存续规模近2900亿元 公募FOF新发市场升温

Core Insights - The public FOF (Fund of Funds) market is experiencing a resurgence with new product launches and increasing total assets under management, reaching a record high of 289.8 billion yuan as of February 24, 2026 [1][2] - The number of FOF products has grown significantly, with 34 new products launched in 2026 alone, indicating a robust market recovery [1][2] - The competitive landscape is intensifying, with a concentration of market share among a few large institutions, leading to potential risks for smaller funds [4][5][7] Group 1: Market Growth and New Products - As of February 24, 2026, there are 576 FOF products in the market, with a total scale of 289.8 billion yuan, marking a year-on-year increase of 27 products and 45.6 billion yuan compared to the end of 2025 [1][2] - The issuance of new FOF products has accelerated, with 34 new products launched in 2026, 13 of which have raised over 1 billion yuan [1][2] - The recent launches include three FOF products with a three-month holding period, indicating a trend towards longer investment horizons [1] Group 2: Historical Context and Recovery - The FOF market faced a decline from 2022 to 2024, with total assets dropping to 1.33 trillion yuan by the end of 2024, but began to recover in 2025 with 76 new products issued [2] - By the end of 2025, the total number of FOF products reached 549, with a total scale of 244.2 billion yuan, reflecting a year-on-year growth of 10.02% in number and 83.39% in scale [2] Group 3: Performance and Competition - Eight FOF products have seen an increase of over 10% in 2026, with notable performers like Guotai Industry Rotation Stock FOF achieving a rise of 20.07% [3] - The competition is becoming fierce, with only one FOF product exceeding 10 billion yuan in scale, while 123 products have less than 50 million yuan, representing 21.35% of the market [4][5] - The top ten institutions manage 57.49% of the total FOF market, highlighting a "Matthew Effect" where larger firms dominate the market [5][6][7]