- The report does not contain any quantitative models or factors related to quantitative analysis[1][2][3]

1. Report's Investment Rating for the Industry The provided content does not mention the industry investment rating. 2. Core Views of the Report - In 2025, the scale of FOF funds rebounded against the trend, with the cumulative scale exceeding that at the end of 2021. The performance of all FOF achieved positive returns, and high - performing FOF continued the passive investment trend and some emphasized multi - asset allocation. FOF showed a preference for equity and other risk assets and continued to strengthen passive investment in Q3 2025. The scale of personal pension funds maintained a high growth rate. Customized FOF, such as the Changying Plan and Longying FOF, focused on multi - asset allocation. In 2026, FOF products with multi - asset and multi - strategy allocation capabilities have broad development prospects [1]. 3. Summary According to the Directory 3.1 Scale Dimension: Which Type of FOF Funds Does the Market Pay More Attention to? - **Overall Scale Recovery**: In 2025, the number of new FOF funds increased to 93 from 38 in the previous year, and 43 FOF funds were liquidated. The total scale of FOF reached 238.376 billion yuan, an increase of 105.226 billion yuan compared to the end of 2024. The new - issue scale was 84.5 billion yuan, and the continuous - operation scale increased by about 20.696 billion yuan, ending three consecutive years of decline [9]. - **Outstanding New - issue Institutions**: Products托管 by China Merchants Bank were prominent in terms of scale and quantity, with a new - issue scale exceeding 40 billion yuan. Fund companies such as Fullgoal Fund, Orient Securities Asset Management, and Ping An Fund had new - issue scales exceeding 5 billion yuan [11]. - **Popularity of Changying Plan - Related FOF**: FOF products with large net subscriptions in 2025 were mostly bond - type FOF and fixed - income + FOF. The top 5 funds in net subscriptions were all from the Changying Plan. The top 10 funds in new - issue scale were mostly fixed - income + FOF or bond - type FOF, and 8 of them were托管 by China Merchants Bank [13]. - **Changes in Fund Company Scale**: In 2025, the scale of most leading fund managers increased, and the scale ranking changed significantly. Fullgoal Fund and E Fund's scale increased by over 10 billion yuan. Leading fund managers showed two layout characteristics: balanced layout in multiple types of FOF or specialization in a single track [16]. 3.2 Performance Dimension: High - performing FOF Continued the Passive Investment Trend, and Some Emphasized Multi - asset Allocation - **Positive Returns in 2025**: In 2025, all FOF achieved positive returns. The performance was positively correlated with the position, and equity - type FOF performed best with a median return of 25.25%, while bond - type FOF was relatively weak with a median return of 2.70%. Two FOF products exceeded 10 billion yuan in scale [20][21]. - **Investment Characteristics of High - performing FOF**: High - performing bond - type FOF generally allocated multi - assets such as commodities; high - performing fixed - income + FOF obtained returns from both fixed - income + and stock funds while having multi - asset allocation features; high - performing balanced - type FOF mainly adopted passive investment and focused on ETFs with themes of gold, TMT, and new energy; high - performing equity - type FOF further strengthened the theme concentration [25]. - **Outstanding Performance of Cathay Fund's FOF Team**: In 2025, Cathay Fund's FOF team performed outstandingly in various types of FOF, including bond - type, fixed - income +, balanced - type, and equity - type FOF [30]. 3.3 Investment Characteristics: The Allocation Ratio of A - share Equities Such as Active Equities Increased, and the Increase in Holdings in Q3 25 Showed a Preference for Technology and Advanced Manufacturing - **Multi - asset Allocation of Leading Managers**: Leading managers generally attached importance to multi - asset allocation, with different investment directions. Some focused on QDII stocks, some on mutual - recognition funds, and some on commodities [38]. - **Overall Market Characteristics**: In Q3 2025, FOF decreased the holding ratio of pure - bond funds and increased the attention to active and passive equity funds, showing a preference for risk assets and strengthening passive investment. The heavy - position funds showed a preference for A - share technology and advanced manufacturing assets [40]. 