Group 1 - The core point of the article highlights the changing dynamics in FOF (Fund of Funds) investments, particularly the decline in holdings of gold ETFs, despite their popularity among fund managers [1][2] - As of the end of Q2 2025, the Huazhong Gold ETF has the highest number of FOF holdings, totaling 78, with a market value of 987 million yuan [1] - The top five funds with the most FOF purchases include Huazhong Gold ETF, Hai Futong Zhongzheng Short Bond ETF, Pengyang Zhongzheng 30-Year Treasury ETF, and others, indicating a shift in investment focus [2] Group 2 - The article discusses the performance of FOFs, noting that several funds have achieved over 20% returns year-to-date, with specific funds like Guotai Preferred Navigation and ICBC Smart Progress leading the way [4][5] - Fund managers are adopting a proactive investment strategy, focusing on sectors such as Hong Kong technology, innovative pharmaceuticals, and A-share new productivity themes, which are driving net asset value growth [3][6] - The outlook for the market suggests a focus on industry rotation opportunities, with key investment themes including rare earths, innovative pharmaceuticals, resource commodities, and the financial real estate sector [6][7]

Group 1 - The public FOF (Fund of Funds) market is experiencing a significant increase in new issuance, with 31 new FOF products launched this year, surpassing the total issuance scale of 115.98 billion from 38 products in 2024 [2][3] - As of the end of Q2, the total net asset value of FOF funds reached 168.76 billion, marking a year-to-date increase of 26.74% and hitting a high point since September 2023 [2][3] - The growth in FOF scale is driven by both new issuances and performance improvements of existing FOFs, supported by a stabilizing A-share market and expanding personal pension fund listings [2][4] Group 2 - The majority of new FOF products are mixed-type, with 23 out of 31 being mixed FOFs, and several "popular" FOFs have raised over 60 billion in initial offerings, setting new records for single product fundraising in the past three years [3][4] - The average return for FOFs in the first half of the year was 3.11%, with some aggressive FOFs achieving returns over 14% by investing in thematic ETFs and overseas assets [4][5] Group 3 - Despite the growth in new FOF products, many existing FOFs are facing pressure due to small asset sizes, with 57 funds having net asset values below 50 million, and 170 funds below 200 million, leading to 13 funds being liquidated this year [5][6] - The small size of many FOF products is attributed to poor historical performance, inadequate risk management, and high levels of product homogeneity, which have resulted in low investor acceptance [6][7] Group 4 - Industry experts suggest that FOF products need to clarify their positioning, objectives, and investment strategies, while also enhancing investor engagement to improve the overall investment experience [7][8] - The FOF market is expected to continue evolving towards diversified asset allocation, with a focus on incorporating various investment tools such as ETFs and optimizing product structures to reduce competition among similar products [8]

Core Viewpoint - The FOF products have demonstrated strong performance in the first half of the year, leveraging their multi-asset strategy to achieve positive returns and gaining popularity in the market [1][3]. Performance Summary - As of June 30, 2025, the overall average return of FOFs for the first half of the year was 3.11%, with some aggressive FOFs achieving over 10% gains through investments in thematic ETFs, overseas assets, and commodity tools [2][4]. - Notable high-performing FOFs included Bohai Huijin's Preferred Progress with a 15.19% increase, ICBC's Smart Progress with a 14.88% increase, and ICBC's Pension 2050Y with a 14.59% increase [4]. Product Development - The issuance of new FOF products continued to rise, with 31 new products launched in the first half of the year, indicating sustained market interest in multi-asset allocation tools [8]. - The launch of products like Dongfanghong's Yingfeng Stable Allocation and Fuguo's Yinghe Selected, with significant initial scales of 65.73 billion and 60.01 billion respectively, reflects strong demand [8]. Strategy and Design - The successful FOFs generally adopted high elasticity and theme-driven asset allocation strategies, primarily focusing on passive index funds while also incorporating QDII and commodity assets [6][10]. - The trend towards more refined strategy design in FOF products is evident, especially in the areas of retirement goals and multi-asset allocation, with institutions actively integrating overseas mature experiences and technologies [8][11]. Market Trends - The rapid expansion of FOFs in the domestic market signifies investor recognition of professional asset allocation and highlights the accelerated adoption of multi-asset strategies in China [10]. - The FOF's cross-asset, cross-cycle, and cross-style allocation philosophy is increasingly valued in the current market environment characterized by macroeconomic uncertainties and frequent rotations between equity and fixed income markets [10].

