本文转自【央视财经】； 2025年中国公募基金市场迎来历史性突破，ETF规模冲上5.78万亿元，FOF年内发行规模超800亿元，双双 刷新纪录。 数据显示，截至12月19日，全市场ETF规模达5.78万亿元，年内增长超2万亿元，增速超过53%。 增长节奏也很惊人，ETF规模今年短短4个月就从4万亿元跃升至5万亿元，而此前从0到1万亿元用了整整14 年。 细分品类同样亮眼，2025年7月和9月两批科创债ETF先后上市，市场热度持续攀升。截至目前，24只科创 债ETF合计规模已达2576.64亿元，相较697.73亿元的发行规模大增269%，其中16只产品跻身百亿级梯队。 与此同时，FOF也迎来"爆发年"。截至12月17日，全年新成立79只FOF基金，合计募集规模达803.54亿元， 超过此前三年发行总和。单只产品平均发行规模达10.49亿元，是2024年的3倍以上。 新闻链接 什么是ETF和FOF？ ETF是交易型开放式指数基金，本质是一篮子资产的组合，比如投资者买了"沪深300ETF"，就相当于一次 性买下了沪深300指数里包含的300家公司的股票。而FOF更简单，它本身不直接买股票、债券，而是由专 业的基金 ...

Core Viewpoint - The FOF (Fund of Funds) market is experiencing a significant surge in issuance, characterized by rapid fundraising and a strong demand for stable asset allocation strategies [2][5][6]. Group 1: FOF Issuance Trends - In November, the issuance of FOF products accelerated, with multiple funds being established on the same day, indicating a concentrated formation trend [1][2]. - On November 25, four FOFs were launched simultaneously, achieving substantial initial fundraising results within short periods, showcasing the popularity of debt-oriented strategies [3][4]. - The total number of FOFs established this year with a scale exceeding 1 billion yuan has reached approximately 50, with 23 exceeding 10 billion yuan and 4 surpassing 50 billion yuan [5]. Group 2: Market Dynamics - The FOF market is described as entering a "big year" for issuance, with total fundraising exceeding 700 billion yuan, significantly surpassing the total for the previous year [5]. - The demand for stable returns and diversified asset allocation is driving the popularity of FOFs, which are seen as a favorable investment option in the current market environment [6]. - Factors contributing to the rise in FOF issuance include a shift towards stable asset allocation in the public fund industry, the appeal of FOFs to individual investors due to their standardized and easily understandable nature, and the increasing allocation of institutional funds towards FOFs [6].

Group 1 - The issuance of Funds of Funds (FOFs) has significantly increased in 2023, with 73 new FOFs launched by November 13, far exceeding the 31 launched in the entirety of 2024, and total issuance reaching 565.86 billion units, a 357.56% increase compared to 123.67 billion units in 2024 [1] - The core advantage of FOFs lies in their ability to achieve diversified asset allocation through professional fund selection and secondary diversification strategies, effectively reducing investment risks [1] - The surge in FOF issuance is attributed to a recovering market and strong demand for wealth allocation among residents, as single funds have struggled to navigate market style rotations in recent years [1] Group 2 - Gold-themed ETFs have gained popularity among FOFs, as gold's value as a safe-haven asset has become more pronounced amid global economic recovery challenges, while bond ETFs provide relatively stable returns [2] - Despite the booming issuance market, the "miniaturization" issue of existing FOFs is prominent, with over 520 FOFs in the market having a total scale exceeding 200 billion yuan, but an average scale of only 4 billion yuan, with 43.3% of products below 100 million yuan [2] - Many small-scale FOFs are initiated funds that require only 10 million yuan of self-owned capital to establish, leading to numerous "experimental" mini products that lower the average scale of FOFs [2] Group 3 - The short-term performance of FOFs has been pressured by stock market volatility in recent years, causing some investors to overlook the core advantages of risk diversification and long-term pension planning [3] - Concerns over the dual fee structure have led to a tendency for funds to avoid small-scale products, exacerbating the scale dilemma [3] - Industry insiders believe that the long-term value of FOFs in asset allocation will become increasingly evident, and their attractiveness to investors will continue to rise, with the industry expected to gradually overcome its challenges [3]

