1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - FOF has become a highly - concerned category in the public - offering industry since 2026, with its scale exceeding 30 billion yuan, and the initial offering scale of multi - asset FOF exceeding 6 billion yuan in 2026. The average initial offering scale of single - FOF has reached a new high since 2018, and it is expected to break the historical record in 2026 [3][7][11]. - The public - offering FOF has entered the 3.0 era, focusing on developing multi - asset FOF under the demand for absolute returns. Since 2025, the top 20 FOFs in terms of initial offering scale are all multi - asset strategies, with the weighted position of the benchmark below 25%, mostly around 10% [12][15]. - The main channels of multi - asset FOF include exclusive bank plans (such as the Changying Plan of China Merchants Bank, the Longying Plan of China Construction Bank, and the Huitou Plan of Bank of China) and Internet platforms (such as the Stable Wealth Management of Ant Fortune and the Dajiaying of Tencent Financial Management) [20][23]. - Compared with low - position fixed - income plus funds, multi - asset FOF has higher returns and better maximum drawdown control in the past six months. Although the two types of products have similar trends in most periods, the excess correlation between them weakens significantly in some periods [56]. - Multi - asset FOF can achieve absolute returns through dynamic trading and position adjustment. Most multi - asset FOF were not sensitive to gold in October 2025 but became more sensitive in January 2026, and the sensitivity of some FOFs decreased after mid - March [88]. - The challenges of multi - asset FOF include the poor performance of investable superior assets, limited QDII fund quotas, and QDII fund premiums [4]. - Based on the Bootstrap method, a multi - asset allocation scheme can be achieved by superimposing common requirements such as drawdown/Sharpe on the probability space of asset returns. The annualized return of the long - term portfolio is generally between 5% - 7% since 2019 [4]. 3. Summary According to the Directory 3.1 Multi - asset FOF: Product Positioning and Risk - return Preferences of 5 Major Channels - **Market Status**: In 2026, FOF has become a popular category in the public - offering industry. The total initial offering scale of public - offering funds is 260.404 billion yuan (274 funds), and the initial offering scale of FOF is 61.973 billion yuan (40 funds), accounting for 23.80% (14.60% in terms of quantity). The average initial offering scale of single - FOF is 1.549 billion yuan, a new high since 2018 [7][11]. - **Development Stages of Public - offering FOF**: It has gone through three stages: focusing on pension FOF before 2020, developing fixed - income plus FOF from 2020 - 2021, and developing multi - asset FOF since 2025 [15]. - **Product Channels**: - **Bank Exclusive Plans**: - **Changying Plan (China Merchants Bank)**: Launched in 2024, it provides a one - stop asset allocation solution with four product positions: Anwenying, Andingying, Anxinying, and Anyiying, each with different return targets, maximum drawdown targets, and equity positions [28][31]. - **Longying Plan (China Construction Bank)**: Launched in January 2026, it has four categories, with low - volatility multi - asset FOF and medium - low - volatility multi - asset FOF having existing targets, aiming to provide asset allocation services for mass investors [32][35]. - **Huitou Plan (Bank of China)**: Launched in January 2026, it creates four product lines: Huiwen (ultra - low - volatility positioning), Huiying (low - volatility positioning), Huili (medium - volatility positioning), and Huiyi (high - volatility positioning) [36][40]. - **Internet Platforms**: - **Stable Wealth Management (Ant Fortune)**: Aims for a return of 2% - 4%, mainly investing in fixed - income assets such as bonds, with a small amount of equity allocation. Currently, it mainly consists of pure - bond funds and first - tier bond funds, with few FOFs [44][48]. - **Dajiaying (Tencent Financial Management)**: Selects products based on users' actual profit situations, aiming for a return of over 4%. Currently, it mainly includes fixed - income plus funds, and Xingquan Youxuan Wenjian Six - month Holding is the only FOF selected so far [41][43]. 