FOF performance is determined by who holds the bull's ear - Heavy positions in resource types become "winning and losing hands"

The Fund of Funds which specializes in asset allocation and fund investment is called "professional fund investors" by many investors. Recently, with the disclosure of the fourth quarter report of public funds in 2025, the latest holding trends of public FOFs have emerged. It is worth noting that the Huaxin Gold ETF has been the fund with the most FOF holdings in the first three quarters of 2025. By the end of the fourth quarter of 2025, this "crown" was taken over by Haifutong CSI Short-Term Bond ETF. In addition, bond ETFs such as Pengyang Zhongzhai-30 Year Treasury Bond ETF, Ping An Zhongzhai-Medium and High-Grade Corporate Bond Spread Factor ETF, and Fuguo Zhongzhai 7-10 Year Policy Financial Bond ETF also rank high in FOF holdings. Some fund managers have stated that looking ahead to the first quarter of 2026 in the equity market, loose liquidity combined with expectations of improved performance have provided a relatively favorable macro environment, with A-shares still offering opportunities outweighing risks. The team will continue to track various types of assets, implement multi-asset and multi-strategy allocations, and strive to achieve long-term, relative stable returns, providing investors with a better holding experience.