Xin Lang Cai Jing·2025-11-22 01:31Core Insights - The report from CITIC Securities indicates that by the end of Q3 2025, there will be a total of 519 public FOF products in the market, with a combined management scale of 193.5 billion yuan, representing a 16% increase from the previous quarter [1] - Notable growth in FOF scale has been observed among fund managers such as Fortune, China Europe, and Guangfa [1] - In terms of performance, the overall returns of equity-oriented FOFs in Q3 outperformed the average returns of similar FOFs [1] Market Trends - The average allocation of FOF investments in internal funds of the managing company stands at 52%, while the proportion of index funds continues to rise [1] - With the ongoing decline in risk-free interest rates, the market is beginning to focus on the allocation value of assets beyond stocks and bonds, suggesting that diversified asset allocation will become a significant direction for FOF development in the future [1] - In the context of increasing structural market conditions, the difficulty for actively managed funds to achieve excess returns is growing, highlighting the increasing value of index fund allocations, with passive investment emerging as another major trend in FOF development [1]