Core Insights - The performance of public FOFs (funds of funds) has significantly improved in the first three quarters of this year, driven by a recovery in the equity market, with all FOFs achieving positive returns for the year [1][2] - The top-performing FOF, Guotai Youxuan Lihang One Year, recorded a net value return of 77.13%, highlighting the strong performance of equity-type FOFs [2][3] Group 1: Performance Metrics - The Shanghai Composite Index rose by 15.84%, the Shenzhen Component Index by 29.88%, and the ChiNext Index by 51.20% in the first three quarters, contributing to the valuation uplift of public FOFs [3] - A total of 49 new public FOFs were launched in the first three quarters, compared to only 23 in the same period last year, indicating a significant increase in new fund issuance [4] Group 2: Market Trends - The number of new A-share accounts opened reached 20.15 million, a year-on-year increase of 49.64%, reflecting growing investor participation in the equity market [3] - The issuance of public FOFs has been characterized by strong demand, with some funds selling out within a day, such as Morgan Fund's Yingyuan Stable Three-Month Holding A, which raised 2.752 billion yuan in just one day [4] Group 3: Investment Strategies - Key drivers of FOF performance include technology and resource-themed ETFs, which have been prominent in the portfolios of top-performing funds [2] - Analysts suggest focusing on sectors like non-ferrous metals and traditional industries such as liquor and home appliances, which are seen as undervalued with stable earnings potential [5]

Core Viewpoint - The article highlights the growing interest in Fund of Funds (FOF) in a low-interest environment and recovering equity markets, with notable performance from specific FOF products in 2025 [4][8]. Summary by Sections Recent Performance of FOF - On August 4, 2025, Morgan Fund's Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF announced an early end to its fundraising, achieving a scale of approximately 28 billion yuan [4]. - There are 882 FOF products with reported performance this year, with an average return of 6.21%, and the top 10 products have a minimum return threshold of 16.47% [4][5]. Top Performing FOF Products This Year - The top three FOF products this year are managed by Guotai Fund, ICBC Credit Suisse Fund, and Bohai Huijin, with returns of 29.81%, 22.56%, and 21.87% respectively [5][6]. - ICBC Credit Suisse Fund's "ICBC Pension 2050A" has a return of 22.56% this year, with a management scale of approximately 1.57 billion yuan as of the end of Q2 2025 [6][7]. Performance Over the Past Year - In the past year, 853 FOF products have reported performance, with an average return of 13.59%. The top 10 products have a minimum return threshold of 32.37% [8][11]. - The top three funds in the past year are managed by ICBC Credit Suisse Fund, Guotai Fund, and Shenwan Hongyuan Fund, all exceeding 44% returns [8][9]. Performance Over the Past Three Years - Over the past three years, 853 FOF products have reported performance, with an average return of 13.59%. The top 10 products have a minimum return threshold of 9.66% [11][12]. - The top two products are managed by Qianhai Kaiyuan Fund, with returns of 21.27% and 13.32% respectively, and the top three includes a product from Xingzheng Global Fund with a return of 12.94% [12][13].

Group 1 - The core viewpoint of the articles highlights the significant growth and increasing popularity of Fund of Funds (FOF) in the investment market, with a total of 51 new FOFs established this year, raising a total of 230.31 billion yuan, a year-on-year increase of 449% [1][2] - Among the newly established FOFs, mixed-type FOFs dominate, with 36 out of 51, accounting for 82.1% of the total fundraising, while bond-type FOFs raised 41.23 billion yuan [1] - The average issuance scale of new FOF products is 6.40 billion yuan, with several products exceeding 20 billion yuan, indicating a strong demand for top-tier FOF products [1][2] Group 2 - The design of a minimum holding period for new FOF products has become a common feature, with 94% of the new FOFs having a minimum holding period ranging from 3 months to 5 years, which helps in promoting long-term investment strategies [2][3] - The average growth rate of the net asset value for FOFs this year is 1.22%, with over 80% achieving positive returns, reflecting their stable performance in the market [2][3] - FOFs are recognized for their ability to diversify investments and reduce risk exposure, especially in volatile market conditions, making them an essential tool for wealth management and retirement planning [3]