Group 1 - FOF products demonstrated strong performance in the first half of the year, with an overall average return of 3.11% as of June 30, achieving positive returns [1] - Aggressive FOFs outperformed by allocating to thematic ETFs, overseas assets, and commodity tools [1][3] - The popularity of new FOF products continues to rise, with increasing diversification in product types and more refined strategy designs [3][6] Group 2 - Notable FOF products include Bohai Huijin's Preferred Aggressive 6-Month Hold A, ICBC's Wise Aggressive 1-Year A, and ICBC's Pension 2050Y, which achieved returns of 15.19%, 14.88%, and 14.59% respectively [4] - Bohai Huijin's product focuses on passive index products, particularly thematic ETFs, and includes various QDII products and commodity funds [4][5] - ICBC's Wise Aggressive also favors passive index strategies, with a focus on specific ETFs and a diversified asset allocation [5] Group 3 - The structure of ICBC's Pension 2050Y is more diversified, including active equity funds, passive index products, and fixed income assets [5] - High elasticity and theme-driven asset allocation strategies were common among top-performing FOFs, with a core focus on passive index funds [5][6] - A total of 31 new FOF products were launched in the first half of the year, with significant initial scales indicating strong market interest in diversified asset allocation tools [6][7] Group 4 - New products like Fidelity's Renyuan Stable 3-Month Hold FOF are designed to tap into China's pension business, leveraging global market strategies and advanced risk management techniques [6][7] - The trend shows a richer product structure and more refined strategy designs, particularly in the fields of pension targeting and diversified asset allocation [7] - Leading institutions are accelerating their layouts, with foreign public funds viewing FOFs as a key entry point into the Chinese pension market [7]

Core Insights - FOF products have demonstrated strong performance in the first half of the year, achieving an average return of 3.11% as of June 30, indicating a positive trend in multi-asset strategies [1][2][4] - The popularity of newly launched FOF products continues to rise, with a diverse range of product types and refined strategy designs, reflecting a growing acceptance of multi-asset strategies in the asset management industry [1][4][7] Performance Highlights - Top-performing FOFs in the first half of the year include Bohai Huijin Preferred Progress 6-Month Holding A, ICBC Smart Progress 1-Year A, and ICBC Pension 2050Y, with returns of 15.19%, 14.88%, and 14.59% respectively [2][3] - These successful FOFs predominantly utilize high elasticity and theme-driven asset allocation strategies, focusing on passive index funds while incorporating QDII and commodity assets [3][7] New Product Launches - A total of 31 new FOF products were launched in the first half of the year, with significant initial scales, indicating sustained market interest in multi-asset allocation tools [4][5] - Notable new products include Dongfanghong Yingfeng Stable Allocation 6-Month Holding with an initial scale of 6.573 billion, and other products like Fuguo Yinghe Zhenxuan 3-Month Holding and Nanfang Stable View 3-Month Holding, which also attracted considerable investment [4] Market Trends - The rapid expansion of FOFs in the domestic market reflects investor recognition of professional asset allocation and signifies the accelerated adoption of multi-asset strategies in China [7] - The current market environment, characterized by macroeconomic uncertainty and frequent rotations between equity and fixed income markets, has made the cross-asset, cross-cycle, and cross-style allocation philosophy advocated by FOFs increasingly relevant [7]

Group 1 - The public FOF market experienced a surge in issuance in the first half of 2025, with 31 new FOF products launched, matching the total for the entire year of 2024, and raising a total of 30.553 billion units, significantly surpassing the previous years' totals of 12.367 billion units in 2024 and 21.862 billion units in 2023 [1] - Leading companies in the FOF market include Xingzheng Global Fund, which maintained the top position with a management scale of 15.1 billion yuan, followed by China Europe Fund and E Fund, both exceeding 13 billion yuan [1] - Huashan Fund saw a significant increase in its FOF scale, rising over 6.1 billion yuan, moving up five ranks, while other firms like Shanghai Dongfang Securities Asset Management and Fortune Fund also showed strong performance with increases exceeding 5 billion yuan [1] Group 2 - The average return rate for the FOF market as of June 30 was close to 3% for the year, with notable improvements in performance compared to the previous three years [2] - The top-performing FOF product was ICBC Credit Suisse Fund's ICBC Wisdom Progress One-Year A, which achieved a year-to-date return of 14.88%, followed closely by Bohai Huijin's Preferred Progress Six-Month A with a return exceeding 14% [2] - Among the top-performing fund companies, ICBC Credit Suisse Fund had six products in the top 20 for year-to-date performance, while both Harvest Fund and Huitianfu Fund had two products listed [2]