Core Viewpoint - The rapid growth of Bosera Fund's FOF (Fund of Funds) is attributed to solid performance and a strong demand for low-volatility investment products in a low-interest-rate environment [1][10]. Growth of Fund Size - As of June 30, 2025, the Bosera Zhenxuan Chuhui three-month holding bond fund of funds reached a size of 7.741 billion yuan, a more than 30-fold increase from 247 million yuan at the end of 2024 [1]. - The fund's performance since its inception on September 27, 2023, has seen an 8.33% cumulative increase, outperforming its benchmark of 5.61% [1][2]. Investment Strategy - The FOF team employs a strategy of "bond foundation + convertible bond features + multi-asset enhancement" to explore long-term investment value in Chinese assets and to achieve stable growth [3]. - The team has successfully navigated market volatility since 2022 and capitalized on opportunities in AI, technology, and convertible bonds in 2024 [2]. Research and Risk Management Framework - The FOF/MOM investment research system is characterized by a comprehensive, mature, and effective risk control framework developed over 16 years [4]. - The team emphasizes "three multiples": diverse assets, diverse styles, and diverse investment managers, supported by capital market research, investment capability research, and dynamic portfolio management [4][5]. Risk Control Techniques - The team has established a risk budget management mechanism, high-frequency monitoring through stress testing, and extreme scenario simulations to manage risks effectively [6][7]. Market Position and Future Outlook - The FOF industry has reversed a three-year trend of shrinking size, growing by over 30 billion yuan, a 25% increase from the end of 2024 [3]. - The FOF/MOM model is expected to address current asset management industry pain points, with significant growth potential in the low-interest-rate environment [10]. - The domestic market has a substantial demand for FOF/MOM products, with potential to reach a trillion yuan scale, driven by the need for low-volatility and stable growth investment options [10].