Core Viewpoint - The recent suspension of real-time fund valuation by various third-party financial platforms has raised concerns among investors about how to make informed investment decisions without access to real-time data [1]. Group 1: Suspension of Real-Time Valuation - Multiple third-party platforms have removed the real-time valuation feature for funds, now only displaying the previous day's net value [1]. - The regulatory authorities mandated the removal of real-time valuation features to prevent misleading investors, as discrepancies exist between real-time estimates and actual net values [1]. Group 2: Alternative Investment Strategies - Investors can estimate the daily valuation of funds by monitoring the performance of corresponding indices, such as using the Shanghai and Shenzhen 300 Index for index funds [3]. - For industry-themed funds, investors should track the relevant industry indices, while bond funds can refer to the China Bond Composite Index [3][4]. - It is suggested that investors focus on the investment strategy, long-term performance, and risk management of the fund rather than short-term fluctuations [4].

Group 1 - The core viewpoint of the article highlights the steady growth of public fund management scale in the fourth quarter of 2025, reaching 37.63 trillion yuan, an increase of 1.18 trillion yuan or 3.24% compared to the previous quarter [2][3][7] - The commodity fund category saw the highest growth rate in the fourth quarter, with an increase of 1810.91 billion yuan, representing a remarkable growth of 44.89% [7] - The equity fund scale experienced significant growth, driven by a strong performance in the A-share market, with the Shanghai Composite Index continuing to rise [3][11] Group 2 - Among non-monetary funds, E Fund led the market with a scale of 1.65 trillion yuan, followed by Huaxia Fund at 1.44 trillion yuan and GF Fund at 938.27 billion yuan [8][9] - The passive equity business unit saw a quarterly increase of 1177.55 billion yuan, while the mixed equity and bond business unit decreased by 46.44 billion yuan [4] - The domestic bond business unit increased by 3303.73 billion yuan, reflecting a 3.11% growth despite market fluctuations [5] Group 3 - The money market funds continued to be favored, with a scale increase of 5711.93 billion yuan, marking a growth of 3.97% [6] - The overseas investment fund scale increased by 907.51 billion yuan, with a growth rate of 6.74% [7] - The top three companies in equity fund scale (including QDII) were E Fund, Huaxia Fund, and Hua Tai Bai Rui Fund, with scales of 10807.52 billion yuan, 10189.54 billion yuan, and 6345.33 billion yuan respectively [13][14] Group 4 - In terms of growth, Jingshun Longcheng Fund led with an increase of 465.93 billion yuan, followed by China Merchants Fund with 400.37 billion yuan and Guotai Fund with 396.26 billion yuan [11][12] - The active equity fund scale also saw significant growth, with E Fund leading at 2355.53 billion yuan, followed by China Europe Fund and GF Fund [17][18] - Yongying Fund achieved the highest growth rate in active equity funds, with a 22.66% increase, reaching over 1115 billion yuan [19]

Core Viewpoint - The public fund management scale in China reached 37.63 trillion yuan by the end of Q4 2025, marking a growth of 1.18 trillion yuan or 3.24% compared to Q3 2025, driven by a strong performance in the A-share market and an increase in commodity fund sizes [4][8]. Fund Management Scale - The total public fund management scale was 37.63 trillion yuan, with a quarterly increase of 1.18 trillion yuan, reflecting a growth rate of 3.24% [4][8]. - The domestic active stock business unit saw a decrease of 1.63 trillion yuan, while the passive stock business unit increased by 117.76 billion yuan, a growth of 2.36% [8]. - The domestic bond business unit increased by 330.37 billion yuan, a growth of 3.11% [5][8]. - The domestic money market fund unit grew by 571.19 billion yuan, with a growth rate of 3.97% [6][8]. - The overseas investment fund unit increased by 90.75 billion yuan, a growth of 6.74% [7][8]. - Commodity funds experienced the highest growth rate of 44.89%, increasing by 181.09 billion yuan [7][8]. Non-Monetary Fund Scale - The top three non-monetary fund managers were: - E Fund with 1.65 trillion yuan - Huaxia Fund with 1.44 trillion yuan - GF Fund with 938.27 billion yuan [10][11]. Growth in Non-Monetary Funds - The non-monetary fund scale continued to grow steadily, with notable increases from: - Invesco Great Wall Fund, which grew by 46.59 billion yuan, a growth rate of 8.40% - China Merchants Fund, which increased by 40.04 billion yuan, a growth rate of 7.31% - Guotai Fund, which grew by 39.63 billion yuan, a growth rate of 8.06% [15][22]. Equity Fund Scale - The top three equity fund managers were: - E Fund with 1,080.75 billion yuan - Huaxia Fund with 1,018.95 billion yuan - Huatai-PineBridge Fund with 634.53 billion yuan [16][19]. - The equity fund scale saw significant growth, with Southern Fund leading the increase at 38.56 billion yuan, followed by Huaxia Fund at 32.96 billion yuan [21][22]. Active Equity Fund Growth - The active equity fund scale was highlighted, with E Fund leading at 235.55 billion yuan, followed by China Europe Fund and GF Fund [24][25]. - Yongying Fund experienced the highest growth rate of 22.66%, with a scale exceeding 111.5 billion yuan [28].

Core Viewpoint - The article emphasizes a balanced investment strategy using a "half-position" approach, which aims to mitigate market risks while capturing opportunities, achieving a balance between risk and return [3]. Group 1: Asset Allocation Strategy - The proposed asset allocation consists of 50% fixed income, 45% equities, and 5% commodities, which is designed to optimize risk and return [3]. - The "Three-Part Method" is introduced, focusing on asset diversification, market diversification, and time diversification through systematic investment [4]. Group 2: Fixed Income Allocation - The fixed income portion is divided into 50% allocation, with 40% in Chinese bonds and 10% in U.S. bonds [5]. - The rationale for favoring Chinese bonds over U.S. bonds includes lower price volatility and reduced currency risk, despite U.S. bonds offering higher yields [7][8]. - Specific funds within the fixed income category include: - 15% in Guangfa 7-10 Year National Development Bonds Index A - 15% in Bosera Credit Bond Pure Debt A - 10% in E Fund China Bond New Composite Index A - 5% each in Morgan Overseas Stable Allocation Mixed and Bank of China U.S. Dollar Bond [8]. Group 3: Equity Allocation - The equity allocation of 45% employs a "barbell strategy," with equal weight given to high-growth sectors (e.g., technology, new energy) and stable dividend-paying stocks [13]. - Domestic equity is favored over overseas equity based on valuation metrics, with the price-to-earnings ratio (PE-TTM) for the China Hong Kong Stock Connect Technology at 21.46, compared to 35.15 for the Nasdaq 100 [13]. Group 4: Commodity Allocation - The commodity allocation is set at 5%, primarily focused on gold, reflecting a strategy to hedge against global currency instability [18]. - The specific allocation within commodities includes 1% in Guotai Gold ETF, and 2% each in Guotai Commodity and Yinhua Anti-Inflation Theme, with gold comprising approximately 3% of the total commodity allocation [18]. Group 5: Investment Strategy Execution - The article suggests a high-frequency systematic investment approach, such as daily or weekly investments, to accumulate shares in overseas assets, especially during market downturns [20]. - Dynamic rebalancing is recommended when asset allocation deviates by 5% or more, which typically requires significant market movements to occur [21].