3.2 Strategy Comparison Analysis: How 15 Managers Achieve Absolute Returns - **Market Competitiveness**: Compared with low - position fixed - income plus funds, multi - asset FOF has a higher return of 2.27% and a better maximum drawdown of - 1.15% in the past six months, with a Calmar ratio of 4.68 [52][56]. - **Asset Allocation**: - **Equity Funds**: Some institutions mainly allocate active equity funds (such as Wells Fargo, E Fund), some mainly allocate passive funds (such as China Europe, GF Fund), some have a relatively balanced allocation (such as Xingquan, China Asset Management), and some do not directly invest in equity funds (such as Guotai, Southern Fund) [59]. - **Absolute Return and Bond Funds**: Some institutions prefer internal investment (such as Wells Fargo, China Europe), some prefer to allocate fixed - income plus funds (such as E Fund, GF Fund), and some do not allocate fixed - income plus funds (such as Guotai, Boshi) [69]. - **Commodity Funds**: Most institutions allocate gold, nearly half also allocate soybean meal ETFs. Guotai focuses on silver LOF, and Hua'an invests in energy - chemical ETFs and non - ferrous ETFs [70][73]. - **Direct Stock Investment**: Only nine representative products choose to invest directly in stocks, with high differentiation in configuration themes [76]. 3.3 Thoughts on the Product: 3 Challenges and the Application of the Multi - asset Back - testing Control Model - **Challenges**: - **Poor Performance of Investable Superior Assets**: When the US stocks and gold assets fluctuated in 2025, FOF also suffered drawdowns, and the diversification effect of multi - assets was limited [101][102]. - **Limited QDII Fund Quotas**: Domestic fund companies have limited QDII quotas, and multi - asset FOF cannot freely allocate QDII funds [103]. - **QDII Fund Premiums**: There have been three periods of high premium rates in history (2020, 2024, and 2025), mainly related to the overseas investment boom [107][108]. - **Multi - asset Back - testing Control Model**: Based on the probability space of asset returns, by superimposing common requirements such as drawdown/Sharpe, a multi - asset allocation scheme under the Bootstrap method can be achieved. Different drawdown targets (2%, 3.5%, 5%, 15%) lead to different asset allocation characteristics [110][111].

Core Viewpoint - The China Bank's "Smart Investment Plan" has launched a new product, the "Zhaoshang Zhiying Preferred 6-Month Holding Period Mixed FOF," aimed at providing a diversified asset allocation solution for investors [2][3]. Group 1: Product Overview - The "Zhaoshang Zhiying Preferred 6-Month Holding Period Mixed FOF" will officially issue starting February 26, managed by experienced asset allocator Zhang Ge Wu [1]. - The fund aims for a structure of 80% fixed income assets and 20% risk assets, utilizing a "fixed income+" FOF strategy to enhance performance while diversifying risk [1][3]. - The fund's asset allocation strategy includes 80% bonds, 13% equities, 5% cash, and 2% gold, with a maximum of 30% in equity assets [3]. Group 2: Market Context - The public fund industry in China is entering a rapid development phase, with the number of public funds expected to reach 13,622 and total assets exceeding 37 trillion yuan by the end of 2025 [2]. - The "Smart Investment Plan" is designed to meet the growing demand for diversified asset allocation, providing a one-stop solution for investors [2]. Group 3: Management and Strategy - The fund is managed by the Zhaoshang Fund's asset allocation and FOF investment team, which has a strong track record in multi-asset strategies [5][6]. - The investment approach combines strategic asset allocation (SAA), tactical asset allocation (TAA), and underlying return enhancement (Alpha) to actively manage risks and capture market opportunities [4]. - Zhang Ge Wu, with nearly 18 years of investment research experience, leads the fund, emphasizing absolute return strategies and a balanced industry allocation [6][7]. Group 4: Performance and Expectations - The fund aims to provide a stable investment experience and is expected to play a significant role in wealth management as residents' financial needs evolve [7]. - The historical performance of Zhang Ge Wu's managed products indicates a strong ability to exceed benchmarks, with the "He Yue Stable Pension One-Year FOF" achieving a return of 43.76% since inception, outperforming its benchmark by 11.63% [7].

