Core Viewpoint - The domestic public FOF (Fund of Funds) market is experiencing a resurgence in issuance and product structure diversification, reflecting increasing investor recognition of these products as A-share indices stabilize and recover [1] Group 1: Market Performance - As of the end of Q1 2025, the total scale of domestic FOF funds increased by 13.46% to 1510.8 billion yuan, with 86% of FOF funds achieving positive returns, particularly in equity-oriented FOFs [1] - By June 4, 2025, the scale further grew to 1618.52 billion yuan, with leading performance from funds managed by ICBC Credit Suisse, Qianhai Kaiyuan, Tongtai, and Penghua [1][2] - The FOF market is being driven by institutional investors accelerating their layouts, supported by the high liquidity and low fees of ETFs, which are becoming core components of FOF portfolios [1] Group 2: Fund Performance - Multiple FOF products have shown stable performance, with ICBC's "Rui Zhi Jin Qu Yi Nian A" leading the equity FOF category with a return of 11.36% as of June 4, 2025 [3] - Other notable performers include "Qianhai Kaiyuan Yu Yuan" and "Tongtai You Xuan Pei Zhi" funds, with returns of 9.57% and 9.28% respectively [3] - ICBC's various pension FOF products, such as "ICBC Pension 2050Y" and "ICBC Pension 2045Y," are also ranking highly in their respective categories [5][6] Group 3: Investment Strategy and Trends - The FOF market is increasingly recognized as a key tool for personal pension investments, with a focus on target date and target risk FOFs to meet diverse investor needs [5] - ICBC Credit Suisse has established a comprehensive product line covering various retirement goals and risk profiles, demonstrating a long-term commitment to pension FOFs [8] - The dual strategy of "investment research platformization and track specialization" is crucial for FOFs to adapt to market changes and enhance their appeal to investors [9]