) achieved the top ranking in its category for C-class shares and second for A-class shares over the past year [7][23]. Investment Philosophy - Sun Zhiyuan adheres to a "steady counterattack" investment philosophy, utilizing mid-term market trend models to identify asset rotation and aiming to capture mid-term trends [9][25]. - The fund management system emphasizes absolute return strategies, focusing on drawdown control and enhancing investor holding experience, while also leveraging multi-strategy combinations to capture calendar effects and improve FOF product returns [9][25]. Company Background - Huashang Fund, established for twenty years, emphasizes active management and in-depth research to provide solid investment research support for its products [11][27]. - As of the end of Q3 2025, Huashang Fund received multiple 5A ratings from Tianxiang Investment Consulting, showcasing its strong research capabilities in both equity and fixed income funds [11][27].

Core Viewpoint - The increasing market volatility and structural trends highlight the appeal of asset allocation, with a growing interest in Fund of Funds (FOF) characterized by diversified asset allocation, professional fund selection, and risk dispersion [1][14]. Group 1: Fund Details - The Huashang HuiXiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF) managed by renowned fund manager Sun Zhiyuan was officially launched on November 17 and will close its fundraising on December 5 [1][14]. - The fund employs a major asset allocation strategy to determine the specific allocation ratios for equity, fixed income, money market, and other types of funds, with a performance benchmark set as a combination of various indices and rates [2][15]. - The equity asset allocation for the fund is set between 5% and 30%, allowing investment in Hong Kong Stock Connect stocks (up to 50% of equity assets) and up to 10% in commodity funds [2][15]. Group 2: Investment Strategy - The multi-asset allocation model of "equity + fixed income + commodities + cross-border" is seen as a quality choice to address the increasingly complex market environment and asset performance differentiation [4][17]. - Sun Zhiyuan, the fund manager, adheres to a "steady defense" investment philosophy, utilizing mid-term market trend models to capture asset rotation and enhance investor experience through absolute return strategies [8][21]. Group 3: Company Background - Huashang Fund, established for twenty years, emphasizes active management and in-depth research to provide solid investment support for its products [9][22]. - As of the end of Q3 2025, Huashang Fund has received multiple 5A ratings from Tianxiang Investment Consulting, showcasing its strong research capabilities in both equity and fixed income funds [9][22]. - The company aims to continuously capture market opportunities while effectively controlling portfolio volatility to enhance the holding experience for investors [9][22].

Core Viewpoint - The article highlights the advantages of Fund of Funds (FOF) in addressing common challenges faced by ordinary investors, such as difficulty in selecting funds and holding them long-term. The newly launched "Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF)" aims to provide a solution through professional fund selection and risk diversification [1][6]. Group 1: Fund Overview - The "Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF)" is being issued by Huashang Fund, a well-established public fund company with nearly 20 years of experience [1][12]. - The fund will be managed by Sun Zhiyuan, who is recognized for his strong research and investment capabilities, aiming for long-term stable returns for investors [1][3][12]. - The fund's asset allocation strategy includes 5%-30% in equity assets, with the possibility of investing up to 50% in Hong Kong Stock Connect stocks and a maximum of 10% in commodity funds [7][8]. Group 2: Investment Philosophy - Sun Zhiyuan's investment philosophy focuses on providing a good investment experience, even for investors entering at the worst market timing, by combining absolute and relative returns [5][12]. - The fund emphasizes a minimum holding period of three months to encourage long-term investment habits and avoid irrational decisions due to short-term market fluctuations [8][12]. Group 3: Performance and Ratings - Sun Zhiyuan's management of the "Huashang Anyuan Steady Progress One-Year Holding Mixed Fund (FOF)" has achieved notable rankings, with the A-class share ranking second and the C-class share ranking first in its category over the past year [5][13]. - Huashang Fund has received multiple top ratings, including a 5A rating from Tianxiang Investment Advisors for its three-year comprehensive management and performance in both equity and fixed-income categories [12][15].

Core Viewpoint - The article highlights the advantages of Fund of Funds (FOF) in addressing common challenges faced by ordinary investors, such as difficulty in selecting funds and holding them long-term. The newly launched "Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF)" aims to leverage these advantages to provide stable returns for investors [1]. Group 1: Fund Overview - The "Huashang Huixiang Multi-Asset Allocation 3-Month Holding Mixed Fund (FOF)" is being issued by Huashang Fund, a well-established public fund company with nearly 20 years of experience [1]. - The fund will be managed by Sun Zhiyuan, a seasoned fund manager known for his strong research and investment capabilities [1][3]. - The fund's asset allocation strategy includes equity, fixed income, money market, and other types of funds, with equity allocation set between 5%-30% [6]. Group 2: Manager Profile - Sun Zhiyuan has 13.6 years of experience in the securities industry, with a focus on fund analysis and FOF/MOM investment management [3]. - He emphasizes a "steady counterattack" investment philosophy, aiming for absolute and relative returns while ensuring a good investment experience for clients [4]. Group 3: Performance Metrics - Data from Galaxy Securities indicates that the fund managed by Sun Zhiyuan, "Huashang Anyuan Steady Progress One-Year Holding Mixed Fund (FOF)," ranks second in its category for A-class shares and first for C-class shares over the past year [5]. Group 4: Investment Philosophy - The fund is designed to encourage a long-term investment perspective by setting a minimum holding period of three months, helping investors avoid irrational decisions due to short-term market fluctuations [6][10]. - Huashang Fund's strong research capabilities and active management approach are highlighted as key strengths that support the fund's investment strategy [9].