Group 1 - The core viewpoint of the articles highlights the significant growth of public FOFs (Fund of Funds) since 2025, driven by a stable capital market environment and evolving investor allocation concepts, with total fundraising reaching 84.529 billion yuan, an increase of over 800% year-on-year, marking a three-year high [1][8] - In 2026, public FOFs are expected to continue expanding their development space, becoming a core choice in residents' asset allocation due to factors like "financial relocation," "pension demand," and "tool upgrades" [1][8] - Financial institutions are accelerating collaboration to respond to investor needs with more professional services, exemplified by the launch of the "Hui Tou Plan" by Bank of China in partnership with public fund management institutions [1][8] Group 2 - The "Hui Tou Plan" is designed based on in-depth market research by Bank of China, creating four product lines targeting different asset volatility levels, ensuring clear positioning and investment goals for investors [2][10] - The "You Sheng You Yang Plan" by Southern Fund focuses on the full lifecycle management of products, aiming to match fund products and investment strategies with channel and investor needs, thereby enhancing investor experience [3][9] Group 3 - The Southern Haoxin product, a focus of both plans, is characterized by its clear strategy and stable performance, meeting current market demands for low-volatility and stable-return investment tools [4][12] - Southern Haoxin employs a risk parity model to determine asset allocation, incorporating domestic and international stocks, gold, and convertible bonds, while maintaining a diversified strategy for enhanced returns [4][12] Group 4 - The management of Southern Haoxin is led by experienced professionals, including Li Wenliang and Wang Qingzhou, who bring extensive investment experience and a focus on steady growth and risk control [6][13] - The Southern Fund FOF team benefits from a robust integrated research platform, allowing for comprehensive resource integration across various asset classes, which supports the effective operation of products like Southern Haoxin [7][14] Group 5 - The collaboration between Bank of China and Southern Fund through the "Hui Tou Plan" and "You Sheng You Yang Plan" reflects a trend towards a service model centered on investor interests, aiming to enhance wealth management and support the real economy [15]

Group 1 - The core viewpoint of the articles highlights the significant growth of public FOFs (Fund of Funds) in 2025, with a total fundraising scale reaching 84.529 billion yuan, marking an over 8-fold year-on-year increase, reflecting the increasing demand for tools that effectively manage volatility in a macro environment characterized by market fluctuations and low interest rates [1] - In 2026, public FOFs are expected to continue expanding their development space, becoming a core choice in residents' asset allocation due to factors such as "financial relocation," "pension demand," and "tool upgrades" [1] - Financial institutions are accelerating collaboration to respond to investor needs with more professional services, exemplified by the launch of the "Hui Investment Plan" by Bank of China in partnership with public fund management institutions [1][2] Group 2 - The "Hui Investment Plan" is designed based on in-depth market research by Bank of China, offering four product lines targeting different risk-return profiles, thus providing clear and targeted asset allocation solutions for investors [2] - The "You Sheng You Yang Plan" by Southern Fund focuses on the full lifecycle management of products, aiming to match fund products and investment strategies with channel and investor needs, thereby creating a virtuous cycle of stable fund performance and positive investor experience [3] - The combination of these two models forms a complete service loop from demand insight to product supply and long-term support, establishing a solid foundation for the successful operation of products like Southern Haoxin [3] Group 3 - Southern Haoxin is highlighted for its clear strategy and stable performance, meeting the current market demand for low-volatility, stable-return investment tools [4] - The fund employs a risk parity model to determine asset allocation, focusing on a mix of domestic and international stocks, gold, and convertible bonds, while maintaining a diversified strategy for enhanced returns [4] - Recent quarterly reports indicate that Southern Haoxin A shares had a net value of 1.0635 yuan with a growth rate of 0.47%, while C shares had a net value of 1.0499 yuan with a growth rate of 0.37%, both outperforming their performance benchmarks [4] Group 4 - The management of Southern