3.4 Personal Pension Funds: The Total Y - share Amounted to 1.2817 Billion Yuan As of Q3 2025, the scale of personal pension funds reached 1.2817 billion yuan, an increase of 1.983 billion yuan compared to Q2 25 and 3.99 billion yuan compared to the end of 2024. Pension target date funds were more popular, with a current scale of 7.803 billion yuan [49]. 3.5 Customized FOF: Changying Plan & Longying FOF - **Changying Plan**: Established in early 2025, the included products are all positioned as multi - asset allocation FOF, with different levels corresponding to different return and risk targets. The products in the plan met the return and risk requirements in 2025, with relatively low maximum drawdown rates and prominent risk - return ratios. Other new - issue FOF products托管 by China Merchants Bank also had similar multi - asset allocation characteristics [59][68]. - **Longying FOF**: Established in early 2026, initially only including multi - asset allocation FOF, and will expand to ETF - FOF and global investment FOF in the future. The included products mostly met the return/withdrawal limits in 2025 and had multi - asset allocation characteristics, with a greater focus on overseas investment [77][82]. - **Other Multi - asset Allocation FOF**: Some products, such as Orient Securities Pension and Zhongtai Tianze, have adhered to multi - asset allocation for a long time and achieved excellent performance in 2025. More than half of the new - issue FOF in 2025 emphasized multi - asset allocation in their performance comparison benchmarks [88][93]. - **Investment Strategy for 2026 FOF Funds**: FOF can achieve diversified investment through multi - asset allocation, improve the risk - return ratio of the investment portfolio, and create differentiated investment targets. Low - volatility FOF products represented by bond - type and fixed - income + have been favored by funds in recent years, and the development of multi - asset allocation FOF remains an important direction in the future [95].

Group 1: Fund Scale and Performance - The total net asset value of public funds reached 35.41 trillion yuan by the end of Q3 2025, an increase of 1.69 trillion yuan from the end of Q2 2025, with a quarterly growth of 2.65% in the A-share market [3][16]. - Non-monetary market fund scale reached 21.06 trillion yuan, up 1.56 trillion yuan from the previous quarter, representing a quarter-on-quarter increase of 8.02% and a year-on-year increase of 13.48% [3][16]. - Passive index bond funds led the growth with a scale of 1.82 trillion yuan, showing a quarter-on-quarter increase of 19.13% and a year-on-year increase of 80.38% [3][24]. Group 2: Active Equity Funds - As of the end of Q3 2025, there were 4,268 active equity funds with a total scale of 3.94 trillion yuan, reflecting a quarter-on-quarter increase of 1.06% and a year-on-year increase of 4.80% [4][25]. - The average holding ratio of active equity funds was 88.91%, with the top 10 holdings accounting for an average of 39.90% of the fund's net value, indicating a slight increase in concentration [4][27]. - The top ten fund companies accounted for 44.7% of the total active equity fund market, highlighting a significant concentration effect among leading firms [4][28]. Group 3: Fixed Income Plus Funds - By the end of Q3 2025, there were 1,631 fixed income plus funds with a total scale of 2.11 trillion yuan, with a notable increase in the number of funds in the medium and low elasticity categories [5][40]. - The market saw a significant increase in the allocation to electronic, power equipment and new energy, and non-ferrous metals sectors, with respective increases of 4.6%, 3.2%, and 3.0% in heavy positions [5][69]. - The top three fund companies managing fixed income plus funds were E Fund, Invesco Great Wall, and Fortune Fund, with E Fund managing over 237.2 billion yuan [5][46]. Group 4: FOF, ETF, QDII, and Quantitative Funds - As of Q3 2025, there were 518 FOF funds with a total scale of 1934.89 billion yuan, reflecting a quarter-on-quarter increase of 16.8% [6]. - The ETF market reached a total scale of 54,770.41 billion yuan, up 32.08% from Q2 2025 [6]. - The QDII market had 266 funds with a total scale of 740.3 billion yuan, indicating a quarter-on-quarter increase of 22.25% [6][24].

