Core Insights - The personal pension fund Y shares have shown positive returns in Q2, with 290 funds achieving an average increase of 2.1% despite market volatility [8][9] - The total number of personal pension funds has increased to 297, with new products primarily being target date funds [1][2] - The overall scale of personal pension Y shares reached 124.09 billion, marking a 10.19 billion increase from the previous quarter [4][5] Fund Performance - The FOF products remain the dominant category, accounting for 87.3% of the total personal pension Y shares, while index products represent 12.7% [4] - The index Y shares have experienced significant growth, with a total scale surpassing 10 billion in Q1 and a further increase in Q2 [5][6] - The top-performing fund in Q2 was the Huaxia Fuze Pension Target 2035, which achieved a quarterly increase of 5.57% [9] Market Trends - Fund managers have adopted a more diversified asset allocation strategy in response to market fluctuations, with increased investments in QDII, gold, and REITs [3][8] - The performance of the dividend low-volatility index has been strong, with a 6.78% increase in Q2, indicating resilience in the strategy [6][7] - Institutional managers with over 10 billion in personal pension fund Y shares include major players like Huaxia Fund and E Fund [7] Investment Strategies - Fund managers are increasingly diversifying their portfolios to mitigate risks associated with market volatility, focusing on a mix of growth and defensive assets [9][10] - Some managers have shifted their focus towards sectors like military and gold, while others have reduced exposure to high-flying sectors like innovative pharmaceuticals [10][11] - The consensus among fund managers emphasizes the importance of asset allocation and diversification to enhance risk-adjusted returns [9][11]

Group 1 - The core viewpoint of the articles highlights the increasing preference of investors for diversified asset allocation to seek relative certainty and mitigate risks, with over 80% of FOF products achieving positive returns as of May 16, 2025 [1][3] - The unique advantage of FOF is its diversified allocation strategy, which includes a selection of actively managed funds, passive index funds, QDII funds, and alternative funds, enhancing the diversity of income sources [1] - In the first quarter, FOF fund managers actively utilized their allocation advantages by investing in equity ETFs, increasing exposure to Hong Kong and overseas markets, and positioning in popular sectors such as gold, technology, and pharmaceuticals [1] Group 2 - According to CITIC Securities, two major trends in FOF asset allocation are emerging: diversification, with a significant increase in the proportion of commodity funds, QDII funds, and mutual recognition funds; and passive investment, with a growing reliance on index funds to lower investment costs and improve efficiency [1] - The FOF product managed by GF Fund's asset allocation department exemplifies the characteristics of diversification and passive investment, holding a variety of ETFs and maintaining a low concentration with no single fund exceeding 4% of the total [3] - As the advantages of FOF allocation become more prominent, FOF funds are gaining recognition from an increasing number of investors, with the total market size of public FOF products reaching 151.1 billion yuan, an increase of 17.9 billion yuan from the previous quarter, marking a new high in nearly a year [3]