基金 2026 年 1 月 28 日 FOF 基金 2025 年四季报： FOF 规模增长显著，稀有金属类 ETF 受青睐 相关研究报告 【平安证券】基金季度报告*FOF 基金 2024 年四季 报：偏债型 FOF 业绩相对较优，短久期美元债产品 获增持*20250127 【平安证券】基金季度报告*FOF 基金 2025 年一季 报：FOF 新发规模回升，科技主题基金和黄金股 ETF 获增持*20250502 【平安证券】基金季度报告*FOF 基金 2025 年二季 报：FOF 新发规模继续提升，量化策略基金受青睐 *20250725 【平安证券】基金季度报告*FOF 基金 2025 年三季 报：偏股型 FOF 业绩较优，科技主题基金获增持 *20251104 证券分析师 | 郭子睿 | 投资咨询资格编号 | | --- | --- | | | S1060520070003 | | | GUOZIRUI807@pingan.com.cn | | 任书康 | 投资咨询资格编号 | | | S1060525050001 | | | RENSHUKANG722@pingan.com.cn | | 陈瑶 | 投资咨询 ...

Core Insights - The report discusses the adaptability of secondary bond funds in high volatility environments, emphasizing diverse strategies for selecting aggressive products [3][12]. - It highlights the importance of high allocation and growth styles in secondary bond funds, suggesting that funds with a weighted average stock PE above 30 times are classified as growth style funds [4][12]. - The report also notes the increasing investment in Hong Kong stocks by secondary bond funds, with a stock market value ratio reaching 11.21% in Q3 2025 [12]. Summary by Sections High Allocation Strategy - High allocation secondary bond funds typically maintain high positions, with an average convertible bond allocation exceeding 30% across 64 funds, including both conservative and aggressive styles [3][12]. - A three-dimensional selection system is recommended, focusing on high elasticity, favorable holding experience, and cost-effectiveness, evaluated through three core indicators and five sub-indicators [12]. Growth Style - Growth style funds are identified by their holding stocks with a PE ratio above 30, with evaluations based on holding experience and risk-return ratios, particularly the Sharpe ratio [4][12]. - The report emphasizes the need to consider industry rotation, portfolio construction methods, and the balance between growth and quality [4][12]. Hong Kong Stock Strategy - The report indicates a continuous increase in the proportion of Hong Kong stock investments within secondary bond funds, with specific funds maintaining stable positions in this market [12]. - It mentions that the investment limit for Hong Kong stocks is capped at 50% of the stock assets for products that can invest in Hong Kong stocks [12]. Tool-based Products - Tool-based products within secondary bond funds include strategies focused on innovation and micro-cap stocks, with specific funds targeting these areas [12]. - The report identifies representative products for micro-cap strategies and highlights the unique index-enhanced strategy products focused on innovation [12].

Core Insights - The report emphasizes the diverse strategies of secondary bond funds and the significant differences in their risk-return profiles, suggesting a focus on high-positioning and growth-oriented funds to capitalize on high-growth sectors [3][12] - It highlights the increasing investment in Hong Kong stocks by secondary bond funds, with the proportion reaching 11.21% of stock market value in Q3 2025, indicating a trend towards technology-driven assets [12] - The report outlines a three-dimensional selection system for high-elasticity products, focusing on high performance, good holding experience, and cost-effectiveness [12] Summary by Sections Secondary Bond Fund Strategies - The report identifies four main strategies for selecting secondary bond funds suitable for high volatility environments: high positioning, growth style, Hong Kong stock strategy, and tool-type products [3][12] - High-positioning funds typically have an average convertible bond position exceeding 30%, with 64 funds identified, ranging from conservative to aggressive styles [12] - Growth style funds are characterized by a weighted average PE ratio above 30, with evaluations based on holding experience and risk-return ratios [4][12] Hong Kong Stock Strategy - The report notes a continuous increase in the investment ratio of secondary bond funds in Hong Kong stocks, with specific funds maintaining stable positions [12] - It mentions that the investment limit for products that can invest in Hong Kong stocks is capped at 50% of their stock assets [12] Tool-Type Products - The report discusses the emergence of tool-type products within secondary bond funds, including strategies focused on innovation and micro-cap stocks [12] - It highlights specific funds that target dual innovation strategies and micro-cap stocks, indicating a growing trend in specialized investment approaches [12]

Group 1 - As of October 29, public fund reports for the third quarter have been fully disclosed, with bond funds experiencing over 500 billion units of net redemptions, marking the highest net redemption among fund types [1][2] - The total scale of bond funds at the end of the third quarter was 10.58 trillion yuan, a slight decrease from 10.82 trillion yuan at the end of the second quarter [2] - Over 55% of bond funds recorded net redemptions, with more than 2,100 funds experiencing this trend, including 292 funds with net redemptions exceeding 1 billion units [2] Group 2 - Despite the overall negative performance of bond funds, certain convertible bond funds achieved significant returns, with some exceeding 20% in yield due to favorable equity market conditions [1][5] - The yield of bond funds was under pressure, with over 3,128 bond funds yielding less than 1%, and more than 1,000 funds recording negative returns [4][5] - The yield on government bonds increased, with 1-year, 3-year, 5-year, and 10-year government bond yields rising by 12 basis points, 20 basis points, 22 basis points, and 35 basis points respectively compared to the end of the second quarter [4] Group 3 - Looking ahead, the bond market is expected to be influenced by both bullish and bearish factors, with the central bank's operations likely to support the market [6][7] - The current economic growth level remains weak, suggesting that long-term interest rates do not have a solid foundation for sustained and significant increases [6][7] - The bond market is anticipated to return to being driven by economic fundamentals and monetary policy after the release of pressure on the liability side [6][7]