FOF翻身：年内新发份额创近四年新高，九成产品赚钱

Core Insights - The public FOF (Fund of Funds) industry has made a strong comeback in 2025 after three consecutive years of decline, with total management scale reaching approximately 232.53 billion yuan, a four-year high [1][2] - Over 96% of FOF funds achieved positive returns in 2025, with an average return rate of 11.89%, driven by a significant profit effect [1][2] Industry Overview - As of December 10, 2025, there are 539 FOF funds, with a total management scale of about 232.53 billion yuan, marking a 75% increase from 133.15 billion yuan in 2024 [2][5] - The number of new FOF fund shares issued in 2025 reached 78.58 billion, surpassing the total issuance of the previous three years combined [2][5] - The average issuance per FOF fund in 2025 was 1.034 billion shares, a significant increase compared to previous years [2][5] Market Dynamics - The recovery of the FOF market is attributed to improved market conditions and upgraded product strategies, including better asset allocation in QDII, ETFs, REITs, and commodities [3][5] - The low interest rate environment has increased investor preference for stable products, while the implementation of personal pension systems has provided a stable funding source for FOF funds [3][5] Competitive Landscape - The FOF fund market is becoming increasingly competitive, with 82 public institutions involved and eight institutions managing over 10 billion yuan [6] - The top ten institutions account for 60% of the market share, indicating a significant concentration of assets [6][7] Challenges - Despite the growth, over 70% of FOF products have a scale of less than 200 million yuan, limiting their asset allocation flexibility [7] - Product homogeneity remains a significant issue, with many funds lacking diversified asset allocation capabilities [7][8] - Investor confidence needs time to recover, as many clients exited the market during the downturn from 2022 to 2024 [7][8] Future Outlook - The future development of public FOF funds should focus on enhancing asset allocation capabilities to smooth volatility and reduce risks [8] - There is a need for increased product promotion and investor education to rebuild confidence in FOF funds [8]