8年，增长近9倍！

Core Insights - The public fund of funds (FOF) has experienced significant growth, with its scale increasing nearly ninefold since its inception eight years ago, reaching a total management scale of 1650.62 billion yuan as of the second quarter of this year [4][2][1] - The development of public FOFs is driven by various factors, including regulatory support, the commitment of leading institutions, and favorable market conditions during the A-share bull market from 2019 to 2021 [4][5][2] - The average net value growth rate of public FOFs since inception is 12.3%, with nearly 90% of products achieving positive returns, highlighting their investment performance [7][6] Growth and Development - The number and diversity of public FOF products have significantly increased, catering to various risk appetites and investment needs, including ordinary FOFs and targeted retirement FOFs [2][4] - The FOF market has evolved through different phases, including initial rapid growth, market corrections, and subsequent recovery, leading to a more mature understanding of FOFs among managers, sales institutions, and investors [4][2] Investment Performance - The performance of public FOFs has been commendable, with some products achieving returns exceeding 120% since inception [7][6] - The success of FOFs is attributed to strategic and tactical asset allocation, as well as the selection of underlying funds, which are becoming increasingly sophisticated [7][11] Future Outlook - The future of public FOFs appears promising, with ample room for growth in the context of multi-asset allocation trends and increasing investor demand for diversified investment solutions [10][11] - Industry experts emphasize the need for enhanced research capabilities and product services to maintain competitive advantages, particularly in delivering long-term stable performance [10][11] Product Innovation - Recent years have seen the emergence of innovative FOF products, such as FOF-LOF and ETF-FOF, which are expected to gain popularity due to their diversified asset allocation capabilities [19][20] - The expansion of the investment scope for FOFs to include various asset classes, such as commodities and REITs, is aimed at improving risk diversification and enhancing overall returns [15][14] Challenges in Pension FOFs - Despite the potential of pension FOFs as a key component of the personal pension system, challenges such as slow growth, product homogeneity, and low investor awareness persist [21][22] - Industry stakeholders advocate for improved product competitiveness and market recognition, alongside learning from international experiences to enhance the effectiveness of pension FOFs [21][22] Recommendations for Development - Experts suggest that the industry should focus on optimizing institutional design, extending assessment periods, and enriching asset allocation tools to better meet investor needs [28][27] - There is a call for increased investor education and tailored asset allocation recommendations to enhance the appeal and understanding of pension FOFs among the general public [25][24]