Core Viewpoint - The article highlights the latest trends in FOF (Fund of Funds) investments, indicating a preference for low-risk products and a strategic shift from gold ETFs to gold stock ETFs amidst rising international gold prices [1][4]. Group 1: FOF Investment Trends - In Q4 2025, FOFs favored low-risk products, with short-term bond ETFs being the most heavily weighted, particularly the Hai Fu Tong Short Bond ETF, held by 95 FOFs with a total market value of approximately 4.17 billion [3]. - The Guotai Li Xiang Medium and Short Bond C fund saw significant increases in holdings, with a quarterly change of about 1.49 billion shares, indicating a strategic shift in FOF allocations [3]. Group 2: Gold Investment Strategy - Despite rising international gold prices, FOFs reduced their holdings in gold ETFs, with a total reduction of 40.68 million shares in the Huaan Gold ETF alone, while simultaneously increasing their investments in gold stock ETFs [4][5]. - The increase in gold stock ETFs was notable, with FOFs adding 50.74 million shares in Yongying Gold Stock ETF and 24.03 million shares in Huaxia Gold Stock ETF, reflecting a shift in strategy towards higher potential returns in gold equities [4][5]. Group 3: FOF Market Growth - The overall scale of FOFs has surpassed 250 billion, driven by strong support from banking channels such as China Merchants Bank and China Construction Bank, which have launched successful asset allocation programs [2][7]. - As of the end of 2025, the total scale of FOFs reached 252.11 billion, marking a significant milestone in the market [7].

Core Viewpoint - The latest quarterly report reveals that bond funds remain the primary focus for public FOFs, with significant investments in ETFs as well. The top five funds favored by FOFs in Q4 2025 include various bond and ETF products, indicating a strong preference for fixed-income investments [1]. Group 1: FOF Holdings Overview - As of the end of Q4 2025, bond funds dominate the top 50 holdings of public FOFs, with 40 out of 50 being bond-related [1]. - The top fund held by FOFs is the Hai Fu Tong Zhong Zheng Short Bond ETF, with a market value exceeding 5.98 billion yuan, held by 119 FOFs [2]. - Other notable funds include Guotai Li Xiang Short and Medium Bond C and Fu Guo State-Owned Enterprise Bond C, each with holdings exceeding 1.7 billion yuan [2]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Xing Quan Commercial Model Preferred A, with a total holding value of 406.73 million yuan, held by 16 FOFs [4]. - Following closely is Yi Fang Da Information Industry Selected C, with a holding value of 365.40 million yuan, held by 10 FOFs [5]. - Other significant active equity funds include Yi Fang Da Ke Rong and Yi Fang Da Supply Reform, each with holdings above 300 million yuan [4]. Group 3: Fund Increases in Q4 - The fund with the highest increase in holdings during Q4 2025 is the Hai Fu Tong Zhong Zheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total holding value to 5.98 billion yuan [6]. - Guotai Li Xiang Short and Medium Bond C also experienced a significant increase of 1.14 billion yuan, with a total holding value of 1.80 billion yuan [7]. - Other funds with notable increases include Jing Shun Chang Zhong Short Bond F and Fu Guo State-Owned Enterprise Bond C, each with increases exceeding 600 million yuan [7]. Group 4: Investment Strategies and Focus Areas - FOF managers express confidence in the A-share market, with increased allocations in technology, resources, and non-bank financial sectors during Q4 2025 [8]. - Specific strategies include focusing on gold and silver stocks, rare earths, and other metals, as well as exploring opportunities in the tourism sector [8]. - Long-term asset allocation strategies remain a priority, with a focus on consumer sectors and non-bank financials, alongside participation in overseas bond markets and REITs [8].

Core Viewpoint - The latest disclosures of public fund of funds (FOF) reveal a strong preference for bond funds and ETFs, indicating a strategic focus on stable income and passive investment strategies in the current market environment [1][3][10]. Group 1: FOF Holdings - As of the end of Q4 2025, bond funds dominate the FOF holdings, with 40 out of the top 50 funds being bond-related [3][4]. - The top five funds held by FOFs include Hai Fu Tong Zhong Zheng Short Bond ETF with a market value exceeding 5.98 billion yuan, followed by Guotai Li Xiang Short and Medium-term Bond C and Fu Guo State-owned Enterprise Bond C, each with over 1.7 billion yuan [3][4]. - The total market value of the top 50 funds held by FOFs reflects a significant investment in passive index products, highlighting a shift towards index-based strategies [3][10]. Group 2: Fund Increases - The most increased fund in Q4 2025 was Hai Fu Tong Zhong Zheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total market value to 5.98 billion yuan [8][9]. - Other notable increases include Guotai Li Xiang Short and Medium-term Bond C, which was increased by 1.14 billion yuan, and several other funds with increases exceeding 600 million yuan [8][9]. - The trend of increasing holdings in bond funds suggests a cautious approach by FOF managers in the current economic climate [10]. Group 3: Manager Insights - FOF managers express confidence in the A-share market, with a focus on sectors such as technology, resources, and non-bank financials for future growth [10][11]. - Specific strategies include investing in precious metals and rare earths, as well as exploring opportunities in the tourism sector, indicating a diversified approach to asset allocation [10][11]. - The emphasis on long-term asset allocation strategies reflects a commitment to maintaining positions in high-value sectors while adapting to market conditions [10][11].

Core Viewpoint - The latest heavy holdings of public FOFs reveal a strong preference for bond funds and ETFs, indicating a cautious investment strategy in the current market environment [2][4]. Group 1: FOF Heavy Holdings - As of the end of Q4 2025, bond funds dominate the top 50 holdings of FOFs, with 40 out of 50 being bond-related [4]. - The top five funds favored by FOFs include Hai Fudong Zhongzheng Short Bond ETF, Guotai Lixiang Short and Medium-term Bond C, and others, with Hai Fudong holding a market value exceeding 5.98 billion yuan [4][5]. - The total market value of the top 50 funds held by FOFs reflects a significant investment in passive index products, highlighting a shift towards index-based strategies [4][5]. Group 2: Active Equity Fund Holdings - The top active equity fund held by FOFs is Xingquan Commercial Model Preferred A, with a total holding value of 406.73 million yuan, held by 16 FOFs [8][9]. - Other notable active equity funds include E Fund Information Industry Selected C and E Fund Supply Reform, both with substantial holdings, indicating a diversified approach within equity investments [8][9]. Group 3: Fund Increases - The most increased fund in Q4 2025 was Hai Fudong Zhongzheng Short Bond ETF, which saw an increase of 2.69 billion yuan, bringing its total holding value to 5.98 billion yuan [10][12]. - Other funds with significant increases include Guotai Lixiang Short and Medium-term Bond C and Jingshun Changcheng Short Bond F, each with increases exceeding 600 million yuan [11][12]. Group 4: Sector Focus - FOF managers are increasingly optimistic about sectors such as technology, resources, and non-bank financials, with a focus on gold and rare earth stocks as key investment areas [13][14]. - The strategy includes a long-term asset allocation approach, emphasizing consumer sectors and non-bank financials, while also exploring overseas bond markets and REITs [14][15].