请务必阅读正文后免责条款 证券研究报告 投顾组合调仓频率抬升，黄金和有色金属ETF 受青睐 ——2025年12月基金投顾投端跟踪报告 证券分析师 | 郭子睿 | 投资咨询资格编号：S1060520070003 | | --- | --- | | 任书康 | 投资咨询资格编号：S1060525050001 | | 陈 瑶 | 投资咨询资格编号：S1060524120003 | | 研究助理 | | | 胡心怡 | 一般从业资格编号：S1060124030069 | 2026年1月15日 高 越 一般从业资格编号：S1060124070014 报告摘要 2 基金投顾组合总体情况：1）截至2025年12月末，上线天天基金APP的基金投顾组合共476只，相比上月末增加7只组合；其中，新增股债中枢型 组合中平衡型3只、进取型1只、稳健型1只以及赛道型中科技主题组合1只、红利主题组合1只。2）截至2025年12月末，股债中枢型、赛道型、 区域型投顾组合分别为417只、38只和21只。 投顾组合业绩表现跟踪： 1）股债中枢型： 过去一年，进取型组合的收益率中位数跑赢同类型FOF产品，平衡型、稳健型组合的收益率中位数跑 输同 ...

Core Viewpoint - The trend of diversified asset allocation in public funds is becoming significant, with new investment options expanding beyond A-shares and domestic bonds to include Hong Kong stocks, commodity futures, public REITs, and overseas market products [1][2][5] Group 1: Expansion of FOF Investment Boundaries - Public funds are increasingly diversifying their asset allocation, moving away from a focus on A-shares and domestic bonds to include a wider range of options such as Hong Kong stocks, commodity futures, public REITs, and overseas products [2][3] - In 2023, 82 new FOF products were established, with over 40% incorporating gold indices as performance benchmarks, and 12 FOFs using mainstream overseas indices [2][3] - The proportion of alternative investment funds within FOF assets reached a historical high of 2.75%, indicating a strong trend towards diversified asset allocation [2][3] Group 2: Popularity of Gold and Overseas Assets - Gold has become a prominent choice in FOFs, with 34 out of 82 new FOFs this year using gold indices as benchmarks, reflecting a significant increase in interest [2][3] - FOFs are increasingly using overseas indices such as the MSCI World Index and S&P 500 as benchmarks, with 12 products adopting these indices [3][4] - Public REITs are emerging as a popular choice for FOFs, with several funds modifying contracts to include them in their investment scope [3][4] Group 3: Market Demand for Diversified Allocation - The demand for diversified asset allocation has intensified, with investors prioritizing absolute returns over short-term high yields due to increased market volatility [5][6] - In 2023, the new fundraising scale for FOFs exceeded 800 billion yuan, with significant contributions from several high-performing products [6][7] - The overall market size of FOFs is projected to surpass 2000 billion yuan, potentially setting a new record [6][7] Group 4: Changes in FOF Investment Logic - The investment logic of FOFs has shifted from merely selecting star fund managers to focusing on achieving investment goals through diversified asset allocation [8][9] - Many public funds are emphasizing diversified asset allocation as a core focus, with teams restructuring to enhance their investment research systems [9]

Core Insights - The trend of diversified asset allocation in public funds is becoming significant, with new products expanding their investment boundaries beyond A-shares and domestic bonds to include Hong Kong stocks, commodity futures, public REITs, and overseas market products [1][2][5] Group 1: FOF Product Development - In 2023, 82 new FOF products were launched, with over 40% incorporating gold indices as performance benchmarks, and 12 products based on mainstream overseas indices [2][6] - The proportion of alternative investment funds within FOF assets reached a historical high of 2.75%, indicating a shift towards diversified asset allocation [2][4] - The total scale of FOF products is expected to exceed 200 billion yuan, potentially breaking the previous record of 222.3 billion yuan set in 2022 [6] Group 2: Market Demand for Diversification - There is a growing demand for diversified asset allocation among investors, with over 90% prioritizing maintaining a diversified portfolio over short-term returns [7][8] - The recent market environment, characterized by increased volatility in equity markets and poor bond performance, has heightened the urgency for diversified investment strategies [4][8] Group 3: Changes in FOF Investment Strategy - FOFs are evolving from being seen as "professional buyers" focused on selecting star fund managers to becoming core vehicles for diversified asset allocation [8][9] - Many public funds are now emphasizing multi-asset strategies, with teams restructuring to focus on diversified asset research and solutions [9]

