今年以来，随着资本市场逐步转暖，投资者对FOF基金的认可度逐步提升，因为相信专业的力量， 近年来很多股民转变成基民。 下半年，ETF-FOF基金迎来上报的密集期，多家机构加速布局，为投资者提供更多选择。 1. 市场转暖，机构加速布局ETF-FOF 在市场回暖的背景下，也让FOF的市场认可度逐步提升。Wind数据显示，截至2季度末，超过90% 的FOF今年以来取得正收益。与此同时，ETF规模突破，持续刷新历史新高，截至８月末，我国ETF市 场总规模已突破5万亿元，各种细分赛道的ETF层出不穷，这一规模的快速增长，反映了公募市场对指 数化投资的热情。 在这一背景下，为进一步提升资产配置的灵活性，越来越多的FOF将目光投向ETF。Wind数据显 示，截至9月26日，今年以来已有20只ETF-FOF产品申报，其中有14只为7月份以来申报，这种创新型产 品正在成为新的资产配置工具，为投资者提供更多选择。 ETF-FOF，顾名思义是一种以配置ETF为主的FOF产品，与传统FOF主要配置主动管理型基金不 同，ETF-FOF更加专注于被动指数的投资组合，将80%以上的非现金底层资产配置于ETF的策略，这类 产品融合了ETF和 ...

Core Viewpoint - The domestic public offering of Fund of Funds (FOF) is experiencing significant growth and diversification, reflecting increasing investor recognition and confidence in these products as A-share indices stabilize and recover [1][4][17]. 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 during the quarter [1]. - By June 4, 2025, the scale further grew to 1618.52 billion yuan, with leading performance from funds managed by companies like ICBC Credit Suisse, Qianhai Kaiyuan, and Penghua [4]. - The performance of various FOF products has shown stability and improvement, with a notable focus on equity and mixed-asset funds [5][6]. Group 2: Product Structure and Types - The FOF market is characterized by a diverse product structure, with mixed-asset FOFs dominating in number and asset value, accounting for 93.58% of the total [5]. - Target date FOFs and target risk FOFs are becoming increasingly important for retirement planning, catering to different investor needs [12][13]. Group 3: Investment Strategies and Manager Insights - The investment strategy of ICBC Credit Suisse's FOFs emphasizes a high allocation to equity assets, with a focus on diversification across sectors such as technology, healthcare, and commodities [12][14]. - The recent appointment of Zhou Yan as the fund manager for ICBC's FOF has continued the trend of strong performance, with a year-to-date return of 8.77% reported for the fund [7][12]. - The investment team at ICBC Credit Suisse is committed to providing tailored retirement investment solutions, with several of their products ranking highly in performance [13][18]. Group 4: Industry Trends and Future Outlook - The FOF sector is positioned as a core component of personal pension accounts, driven by policy support and market demand for long-term, secure investment options [17][19]. - The trend towards "platform-based" investment research and specialized strategies is seen as key to the FOF's competitive advantage, allowing for effective asset allocation and risk management [18][19].

Group 1 - Public Fund of Funds (FOF) has gained significant popularity among investors in 2025, with a market size increase of 26.7 billion yuan, representing over 20% growth compared to the end of the previous year [1] - A total of 21 new FOF products were launched in 2025, raising 23.04 billion yuan, which is more than a fourfold increase year-on-year, with an average fundraising of 1.097 billion yuan per product [1] - The growth in the FOF market is driven by multiple factors, including a favorable A-share market, resource allocation from distribution channels, and the expansion of personal pension fund listings [1] Group 2 - As of May 28, 2025, 421 out of 498 pension FOFs achieved positive returns, accounting for nearly 85%, with an average net value growth of 1.3% [2] - The top-performing pension FOF is the ICBC Credit Suisse Pension 2050, managed by Xu Xinyuan, which has delivered a 7% return year-to-date [2] Group 3 - Xu Xinyuan, a relatively young fund manager with 9 years of experience, has successfully managed several notable products, including the ICBC Pension 2050, showcasing effective investment strategies [3][4] - The ICBC Pension 2050 has balanced investments between A and H shares, with a focus on reducing exposure to high-performing sectors while increasing allocations to pharmaceuticals, non-bank financials, and real estate [4] Group 4 - The ICBC Pension 2055, also managed by Xu Xinyuan, has shown competitive performance with a 10.58% return since its management began in January 2024, ranking 24th among 182 similar funds [4][5] - The fund's strategy includes dynamic adjustments to asset allocations, focusing on growth and dividend assets, which has contributed to its long-term stability [5] Group 5 - ICBC Credit Suisse has developed a comprehensive pension product matrix, including target date, target risk, and passive tools, catering to various retirement needs [8] - The firm has established a robust investment process that emphasizes strategic and tactical asset allocation, as well as fund selection, to optimize risk-adjusted returns [8] Group 6 - The overall assets of ICBC Credit Suisse's FOF products have increased from 1.274 billion yuan at the end of 2021 to 2.482 billion yuan by the first quarter of 2025, demonstrating steady growth in the pension FOF segment [7] - The company has been at the forefront of pension financial product innovation, launching several products that have been included in the personal pension fund list [7][8] Group 7 - The regulatory environment is fostering a "value revolution" in public fund products, with FOFs expected to leverage their advisory-like attributes to generate alpha returns, becoming a key growth driver for fund companies [9]

Group 1 - Publicly offered FOFs have recently seen a surge in popularity, with notable products like Southern Stable 3-Month Holding and招商稳健策略优选 3-Month Holding raising approximately 36.26 billion and 29.71 billion respectively [3] - In 2023, the average net value growth rate of publicly offered FOFs reached 1.13%, with over 80% achieving positive returns, indicating strong stability [6] - A total of 20 publicly offered FOFs have been established this year, collectively raising over 230 billion, with an average scale exceeding 11.5 billion, significantly above the industry average [3][6] Group 2 - The recent success of FOF products is attributed to a shift in wealth management strategies among residents from "single products" to "portfolio allocation," aligning with the current market demand for "steady appreciation" [4] - As of the end of Q1, the total scale of publicly offered FOFs exceeded 1.4 trillion, with over 30 funds surpassing 1 billion in scale [6] - The market is currently experiencing a focus on high dividend stocks and new productive forces, with expectations of a fluctuating A-share market and a supportive policy environment for the bond market [6][7]