资金的热情追捧，与过往数年FOF市场的沉寂形成了反差。回顾来路，自2017年首批产品问世，被誉为"专业基金买手"的公募FOF，其八年发展历程堪称一 部跌宕起伏的行业成长史。在2021年攀上规模高峰，又在此后的市场震荡与质疑声中连续三年调整，直至2025年，行业才终于扭转颓势，打了一场漂亮 的"翻身仗"，为2026年的这场开门红奠定了基础。 公募FOF跌宕起伏八年 2017年9月，国内首只公募FOF正式获批。初期，由于投资者认知不足、产品策略不成熟等因素，市场规模增长缓慢。直到2020年下半年，伴随着权益资产 赚钱效应凸显，公募FOF进入快速扩容阶段，2020至2021年间，公募FOF存量规模由555亿元迅速提升至突破2000亿元。截至2021年末，布局FOF产品线的 公募机构达到65家，存量产品数量240只，合计管理规模2222.41亿元，创下历史峰值。 图片系FOF基金历年来规模变化 FOF销售迎来"开门红"，以一场"一日募结"的发行盛况拉开序幕。2026年1月5日，万家启泰稳健三个月持有（FOF）发售仅一天就结束募集，成为2026年首 只"日光基"，打响新年FOF发行第一枪。次日，广发悦盈稳健三个月持有（ ...

一类产品通过集中配置风格鲜明的指数型基金，放大了特定资产的行情弹性。例如，国泰优选领航一年 持有在2025年三季度末重仓多只重金属相关基金，包括黄金股ETF、白银主题商品型基金，以及金银珠 宝主题的灵活配置型基金，在贵金属行情走强阶段显著受益。 商报讯（记者 苗露）2025年，在权益市场环境改善的背景下，FOF（基金中基金）全年收益水平较前 期有所抬升，部分产品取得了可观的回报，FOF这一品类重新回到市场视野。根据数据，截至2025年12 月31日，FOF全年收益的头部收益中位数为12.89%，算术平均数为11.83%。在整体收益水平稳步提升的 同时，头部产品的收益分化也进一步加大，部分FOF在特定市场环境下实现了显著的超额回报，2025年 内共有5只产品的总回报超过50%。 从具体表现来看，国泰优选领航一年持有以66.14%的年度收益率位居前列，成为2025年内FOF产品中的 突出代表。与此同时，易方达优势回报A、国泰行业轮动A、易方达优势领航六个月持有A以及易方达 优势驱动一年持有A等多只产品，年度收益亦均超过50%，显示出部分FOF在权益行情中的较强捕捉能 力。 进一步观察可以发现，绩优FOF产品在配置 ...

2025年，在权益市场环境改善的背景下，FOF全年收益水平较前期有所抬升，部分产品取得 了可观的回报，FOF这一品类重新回到市场视野。 从数据上看，2025年FOF的全年平均收益已超过10%，整体业绩稳健。与此同时，有多只FOF产 品的总回报超过50%，在权益行情修复阶段展现出一定的收益弹性。 权益资产回暖，底层配置支撑FOF业绩表现 沪上一位基金评价人士指出，2025年，FOF产品整体业绩回暖，与权益市场环境改善密切相关。 随着权益大盘逐步企稳回升，权益类基金的净值修复为FOF底层资产提供了直接支撑，尤其是在 结构性行情较为清晰的阶段，FOF对权益资产的配置弹性得以释放，推动部分产品取得了较为亮 眼的收益表现。 进一步来看，FOF产品的表现改善，既受益于底层权益资产的回暖，也与其自身的产品结构有 关。通过组合化配置与基金筛选机制，FOF在不同市场环境中具备一定的适应性，能够在控制整 体波动的同时，把握阶段性市场机会。 全年表现整体向好，头部产品收益超50% 根据Wind数据，截至2025年12月31日，FOF全年收益的头部收益中位数为12.89%，算术平均数为 11.83%。在整体收益水平稳步提升的同时，头 ...