Haoxin is led by experienced professionals, including Li Wenliang and Wang Qingzhou, who bring extensive investment experience and a focus on steady growth and risk control [6] - The fund's investment philosophy emphasizes stable growth and a good client holding experience, with adjustments made to equity positions in response to market fluctuations [6] - The strong operational framework of Southern Fund's FOF team supports the fund's performance, leveraging integrated research resources across various asset classes [7] Group 5 - The ongoing growth in resident wealth management needs and the deepening of high-quality industry development will continue to enhance service models centered on investor interests and institutional collaboration [7] - The organic combination of the "Hui Investment Plan" and "You Sheng You Yang Plan," along with the practical launch of products like Southern Haoxin, exemplifies this trend [7] - The financial industry is expected to play a more significant role in helping residents preserve and increase their wealth while serving the real economy [7]

Core Viewpoint - The A-share market is experiencing heightened sentiment with the Shanghai Composite Index achieving a 17-day consecutive rise, surpassing the 4100-point mark, but has entered a phase of high-level fluctuations, prompting investors to seek opportunities while being cautious of risks [1] Group 1: Market Environment - The market has seen a significant increase in trading volume, with the total transaction amount exceeding 30 trillion yuan for three consecutive trading days [1] - Investors are facing anxiety due to the rapid rotation of sectors and the desire to balance opportunity with risk management [1] Group 2: Product Overview - The FOF product, "Fuguo Zhihui Stable 3-Month Holding Period Mixed FOF," launched by Fuguo Fund, aims to meet the current market demand for balancing returns and risk prevention [1] - The product is managed by Wang Dengyuan, a seasoned fund manager with 14 years of experience in the securities industry and 6 years in FOF management [1][2] Group 3: Investment Strategy - The FOF product employs a "bottom warehouse + strategy + risk control" approach, focusing on a solid foundation of fixed income assets to provide stability [2] - It utilizes a multi-asset and multi-strategy approach, flexibly allocating to quality funds in sectors influenced by domestic policies and technological changes, while also including gold and REITs to hedge against volatility [2] Group 4: Performance Validation - Wang Dengyuan's previous products have demonstrated strong performance, with returns of 10.89% and 15.93% for two of his managed funds, significantly outperforming their benchmarks [3] - The FOF product is part of the "Hui Investment Plan" by the Bank of China, which aims to provide a comprehensive asset allocation solution with clear risk-return profiles [3]

Core Insights - The A-share market has entered a high volatility phase, making diversified asset allocation crucial for managing market changes [1] - The newly launched FOF product, 富国智汇稳健3个月持有期混合FOF, aims to balance opportunity and risk through a multi-asset allocation strategy [1][4] Group 1: FOF Product Overview - The FOF product is designed to leverage the advantages of diversified allocation by combining various asset classes such as bonds, equities, and gold to mitigate risks and reduce volatility [1][2] - It is managed by experienced FOF manager Wang Dengyuan, who has 14 years of experience in the securities industry and 6 years in FOF management [3] Group 2: Investment Strategy - The product adheres to a "fixed income foundation" logic, selecting high-performing and risk-controlled bond funds as a safety net for the portfolio [2] - It employs a "multi-asset + multi-strategy" approach, focusing on sectors influenced by policies against "involution," PPI recovery in the manufacturing midstream, and technological changes driven by overseas AI [2] Group 3: Risk Management - The FOF product utilizes a robust risk management framework, including risk budget management and dynamic position adjustments to control portfolio volatility [2] - The investment research system of 富国基金 supports the product, ensuring comprehensive backing across fixed income, active equity, and quantitative investments [3] Group 4: Performance Metrics - Recent performance data shows that 富国鑫汇养老目标日期2035三年持有A and 富国鑫汇养老目标日期2045五年持有A achieved returns of 13.02% and 24.26% respectively over the past year, outperforming their benchmarks [3]

