Core Viewpoint - The report highlights the growth and performance of public FOFs (Fund of Funds) in the third quarter of 2025, indicating a significant increase in both the number of funds and their total assets under management, suggesting a positive trend in the investment landscape [1][2]. Group 1: FOF Market Overview - As of the end of Q3 2025, there are 518 public FOFs with a total scale of 187.25 billion yuan, reflecting a quarterly increase of 30.80 billion yuan, or 19.69% [1]. - The best-performing ordinary FOF in terms of scale growth is the FuGuo YingHe ZhenXuan 3-Month Holding Period Mixed (FOF) A, which grew by 411.79% to 3.35 billion yuan [1]. - The best-performing pension-targeted FOF is the Qianhai Kaiyuan KangYue Stable Pension One-Year Holding Mixed (FOF), with a scale of 2.736 billion yuan, up 1.01% from the previous quarter [1]. Group 2: FOF Performance - The average return for stock FOFs in Q3 was 27.52%, outperforming both the Tianxiang Stock Fund Index and the CSI 300 Index [1]. - The top ordinary FOF by one-year return is the Guotai Youxuan Linghang One-Year Holding Period Mixed (FOF), achieving a return of 52.59% [1]. - The leading pension-targeted FOF is the ICBC Pension 2050 Five-Year Holding Y, with a one-year return of 35.61% [1]. Group 3: Fund Holdings and Concentration - The most frequently held active stock mixed fund by FOFs is the Baodao Growth Zhihang Stock C, with 30 instances of being held [2][3]. - The second most held fund is the Invesco Great Wall Quality Evergreen Mixed C, with 24 instances [2][3]. - The concentration of holdings indicates a focused interest from fund managers in specific funds, reflecting their investment strategies [2]. Group 4: Fund Size and Growth - The top FOFs by total holding size include the Yifangda Kairong Mixed, with a holding size of 5.87 billion yuan, up 52.80% [4]. - The Huaxia Innovation Frontier Stock A follows with a holding size of 4.85 billion yuan, increasing by 72.28% [4]. - External holdings show similar trends, with Huaxia Innovation Frontier Stock A also leading with a size of 4.85 billion yuan, up 85.14% [4]. Group 5: Index Fund Holdings - The HaiFutong Zhongzheng Short Bond ETF is the most frequently held index fund by FOFs, with 67 instances [5]. - The Pengyang Zhongzhai-30 Year National Bond ETF follows with 54 instances [5]. - In terms of holding size, the HaiFutong Zhongzheng Short Bond ETF leads with 3.29 billion yuan, reflecting a 100.20% increase [6].

Group 1 - The market is unpredictable, with fluctuations in gold prices and stock indices, indicating a shift in investment dynamics [1] - Current gold prices are approximately $3100+ per ounce, while the stock index is around $3300+, leading to speculation about future price adjustments [1] - Institutional investors are considered "smart money," and their holdings in funds are a key metric for selection [2] Group 2 - A total of 34 actively managed equity funds were filtered based on criteria such as size (between 500 million to 5 billion), performance (over 20% in the last three years and over 5% this year), and institutional ownership (over 60%) [2] - The list of selected funds includes various performance metrics, with some funds showing significant returns over the past year and three years [3][4] Group 3 - The analysis includes a focus on industry-specific funds, with a notable presence of sectors like electronics, pharmaceuticals, finance, and internet [5] - Fund managers with a longer management tenure are preferred, as they provide stability and consistent performance [6] - Attention is drawn to funds with high single investor ownership, as this can indicate potential risks related to liquidity and fund management [7]