在利率中枢下移、资产轮动加速的当下，多元资产配置已成为应对市场变化的关键。其核心价值，在于 通过跨类别、跨市场的资产组合，打破单一资产的局限，有效分散风险、平抑组合波动。而FOF则将多 元配置的优势发挥到极致，通过搭配债基、股基、黄金类资产等，既不会错过核心赛道机会，又能通过 资产间的低相关性降低回调冲击，无需投资者自行搭配各类资产。 其中，富国智汇稳健FOF的核心优势，则源于"底仓+策略+风控"的三重保障，以及绩优基金经理与强大 平台的支撑。 在底仓构建上，产品坚守"固收打底"逻辑。精选长期业绩优异、风控能力突出的债基作为底仓，充分发 挥债券资产的稳健增值作用，为组合搭建"安全垫"，实现"进可攻、退可守"。 配置策略方面，产品突破"拼盘式"选基，采用"多元资产+多元策略"思路。在债基基础之上，围绕反内 卷政策引领、PPI回升的制造业中游和海外AI主线带来的技术变革板块，灵活配置相关领域优质基金， 同时搭配黄金、REITs等资产对冲波动。既把握结构性机会，又避免单一热点退潮的风险， 风控层面，依托富国基金多元资产投资部投研体系，通过风险预算管理、仓位动态调整等方式，合理控 制组合波动，让投资体验更平稳。 20 ...

Core Viewpoint - The A-share market has shown significant momentum at the beginning of 2026, with the Shanghai Composite Index rising for 17 consecutive days and surpassing the 4100-point mark, leading to increased trading volumes. However, after January 13, the market entered a phase of high volatility, prompting investors to seek opportunities while being cautious of risks. In this context, FOF products have become increasingly valuable as they offer a balanced approach to capturing opportunities while managing risks [1][6]. Group 1: Market Performance - The Shanghai Composite Index rose from the end of 2025 to January 12, 2026, achieving 17 consecutive days of gains and breaking through the 4100-point threshold [1][6]. - Trading volumes in the two markets exceeded 30 trillion yuan for three consecutive days [1][6]. - The CSI 300 Index experienced a slight decline of 0.46% in 2025, indicating a backdrop of accelerated sector rotation [1][6]. Group 2: FOF Product Features - The FOF product, specifically the "Fuguo Zhihui Stable 3-Month Holding Period Mixed FOF," is set to launch on January 19, 2026, as part of the Bank of China's "Hui Investment Plan" [1][4]. - This FOF product aims to meet market demand for both opportunity capture and risk management through diversified asset allocation [1][4]. - The FOF product emphasizes a "bottom warehouse + strategy + risk control" framework, leveraging high-quality bond funds as a stable base to provide a safety net for the investment portfolio [2][7]. Group 3: Investment Strategy - The investment strategy of the FOF product includes a flexible allocation of quality funds in sectors influenced by anti-involution policies, PPI recovery in the manufacturing midstream, and technological changes driven by overseas AI developments [2][7]. - The product also incorporates gold and REITs to hedge against market volatility, aiming to capture structural opportunities while avoiding risks associated with single market trends [2][7]. Group 4: Fund Manager Expertise - The appointed fund manager, Wang Dengyuan, has 14 years of experience in the securities industry and 6 years in FOF management, employing a "three-dimensional integrated" framework for fund selection [3][8]. - Wang's previous products have demonstrated significant excess returns, with the "Fuguo Xinhui Pension Target Date 2025" and "Fuguo Xinhui Pension Target Date 2035" achieving returns of 10.89% and 15.93%, respectively, against benchmarks of 6.60% and 9.00% [3][8]. Group 5: Hui Investment Plan - The "Hui Investment Plan" is a collaborative initiative by the Bank of China and public fund management institutions, designed to provide a clear risk-return profile and targeted wealth management options [4][9]. - The plan encompasses a variety of asset classes, including stocks, bonds, and commodities, and employs different strategies to identify investment opportunities across various configurations [4][9]. - The "Hui Investment Plan" has officially launched, with the Fuguo Zhihui Stable FOF being the first product available for sale [4][9].

Core Viewpoint - The A-share market has shown significant momentum at the beginning of 2026, with the Shanghai Composite Index rising for 17 consecutive days and surpassing the 4100-point mark, leading to increased trading volumes. However, after January 13, the market entered a phase of high volatility, prompting investors to seek opportunities while being cautious of potential risks [1]. Group 1: Market Performance - The Shanghai Composite Index rose from the end of 2025 to January 12, 2026, achieving 17 consecutive days of gains and breaking through the 4100-point threshold [1]. - Trading volumes in the two markets exceeded 30 trillion yuan for three consecutive days [1]. - Following the peak on January 13, the market experienced high volatility, with previous leading sectors showing increased fluctuations [1]. Group 2: FOF Product Value - The value of FOF (Fund of Funds) products has become more prominent, particularly in a market characterized by rapid asset rotation and declining interest rates [2]. - The 2025 mixed FOF index with a bias towards bonds increased by 6.16%, demonstrating both reduced volatility and income elasticity [1][2]. - The newly launched FOF product, 富国智汇稳健, aims to meet market demand for both opportunity capture and risk control [1][2]. Group 3: FOF Product Strategy - The 富国智汇稳健 FOF employs a "bottom warehouse + strategy + risk control" framework, ensuring a robust investment strategy [2]. - The product focuses on a "fixed income base" by selecting high-performing bond funds to provide a safety net for the portfolio [2]. - It utilizes a "multi-asset + multi-strategy" approach, flexibly allocating to quality funds in sectors influenced by policy changes and technological transformations, while also including gold and REITs for volatility hedging [2]. Group 4: Fund Manager Expertise - The appointed fund manager, 王登元, has 14 years of experience in the securities industry and 6 years in FOF management, employing a "three-dimensional" selection framework [3]. - The 富国基金 has a comprehensive research and investment system, supporting the product with a balanced approach across fixed income, active equity, and quantitative investments [3]. - Previous products managed by 王登元 have demonstrated significant excess returns, with yields of 10.89% and 15.93% compared to their respective benchmarks [3]. Group 5: Wealth Management Initiative - The 富国智汇稳健 FOF is part of the China Bank's "慧投计划," which aims to provide a clear risk-return profile and targeted wealth management options [4]. - The "慧投计划" encompasses a variety of asset classes, including stocks, bonds, and commodities, utilizing different strategies to identify investment opportunities [4]. - The initiative has officially launched, with the 富国智汇稳健 FOF being the first product available for sale, designed to navigate uncertain market conditions through professional multi-asset allocation [4].