2025年二季度FOF季报分析：存量规模增长，发行维持高位

Market Overview - The FOF market has shown growth in both product quantity and scale, with a total of 517 public FOF funds and a total scale of 165.67 billion yuan as of the end of Q2 2025, marking a significant increase from 151.04 billion yuan in the previous quarter [1][5] - In Q2 2025, 14 new FOF funds were established, raising a total of 18.60 billion units, with an average fundraising of 1.33 billion units per fund [1][10] - The number of FOF funds that were liquidated increased to 8 in Q2 2025, up from 4 in the previous quarter [1][16] Performance Analysis - All types of FOF recorded positive returns in Q2 2025, with the average return of the pension target date 2060 fund reaching 3.2% [2][31] - The performance of FOF products varied, with those having a higher equity allocation performing better, while bond-focused FOFs lagged behind with average returns of 1.0% [31][32] Asset Allocation - Public FOFs continued to increase their allocation to bond assets, with the proportion of bond funds rising from 55.68% to 61.93%, while equity fund allocation decreased from 14.30% to 11.35% [3][40] - The equity allocation of flexible allocation mixed FOFs and various pension target risk FOFs slightly decreased, while stock-type FOFs increased their equity allocation significantly from 83.57% to 91.94% [3][42] Fund Issuance and Liquidation - The issuance market for FOFs showed signs of recovery, with 14 new funds launched in Q2 2025, although the number of new funds decreased by 2 compared to the previous quarter [8][10] - The distribution of new FOFs varied significantly by type, with ordinary FOFs being the most prominent, accounting for 10 new funds and raising 16.22 billion units [11][12] Fund Management - The top 10 fund companies managed a total of 101.04 billion yuan in FOFs, representing 60.99% of the total market scale [23][24] - Notable fund companies such as Southern Fund and Oriental Red Asset Management saw significant increases in their FOF management scale due to successful new product launches [23][24] Personal Pension Y Shares - The Y shares of pension FOFs, aimed at individual pension investment, have shown strong growth, with a total scale reaching 10.83 billion yuan, an increase of 630 million yuan from the previous quarter [25][26] Fund Subscription and Redemption - Overall, public FOFs experienced a net redemption of 6.1 billion units in Q2 2025, while Y shares maintained positive net subscriptions, indicating strong market appeal [27][29]