根据Wind数据，截至2025年12月31日，FOF全年收益的头部收益中位数为12.89%，算术平均数为11.83%。在 整体收益水平稳步提升的同时，头部产品的收益分化也进一步加大，部分FOF在特定市场环境下实现了显著的 超额回报，2025年内共有5只产品的总回报超过50%。 从具体表现来看，国泰优选领航一年持有以66.14%的年度收益率位居前列，成为2025年内FOF产品中的突出代 表。与此同时，易方达优势回报A、国泰行业轮动A、易方达优势领航六个月持有A以及易方达优势驱动一年 持有A等多只产品，年度收益亦均超过50%，显示出部分FOF在权益行情中的较强捕捉能力。 2025年，在权益市场环境改善的背景下，FOF全年收益水平较前期有所抬升，部分产品取得了可观的回 报，FOF这一品类重新回到市场视野。 从数据上看，2025年FOF的全年平均收益已超过10%，整体业绩稳健。与此同时，有多只FOF产品的总回报超 过50%，在权益行情修复阶段展现出一定的收益弹性。 进一步来看，FOF产品的表现改善，既受益于底层权益资产的回暖，也与其自身的产品结构有关。通过组合化 配置与基金筛选机制，FOF在不同市场环境中具备一定的适 ...

最近的市场，是不是让你有点"选择困难"？债市有点颠簸，股市方向不明，投资的方向一下子不那么明 朗了。 这种时候，最需要的，是有一类产品，拍拍你的肩膀说：别慌。 稳健型FOF的产品正是在这种背景下，悄悄进入聪明投资者的视野。 首先是FOF这类产品自带"避风港"的智慧。它就像一个资产配置专家，一手主要配置债基，一手精选股 基，还有闲钱可以关注商品、黄金等低关联度的资产。 这种"不把所有鸡蛋放在一个市场篮子里"的做法，无论风口在哪，都有望找到机会；无论风险在哪，也 大概率有一个对冲和规避风险的策略。 其次，稳健型FOF的策略听起来就很"人间清醒"：用债券资产当压舱石，稳住基本盘；再用少量权益资 产当"前锋"，力争捕捉超额收益。 债券部分是舒服的"盾"，负责降低波动，让投资者能够夜夜安枕；权益部分是锐利的"矛"， 负责寻找 机会，力争让收益更上一层楼。用一句话概括就是，攻守兼备。 即将发行的国泰多资产稳健甄选FOF3个月持有期（A类：025796 C类：025797）就是一个帮助投资者穿 越震荡市的产品。 国泰多资产稳健甄选FOF的基金经理曾辉是FOF投资领域著名的老将了。 曾辉的投资框架，可以总结为是一个"魔方"模 ...

Core Viewpoint - The public fund of funds (FOF) achieved a record profit in Q3 2023, surpassing the total scale of the peak year 2020, with over 98% of FOF products generating positive returns and a nearly 50% increase in scale year-to-date [3][4]. Group 1: Performance Highlights - In Q3 2023, FOF products generated a total profit of 14.606 billion yuan, marking a historical high for a single quarter, which is a 5.3-fold increase from the previous quarter's profit of 2.317 billion yuan [4]. - The average return for FOF products reached 10.42% in Q3, a significant increase of 8.56 percentage points from the previous quarter's average of 1.87% [4]. - By October 31, 2023, the average annual return for 987 FOF products was 14.02%, with the highest return being 69.53% for the Guotai Preferred Navigation One-Year Holding Fund [4]. Group 2: Scale Growth - The total scale of FOF products reached 193.419 billion yuan by the end of Q3 2023, a nearly 48.15% increase from 130.558 billion yuan at the end of the previous year [5]. - More than half of the existing funds saw growth in scale, with some funds experiencing significant increases, such as the Xingsheng Global Preferred Stable Six-Month Holding Fund, which grew from 0.462 billion yuan to 2.583 billion yuan [5]. Group 3: Investment Strategy Changes - FOF managers have shifted their investment strategies, focusing more on multi-asset allocation and passive investment, with a decrease in active equity holdings and an increase in passive index products [7][9]. - The proportion of active equity assets decreased, while the holdings in ETF products increased from 6.51 billion units to 7.148 billion units [9]. - Gold and silver assets have seen a resurgence in allocation, with significant increases in holdings of gold ETFs, reflecting a strategic pivot towards commodities [8][9]. Group 4: Market Outlook for Q4 - Fund managers anticipate limited upward potential for the stock market in Q4, with expectations of local corrections and a focus on gold stocks due to rising gold prices [10][12]. - The macroeconomic environment is viewed as more favorable than in previous years, with expectations for structural highlights in the domestic market [13]. - There is a consensus among fund managers that while opportunities exist, caution is warranted due to potential structural bubble risks in the market [13][14].

