Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - In Q4 2025, after excluding ETF-linked funds and duplicate holdings of internal funds, the scale of equity, bond, commodity, domestic other, QDII equity-mixed, QDII bond, QDII other, and FOF funds increased compared to the previous quarter, while the scale of hybrid and MOM funds decreased [1][6]. - As of December 31, 2025, the total public fund management scale (excluding money market funds) was approximately 22.66 trillion yuan, an increase of about 0.65 trillion yuan compared to September 30, 2025. After excluding the scale of ETF-linked funds invested in ETFs and holdings of internal funds, the total public fund scale (excluding money market funds) was about 21.68 trillion yuan, an increase of about 0.54 trillion yuan compared to September 30, 2025 [4][6]. Summary by Relevant Catalogs Index Funds - As of the end of Q4 2025, excluding commodity and domestic other types of funds and the part of ETF-linked funds invested in ETFs, the total passive management product volume of fund companies was about 7.16 trillion yuan. Among them, the passive management scale of equity (including QDII) was about 5.48 trillion yuan, an increase of about 131.116 billion yuan compared to the end of Q1; the passive management scale of fixed income was about 1.68 trillion yuan, an increase of about 231.211 billion yuan compared to the end of Q1 [4][6]. - **Equity**: In Q4, 183 index equity funds were established in the public fund market, with a total issuance scale of about 81.679 billion yuan and an average issuance scale of about 446 million yuan, showing a significant decline in both the number and scale of new issuances compared to Q3 2025. In the top ten new products in terms of fundraising scale in Q4, 4 were broad-based funds, 3 were thematic index funds, and 3 were strategic index funds. In the Q4, ETF products tracking the CSI A500 index were favored by investors, and the scale of thematic ETF products tracking popular themes also increased rapidly [7]. - **Fixed Income**: In Q4 2025, 4 index bond funds were issued, with a total fundraising scale of 12.549 billion yuan, a significant decline compared to the previous quarter. In Q4, the scale of ongoing index bond funds increased against the trend, with over 57% of funds achieving positive growth. Some科创 bond ETF products and medium - and short - term policy financial bond products saw significant scale expansion [8]. Active Equity - Mixed Funds - As of December 31, 2025, the total scale of active equity - mixed funds in the market after excluding FOF products was about 4.40 trillion yuan, a decrease of about 156.297 billion yuan compared to the end of the previous quarter [4][9]. - **Newly Issued Funds**: In Q4 2025, 106 active equity funds were established, with a total fundraising scale of about 60.218 billion yuan, accounting for 42.44% of equity funds. Since 2025, the active equity new - issuance market has continued to strengthen [9]. - **Ongoing Funds**: Currently, investors' investment sentiment towards active equity - mixed funds remains low. In Q4, only about 25% of active equity - mixed funds achieved scale expansion. Among high - position products, thematic products with clearer investment goals were more popular, and some stable - performing dividend - value style products or cycle - themed products also saw significant scale growth [9][10]. Active Bond Funds - As of December 31, 2025, the scale of active bond funds after excluding FOF products reached 9.31 trillion yuan, an increase of about 158.803 billion yuan compared to the end of the previous quarter [4][11]. - **Newly Issued Funds**: In Q4 2025, 57 new products were issued, with a total fundraising scale of about 62.486 billion yuan. The top five active bond funds in terms of fundraising scale were all partial - bond products, and the fundraising scale of the top 5 did not exceed 5 billion yuan [11]. - **Ongoing Funds**: Since 2025, with the bull market in the equity market, the market recognition of fixed - income plus products has been significantly improved. In Q4, the scale growth of ongoing active fixed - income funds still mainly came from fixed - income plus products [11]. FOF - As of December 31, 2025, after excluding the duplicate part of FOF's holdings of internal funds, the scale of FOF in Q4 2025 was about 17.2836 billion yuan, continuing the growth trend compared to the previous quarter, but the scale growth still mainly came from newly issued products [4][12]. - **Newly Issued Funds**: In Q4 2025, 42 FOFs were established, an increase of 25 compared to Q3. The total fundraising scale was about 45.246 billion yuan, a significant increase of about 38.714 billion yuan compared to the previous quarter. The average fundraising scale in Q4 was about 1.077 billion yuan, an increase of 693 million yuan compared to the previous quarter [12]. - **Ongoing Funds**: High - performing medium - and low - position FOF products were still more popular among investors. The low - position ordinary FOF product Guotai Ruiyue 3 - month Holding under Guotai had the largest scale growth in Q4, with a growth of 2.619 billion yuan [12]. Other Products - As of December 31, 2025, after excluding the scale of ETF - linked funds invested in ETFs and holdings of internal funds, the total scale of other types of products in Q4 2025 was about 66.9156 billion yuan, an increase of about 12.5121 billion yuan compared to the previous quarter [4][13]. - Gold - themed ETF products and ETF - linked funds continued to rise significantly in Q4 due to the continuous increase in international gold prices. Silver - themed products also saw a significant increase in scale in Q4. In addition, inter - bank certificate of deposit products continued to attract investors' attention, with a total scale growth of 2.6553 billion yuan in Q4 [13].