Core Viewpoint - The article highlights the trend of diversification and refinement in the performance benchmarks of multi-asset investment products, particularly "Fixed Income +" and Fund of Funds (FOF), indicating a shift towards more sophisticated investment strategies in the industry [2][9]. Summary by Sections Performance Benchmark Composition - Recent FOF and "Fixed Income +" products have performance benchmarks composed of 4 to 6 asset classes, including U.S. stocks, Hong Kong stocks, commodities, and deposits, reflecting a more nuanced approach compared to previous simpler stock-bond combinations [4][5]. - Examples of performance benchmarks include: - Morgan's "Yingyuan Stable Three-Month Holding" benchmark: 80% of the yield from the China Bond Pure Bond Index, 5% from the China Equity Fund Index, 5% from the MSCI World Index, 5% from Shanghai Gold Exchange AU99.99, and 5% from after-tax demand deposit rates [4]. - "Yongying Yuan Stable Multi-Asset 90-Day Holding" benchmark: 70% from the China Bond Comprehensive Index, 10% from the CSI 300 Index, 5% from the S&P 500 Index, 5% from the Hang Seng Index, 5% from Shanghai Gold Exchange AU99.99, and 5% from after-tax demand deposit rates [4]. Reasons for Refinement - The refinement of performance benchmarks aims to highlight the "stable multi-asset" positioning of products, optimizing risk-return structures through cross-market and cross-asset diversification [5]. - Clear asset composition enhances product transparency, helping investors understand risk sources and return drivers, and signals global allocation characteristics and inflation-hedging attributes [5][6]. Industry Trends - The trend towards refined performance benchmarks reflects a broader shift in public fund multi-asset investment strategies from traditional equity and fixed income configurations to more diversified asset allocations, including commodities, overseas assets, and REITs [6][9]. - The recent "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the need for stricter performance benchmark constraints to better regulate fund managers' investment behaviors [5]. Implications for Investors and Fund Managers - Refined benchmarks serve as both a performance measurement tool and a guide for investment management, clarifying investment boundaries and enhancing investment discipline [8]. - For investors, detailed benchmarks facilitate better assessment of fund strategies and alignment with personal investment goals and risk tolerance [8][9]. - For fund managers, refined benchmarks support improved portfolio management and decision-making, enhancing transparency and investor confidence in fund products [8].

- The total number of quantitative funds in the market reached 604 by the end of Q2 2025, with an increase of 53 funds compared to Q1 2025. The total fund size amounted to 2854.39 billion yuan, marking a quarter-on-quarter growth of 144.46 billion yuan, or 5.33%[159] - Quantitative funds are categorized into active funds, index-enhanced funds, and hedging funds. Active funds accounted for 894.30 billion yuan, with a quarter-on-quarter growth rate of 8.48%. Index-enhanced funds reached 1908.69 billion yuan, growing by 4.29% quarter-on-quarter. Hedging funds totaled 51.39 billion yuan, showing a decline of 7.15% quarter-on-quarter[160][159] - Among active quantitative funds, the top fund by size was "招商量化精选A" (49.01 billion yuan), followed by "国金量化多因子" (43.40 billion yuan) and "信诚多策略" (34.41 billion yuan). The top 10 funds collectively accounted for 56.05% of the market[164][165] - Active quantitative funds tracking broad-based indices showed strong performance in Q2 2025. For example, "诺安多策略" achieved an excess return of 19.58% and "汇安多策略A" delivered an excess return of 14.67%[166] - Industry-themed active quantitative funds also performed well, with "东吴智慧医疗量化策略A" achieving an excess return of 20.77% and "浙商大数据智选消费A" delivering an excess return of 14.57%[169] - Smart-beta active quantitative funds tracking indices like 中证红利 and 中证国企红利 showed notable excess returns, with "富国中证红利指数增强A" achieving an excess return of 3.94%[179] - Index-enhanced funds reached a total size of 1908.69 billion yuan by the end of Q2 2025. The largest fund was "易方达上证50增强A" with a size of 183.15 billion yuan[172][175] - Among index-enhanced funds, broad-based funds tracking indices like 中证A500 and 国证2000 showed strong excess returns, with "银华中证全指医药卫生增强" achieving an excess return of 4.04%[176] - Hedging quantitative funds totaled 51.39 billion yuan by the end of Q2 2025. The largest fund was "汇添富绝对收益策略A" with a size of 28.00 billion yuan[180][181] - Absolute return rankings for hedging funds in Q2 2025 showed "中邮绝对收益策略" leading with a return of 2.70%, followed by "富国量化对冲策略三个月A" with a return of 2.65%[184] - In Q2 2025, 58 new quantitative funds were established, including 50 index-enhanced funds. The total issuance size was 241.15 billion yuan, marking an increase of 57.95 billion yuan compared to the previous quarter[185]