Group 1 - The core viewpoint of the news is that the FOF (Fund of Funds) market has experienced a significant resurgence, marked by a strong start in 2026 with rapid fundraising activities, contrasting sharply with previous years of stagnation [2][3] - The first FOF product of 2026, Wanjiatai Stable Three-Month Holding (FOF), completed its fundraising in just one day, followed by another FOF from GF Fund, which ended its fundraising in two trading days [2] - The FOF market has evolved over eight years since the first public FOF was approved in 2017, reaching a peak in 2021 before entering a three-year adjustment period due to various challenges [3][6] Group 2 - The FOF market faced significant challenges from 2021 to 2024, including underperformance, high fees, and a decline in market size, which fell to 1,331.50 billion yuan by December 2024, a drop of over 40% from its peak [6][9] - In 2025, the FOF market rebounded, with the total scale reaching 2,383.76 billion yuan by the end of the year, marking a 79.03% increase from the previous year [6][7] - The number of newly established FOFs in 2025 was 88, with a total issuance of 785.81 million shares, significantly surpassing the figures from previous years [7] Group 3 - The competitive landscape of the FOF market has shifted, with over 80 institutions now managing public FOFs, and six managers exceeding 10 billion yuan in management scale [9][10] - E Fund leads the industry with a management scale of 221.22 billion yuan, followed by Xingzheng Global Fund at 182.17 billion yuan, indicating a clear gap in leadership [9][10] - The performance of FOF products in 2025 showed a wide disparity, with an average return of 11.83%, but the top products significantly outperformed the lower-tier ones, with the best return exceeding 60 percentage points compared to the worst [11][12] Group 4 - The FOF market is undergoing a transformation towards diversified asset allocation, moving beyond traditional A-shares and bonds to include Hong Kong stocks, commodity futures, and public REITs [13] - In 2025, 38 FOF funds entered liquidation, a significant increase compared to previous years, primarily due to low asset scales leading to operational cost pressures [13][14] - The trend of "survival of the fittest" continues, with a high percentage of newly established FOFs failing to meet minimum asset thresholds, indicating ongoing challenges for smaller institutions [14]

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 ...

上周（12月22日~12月28日），权益市场带动公募FOF重现高胜率投资景象，特别是权益类FOF当中，极少出现单周业绩为负的产品，多只FOF单周业绩超 过3%。 从A股表现来看，上周市场稳步上涨。宽基指数方面，上证指数报收3963.68点，上涨1.88%；深证成指报收13603.89点，上涨3.53%；创业板指报收3243.88 点，上涨3.90%。板块方面，有色金属、国防军工、电力设备板块涨幅居前。 易方达优势回报A单周业绩达到4.26%，是上周业绩最好的一只FOF。从三季报公布的重仓基金来看，易方达信息产业C、易方达战略新兴产业C以及易方达 信息行业精选C业绩突出，近一周业绩均在5%以上。 此外，国泰行业轮动A上周也取得4.20%的收益率。从该基金三季报公布的持仓来看，广发国证新能源车电池ETF、工银国证新能源车电池ETF、易方达国证 新能源电池ETF等业绩突出，近一周业绩都在6%以上。 | 债券型FOF | | | | --- | --- | --- | | 证券简称 | 周收益率% | | | 平安盈轩90天持有A | 0.386 | | | 平安盈福6个月持有A | 0.315 | | | 平安元亨 ...

A股、债市近期出现明显的回调，使得FOF基金的业绩欠佳。整体来看，11月的FOF投资胜率明显偏 低，不仅股票型FOF业绩全部告负，债券型FOF的月均业绩也出现负值。 债券型、股票型FOF单月业绩均值均告负 11月的股债两市体感均较冷，这不仅体现在市场的交易环节冷清，更是影响两市做多情绪的支撑要素减 少的体现。 Wind统计显示，今年11月的公募FOF业绩惨淡，债券型、股票型FOF单月业绩均值都呈现负数，股票型 FOF全部产品的单月业绩均告负。债券型FOF中，头部业绩产品里面，华夏聚益优选三个月A录得 0.06%，建信添福悠享稳健A录得0.06%，其余全部在0.01%之下。 金鹰基金权益研究部策略研究员金达莱分析指出，11月主要以"防御、调整、成长修复"的风格展 开，"反内卷"受益的周期品种、红利、消费和地产建筑交替轮动，成长风格在月末反弹中弹性更大，其 中TMT虽然月内波动较大，但通信、电子等细分领域结构上依旧表现亮眼。 展望12月，正值春季躁动布局期，产业趋势和国内政策有望指引结构方向。12月重磅会议将定调2026年 经济方向，若稳增长政策前置发力（如反内卷、消费刺激），存在提前启动春季行情的可能性。 前期 ...

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].

Group 1 - The Federal Reserve's recent decision to cut interest rates by 25 basis points marks the first rate cut since December 2024, leading to a notable pullback in the A-share market [1][2] - The A-share market experienced a mixed performance, with the Shanghai Composite Index declining by 1.30%, while the Shenzhen Component and ChiNext Index increased by 1.14% and 2.34%, respectively [2] - Publicly offered Fund of Funds (FOF) saw significant weekly pullbacks, with many products experiencing declines exceeding 1%, particularly in stock-type FOFs [2] Group 2 - Morgan Asset Management suggests that the increased probability of two more rate cuts by the Federal Reserve reduces the attractiveness of cash returns, while long-term government bonds may present capital gain opportunities [3] - The report indicates that the potential for a weaker dollar could sustain resilience in non-U.S. markets and gold, with structural opportunities in A-shares, Hong Kong stocks, and Japanese stocks [3] - Tianfeng Securities highlights that the bond market is likely to continue oscillating within a range, with ongoing market dynamics influenced by the lack of new narrative logic [3] Group 3 - The QDII (Qualified Domestic Institutional Investor) funds have shown strong performance in the overseas equity markets, with a structural differentiation in the fund market [4] - As of mid-2025, the total number of QDII funds reached 307, with a total scale of approximately 678.27 billion RMB, marking a historical high [5] - The QDII fund structure is primarily composed of individual investors, although the average proportion of institutional investors has risen to 26%, indicating potential for future FOF investments in related QDII funds [5]

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]