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].

Core Insights - The average performance of 515 public FOFs (Fund of Funds) reached 9.41% year-to-date as of August 22, with only one product showing negative returns [1] - Nearly 40 public FOFs have a cumulative net value growth rate exceeding 20% for the year [1] - The top performers include Guotai's Preferred Navigation One-Year Holding and Guotai's Industry Rotation A, with annual net value increases of 45.49% and 39.97%, respectively [1] - Other notable performers include ICBC's Smart Growth One-Year A, E Fund's Advantage Return A, ICBC's Pension 2050 A, and Bank of Communications' Smart Star A, all achieving around 30% returns [1] - Overall, public FOFs are experiencing their best performance in five years, both in terms of top performance and overall results [1]

Core Insights - As of July 2025, over 500 FOF funds had an average return of 2.69% and a median return of 2.34%, while the CSI 300 index rose by 3.54% [1] - Most FOF funds reported positive returns in July, with notable performers including Guotai's Preferred Navigation One-Year Holding and E Fund's Advantage Return A, achieving returns over 12% [1][4] - Guotai's Preferred Navigation One-Year Holding fund had a net value increase of 16.84% in July and a cumulative increase of 29.81% from January to July 2025 [4] Fund Performance - The top-performing FOF funds in July 2025 included: - Guotai Preferred Navigation One-Year Holding: 16.01% return - Guotai Industry Rotation A: 15.62% return - E Fund Advantage Return A: 12.2% return [1][4] - E Fund's Advantage Return A, established in March 2022, had a net value increase of 12.2% in July and 18.85% for the first seven months of 2025 [4] Fund Characteristics - Guotai Preferred Navigation One-Year Holding, a mixed equity FOF fund, was established in January 2022 and had a scale of approximately 132 million yuan as of the second quarter [4] - The fund's investment ratio reached 78.78%, with the top ten holdings accounting for 83.04% of its net value, primarily in ETF funds [4] Underperforming Funds - Some FOF funds experienced losses in July, with the largest drawdown being less than 0.3%. Many underperforming funds were newly established [5] - Guotai's and E Fund's products showed strong performance, while Guotai's and E Fund's newer products had mixed results [5]

Core Insights - The public FOF market experienced a rare "full house" of positive returns last week, with all products achieving gains, highlighting a significant recovery from previous market adjustments [1][4] Performance Summary - The top-performing FOFs for the week included: - Guotai Selected Navigation One-Year Holding with a return of 5.18% - Qianhai Kaiyuan Yuyuan with a return of 4.40% - Guotai Industry Rotation A with a return of 4.25% [2] - The overall market saw a total of 517 public FOFs by the end of Q2, with a total scale of 1656.72 billion, reflecting a 9.7% quarter-on-quarter growth [4] Market Activity - On August 4, Morgan Fund's Morgan Yingyuan Stable Three-Month Holding FOF ended its fundraising early, raising approximately 2.8 billion, indicating strong investor enthusiasm [2] - In Q2, 14 new FOFs were established, raising a total of 18.604 billion shares, with an average fundraising scale of 1.329 billion [4] Long-Term Performance - As of August 12, the threshold for the top 20 FOF products over the past three years was a return of 8.43%, with Xingzheng Global Fund securing five positions in this ranking [5][6] - Qianhai Kaiyuan Fund had three products in the top rankings, showcasing the emerging head effect in the FOF sector [5]

Group 1 - The core point of the article highlights the changing dynamics in FOF (Fund of Funds) investments, particularly the decline in holdings of gold ETFs, despite their popularity among fund managers [1][2] - As of the end of Q2 2025, the Huazhong Gold ETF has the highest number of FOF holdings, totaling 78, with a market value of 987 million yuan [1] - The top five funds with the most FOF purchases include Huazhong Gold ETF, Hai Futong Zhongzheng Short Bond ETF, Pengyang Zhongzheng 30-Year Treasury ETF, and others, indicating a shift in investment focus [2] Group 2 - The article discusses the performance of FOFs, noting that several funds have achieved over 20% returns year-to-date, with specific funds like Guotai Preferred Navigation and ICBC Smart Progress leading the way [4][5] - Fund managers are adopting a proactive investment strategy, focusing on sectors such as Hong Kong technology, innovative pharmaceuticals, and A-share new productivity themes, which are driving net asset value growth [3][6] - The outlook for the market suggests a focus on industry rotation opportunities, with key investment themes including rare earths, innovative pharmaceuticals, resource commodities, and the financial real estate sector [6][7]

Core Insights - In June 2025, over 500 FOF funds had an average return of 2.11% and a median return of 1.83%, while the CSI 300 index rose by 2.5% [1] - More than 90% of FOF funds achieved positive returns in June, with notable performers including Guotai's Preferred Navigation One-Year Holding and others exceeding 7% returns [1][2] - Some FOF funds, particularly those newly established, underperformed, with institutions like Dongfanghong Asset Management and Qianhai Kaiyuan Fund showing weaker results [1][10] Performance Summary - Guotai Preferred Navigation One-Year Holding achieved a return of 9.26% in June, with a cumulative return of 11.11% for the first half of 2025 [6] - Other high-performing funds included Guotai Industry Rotation A at 8.02%, and Jiao Yin Smart Selection at 7.31% [2] - A list of top-performing FOF funds in June includes several with returns exceeding 20%, such as Yongying Technology Smart Selection A at 37.21% [3][4] Underperforming Funds - Some FOF funds experienced slight losses, with the worst performer, Dongfanghong Yingfeng Stable Allocation, showing a decrease of 0.04% [13] - Newly established funds, such as Qianhai Kaiyuan Kangyue Stable Pension One-Year Holding, also reported minimal gains, indicating challenges in early performance [10][13] - The underperformance of certain funds is attributed to their recent establishment and lack of substantial asset bases [10][13]