公募基金能否接下这50万亿？

Core Viewpoint - The article discusses the increasing trend of multi-asset investment products, particularly "fixed income+" and FOF (Fund of Funds), as a response to the anticipated influx of funds from maturing deposits, with a projected scale of 30 trillion to 60 trillion yuan by 2026 [2][3]. Group 1: Market Trends and Performance - By the end of 2025, the total management scale of public FOF funds reached 238.3 billion yuan, marking a historical high with an annual growth of 100 billion yuan [3]. - The "fixed income+" funds achieved a scale of 2.53 trillion yuan, growing over 700 billion yuan within the year [3][17]. - Notable performances include the "fixed income+" fund from Guotai Junan, which returned 37% in 2025, and the FOF fund from Guotai, which achieved a return of 66.14% [4][15]. Group 2: Investment Strategies and Product Development - The core strategy of "fixed income+" funds is to build a base return through fixed income assets while enhancing returns with diversified investments in stocks, ETFs, and commodities [11]. - The article highlights a shift towards tool-based investment products, with ETFs and actively managed funds becoming more specialized in their asset allocation strategies [6][7]. - Multi-asset products are seen as a response to the need for stable performance across different market conditions, with a focus on macroeconomic factors and strategic asset allocation [19][21]. Group 3: Challenges and Future Outlook - Despite the positive performance of multi-asset products in 2025, their sustainability remains uncertain, as they are heavily influenced by market conditions and may not perform well in different economic environments [26][27]. - The article emphasizes the need for public funds to enhance their asset allocation capabilities and develop systematic strategies to manage risks and returns effectively [28][29]. - The competition in the multi-asset space is expected to intensify, with firms like Zhongou and Jingshun Changcheng increasing their focus on this area to capture market share [30][35].