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 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 this year, with an average return rate of 11.89%, and some top-performing products recording returns as high as 61.34% [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 significant increase of approximately 75% from 133.15 billion yuan in 2024 [2] - The new issuance of FOF funds in 2025 reached 78.58 billion units, surpassing the total issuance of the previous three years combined [2] - The average issuance per FOF fund in 2025 was 1.034 billion units, a significant increase compared to previous years [2] Market Dynamics - The recovery of the FOF market is attributed to improved market conditions and upgraded product strategies, with managers optimizing asset structures and increasing allocations to diverse assets like QDII, ETFs, and REITs [3] - The favorable environment for FOF funds is supported by a stabilizing A-share market and the implementation of personal pension systems, providing a stable source of long-term funding [3] 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 among leading players [6] Challenges - Despite the growth, many existing FOF products face pressure to close due to low asset sizes, with over 70% of products having less than 200 million yuan in scale [7] - Product homogeneity remains a challenge, as most funds rely on a "fixed income + equity" framework, lacking the ability to systematically allocate to diverse assets [7] - Investor confidence needs time to recover, as many clients experienced losses during the previous downturn [7] 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] - Managers are encouraged to adopt a diversified asset approach and develop products that cater to varying investor needs [8]