Core Insights - The scale of Fund of Funds (FOF) is expected to set a new historical record, with significant growth in multi-asset allocation trends among public funds [1][7][17] - The investment boundaries for FOFs are expanding beyond A-shares and bonds to include Hong Kong stocks, commodity futures, public REITs, and overseas market products [2][12][13] Expansion of Investment Boundaries - Public funds are increasingly diversifying their asset allocation, with 82 newly established FOFs this year, over 40% of which have included gold indices as performance benchmarks [2][13] - The proportion of alternative investment funds within FOF assets has reached a historical high of 2.75% [2][13] - Among the 541 existing FOF products, only 47 have gold indices as benchmarks, indicating a significant trend towards gold in new FOFs [2][13] Overseas Asset Allocation - FOFs are utilizing benchmarks such as the MSCI World Index, MSCI Developed Markets Index, and S&P 500, with 12 products adopting these benchmarks [3][14] - Public REITs are emerging as a popular choice for FOFs, with several products beginning to include them in their investment scope [3][14] Demand for Multi-Asset Allocation - The demand for multi-asset allocation has intensified, with investors prioritizing stable absolute returns over short-term high yields [5][16][18] - A significant portion of new FOF products explicitly indicates "allocation" in their names, reflecting the growing focus on multi-asset strategies [7][17] Strategic Focus on Multi-Asset Allocation - The integration of multi-asset strategies is seen as a way to reduce the impact of single asset volatility on overall FOF returns, enhancing risk resilience and broadening revenue sources [9][19][20] - Major public funds are restructuring their teams to focus on multi-asset investment strategies, indicating a shift in industry focus [19][20]

Core Viewpoint - The FOF (Fund of Funds) market is expected to reach a historical record in scale, driven by a significant trend towards diversified asset allocation in public funds, expanding beyond traditional A-shares and bonds to include options like Hong Kong stocks, commodity futures, public REITs, and overseas market products [1][7]. Group 1: Expansion of FOF Investment Boundaries - The asset allocation of public funds has shifted from a focus on A-shares and domestic bonds to include a variety of new options such as Hong Kong stocks, commodity futures, public REITs, and overseas market products [2][3]. - In 2023, 82 new FOF products were launched, with over 40% incorporating gold indices as performance benchmarks, and 12 FOFs using mainstream overseas indices [2][3]. - The proportion of alternative investment funds within FOF assets has reached a historical high of 2.75% [2]. Group 2: Performance and Market Dynamics - After a period of stagnation due to poor performance, FOFs have seen a resurgence, with 13 products raising over 1 billion yuan in the fourth quarter alone, indicating a strong market demand for diversified asset allocation [1][7]. - The total fundraising for new FOFs has exceeded 80 billion yuan this year, with a significant portion occurring in the fourth quarter, suggesting a potential market size exceeding 200 billion yuan, surpassing the previous record of 222.3 billion yuan [7]. Group 3: Strategic Shifts in FOF Management - The investment logic of FOF products has evolved, focusing on diversified asset allocation to mitigate risks associated with single asset volatility, thereby enhancing product resilience and broadening income sources [9][10]. - FOF managers are increasingly prioritizing asset allocation strategies over merely selecting fund managers, reflecting a shift in the industry’s approach to FOF management [9][10]. - Many public funds are now emphasizing multi-asset strategies as a core focus, with teams dedicated to developing comprehensive multi-asset investment solutions [10].

Group 1: FOF Fund Scale and Issuance - As of the end of Q3 2025, the total number of FOF funds reached 518, an increase of 1 from the previous quarter, with a total scale of 1934.9 billion, up 16.8% from the previous quarter [5][8] - In Q3 2025, a total of 19 FOF funds were issued, with an issuance scale of 65.32 billion, a decrease of 64.9% compared to the previous quarter [10] Group 2: FOF Fund Performance - In Q3 2025, 99% of FOF funds achieved positive returns, with equity-oriented FOFs performing particularly well [12] - The median returns for equity, balanced, and debt-oriented FOFs were 2.99%, 12.18%, and 20.98%, respectively [12][13] Group 3: FOF Holdings Analysis - FOF managers favored technology-themed funds, with the top three actively managed equity funds being Caixin Asset Management Digital Economy, Boda Growth Smart Navigation, and E Fund Growth Power [19][20] - The top three passive equity funds favored by FOF managers were GF National Index New Energy Vehicle Battery ETF, Penghua CSI Subdivision Chemical Industry Theme ETF, and Huashang Growth 50 ETF [26][29] - For fixed income plus funds, the most favored were Invesco Great Wall Jingyi Fengli, Yongying Stable Enhancement, and Invesco Great Wall Jingsheng Dual Income [33]

文 ｜ 闻天 王亦琛 唐栋国 赵文荣 何旺岚 郭佳昕 张子辰 2 0 2 5年一季度公募"固收+"基金规模回升至1 . 6 1万亿元。从发行情况来看，"固收+"基金平均募集 规模亦有回暖，其中混合债券型二级基金平均募集规模由1 5 . 2 2亿元上升至2 0 . 6 4亿元。配置方 面，"固收+"基金股票仓位无明显变化，转债仓位稍有下降，二级债基与偏债混合型基金均大幅加 仓有色行业。公募固收与混合类FOF开始转向发挥FOF投资的优势，利用商品基金、QDII基金、 长久期债券ETF等工具构建多资产配置策略。 ▍ 行业格局及发展：公募固收产品总规模小幅回落，"固收+"基金规模回升。 一季度公募固收类基金管理规模与管理份额分别为1 0 . 3 7万亿元和9 . 2 7万亿份，相较2 0 2 4年末规 模小幅回落。其中，主动纯债型基金总规模约为7 . 5 2万亿元，相较2 0 2 4年末减少5 5 6 0亿元，环 比下滑6 . 8 8%。"固收+"基金管理总规模为1 . 6 1万亿元，相较2 0 2 4年末增加1 5 1 4亿元。从细分品 类上看，混合债券型二级基金、混合债券型一级基金（固收+）和可转换债券型基金规模 ...