Core Viewpoint - The A-share market has shown significant momentum at the beginning of 2026, with the Shanghai Composite Index rising for 17 consecutive days and surpassing the 4100-point mark, leading to increased trading volumes. However, after January 13, the market entered a phase of high volatility, prompting investors to seek opportunities while being cautious of potential risks [1]. Group 1: Market Performance - The Shanghai Composite Index rose from the end of 2025 to January 12, 2026, achieving 17 consecutive days of gains and breaking through the 4100-point threshold [1]. - Trading volumes in the two markets exceeded 30 trillion yuan for three consecutive days [1]. - Following the peak on January 13, the market experienced high volatility, with previous leading sectors showing increased fluctuations [1]. Group 2: FOF Product Value - The value of FOF (Fund of Funds) products has become more prominent, particularly in a market characterized by rapid asset rotation and declining interest rates [2]. - The 2025 mixed FOF index with a bias towards bonds increased by 6.16%, demonstrating both reduced volatility and income elasticity [1][2]. - The newly launched FOF product, 富国智汇稳健, aims to meet market demand for both opportunity capture and risk control [1][2]. Group 3: FOF Product Strategy - The 富国智汇稳健 FOF employs a "bottom warehouse + strategy + risk control" framework, ensuring a robust investment strategy [2]. - The product focuses on a "fixed income base" by selecting high-performing bond funds to provide a safety net for the portfolio [2]. - It utilizes a "multi-asset + multi-strategy" approach, flexibly allocating to quality funds in sectors influenced by policy changes and technological transformations, while also including gold and REITs for volatility hedging [2]. Group 4: Fund Manager Expertise - The appointed fund manager, 王登元, has 14 years of experience in the securities industry and 6 years in FOF management, employing a "three-dimensional" selection framework [3]. - The 富国基金 has a comprehensive research and investment system, supporting the product with a balanced approach across fixed income, active equity, and quantitative investments [3]. - Previous products managed by 王登元 have demonstrated significant excess returns, with yields of 10.89% and 15.93% compared to their respective benchmarks [3]. Group 5: Wealth Management Initiative - The 富国智汇稳健 FOF is part of the China Bank's "慧投计划," which aims to provide a clear risk-return profile and targeted wealth management options [4]. - The "慧投计划" encompasses a variety of asset classes, including stocks, bonds, and commodities, utilizing different strategies to identify investment opportunities [4]. - The initiative has officially launched, with the 富国智汇稳健 FOF being the first product available for sale, designed to navigate uncertain market conditions through professional multi-asset allocation [4].

Core Insights - The FOF (Fund of Funds) market has seen significant growth, with the number of FOF funds reaching 67 and total fundraising amounting to 72.426 billion yuan in 2025, a nearly tenfold increase year-on-year [3] - The investment strategy of FOF funds has shifted from a "picking basket" approach to a more stable value-added allocation, focusing on a "fixed income foundation, equity advancement" structure [3][5] - The launch of the "Hui Tou Plan" by Bank of China aims to provide a clear risk-return profile for wealth management, incorporating various asset classes [4] Market Trends - The FOF fund market's expansion is driven by changes in market conditions, product strategy upgrades, and evolving investor demands [5] - Low interest rates have decreased the attractiveness of traditional investments, prompting stable funds to seek new investment directions [5][6] - The A-share market's strength has increased risk appetite for equity capital, leading to a balanced investment approach between bonds and equities [5] Investment Strategy - The newly launched FOF fund, "Fuguo Zhihui Stable 3-Month Holding Period Mixed FOF," is a bond-oriented fund that aims for stable returns through diversified asset allocation [4][8] - Wang Dengyuan, the fund manager, employs a "three-dimensional" model for selecting bond funds, focusing on historical performance, risk-return analysis, and fund manager capabilities [8] - The fund also incorporates a 3% gold commodity return into its performance benchmark, reflecting a positive outlook on gold as a long-term investment [9] Company Capabilities - Fuguo Fund has established a multi-asset investment team since 2017, focusing on strategy investment and research to achieve long-term stable returns [10] - The company employs a platform-based operation model that enhances collaboration among teams, allowing for more efficient investment opportunity discovery [10][11] - Fuguo Fund's development strategy includes fixed income, active equity, and quantitative investment, providing comprehensive support for FOF investments [11]