《每日经济新闻》记者注意到，在业内人士看来，美联储年内再降息2次的概率提升，降低了现金回报 的吸引力，长久期国债的资本利得机会或浮现，建议关注股债多元机会。 公募FOF上周回撤明显 上周（9月15日至21日），A股市场冲高回落，在市场快速上涨后遇到阶段性上行阻力，后续大概率回 归慢牛演绎。宽基指数方面，上证指数下跌1.30%，深证成指上涨1.14%，创业板指上涨2.34%。 美东时间9月17日，美联储9月会议降息25个基点，是自2024年12月以来首次降息，最新公布的经济预测 摘要上调2025~2027年经济增长，最新的利率点阵图则暗示年内或仍有两次降息可能。 受此影响，公募FOF单周回撤明显，许多产品的回撤超1%。股票型FOF当中，国泰行业轮动A单周跌幅 超过3%，混合型FOF中的前海开源裕源跌幅超过2.59%，养老目标FOF当中的国泰民安养老2040三年A 跌幅超过1.12%。 在业绩表现出色的基金方面，华夏优选配置A上周收益率录得0.18%，是股票型FOF中业绩最好的一 只；财通资管博宏积极6个月持有A上周收益率录得2.25%，是混合型FOF中业绩最好的一只；养老目标 FOF中业绩最好的是工银养老205 ...

Group 1 - The performance of public FOFs remains strong, with all equity FOFs achieving positive returns last week [1][3] - The market saw a rebound in the AI industry chain, contributing to a general upward trend in major indices, with the Shanghai Composite Index rising by 1.52% and the Shenzhen Component Index increasing by 2.65% [2] - Structural market conditions in A-shares show a lack of overall profit-making effect, yet public FOFs maintain high investment success rates, with the Guotai Industry Rotation A fund leading with a 4.29% increase [3] Group 2 - Recent adjustments in the A-share market have not altered the overall upward trend, allowing well-positioned public FOFs to capture opportunities in other sectors [7] - The number of newly launched public FOFs has significantly increased, with three new products starting fundraising last week, including the Guotai Fenghua three-month fund with a fundraising cap of 2 billion [7][8] - The emergence of ETF-FOF products marks an innovation in the FOF space, with several fund companies actively applying for these products, indicating a growing interest in passive index funds [8][9]

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]

Group 1 - The A-share market rebounded last week, leading to improved performance of equity FOFs, with several funds achieving weekly returns exceeding 4% [1][2] - The defense, machinery, and non-ferrous metal sectors performed well, but the pharmaceutical industry remains a focus for investment opportunities, with many new funds targeting this sector [1][4] - The total financing balance in the A-share market has reached 2 trillion yuan, indicating increased leverage and investor confidence in the current market rally [2] Group 2 - The performance of public FOFs was notably strong last week, with all funds reporting positive returns, a rare occurrence following a week of significant adjustments [2] - The Guotai Industry Rotation A fund recorded a weekly return of 4.25%, benefiting from its heavy investments in ETFs related to gold and gaming sectors [2] - The pharmaceutical and innovative drug sectors are experiencing significant interest from institutional investors, with many public FOFs increasing their allocations to pharmaceutical-themed funds in the second quarter [4] Group 3 - Recent data shows that 129 public institutions participated in A-share research activities, with a total of 498 research instances, highlighting the pharmaceutical sector's attractiveness to institutional investors [4] - The National Medical Insurance Administration has clarified that the centralized procurement process will no longer solely rely on the lowest bid, indicating a shift towards more rational pricing strategies [5][6] - The clarification from the medical insurance bureau is expected to help maintain reasonable sales prices and profit margins for medical device companies, alleviating some pricing pressures [6]

Group 1 - The equity market has attracted attention again, with the Shanghai Composite Index recording four consecutive weeks of weekly gains, particularly in sectors like innovative pharmaceuticals and rare earths [1][2] - Publicly offered Fund of Funds (FOF) have shown high investment success rates, with some equity FOFs achieving weekly net value increases exceeding 4% [2][3] - The second quarter reports reveal that many funds have allocated resources to high-interest sectors, with specific sub-indices performing well and being heavily held by various FOFs [2][4] Group 2 - The performance of various funds indicates a focus on related sectors, with successful funds investing in both index and actively managed products, as well as in specific industry indices [3][4] - The A-share market continues its upward trend, driven by strong performance in the upstream computing sector and the telecommunications sector, while the banking sector has weakened [3][4] - Increasingly, FOFs are focusing on healthcare and military-related funds, with several funds making significant allocations to these sectors in their second-quarter reports [4][5] Group 3 - Long-term investment opportunities are anticipated in the military sector, with expectations of an overall market upturn as issues affecting military planning are resolved [5]

Group 1 - The core viewpoint of the articles highlights the increasing focus on dividend assets within FOF funds, reflecting a defensive strategy in the current market environment [1][3][4] - The first FOF report for Q2 2025 indicates that the fund's net value growth rate over the past three months was 4.81%, and over six months was 10.63%, outperforming the benchmark by 3.32 and 9.55 percentage points respectively [4][6] - The top holdings in the FOF include the Bosera High Dividend ETF and Huatai-PB Low Volatility ETF, which together account for 29.21% of the portfolio, with total holdings in the top ten nearing 40% [4][6] Group 2 - The current market is characterized by a lack of clear investment themes, particularly in the equity market, leading to varied performance among different types of public FOFs [2][7] - The A-share market has shown signs of recovery, with the Shanghai Composite Index surpassing 3500 points, but the absence of consistently outperforming equity FOFs indicates ongoing market volatility [7][8] - Market sentiment suggests that further upward movement may require positive surprises in fundamentals, liquidity, or industry catalysts, with a focus on structural opportunities in the current complex macro environment [8][9]

每经记者｜任飞 每经编辑｜彭水萍 上周，A股市场出现了较为明显的金融强、科技弱走势，也是近期市场热议的话题之一。在行情带动下，公募FOF基金中有不少产品业绩出现回调，尽管最 新的持仓还未披露，但一季度末重仓金融板块的产品明显在业绩上好于投资科技的FOF产品。不过，业内依然看好AI投资机会，从产业发展的角度来看，科 技资产仍是中国经济转型升级的新动力和增长点。 科技线投资情绪偏弱，部分FOF上周出现回调 上周（5月12日-5月18日），市场维持了此前的震荡走势，且在部分板块间形成分化。在此背景下，不少此前业绩较好的FOF在上周出现回调。 具体来看，上周5个交易日市场呈现震荡走势，日均成交额12663亿元。主要指数涨跌互现，上证指数、沪深300、万得全A和创业板分别上涨0.76%、 1.12%、0.72%和1.38%。中证500和中证1000分别回调0.1%、0.23%。 从中信一级行业分类来看，盈利较为稳定的板块表现相对较好，非银行金融、交通运输、煤炭和银行板块分别上涨2.67%、2.12%、1.65%和1.44%。商贸零 售板块上涨2.23%，或受益于中美关税冲突初步降温。受市场风险偏好影响，上周传媒、电子、 ...