9月以来，公募FOF表现不俗，虽然此前权益市场有所回落，但整体上FOF基金单月投资胜率不低，单月最高收益率已近8%。有不少基金经理在近期对四季 度的配置策略做出研判，特别是对于一些均衡配置的方案给出合理建议，在他们看来，一些"反内卷"、红利方向以及海外权益和商品等也值得关注。 9月公募FOF投资胜率高，业绩最高产品收益率已近8% 9月以来，公募FOF业绩维持高胜率，截至9月28日，权益类FOF的单月投资胜率均超过九成，全市场单月业绩为负的基金数量不足30只（统计初始基金）。 权益市场方面，上周虽然市场延续震荡，但各主要指数也在周内收涨。宽基指数方面，上证指数报3828.1点，上涨0.21%；深证成指报13209.0点，上涨 1.06%；创业板指报3151.5点，上涨1.96%。板块方面，电力设备、电子、汽车板块表现较好。 而在债市方面，当前债券市场的利多、利空信息均相对明确。在低利率时代背景下，债券市场的反应呈现出明显的不对称性，对利空的敏感度大于对利多的 敏感度。国债期货T合约于8月下旬跌破年线后，持续在年线以下运行，自2018年4月以来，除2020年下半年至2021年上半年外，本次为首次跌破年线，表明 前 ...

Core Insights - The average performance of 515 public FOFs (Fund of Funds) reached 9.41% year-to-date as of August 22, with only one product showing negative returns [1] - Nearly 40 public FOFs have a cumulative net value growth rate exceeding 20% for the year [1] - The top performers include Guotai's Preferred Navigation One-Year Holding and Guotai's Industry Rotation A, with annual net value increases of 45.49% and 39.97%, respectively [1] - Other notable performers include ICBC's Smart Growth One-Year A, E Fund's Advantage Return A, ICBC's Pension 2050 A, and Bank of Communications' Smart Star A, all achieving around 30% returns [1] - Overall, public FOFs are experiencing their best performance in five years, both in terms of top performance and overall results [1]

Core Insights - As of July 2025, over 500 FOF funds had an average return of 2.69% and a median return of 2.34%, while the CSI 300 index rose by 3.54% [1] - Most FOF funds reported positive returns in July, with notable performers including Guotai's Preferred Navigation One-Year Holding and E Fund's Advantage Return A, achieving returns over 12% [1][4] - Guotai's Preferred Navigation One-Year Holding fund had a net value increase of 16.84% in July and a cumulative increase of 29.81% from January to July 2025 [4] Fund Performance - The top-performing FOF funds in July 2025 included: - Guotai Preferred Navigation One-Year Holding: 16.01% return - Guotai Industry Rotation A: 15.62% return - E Fund Advantage Return A: 12.2% return [1][4] - E Fund's Advantage Return A, established in March 2022, had a net value increase of 12.2% in July and 18.85% for the first seven months of 2025 [4] Fund Characteristics - Guotai Preferred Navigation One-Year Holding, a mixed equity FOF fund, was established in January 2022 and had a scale of approximately 132 million yuan as of the second quarter [4] - The fund's investment ratio reached 78.78%, with the top ten holdings accounting for 83.04% of its net value, primarily in ETF funds [4] Underperforming Funds - Some FOF funds experienced losses in July, with the largest drawdown being less than 0.3%. Many underperforming funds were newly established [5] - Guotai's and E Fund's products showed strong performance, while Guotai's and E Fund's newer products had mixed results [5]