2025年一季度FOF季报分析：发行市场回暖，Y份额规模破百亿

Market Overview - The FOF market shows growth in both product quantity and scale, with a total of 512 public FOF funds and a total scale of 1510.79 billion yuan as of the end of Q1 2025, marking a significant increase from 1331.5 billion yuan in the previous quarter [6][8][11] - The issuance market for FOF has also seen a rebound, with 16 new FOFs established in Q1, raising a total of 141.47 billion shares, averaging 8.84 billion shares per fund, which is a substantial increase from 1.63 billion shares in the previous quarter [11][12][17] Performance Analysis - All types of FOF recorded positive returns in Q1, with equity-heavy FOFs performing particularly well, such as the equity-mixed FOF and the retirement target date 2060, both exceeding an average return of 2.5% [3][33] - The bond FOFs lagged behind, with an average return of only 0.1%, impacted by rising bond yields [33] Asset Allocation - There was a noticeable increase in the allocation to bond and money market funds, with the proportion of stock funds decreasing from 14.9% to 14.3% and QDII funds from 6.14% to 5.59%. Conversely, the allocation to bond funds rose from 53.49% to 55.54% [4][43] - The equity allocation of various FOF types showed a slight increase for bond-mixed FOFs, bond FOFs, and actively managed retirement target risk FOFs, while stock FOFs saw a significant reduction in equity allocation from 91.43% to 83.57% [4][45] Fund Management - The top 10 fund management companies control 65.67% of the total FOF market, with a combined management scale of 992 billion yuan. Notable growth was observed in companies like Huaxia Fund and Fuguo Fund, with Fuguo Fund achieving a remarkable increase due to the successful launch of a new product [24][23] Individual Pension Y Shares - The Y shares of retirement FOFs have shown a positive trend since their launch at the end of 2022, with the total scale surpassing 10.2 billion yuan as of Q1 2025, reflecting a growth of 1.377 billion yuan from the previous quarter [2][26] Subscription and Redemption Trends - The overall FOF market has experienced a significant inflow of funds, with the net subscription of FOF shares turning positive for the first time, indicating strong market appeal [29][27]