8年，增长近9倍！

Core Viewpoint - The public fund of funds (FOF) has experienced significant growth over the past eight years, with its scale increasing nearly ninefold, indicating a promising future for the FOF market in China [2][3][5]. Growth and Development - Since the approval of the first batch of public FOF products in September 2017, the number and scale of these products have significantly increased, with a diverse range of categories including low, medium, and high-risk ordinary FOFs, as well as target risk and target date pension FOFs [3][5]. - As of the second quarter of this year, the total management scale of 519 public FOFs reached 165.06 billion yuan, compared to 16.6 billion yuan for the initial six products, marking a growth of nearly nine times [5]. - The rapid growth of FOFs in the early stages can be attributed to three main factors: strong regulatory support, significant investment from leading institutions, and the favorable market conditions during the A-share bull market from 2019 to 2021 [5][6]. Performance and Returns - The average net value growth rate of public FOFs since inception is 12.3%, with nearly 90% of products achieving positive returns, and the highest performance exceeding 120% [7][8]. - The returns of FOF products are primarily derived from strategic and tactical asset allocation, as well as fund selection, with a growing emphasis on long-term stable performance as a core competitive advantage [10][12]. Future Outlook - The future development of public FOFs is expected to focus on enhancing research and investment capabilities, with a strong emphasis on long-term performance and multi-asset allocation strategies [11][12]. - The expansion of FOFs into new asset classes, including commodities, QDII funds, and public REITs, is anticipated to improve risk diversification and broaden sources of returns [16][18]. - The FOF market in China has significant growth potential, especially as the demand for multi-asset investment solutions and personal pension investments continues to rise [12][30]. Challenges and Recommendations - The development of pension FOFs faces challenges such as slow growth, product homogeneity, and insufficient investor awareness [25][27]. - To enhance the competitiveness and market recognition of pension FOFs, it is recommended to improve product design, increase investor education, and provide tailored asset allocation advice [27][28]. - Learning from international experiences, the industry should focus on optimizing institutional design, extending assessment periods, and enriching asset allocation tools to better meet investor needs [29][30].