Chinese public funds' 2026 mid-year filings show FOFs holding large core
positions in gold and broad-market ETFs such as CSI 300 and STAR 50. FOFs
increased allocations in 1H to sector ETFs — notably telecoms, semiconductors,
power-grid equipment and nonferrous metals — which were the primary sources of
incremental exposure. The prevailing positioning pairs stable base allocations
in gold, broad ETFs and fixed income with directional industry-ETF bets.
