Core Insights - The public FOF (Fund of Funds) industry has made a strong comeback in 2025 after three years of decline, with total management scale reaching approximately 232.53 billion yuan, a four-year high [1][2] - Over 96% of FOF funds achieved positive returns this year, with an average return rate of 11.89%, and some top-performing products recording returns as high as 61.34% [1][2] Industry Overview - As of December 10, 2025, there are 539 FOF funds, with a total management scale of about 232.53 billion yuan, marking a significant increase of approximately 75% from 133.15 billion yuan in 2024 [2] - The new issuance of FOF funds in 2025 reached 78.58 billion units, surpassing the total issuance of the previous three years combined [2] - The average issuance per FOF fund in 2025 was 1.034 billion units, a significant increase compared to previous years [2] Market Dynamics - The recovery of the FOF market is attributed to improved market conditions and upgraded product strategies, with managers optimizing asset structures and increasing allocations to diverse assets like QDII, ETFs, and REITs [3] - The favorable environment for FOF funds is supported by a stabilizing A-share market and the implementation of personal pension systems, providing a stable source of long-term funding [3] Competitive Landscape - The FOF fund market is becoming increasingly competitive, with 82 public institutions involved and eight institutions managing over 10 billion yuan [6] - The top ten institutions account for 60% of the market share, indicating a significant concentration of assets among leading players [6] Challenges - Despite the growth, many existing FOF products face pressure to close due to low asset sizes, with over 70% of products having less than 200 million yuan in scale [7] - Product homogeneity remains a challenge, as most funds rely on a "fixed income + equity" framework, lacking the ability to systematically allocate to diverse assets [7] - Investor confidence needs time to recover, as many clients experienced losses during the previous downturn [7] Future Outlook - The future development of public FOF funds should focus on enhancing asset allocation capabilities to smooth volatility and reduce risks [8] - There is a need for increased product promotion and investor education to rebuild confidence in FOF funds [8] - Managers are encouraged to adopt a diversified asset approach and develop products that cater to varying investor needs [8]

Core Insights - The public FOF (Fund of Funds) industry has made a strong comeback in 2025 after three consecutive years of decline, with total management scale reaching approximately 232.53 billion yuan, a four-year high [1][2] - Over 96% of FOF funds achieved positive returns in 2025, with an average return rate of 11.89%, driven by a significant profit effect [1][2] Industry Overview - As of December 10, 2025, there are 539 FOF funds, with a total management scale of about 232.53 billion yuan, marking a 75% increase from 133.15 billion yuan in 2024 [2][5] - The number of new FOF fund shares issued in 2025 reached 78.58 billion, surpassing the total issuance of the previous three years combined [2][5] - The average issuance per FOF fund in 2025 was 1.034 billion shares, a significant increase compared to previous years [2][5] Market Dynamics - The recovery of the FOF market is attributed to improved market conditions and upgraded product strategies, including better asset allocation in QDII, ETFs, REITs, and commodities [3][5] - The low interest rate environment has increased investor preference for stable products, while the implementation of personal pension systems has provided a stable funding source for FOF funds [3][5] Competitive Landscape - The FOF fund market is becoming increasingly competitive, with 82 public institutions involved and eight institutions managing over 10 billion yuan [6] - The top ten institutions account for 60% of the market share, indicating a significant concentration of assets [6][7] Challenges - Despite the growth, over 70% of FOF products have a scale of less than 200 million yuan, limiting their asset allocation flexibility [7] - Product homogeneity remains a significant issue, with many funds lacking diversified asset allocation capabilities [7][8] - Investor confidence needs time to recover, as many clients exited the market during the downturn from 2022 to 2024 [7][8] Future Outlook - The future development of public FOF funds should focus on enhancing asset allocation capabilities to smooth volatility and reduce risks [8] - There is a need for increased product promotion and investor education to rebuild confidence in FOF funds [8]

Group 1 - The FOF market is experiencing a surge in issuance, with 74 new public FOFs established in 2025, totaling 776.06 billion yuan, marking a four-year high [1] - The average issuance scale of single FOF products in 2025 reached 10.49 billion yuan, significantly higher than 1.99 billion yuan in 2023 and 3.05 billion yuan in 2024, indicating a shift from "many but scattered" to "few but refined" products [1] - A total of 13 FOF products raised over 2 billion yuan, with 24 products exceeding 1 billion yuan, showcasing the emergence of blockbuster products [1] Group 2 - The average subscription period for FOF products in 2025 was 17.9 days, with 15 products achieving rapid fundraising within 7 days, accounting for 20.3% [2] - The FOF market has evolved over more than eight years since the first public FOFs were approved in September 2017, entering a steady growth phase from 2019 to 2020 [2] - The peak of the FOF market occurred in 2021, with 94 new FOFs and a total issuance scale surpassing 1 trillion yuan, reaching 1,083.62 billion yuan [2] Group 3 - Eight public fund managers have surpassed 100 billion yuan in FOF management scale, with over 80 institutions engaged in public FOF business [3] - E Fund leads the market with a FOF management scale of 218.84 billion yuan and 31 FOF products, while China Europe Fund and Xingzheng Global Fund are closely competing with scales of 182.18 billion yuan and 182.17 billion yuan respectively [3] - Other institutions like Fuguo Fund, GF Fund, and Huaxia Fund also have FOF management scales exceeding 100 billion yuan, indicating a competitive first tier [3] Group 4 - Performance is identified as the core support for the growth of public FOFs in 2025, with 516 FOF funds achieving positive returns as of December 7 [4] - The recovery of the A-share market has increased investor demand for professional risk diversification and stable returns [4] - The acceleration of long-term capital inflows, such as pensions, along with ongoing regulatory improvements, enhances the attractiveness of FOF products as ideal investment tools [4]