今年以来，公募FOF的发行热度一直在缓步提升。Choice数据显示，以基金成立日为口径，截至8月5 日，公募FOF今年以来合计发行了36只产品，合计发行份额为330.4亿份，较2024年115.98亿份、2023年 234.24亿份实现显著增长，平均发行份额为近10.01亿份，为过去三年最高水平。公募FOF发行份额占基 金总发行份额比重为5.33%，为2017年该类产品问世以来新高。 业绩是公募FOF受投资者追捧的主要原因之一。同源数据显示，截至8月4日，全市场公募FOF今年以来 的平均回报为6.21%，近一年平均单位净值增幅为13.58%。其中，国泰优选领航一年持有期混合FOF、 工银睿智进取FOF、工银养老2050FOF、渤海汇金优选进取6个月持有混合发起FOF、国泰行业轮动股 票FOF及交银智选星光FOF今年以来的净值增幅均在20%以上。拉长时间线来看，有12只产品近一年回 报超过30%，近八成公募FOF净值已经修复到1元以上。 资产配置需求提升 在业内人士看来，除了业绩回暖以外，在利率下行和理财净值化的大趋势下，稳健投资的需求正稳步增 长，或助推以资产配置为特色的公募FOF类产品步入较好的发展阶段。 ...

Group 1 - The core viewpoint of the article highlights the investment strategies and asset allocations of Fund of Funds (FOF) as revealed in the second quarter of 2025, showcasing a shift in focus towards different asset classes [1] Group 2 - As of the end of Q2 2025, the Huaan Gold ETF emerged as the most heavily weighted fund by FOFs, with 78 FOFs holding a total market value of 987 million yuan, a decrease from 1.414 billion yuan at the end of Q1 2025 [3] - Bond assets remain the primary focus for FOFs, with the Hai Fu Tong Zhong Zheng Short Bond ETF having a total market value held by FOFs exceeding 1.643 billion yuan, held by 57 FOFs, making it the highest valued fund among FOFs [3] Group 3 - Many FOF managers are adopting a steady yet progressive investment approach, with a notable focus on growth-oriented thematic ETFs, such as the Industrial Bank Rui Zhi Jin Qi FOF, which has achieved a return rate of 21.64% year-to-date [4] - The Bohai Huijin Preferred Progress 6-Month Holding Mixed FOF has also performed well, with a return rate exceeding 20% this year, heavily investing in thematic ETFs related to Hong Kong innovation and technology [4] - The Guotai Industry Rotation Stock FOF-LOF has reported a return rate close to 20%, diversifying its investments across various sectors including military, gold, animation games, real estate, and rare earths [4]

Group 1 - The core viewpoint of the articles highlights the investment strategies and market insights of Fund of Funds (FOF) as they disclose their latest holdings for Q2 2025, showing a shift in asset preferences [1][3][4] - Huaan Gold ETF emerged as the most heavily weighted fund by FOFs at the end of Q2 2025, with 78 FOFs holding a total market value of 987 million yuan, although this represents a decrease from 86 FOFs and 1.414 billion yuan at the end of Q1 2025 [1] - Bond ETFs are the primary investment targets for FOFs, with Haifutong Zhongzheng Short-term Bond ETF being held by 57 FOFs, totaling over 1.643 billion yuan in market value, indicating a strong preference for bond assets [3] Group 2 - FOF managers are adopting a balanced investment approach, with notable performances from funds like ICBC Ruizhi Progress FOF, which achieved a return rate of 21.64% this year, focusing on growth-style assets while also investing in stable products like dividend low-volatility ETFs and gold ETFs [3] - The market outlook suggests that the main investment risks have shifted to sector rotation risks, with expectations for better overall market performance in the second half of the year due to factors like the Federal Reserve's interest rate cuts and domestic inventory replenishment cycles [4] - FOFs are strategically positioning themselves to maximize risk-adjusted returns by employing a "three main lines + one buffer" asset allocation framework, allowing for periodic rebalancing and cash reserves to capture opportunities during market volatility [4]