FOF翻身：年内新发份额创近四年新高 九成产品赚钱 21世纪经济报道 特约记者庞华玮 经历了2022年至2024年连续三年的规模下滑和市场质疑后，公募FOF基金在2025年迎来了一场强势回 归。 今年FOF基金行业迎来一个转折点。截至2025年12月10日，FOF基金总管理规模已回升至约2325.29亿 元，创下近四年新高；年内FOF新发基金的总份额为785.81亿份，亦创下近四年新高。 赚钱效应成为市场最直接的驱动力。超过96%的FOF基金在年内实现正收益，全市场平均收益率达到 11.89%，部分绩优产品单位净值已突破2元，最高回报更录得61.34%。 "低利率环境下投资者对稳定型产品的偏好，叠加个人养老金制度落地等政策助力，共同推动了FOF基 金行业的快速发展。"一位FOF基金经理如此总结今年的市场热潮。 FOF基金复苏 FOF基金在2025年打了个漂亮的翻身仗。 Wind数据显示，截至2025年12月10日，FOF基金共539只，总管理规模已回升至约2325.29亿元，创下近 四年新高。该数据较2024年全年的1331.51亿元增长993.78亿元，涨幅约75%。 规模的跃升源于发行端的爆发。按照基金成 ...

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]

2025年，基金中的基金（FOF）迎来发行热潮。Wind数据显示，以基金成立日统计，截至12月7日，年内新成立公 募FOF达74只，发行总规模776.06亿元，创下近4年新高。同期，8家公募管理人的FOF业务管理规模突破百亿元， 行业发展迈上新台阶。 纵向对比来看，FOF市场不仅整体上呈现量价齐升的态势，单只产品的吸金能力也明显增强。截至目前，2025年 单只产品平均发行规模达到10.49亿元，远超2023年的1.99亿元、2024年的3.05亿元，表明FOF产品已从过去的"多 而散"向"少而精"转变，头部产品的规模号召力显著增强。 值得一提的是，2025年FOF产品频出爆款，募集规模超20亿元的产品共有13只，另有24只产品募集规模超10亿 元。其中，上海东方证券资管的东方红盈丰稳健配置6个月持有A以65.73亿元位居发行规模榜首，富国基金的富国 盈和臻选3个月持有A、易方达基金的易方达如意盈安6个月持有A则分别以60.01亿元、58.48亿元的发行规模紧随 其后。 FOF市场的火热，还体现在产品的募集效率上。数据显示，2025年FOF产品平均认购天数为17.9天，有15只产品甚 至实现7天以内快速募集，占 ...