Core Insights - The trend of index-based allocation in public FOFs (funds of funds) is becoming increasingly evident, with many FOFs heavily investing in ETFs [1][3] - The demand for diversified FOF products and ETF-FOF innovations is rising, reflecting a shift in investment strategies [4][5] - The growing complexity and variety of index funds require enhanced asset allocation capabilities from fund managers [6][7] Group 1: FOF Investment Trends - As of October 25, 2023, many FOFs have a significant portion of their top holdings in ETFs, with some FOFs having up to 9 out of 10 top holdings as ETFs [1][2] - Notable examples include the Jianxin FOF and Wanjiayou FOF, which have multiple ETFs among their top holdings, indicating a strong preference for index funds [2][3] - A report from Huatai Securities predicts that by the end of 2024, 90.73% of public FOFs will have allocated to ETFs [3] Group 2: New Product Innovations - The market is seeing the introduction of new FOF products, such as multi-asset allocation FOFs and ETF-FOFs, to meet investor demand [4][5] - As of October 25, 2023, there are 7 multi-asset allocation FOFs established in 2025, which include provisions for index funds [4] - The ETF-FOF products are designed to allocate over 80% of their non-cash underlying assets to ETFs, reflecting a strategic response to market demand [5] Group 3: Challenges and Requirements - The rise of index-based allocation increases the complexity of asset management, necessitating higher asset allocation skills from fund managers [6][7] - Fund managers are expected to develop capabilities in multi-asset allocation and to identify arbitrage opportunities, which are essential for achieving excess returns [6][7] - Challenges include market volatility affecting asset rotation strategies and potential liquidity issues with certain ETFs, which could lead to homogenization of ETF-FOF products [7]

Core Viewpoint - The trend of index-based allocation in public FOFs (Fund of Funds) is becoming increasingly prominent, with a significant preference for ETFs (Exchange-Traded Funds) over actively managed funds [1][4][7]. Group 1: FOF Holdings and Trends - As of October 25, 2023, many FOFs have shifted their top holdings to ETFs, with 9 out of 10 top funds in some cases being ETFs, indicating a clear trend towards index-based investment strategies [1][3]. - The report highlights that 90.73% of public FOFs are expected to allocate to ETFs by the end of 2024, with approximately 9.2% of FOF holdings being ETFs by mid-2025 [4][6]. - Notably, among the 37 FOFs that disclosed their third-quarter reports, 11 had ETFs as their largest holding, with 5 of these ETFs having a holding value exceeding 10% of the fund's net asset value [4]. Group 2: Product Innovation and Demand - In response to strong demand, new products such as multi-asset allocation FOFs and ETF-FOFs are being introduced, reflecting the evolving landscape of fund offerings [2][5]. - The emergence of multi-asset FOFs, which allow for a mix of active and passive investments, is evident, with recent launches indicating a growing trend towards diversified investment strategies [5][6]. - The ETF-FOF products are designed to allocate over 80% of their non-cash assets to ETFs, showcasing a significant shift towards passive investment strategies [5][6]. Group 3: Managerial Challenges and Opportunities - The proliferation of index funds presents both opportunities and challenges for fund managers, as they must enhance their asset allocation capabilities to navigate a more complex investment landscape [7][8]. - Fund managers are increasingly focusing on diverse asset classes, including equities, fixed income, commodities, and overseas investments, to create optimal portfolios that outperform traditional strategies [7]. - However, challenges such as market volatility and liquidity issues in certain ETFs may complicate asset rotation strategies, necessitating innovative approaches to maintain competitive advantages [8].

Core Viewpoint - Ping An Fund announced the appointment of Ma Haoran as a new fund manager for several ETFs, indicating a strategic move to enhance management expertise in key sectors such as automotive parts, photovoltaic, new energy vehicles, and new materials [1][2]. Fund Performance Summary - **Ping An CSI Automotive Parts Theme ETF**: Established on April 29, 2024, with a year-to-date return of 29.60% and a cumulative net value of 1.3657 yuan as of October 20, 2025. The total return since inception is 36.57% [1]. - **Ping An CSI Photovoltaic Industry ETF**: Established on February 9, 2021, with a year-to-date return of 19.99% and a cumulative net value of 0.7508 yuan. The total return since inception is -24.92% [1]. - **Ping An CSI New Energy Vehicle Industry ETF**: Established on December 31, 2019, with a year-to-date return of 47.49% and a cumulative net value of 2.3327 yuan. The total return since inception is 133.20% [1]. - **Ping An CSI New Materials Theme ETF**: Established on July 9, 2021, with a year-to-date return of 28.88% and a cumulative net value of 0.6586 yuan. The total return since inception is -34.15% [2]. - **Ping An CSI New Energy Vehicle ETF Initiated Link A/C**: Established on June 29, 2021, with year-to-date returns of 45.49% and 45.00%, and total returns since inception of -17.16% and -18.58%, with cumulative net values of 0.8284 yuan and 0.8142 yuan respectively [2]. - **Ping An CSI Automotive Parts Theme ETF Initiated Link A/C**: Established on March 4, 2025, with total returns since inception of 12.85%, 12.64%, and 23.87% [2]. Fund Manager Appointment Details - Ma Haoran has been appointed as the new fund manager for multiple ETFs, including the Ping An CSI Automotive Parts Theme ETF, Ping An CSI Photovoltaic Industry ETF, Ping An CSI New Energy Vehicle Industry ETF, and Ping An CSI New Materials Theme ETF [3][4][5]. - The appointment is part of a broader strategy to enhance fund management capabilities within Ping An Fund Management Co., Ltd. [3][4][5].

Group 1 - The report identifies investment opportunities in various industries under the "anti-involution" theme, drawing parallels with the supply-side reform period from 2015 to 2018, focusing on policy effects, inventory cycles, and industry prosperity [1][8] - The current "anti-involution" theme has a broader industry coverage, with a positive outlook on photovoltaic and medical devices based on their clearing reversal elasticity, while chemicals and building materials are favored for their certainty in prosperity [2][14] Group 2 - The report outlines the criteria for selecting actively managed equity funds related to the "anti-involution" theme, requiring a significant holding in relevant industry stocks and a minimum fund size [3][16] - For ETF funds, a scoring system based on various performance metrics is used to identify the top products in the same category [3][16]