募集规模创近三年新高，FOF市场显著回暖

Group 1 - The FOF market has seen significant expansion this year, with fundraising reaching a three-year high of approximately 69 billion yuan, compared to 38 funds established last year [3][4] - As of the end of Q3, the total market size of FOFs reached 193.34 billion yuan, marking a 46% increase compared to the end of last year, reversing a three-year decline [5] - Over 90% of FOFs have reported positive annual net asset value growth, with an average growth rate of 12.25% [6] Group 2 - The positive performance of A-shares has attracted more funds into FOFs, creating a virtuous cycle of good performance attracting investment [6] - Policy support for long-term capital entering the market, including the implementation of personal pension systems, has created favorable conditions for FOF development [6] - The low interest rate environment has led investors to seek low-volatility, high-diversification products, further supporting the recovery of FOF issuance [6] Group 3 - Public fund companies believe that FOFs have vast development potential due to their multi-asset allocation advantages [8] - The trend of shifting from single-asset bets to diversified multi-asset allocations is becoming irreversible, driven by the upgrading of wealth management needs and increased awareness of retirement investment [8] - FOFs are expected to continue attracting funds from traditional bank wealth management products due to their ability to provide better returns while controlling drawdowns [8] Group 4 - Investors looking to use FOFs for asset allocation should prioritize products that cover multiple asset classes to diversify risk [9] - It is advised not to judge FOFs solely based on short-term returns but to focus on long-term annualized returns and drawdown control capabilities [9] - In times of market volatility and uncertainty, a systematic investment approach may be beneficial for participating in FOFs [9]