规模逼近历史高位 公募FOF发行热度攀升

Core Insights - The public FOF (Fund of Funds) market has seen a significant increase in issuance and scale, with 538 products and a total net asset value of 231.61 billion yuan as of December 5, 2025, surpassing the end of 2021 levels and approaching the historical high of 233.96 billion yuan in early 2022 [1][3][4] Group 1: Market Trends - The FOF issuance market has notably warmed up in the fourth quarter, with 37 FOFs issued since the beginning of Q4, including 10 in December alone [1][2] - In October and November 2025, 10 and 17 FOFs were issued respectively, with total issuance of 170.14 billion and 185.49 billion units, marking the highest monthly issuance since April 2023 and the highest share since September 2021 [2][3] - The year-to-date issuance scale for public FOFs reached 74.95 billion yuan, a year-on-year increase of 415.6%, while the stock scale exceeded 220 billion yuan, up 67.6% year-on-year [3] Group 2: Drivers of Growth - The surge in FOF issuance is attributed to a combination of market environment evolution, policy benefits, and upgraded investor demand [1][4] - The "TREE Long-term Plan" by China Merchants Bank has played a significant role in promoting FOF products, providing a one-stop asset allocation solution that has led to a majority of large-scale FOFs being custodied by the bank [4][7] - The rise of FOFs is seen as a transition from niche products to mainstream asset allocation tools, driven by the implementation of personal pension systems and favorable policies [4][8] Group 3: Investment Strategies - FOFs are increasingly recognized for their ability to diversify risk and smooth volatility through a mix of asset classes, making them suitable for investors seeking stable returns in a low-interest-rate environment [5][6] - The performance of FOFs has been strong, with all public FOFs achieving positive returns this year, and some products yielding over 61.78%, significantly outperforming the CSI 300 index [6][7] - The demand for multi-asset FOFs is growing as investors seek to hedge risks and achieve balanced returns, with a notable shift towards conservative investment strategies among individual investors [7][8]