Core Insights - The long-term performance of FOF products managed by Sun Zhiyuan from Huashang Fund has significantly outperformed benchmarks, demonstrating the effectiveness and sustainability of his "steady counterattack" investment strategy [1][4]. Performance Summary - Sun Zhiyuan's FOF products have shown remarkable results, with the Huashang Anyuan Stable One-Year Holding Mixed (FOF) A achieving a net value growth rate of 13.16% and C shares at 12.72%, both surpassing the benchmark of 6.19% [2][3]. - In the same category, Huashang Anyuan Stable One-Year Holding Mixed (FOF) A ranked second among 69 similar funds, while C shares ranked first among 64 similar funds [3]. - For long-term value-focused pension target funds, the Huashang Jiayue Balanced Pension Target Three-Year Holding Mixed (FOF) A recorded a net value growth rate of 20.94%, exceeding the benchmark of 17.87% [2][3]. - The Huashang Jiayi Pension Target 2040 Three-Year Holding Mixed (FOF) A achieved a growth rate of 21.50%, compared to a benchmark of 15.65%, indicating significant excess returns [2][3]. - The Huashang Jiayue Stable Pension Target One-Year Holding Mixed (FOF) A also delivered a solid return of 11.87%, outperforming the benchmark of 11.73% [2][3]. Investment Methodology - The strong performance is attributed to a mature investment research system and a robust platform, with Sun Zhiyuan employing a clear investment methodology that includes mid-term market trend models and a three-dimensional evaluation system for fund managers [4]. - The investment strategy focuses on absolute return FOF management, utilizing three major absolute return sub-strategies and emphasizing drawdown control to enhance investor experience [4]. - Huashang Fund, with nearly 20 years of experience, has consistently maintained a proactive management approach and deep research capabilities, achieving a 5A rating from Tianxiang Investment Advisors for three-year comprehensive fund management [4]. Upcoming Fund Launch - A new fund, Huashang Huixiang Multi-Asset Allocation Three-Month Holding Mixed (FOF), managed by Sun Zhiyuan, is set to be launched on November 17, 2025, aiming to provide long-term stable returns for investors [5].

Core Insights - The long-term performance of investment products managed by Sun Zhiyuan at Huashang Fund has significantly outperformed benchmarks, demonstrating the effectiveness of his "steady counterattack" investment strategy [1][2][4] Performance Summary - Huashang Anyuan Stable One-Year Holding Mixed (FOF) A achieved a net value growth rate of 13.16% over the past year, surpassing the benchmark of 6.19%, ranking second among peers [2][3] - Huashang Anyuan Stable One-Year Holding Mixed (FOF) C recorded a net value growth rate of 12.72%, also exceeding the benchmark, and ranked first among its category [2][3] - Huashang Jiayue Balanced Pension Target Three-Year Holding Mixed (FOF) A achieved a net value growth rate of 20.94% over three years, outperforming the benchmark of 17.87% [2][3] - Huashang Jiayi Pension Target 2040 Three-Year Holding Mixed (FOF) A reached a growth rate of 21.50%, significantly higher than the benchmark of 15.65% [2][3] Investment Strategy - Sun Zhiyuan's investment methodology includes a mid-term market trend model to identify asset rotation, a three-dimensional evaluation system for fund managers, and a focus on absolute return strategies to enhance FOF product returns [4][5] - Huashang Fund has a robust research and investment platform, achieving a 5A rating from Tianxiang Investment Advisors for its three-year comprehensive fund management performance [4][9] Upcoming Fund Launch - The Huashang Huixiang Multi-Asset Three-Month Holding Mixed (FOF) is set to launch on November 17, 2025, aiming to provide long-term stable returns based on Huashang Fund's investment capabilities [5][6]

Core Viewpoint - The long-term performance of FOF products managed by Sun Zhiyuan from Huashang Fund demonstrates strong investment capabilities, with several products significantly outperforming their benchmarks as of September 30, 2025 [1][2]. Performance Summary - Sun Zhiyuan's FOF products have shown impressive results, with the Huashang Anyuan Stable One-Year Holding Mixed (FOF) A class achieving a net value growth rate of 13.16% and C class at 12.72%, both surpassing the benchmark of 6.19% [2][3]. - In the same timeframe, the Huashang Jiayue Balanced Pension Target Three-Year Holding Mixed (FOF) A class recorded a growth rate of 20.94%, exceeding the benchmark of 17.87% [2][3]. - The Huashang Jiayi Pension Target 2040 Three-Year Holding Mixed (FOF) A class achieved a growth rate of 21.50%, significantly higher than the benchmark of 15.65% [2][3]. Investment Strategy and Support - The strong performance is attributed to a mature investment research system and a robust platform, with Sun Zhiyuan employing a clear investment methodology that includes market trend models and a three-dimensional evaluation system for fund managers [4]. - Huashang Fund has received a 5A rating from Tianxiang Investment Advisors for its comprehensive three-year performance, indicating strong management capabilities [4][9]. Upcoming Fund Launch - The Huashang Huixiang Multi-Asset Three-Month Holding Mixed (FOF), managed by Sun Zhiyuan, is set to launch on November 17, 2025, aiming to provide long-term stable returns [5][6].