Group 1: Overview of Public FOF Funds in Q2 2025 - As of Q2 2025, a total of 518 FOF products have been established, with a combined scale of 166.198 billion yuan, representing a 10.01% increase compared to Q1 2025 [1][6][9] - The scale of different types of FOFs in Q2 2025 is as follows: 92.091 billion yuan for bond-type FOFs, 32.454 billion yuan for balanced-type FOFs, and 41.652 billion yuan for equity-type FOFs, with median returns of 1.20%, 1.76%, and 2.62% respectively [1][6][16] Group 2: FOF Fund Manager Preferences - The most held active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Fuguo Stable Growth A, and Bodao Growth Zhihang C, with the largest holdings being Dachen Gaoxin A, Yifangda Kerong, and Yifangda Information Industry Selected C [2][23] - In the bond fund category, the most held funds are Yifangda Suifeng Tianli A, Guangfa Pure Bond A, and Yifangda Credit Bond A, with the largest holdings being Boshi Credit Preferred A, Yifangda Suifeng Tianli A, and Boshi Credit Pure Bond A [2][23] Group 3: Changes in Fund Allocations - Compared to Q1 2025, the most net increased active equity funds by FOFs in Q2 2025 are Dachen Gaoxin A, Huashang Yuanjian Value C, and Qianhai Kaiyuan Gold and Silver Jewelry A, with the largest net increase in scale for Jiao Yin Technology Innovation C, Yifangda Smart Manufacturing Advantage C, and Yifangda Supply-side Reform [3][39] - In the bond fund category, the most net increased funds are Xingquan Stable A, Huatai Bairui Seasonal Red A, and Fuguo Industrial Bond A, with the largest net increase in scale for Boshi Credit Preferred A, Boshi Credit Pure Bond A, and Boshi Anyue Short Bond A [3][39] Group 4: FOF Fund Managers - The top three active equity fund managers with the most FOF allocations are Liu Xu, Fan Yan, and Xu Yan, while the top three "fixed income +" fund managers are Wang Xiaocheng, Peng Chengjun, and Zhang Ting [4][23] Group 5: FOF Stock Investment Situation - As of Q2 2025, 149 FOFs have directly invested in stocks, with the highest proportion of stock investments in balanced-type FOFs, followed by equity-type FOFs [5][6] - The top three stocks held by FOFs are Ningde Times, Changjiang Electric Power, and Zijin Mining, with the highest market value held in Ningde Times, Haomai Technology, and Wuliangye [5][6]

Overview of Public FOF Funds in Q1 2025 - As of Q1 2025, a total of 512 FOF products have been established in the market, with a total scale of 1510.79 billion yuan, representing a 13.47% increase compared to Q4 2024 [1][6][8] - The FOFs are categorized into three types based on the proportion of equity assets: debt-type FOFs (766.59 billion yuan), balanced FOFs (326.02 billion yuan), and equity-type FOFs (418.18 billion yuan) [1][7][8] - The median returns for Q1 2025 are 0.44% for debt-type FOFs, 1.57% for balanced FOFs, and 2.64% for equity-type FOFs [1][16] FOF Fund Manager Preferences - The most held active equity funds by FOFs in Q1 2025 are Dachen Gaoxin A, Fuguo Stable Growth A, and Huaxia Innovation Frontier [2][26] - The largest positions in terms of scale are held in Huaxia Innovation Frontier, Dachen Gaoxin A, and E Fund Information Industry Select C [2][27] - In the bond fund category, the most held funds by FOFs are Guangfa Pure Bond A, E Fund Anyue Ultra-Short Bond A, and Fuguo Pure Bond AB [2][33] Changes in Fund Allocations Compared to Q4 2024 - The most net increased active equity funds by FOFs are Fuguo Stable Growth A, Jingshun Longcheng Quality Evergreen A, and Bosera Smart Quantitative Multi-Factor A [3][39] - The largest net increase in scale is also seen in Fuguo Stable Growth A, followed by E Fund Strategic Emerging Industries C and E Fund Medical Biology C [3][39] FOF Stock Investment Situation - As of Q1 2025, 142 FOFs have directly invested in stocks, with the highest proportion in balanced FOFs, followed by equity-type FOFs [5] - The top three stocks held by FOFs are Ningde Times, Zijin Mining, and Luxshare Precision [5] Performance of Different FOF Categories - The median returns for different FOF categories in Q1 2025 are as follows: debt-type FOFs at 0.44%, balanced FOFs at 1.57%, and equity-type FOFs at 2.64% [16] - The top-performing debt-type FOFs in Q1 2025 are Zhongtai Tianze Stable 6-Month Holding A, Xingsheng Global Anyue Stable Pension One-Year Holding A, and Huaxia Stable Pension One-Year A [18] - The top-performing balanced FOFs are Changxin Yinian Balanced Pension (FOF) A, ICBC Pension 2040 A, and Ping An Pension Target Date 2050 Three-Year Holding [20] - The top-performing equity-type FOFs are Bohai Huijin Preferred Progress 6-Month Holding A, ICBC Smart Progress One-Year A, and ICBC Pension 2050 A [22] FOF Configuration by Fund Managers - The top three active equity fund managers with the most FOF configurations are Liu Xu, Fan Yan, and Xu Yan [4] - The top three "fixed income +" fund managers are Hu Jian, Wang Xiaocheng, and Zhang Kaidi [4] FOF Configuration of Various Fund Types - The most held bond funds by FOFs are Guangfa Pure Bond A, E Fund Anyue Ultra-Short Bond A, and Fuguo Pure Bond AB [33][34] - The most held "fixed income +" funds are E Fund Suifeng Tianli A, Anxin Target Return A, and Huatai Bosheng Zunhe A [35][36]

