募集规模创近三年新高，FOF市场加速回暖；个人养老金产品扩容

Group 1: Personal Pension and Financial Institutions - The Ministry of Finance and the People's Bank of China have included savings treasury bonds in personal pension products to support the development of a multi-tiered pension insurance system, which is expected to enhance investor enthusiasm and improve the quality of the personal pension system [2] - On November 27, Wang Ying officially took over as the new chairman of China Merchants Fund, with a focus on maintaining strategic stability and enhancing execution capabilities for the next three years [5][6] Group 2: Public Funds and Market Trends - Several fund companies, including Jiahe Fund and China Merchants Fund, announced the termination of sales agreements with specific sales companies, indicating a shift in sales strategies [3] - The public fund market has seen a significant increase in new fund issuance, with over 1 trillion units issued this year, and equity funds reaching 527.285 billion units, a year-on-year increase of 93.8% [8] - The FOF (Fund of Funds) market has rebounded, with 69 new FOFs established this year, raising a total of 69.236 billion yuan, marking a three-year high [10][11] Group 3: REITs and ETF Developments - The public REITs market is expanding, with the first tunnel public REIT submitted for approval, indicating growth in this investment vehicle [12] - On November 25, the stock ETF market experienced a net outflow of over 17.5 billion yuan, despite a general market increase, reflecting a trend of selling during market rises [13] - A new ETF linked to the ChiNext 50 index was launched in Thailand, marking the first time a Chinese ETF has been listed in Southeast Asia, providing new investment opportunities for Thai investors [15] Group 4: Banking and Wealth Management - Banks are preparing for the 2026 "opening red" campaign, with a focus on stable products like "fixed income+" and dividends, while also increasing allocations to equity funds due to market recovery [18]