史上次新高，年内FOF新发735亿，招行成FOF爆款“批发商”

Core Insights - The issuance of Fund of Funds (FOF) has rebounded in 2023, with new establishment scale surpassing 73.55 billion yuan, marking the second-highest annual total since the first public FOF was established in 2017 [1][2] - The total issuance scale of FOF in 2023 is the highest in the last three years, with a gap of less than 35 billion yuan from the historical peak of 108.36 billion yuan in 2021 [1][2] FOF Fund Issuance Overview - As of November 28, 2023, 69 new FOF funds have been established, with a total issuance scale of 73.55 billion yuan, averaging 10.66 million units per fund [2][4] - In comparison, the average issuance scale of new FOFs in 2021 was 12.46 million units, indicating a significant recovery in 2023 [2][4] Performance and Market Dynamics - The performance of existing FOFs has been a driving factor for the rebound in issuance, with 460 established FOFs achieving an average return of 19.06% year-to-date, outperforming the CSI 300 index, which returned 15.04% [3][6] - Notable new FOFs established in late November include several with significant fundraising, such as the Tianhong Yingyue Stable Allocation Fund, which shortened its fundraising period and raised 1.133 billion yuan [3][4] Major Fund Managers - The top fund managers by new FOF issuance include: - Fuguo Fund with 3 new FOFs totaling 8.208 billion yuan - Dongfanghong Asset Management with 2 new FOFs totaling 7.882 billion yuan - Ping An Fund and E Fund, each exceeding 6 billion yuan in new FOF issuance [5][6] - The "TREE Long-term Plan" by China Merchants Bank has significantly supported the issuance of large-scale FOFs, with many top-performing funds being part of this initiative [6] Long-term Performance Trends - Over the past three years, 273 FOFs have achieved positive returns, a significant increase from only 28 at the end of the previous year [7] - However, 23 FOFs still reported losses over the same period, indicating a mixed performance landscape [7]