规模逼近历史高位 公募FOF发行热度攀升

Core Viewpoint - The issuance and scale of FOF (Fund of Funds) products are approaching historical highs, driven by policy benefits, changes in market environment, and upgraded investor demand [1][3]. Group 1: Market Trends - As of December 5, 2025, there are 538 FOF products with a total net asset value of 231.61 billion yuan, surpassing the end of 2021 levels and nearing the historical high of 233.96 billion yuan at the beginning of 2022 [2][3]. - In 2025, 78 FOFs have been issued, compared to only 29 in the same period last year, with 37 issued in the fourth quarter alone [3]. - The fourth quarter has seen a significant increase in FOF issuance, with multiple "explosive" FOF products emerging [5][6]. Group 2: Performance and Demand - The total issuance scale of public FOFs in 2025 reached 74.96 billion yuan, a year-on-year increase of 415.6%, while the stock scale exceeded 220 billion yuan, up 67.6% [6]. - All public FOFs have achieved positive returns this year, with the top-performing products yielding 61.78%, significantly outperforming the Shanghai and Shenzhen 300 Index [12]. - The demand for multi-asset FOFs is increasing as investors seek diversified risk management and stable returns in a low-interest-rate environment [8][11]. Group 3: Investor Behavior and Strategy - The rise of FOFs indicates a shift in wealth management towards solution-oriented approaches, with clients seeking comprehensive plans that align with their financial goals [12]. - Individual investors have become the main force in FOF subscriptions, with a conservative risk preference dominating, particularly in bond-mixed FOFs [12]. - The introduction of personal pension systems is expected to further expand the market for FOFs, providing a stable funding source and enhancing the ecosystem for their development [8][13].