Core Viewpoint - The article highlights the investment preferences of Fund of Funds (FOF) in the second quarter of 2023, indicating a strong preference for bond funds, while also noting significant interest in ETFs, actively managed equity funds, and QDII funds as the capital market recovers [1][2]. Summary by Sections FOF Investment Preferences - In the second quarter, bond funds remained the primary focus for FOFs, with the highest market value held in the Hai Fu Tong Zhong Zheng Short Bond ETF, exceeding 1.643 billion yuan [3][4]. - The top three bond funds held by FOFs include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan, with a year-to-date increase of 1.03% - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan, with a year-to-date increase of 0.47% - Bo Shi Credit Preferred E: 1.016 billion yuan, with a year-to-date increase of 1.07% [4][5]. Active Equity Funds - The article notes that among the top 30 actively managed equity funds held by FOFs, 21 funds achieved returns exceeding 20% in the year-to-date period [1][15]. - The highest market value for an actively managed equity fund held by FOFs is the Yi Fang Da Ke Rong, valued at 384 million yuan, despite a reduction of over 380,000 shares [15][17]. QDII Funds - QDII funds have also gained traction, with the highest market value held in the Hua Xia Hang Seng ETF, totaling over 800 million yuan [20][21]. - Notably, two QDII funds, the Hui Tian Fu Hong Kong Advantage Selected A and the Guang Fa Zhong Zheng Hong Kong Innovation Drug ETF, reported returns exceeding 100% [20][21]. ETF Performance - The total scale of ETFs surpassed 4.31 trillion yuan, marking a 15.57% increase from the end of the previous year [10]. - The top five ETFs held by FOFs in terms of market value include: - Hai Fu Tong Zhong Zheng Short Bond ETF: 1.643 billion yuan - Bo Shi Zhong Dai 0-3 Year National Development Bank ETF: 1.022 billion yuan - Hua An Gold ETF: 1.004 billion yuan, with a year-to-date increase of 26.60% - Hua Xia Hang Seng ETF: 835 million yuan, with a year-to-date increase of 23.56% [10][12]. Market Outlook - FOF managers express optimism about the market's future, emphasizing the need for cautious investment strategies amid rapid industry rotations [24]. - The article suggests that the market's liquidity is relatively abundant, which may lead to faster value discovery compared to previous years [24].

Group 1 - The core viewpoint of the article highlights the investment strategies and asset allocations of Fund of Funds (FOF) as revealed in the second quarter of 2025, showcasing a shift in focus towards different asset classes [1] Group 2 - As of the end of Q2 2025, the Huaan Gold ETF emerged as the most heavily weighted fund by FOFs, with 78 FOFs holding a total market value of 987 million yuan, a decrease from 1.414 billion yuan at the end of Q1 2025 [3] - Bond assets remain the primary focus for FOFs, with the Hai Fu Tong Zhong Zheng Short Bond ETF having a total market value held by FOFs exceeding 1.643 billion yuan, held by 57 FOFs, making it the highest valued fund among FOFs [3] Group 3 - Many FOF managers are adopting a steady yet progressive investment approach, with a notable focus on growth-oriented thematic ETFs, such as the Industrial Bank Rui Zhi Jin Qi FOF, which has achieved a return rate of 21.64% year-to-date [4] - The Bohai Huijin Preferred Progress 6-Month Holding Mixed FOF has also performed well, with a return rate exceeding 20% this year, heavily investing in thematic ETFs related to Hong Kong innovation and technology [4] - The Guotai Industry Rotation Stock FOF-LOF has reported a return rate close to 20%, diversifying its investments across various sectors including military, gold, animation games, real estate, and rare earths [4]