Core Insights - The public FOF (Fund of Funds) achieved a record profit in Q3, surpassing the total scale of the peak year 2020, with over 98% of FOF products generating positive returns and a nearly 50% increase in scale year-to-date [1][2] Group 1: Performance Metrics - In Q3, the total profit of FOF products reached 14.606 billion yuan, marking a historical high for a single quarter, and representing a more than 5.3 times increase from the previous quarter's profit of 2.317 billion yuan [1][2] - The average return of FOF products in Q3 was 10.42%, a significant increase from 1.87% in Q2, with the highest performers achieving returns over 56% [2] - By the end of Q3, the total scale of FOF products reached 193.419 billion yuan, a nearly 48.15% increase from 130.558 billion yuan at the end of the previous year [2] Group 2: Fund Management and Strategy - Over half of the existing funds saw an increase in scale, with some funds experiencing dramatic growth, such as the Xingsheng Global Preferred Stable Fund, which grew nearly 4.6 times [3] - Major fund companies like Xingsheng Global Fund and Zhongou Fund led the market with management scales exceeding 18.2 billion yuan, while E Fund and others also surpassed 10 billion yuan in FOF scale [3] - FOF managers are increasingly favoring multi-asset allocation and passive investment strategies, with a notable reduction in active equity holdings and an increase in bond and ETF products [4][5] Group 3: Asset Allocation Trends - By the end of Q3, bond funds accounted for 66% of FOF's top holdings, with significant investments in bond ETFs and a notable increase in holdings of gold ETFs [5][6] - The preference for active equity funds decreased, with holdings dropping from 9.417 billion units to 8.114 billion units, while ETF holdings increased from 6.51 billion units to 7.148 billion units [6] - FOF managers are focusing on gold stocks and resource assets, anticipating significant price increases and a favorable macro environment for the equity market [7][8][10] Group 4: Market Outlook - Fund managers express cautious optimism for Q4, predicting limited upward potential for the stock market and potential local corrections, while highlighting the need for balanced asset allocation [7][9] - The overall market environment is seen as favorable due to liquidity conditions, but there are warnings about potential structural risks if the market rises too quickly [10]

Core Viewpoint - The recent surge in the issuance of public funds, particularly the rapid fundraising of FOF products, indicates a recovery in market liquidity and investor sentiment, reflecting a strong trust in stable assets and skilled fund managers [2][3][6]. Group 1: Fund Issuance Trends - On October 23, Huatai-PineBridge Yingtai Stable 3-Month Holding FOF announced the early closure of its fundraising period on its first day, marking it as another "daylight fund" [1][3]. - Multiple funds have recently completed fundraising on their first day, showcasing a resurgence of "daylight funds" in the market [2][3]. - The early closure of funds like the China Europe Value Navigator Fund and Penghua Manufacturing Upgrade Fund indicates sustained investor enthusiasm, with the latter attracting over 2 billion yuan in just two days [3][4][5]. Group 2: Performance and Market Sentiment - The emergence of "daylight funds" reflects ample market liquidity and a rebound in investor risk appetite, as seen with the performance of several FOF products [6][7]. - The Morgan Yingyuan Stable 3-Month Holding FOF, launched on August 7, was the first public FOF to complete fundraising in one day since 2025, with a total initial scale of 27.52 billion yuan [6]. - High-performing FOFs have shown impressive returns this year, with notable examples including Guotai's Preferred Navigator Fund achieving a total return of 72.83% [6][7]. Group 3: Future Outlook - The current trend indicates that FOF products are moving away from a previous "wait-and-see" phase, with a new influx of funds focusing on stable asset allocation and multi-asset strategies [7]. - The combination of declining interest rates and an optimized asset allocation structure among residents suggests a promising future for FOF products [7].