报 告 摘 要 一、公募FOF基金2025年一季度概览 截至 2025Q1 ，全市场已成立 FOF 产品数量 512 只，合计规模为 1510.79 亿 元，相比 2024Q4 增加 13.47% 。根据穿透后权益资产占比将 FOF 划分为偏 债型 FOF 、平衡型 FOF 和偏股型 FOF ， 2025Q1 规模分别为 766.59 亿 元、 326.02 亿元、 418.18 亿元， 2025 年一季度收益中位数分别为 0.44% 、 1.57% 、 2.64% 。 二、 2025年一季报中FOF配置最多的基金 为了能更好地观察 FOF 基金经理的投资偏好，本文就市场关注度较高的几类基 金分别统计了 FOF 重仓数量最多和重仓规模最大的基金。 在主动权益基金中，重仓该基金的 FOF 数量最多的三只基金是 大成高鑫 A 、富 国稳健增长 A 、华夏创新前沿 ；重仓规模最大的三只基金是 华夏创新前沿、大 成高鑫 A 、易方达信息行业精选 C 。 在债券型基金中，重仓该基金的 FOF 数量最多的三只基金是 广发纯债 A 、易方 达安悦超短债 A 、富国纯债 AB ；重仓规模最大的三只基金是 易方达安悦超短 债 ...

Core Viewpoint - The public fund market in China has seen significant growth in 2024, with institutional investors increasing their holdings in equity funds, particularly through ETFs, while individual investors continue to dominate in money market funds [1][4][6]. Group 1: Institutional Investor Trends - Institutional investors increased their total holdings in public funds by 3.5 trillion units compared to the end of 2023, with over 40% of their holdings in equity funds, marking a nearly 12 percentage point increase from the end of 2022 [2][5]. - The total size of equity funds rose from 1.88 trillion units at the end of 2022 to 3.03 trillion units by the end of 2024, representing a growth rate of 61% [4]. - The share of equity funds held by institutional investors grew from 5.67 trillion units at the end of 2022 to 12.8 trillion units by the end of 2024, a 126% increase [4][5]. Group 2: ETF Investment - Institutional investors have significantly increased their equity fund holdings primarily through ETFs, participating in market dips and rebounds [6][7]. - In 2024, major ETFs such as Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF saw net subscriptions exceeding 10 billion units, with institutional investors accounting for nearly 80% of the net inflows [8][10]. - The largest ETF, Huatai-PB CSI 300 ETF, had an institutional ownership increase from 66.04% at the end of 2023 to 83.58% by the end of 2024 [10][11]. Group 3: Shift from Active to Passive Funds - There has been a notable decline in institutional interest in actively managed equity funds, with 40 active funds experiencing net redemptions exceeding 1 billion units in 2024 [12]. - The shift towards passive investment strategies is evident, as passive funds surpassed active equity funds in A-share market capitalization for the first time in history [11]. - Only 11 actively managed funds received over 1 billion units in net subscriptions from institutional investors in 2024, indicating a preference for ETFs and a reduced reliance on actively managed funds [13].