Core Viewpoint - The article highlights the impressive performance and innovative investment strategies of Zeng Hui, a fund manager at Guotai Fund, emphasizing his ability to adapt to the evolving public fund industry and achieve superior returns through a multi-asset approach [7][30][42]. Performance Summary - Guotai Youxuan Linghang One-Year Holding FOF achieved a return of 52.59% over the past year, ranking first among its peers [2][25]. - Guotai Ruiyue Three-Month Holding FOF, with a higher fixed income allocation, recorded a return of 4.98%, placing it second in its category [4][28]. - All managed products have shown outstanding historical performance, with annualized Sharpe ratios exceeding the industry average [5][36]. Investment Philosophy - Zeng Hui believes the public fund industry has entered a new phase, moving from static allocation to dynamic timing and rotation strategies [8][31]. - The role of FOF fund managers has evolved from mere allocators to direct competitors in the market [10][32]. - Zeng emphasizes the need for "all-around" talent development in the industry, moving away from traditional team structures [9][34]. Competitive Landscape - The competition in the FOF space is becoming increasingly fierce, requiring managers to excel in both horizontal dynamic allocation and vertical asset enhancement [13][34]. - Zeng's investment framework is shaped by the competitive environment, pushing him to become a more versatile fund manager [12][34]. Unique Investment Model - Zeng has developed the "Taiji Quantitative Rotation Model," which focuses on extreme market conditions and incorporates macro risk control, industry rotation, and robust risk management [39][40]. - This model aims to adapt to the constantly changing market dynamics, allowing for continuous accumulation and iteration of various algorithmic models [40][41]. Market Context - The current market environment, characterized by rapid restructuring and asset revaluation, highlights the effectiveness of Zeng's investment approach [42]. - The interplay between stock and bond markets is increasingly significant, with the "seesaw" effect becoming more pronounced [41].

Core Viewpoint - The current market conditions are creating uncertainty for investors, making it essential to have products that provide reassurance and stability [1][12]. Group 1: Introduction of Stable FOF Products - Stable FOF products are gaining attention from savvy investors as they act as a "safe haven" during turbulent market conditions [2][13]. - These products utilize a diversified asset allocation strategy, primarily focusing on bond funds while selectively investing in equity funds and other low-correlation assets like commodities and gold [2][13]. - The strategy of not putting all investments in one market basket allows for potential opportunities regardless of market trends and provides a risk-hedging approach [2][13]. Group 2: Investment Strategy of Stable FOF - The investment strategy of stable FOFs is characterized by using bond assets as a stabilizing force while employing a smaller portion of equity assets to seek excess returns [2][13]. - The bond component serves as a protective "shield" to reduce volatility, while the equity component acts as a "spear" to capture opportunities for higher returns [2][13]. - The upcoming launch of the Guotai Multi-Asset Stable Selection FOF (3-month holding period) is designed to help investors navigate through volatile markets [2][13]. Group 3: Fund Manager's Expertise - The fund manager of Guotai Multi-Asset Stable Selection FOF, Zeng Hui, is a well-known veteran in the FOF investment field [3][14]. - Zeng Hui's investment framework is described as a "Rubik's Cube" model, which contrasts with traditional static multi-asset allocation methods [4][15]. - This model incorporates macro risk control timing, industry rotation, enhancement of four underlying asset classes, and a rigid risk control system based on quantitative methods [5][16]. Group 4: Performance and Historical Success - Zeng Hui's complete strategy and discipline have shown effectiveness in his investment performance, with the Guotai Preferred Navigation Fund achieving a 1-year return of 52.59%, significantly outperforming its benchmark and ranking first among its peers [7][18]. - Another FOF product managed by Zeng Hui, Guotai Ruiyue (high bond allocation), also demonstrated strong performance with a 1-year return of 4.98%, ranking second in its category [19]. - Historical market adjustments, such as the recent decline in the bond market and A-shares, may present valuable opportunities for long-term investors [19][20].