Core Viewpoint - The article highlights the increasing reliance of Funds of Funds (FOFs) on index-based tools, particularly ETFs, for asset allocation, reflecting a trend towards diversification and tool-based management in the current market environment [2][5]. Group 1: FOF Holdings Characteristics - In the first half of the year, FOFs have shown a pronounced preference for index-based tools, with a significant concentration in technology and commodity-themed ETFs [2][3]. - Specific ETFs such as the Huaxia Hang Seng Technology ETF and the Huaan Gold ETF have been widely held by multiple FOFs, indicating a trend towards diversified investment strategies [3][4]. - The Huaan Gold ETF has emerged as the most held fund by FOFs, being included in 228 FOF portfolios, showcasing its broad appeal [3]. Group 2: Performance and Strategy - Recent performance of FOFs has been strong, with many products achieving notable returns attributed to their investments in technology, commodities, and healthcare-themed ETFs [3][4]. - The shift towards equity and commodity ETFs is seen as a natural response to market conditions and reflects the evolution of FOF products [5]. - The use of ETFs allows FOFs to quickly adjust their portfolios in response to market volatility, enhancing their ability to capture opportunities and manage risks effectively [5][7]. Group 3: Investment Logic and Trends - The investment logic of FOFs is transitioning from a "timing-driven" approach to a "multi-factor balanced" strategy, recognizing the cyclical nature of asset performance [6]. - FOFs are increasingly utilizing ETFs to achieve a balance between growth-oriented sectors and risk-hedging through commodity investments, thereby reducing overall portfolio volatility [7]. - The trend of leveraging ETFs for flexible asset allocation is becoming a significant characteristic of FOF operations, aligning with international investment practices [5][7].

Core Viewpoint - The Fund of Funds (FOF) industry has achieved its best performance in five years, driven by market recovery and favorable investment opportunities in equity assets [1][3]. Performance Summary - As of August 22, 515 public FOFs have an average annual performance of 9.41%, with only one product showing negative returns; nearly 40 FOFs have a cumulative net value growth rate exceeding 20% [2]. - The top performers include Guotai's "Optimal Navigation" with a 45.49% increase and "Industry Rotation A" with a 39.97% increase [2]. Market Conditions - The overall performance of public FOFs is at its best in five years, with significant contributions from the domestic equity market and commodities like gold [3]. - The A-share market has shown considerable gains, leading to increased capital inflow and enhanced profitability for FOFs [3]. Investment Strategy - There is a notable "stock-bond seesaw" effect, with current stock and bond attractiveness being relatively balanced; a focus on technology growth sectors is recommended [4]. - The domestic macroeconomic stability suggests limited upward potential for bonds, while the equity market is recovering, indicating a shift towards increasing equity asset allocation [4]. Asset Allocation Insights - The potential for a global monetary easing cycle, driven by factors such as the U.S. interest rate cuts, presents opportunities for domestic manufacturing and inflation-hedging assets like gold [5][6]. - The domestic equity market is seen as having relative advantages over overseas markets in terms of valuation, with a focus on sectors like new materials and renewable energy [6]. Risk Management - It is advised to avoid over-concentration in single sectors and to regularly adjust the stock-bond ratio to maintain alignment with initial risk levels [6].