1. Report Industry Investment Rating There is no information about the report industry investment rating in the given content. 2. Core View of the Report - The public - offering FOF may experience significant development in 2026. After a three - year decline since 2021, the FOF scale rebounded rapidly in 2025, reaching 243.87 billion yuan at the end of the year, a year - on - year increase of 88.13%. The industry concentration is relatively high, with the top 10 fund companies accounting for 58.9%. The development of public - offering FOF in the future may revolve around three ecosystems: wealth management, ETF, and pension [4][7]. 3. Summary According to the Directory 3.1 Public - offering FOF May Usher in Great Development - **2025 FOF Scale Stopped Declining and Rebounded**: The FOF scale declined for three years after 2021 and then rose rapidly in 2025. By the end of 2025, the scale reached 243.87 billion yuan, an 88.13% increase compared to 2024. The top - tier fund companies have obvious advantages. As of the end of 2025, the total scale of the top 10 FOF was 143.71 billion yuan, accounting for 58.9%, and the total scale of the top 30 was 225.95 billion yuan, accounting for 92.7% [7][9]. - **Source of FOF Increment: Fixed - income + is the Main Growth Source**: In 2025, the inflow of FOF funds was mainly from fixed - income + products. Among the top 20 products in terms of inflow scale in 2025, except for one FOF product with a fixed - income proportion of 35% in its performance benchmark, the fixed - income proportion in the performance benchmarks of the other 19 FOF products was greater than or equal to 70% [12]. - **FOF Issuance Has Been Booming Since 2026**: As of March 10, 2026, 34 FOF products were issued, with a total issuance scale of 48.03 billion yuan. The products with the top issuance scales are Boshi Yingtai Zhenxuan, ICBC Yingtai Wenjian, Fuguo Zhihui Wenjian, Zhongou Yingxiang Wenjian, and GF Yueying Wenjian [14]. 3.2 Three Ecosystems for FOF Development - **Wealth Management and Fund Investment Advisory Ecosystem**: The demand of bank - channel customers for diversified asset allocation has increased. FOF can meet the needs for multi - assets and strategies, providing a one - stop solution. China Merchants Bank launched the TREE Changying Plan, divided into four categories: Anwenying, Andingying, Anxinying, and Anyiying, with the highest equity position increasing from 15% to 70% and the maximum drawdown target increasing from 2% to 15%. At the beginning of 2026, China Construction Bank launched the Longying FOF Plan, realizing one - click allocation of diversified assets. As of March 10, 2026, the fund products displayed on the Longying FOF product page are from fund managers such as Huaxia, Fuguo, and others, and the products are mainly positioned as low - volatility and medium - low - volatility [17][18][19]. - **ETF Ecosystem**: From a business model perspective, fund companies can cooperate with securities companies to issue securities - company - settled products. Fund companies are responsible for managing FOF and investing in ETFs, while securities companies are responsible for marketing and trading settlement. This can achieve a win - win situation for multiple parties. From an investment perspective, ETFs have low fees, convenient trading, and low transaction costs. With ETFs covering various assets such as stocks, bonds, and commodities, using ETFs as the main underlying assets is expected to achieve the goal of diversified allocation [21]. - **Pension Ecosystem**: According to US experience, the pension ecosystem is the main source of the stock scale of FOF. After the full implementation of the individual pension system at the end of 2024 in China, the scale of domestic pension FOF began to stop declining and rebound. In the future, as the individual pension market continues to expand, pension FOF may become an important part of the third pillar of domestic pension [26][27].

Core Insights - The insurance industry is transitioning towards a "insurance + elderly care" model, driven by aging populations and industry transformation, leading to a new competitive landscape [1][8] - Leading insurance companies are integrating resources across health, technology, and finance to reshape their value chains and enhance their competitive advantages [2][4] Group 1: Value Chain Reconstruction - The deep integration of elderly care ecosystems is transforming traditional insurance value chains, shifting from risk transfer to comprehensive solutions combining products, services, and ecosystems [2] - High-value clients are increasingly attracted to elderly care services, with data showing that clients with elderly-related insurance products see their individual value double [2][5] - Companies like Ping An and Dajia Life are leveraging their elderly care ecosystems to significantly enhance customer loyalty and asset management metrics [2][5] Group 2: Financial Flow Optimization - Annuity insurance products linked to elderly services provide stable cash flows that align with the long-term liabilities of insurance companies, enhancing profitability [3][6] - The integration of cross-sector resources is yielding multiplier effects, improving policy retention rates and overall service delivery [3][4] Group 3: Second Growth Curve Activation - The "insurance + elderly care" model breaks down industry barriers, facilitating collaboration across finance, healthcare, and elderly care sectors, thus creating new growth opportunities [4][7] - Companies are increasingly forming closed-loop ecosystems that enhance value across different business segments, leading to mutual benefits for insurance and elderly care services [4][5] Group 4: Contribution to Premium Growth - The elderly care ecosystem is becoming a key driver of premium growth, with companies like Dajia Life reporting a 79% year-on-year increase in new annuity premiums [5] - Ping An's clients with access to elderly care services account for nearly 70% of new business value, highlighting the effectiveness of the elderly care ecosystem in driving performance [5][6] Group 5: Anti-Cyclical Resilience - The elderly care ecosystem provides significant anti-cyclical resilience by offering stable cash flows and optimizing cost structures, which is crucial in a challenging economic environment [6][7] - Dajia Life's community model has achieved profitability through operational efficiency and cost reduction strategies, enhancing confidence in future investments [6] Group 6: Market Demand and Future Outlook - The aging population and changing attitudes towards retirement are driving explosive growth in demand for elderly care services, providing vast opportunities for insurance companies [7] - Companies with robust elderly care ecosystems are expected to gain a competitive edge in the increasingly crowded market, positioning themselves for future success [7][8]