养老FOF再迎新品 规模较小问题待解

Core Viewpoint - The launch of the first foreign-funded independent public offering pension target fund (FOF) by Fidelity Fund marks a significant step in the Chinese pension finance sector, aiming to provide a comprehensive pension solution for investors [1][2][5] Group 1: Fund Launch Details - Fidelity Fund announced the launch of the Fidelity Renyuan Conservative Pension Target One-Year Holding Mixed Fund (FOF) on November 18, becoming the first foreign-funded independent public offering to introduce a pension FOF [1][2] - The fund is set to be publicly offered from December 1, 2025, to February 27, 2026, with a minimum issuance of 200 million shares [2] - The fund manager, Zhao Qiang, emphasizes the importance of scientific and diversified asset allocation for effective risk control and long-term wealth accumulation [2] Group 2: Market Context and Challenges - As of November 18, 2023, a total of 10 pension FOFs have been established this year, with a combined issuance scale of approximately 3.67 billion yuan, highlighting the small scale of new and existing products [2][3] - The leading product, Qianhai Kaiyuan Kangyue Stable Pension One-Year Holding Mixed Fund (FOF), has an issuance scale of 2.26 billion yuan, while other products have not exceeded 1 billion yuan [2] - The small scale issue is not only present in new products but also affects existing ones, with 10 pension FOFs having been liquidated due to insufficient scale [3] Group 3: Performance and Future Outlook - As of the third quarter of 2025, the total scale of pension FOFs reached 63.62 billion yuan, with 162 out of 267 products having a latest combined scale of less than 200 million yuan [3] - The average return of pension FOFs for the year up to November 17 is 14.28%, with all related products achieving positive returns [3] - Analysts suggest that the small scale of pension FOFs may be attributed to a high number of offerings and varying product quality, indicating a need for improved competitiveness and performance [4]