Group 1 - The core viewpoint of the articles highlights the investment strategies and market insights of Fund of Funds (FOF) as they disclose their latest holdings for Q2 2025, showing a shift in asset preferences [1][3][4] - Huaan Gold ETF emerged as the most heavily weighted fund by FOFs at the end of Q2 2025, with 78 FOFs holding a total market value of 987 million yuan, although this represents a decrease from 86 FOFs and 1.414 billion yuan at the end of Q1 2025 [1] - Bond ETFs are the primary investment targets for FOFs, with Haifutong Zhongzheng Short-term Bond ETF being held by 57 FOFs, totaling over 1.643 billion yuan in market value, indicating a strong preference for bond assets [3] Group 2 - FOF managers are adopting a balanced investment approach, with notable performances from funds like ICBC Ruizhi Progress FOF, which achieved a return rate of 21.64% this year, focusing on growth-style assets while also investing in stable products like dividend low-volatility ETFs and gold ETFs [3] - The market outlook suggests that the main investment risks have shifted to sector rotation risks, with expectations for better overall market performance in the second half of the year due to factors like the Federal Reserve's interest rate cuts and domestic inventory replenishment cycles [4] - FOFs are strategically positioning themselves to maximize risk-adjusted returns by employing a "three main lines + one buffer" asset allocation framework, allowing for periodic rebalancing and cash reserves to capture opportunities during market volatility [4]

Core Viewpoint - The article highlights the latest trends in public fund of funds (FOF) investments, emphasizing the dominance of bond funds and the increasing popularity of ETF products among FOF managers in the second quarter of 2025 [1][3][8]. Group 1: FOF Investment Trends - Bond funds remain the primary focus for FOF, with 30 out of the top 50 funds being bond funds, accounting for over 50% of the holdings [3][4]. - The top five favored funds by FOF in Q2 2025 include Hai Fu Tong Zhong Zheng Short Bond ETF, Bosera Zhong Dai 0-3 Year National Development Bank ETF, Bosera Credit Preferred E, Hua An Gold ETF, and Hua Xia Hang Seng ETF [1][3]. - The total market value held by FOF in Hai Fu Tong Zhong Zheng Short Bond ETF exceeds 1.643 billion yuan, making it the most held fund by FOF [3][4]. Group 2: Active Equity Fund Holdings - The leading active equity fund held by FOF is Yi Fang Da Ke Rong, with a total holding value of 384.15 million yuan, followed closely by Yi Fang Da Information Industry Selected C at 370.71 million yuan [4][5]. - Other notable active equity funds held by FOF include Xing Quan Commercial Model Preferred A and Yi Fang Da Supply Reform, each with holdings exceeding 300 million yuan [4][5]. Group 3: Fund Increases and Market Outlook - The fund with the highest increase in holdings by FOF in Q2 2025 is Bosera Credit Preferred E, which saw an increase of 936 million yuan, bringing its total holding value to 1.016 billion yuan [6]. - FOF managers express confidence in the A-share market, aiming for diversified and multi-strategy asset allocation while maintaining a cautious yet optimistic outlook [8][10]. - The article notes a shift in investment strategy, with a reduction in U.S. stock positions and an increase in holdings of Hong Kong and A-share stocks, reflecting changes in market conditions [9][10].

Core Viewpoint - The latest FOF (Fund of Funds) report indicates that bond funds remain the primary focus for FOF managers, accounting for over half of their holdings, with a notable increase in ETF products being favored for investment [2][4]. Group 1: FOF Holdings Overview - As of the end of Q2 2025, the top five funds held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF, Bosera Zhong Dai 0-3 Year National Development Bank ETF, Bosera Credit Selection E, Hua An Gold ETF, and Hua Xia Hang Seng ETF [2][4]. - The total number of bond funds in the top 50 held by FOFs reached 30, representing over 50% of the total [4]. - Hai Fu Tong Zhong Zheng Short Bond ETF had a market value held by FOFs exceeding 1.643 billion yuan, making it the highest valued fund among FOF holdings [4][5]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Yi Fang Da Ke Rong, with a total holding value of 384 million yuan, followed closely by Yi Fang Da Information Industry Selection C at 371 million yuan [8][9]. - Other notable active equity funds include Xing Quan Business Model Selection A and Yi Fang Da Supply Side Reform, both exceeding 300 million yuan in holdings [8][9]. Group 3: Fund Increases - The fund with the highest increase in holdings during Q2 was Bosera Credit Selection E, which saw an increase of 936 million yuan, bringing its total holding value to 1.016 billion yuan [10]. - Other funds with significant increases include Bosera An Yue Short Bond A and Bosera Credit Bond Pure Bond B, with increases of 760 million yuan and 711 million yuan, respectively [10]. Group 4: Market Outlook and Strategy - FOF managers express confidence in the A-share market, aiming for diversified and multi-strategy asset allocation [12][14]. - The focus is on sectors such as new materials, resource industries, and innovative pharmaceuticals, with a keen eye on the potential recovery of the A-share market [13][14].