【导读】募集规模创近三年新高，FOF市场加速回暖 其次，政策推动中长期资金入市，险资等增配权益资产及FOF以优化长期收益，个人养老金制度的落 地，也从政策层面为FOF发展创造了有利条件。 今年以来，FOF市场扩容明显，募集规模创近三年新高，存量产品规模增长亦较为明显。 业内认为，受政策、市场以及产品等因素共同影响，FOF持续受到资金青睐。在震荡的市场环境下， FOF凭借多元资产配置的优势，后续发展空间仍较为广阔。 年内募集近700亿元 创近三年新高 今年以来，FOF发行持续回暖。数据显示，截至11月21日，年内新成立69只FOF，而去年全年成立38 只；合计募集规模达692.36亿元，创近三年新高。其中，多只产品募集规模超50亿元，而去年最高募集 规模不到40亿元。 存量产品方面，截至三季度末，全市场FOF规模合计达1933.37亿元，扭转了此前连续三年下跌的局 面，与去年年底相比增幅超46%。 业绩表现上，截至11月21日，超九成FOF年内单位净值增长率为正，均值达12.25%。 谈及今年以来FOF持续受到资金青睐的原因，盈米东方金匠投顾团队分析，首先，今年A股整体走势积 极，超九成FOF实现正收益，"业绩 ...

【导读】 募集规模创近三年新高，FOF市场加速回暖 中国基金报记者 张玲 今年以来，FOF市场扩容明显，募集规模创近三年新高，存量产品规模增长亦较为明显。 业内认为，受政策、市场以及产品等因素共同影响，FOF持续受到资金青睐。在震荡的市场环境下，FOF凭借多元资产配置的优势，后续发 展空间仍较为广阔。 年内募集近700亿元 在低利率环境下，存款、国债以及传统银行理财的吸引力逐渐下降，投资者倾向于低波动、高分散、稳健增值的产品，这一需求转变为FOF 发行回暖提供了资金支撑。 后市发展空间广阔 创近三年新高 今年以来，FOF发行持续回暖。Wind数据显示，截至11月21日，年内新成立69只FOF，而去年全年成立38只；合计募集规模达692.36亿 元，创近三年新高。其中，多只产品募集规模超50亿元，而去年最高募集规模不到40亿元。 存量产品方面，截至三季度末，全市场FOF规模合计达1933.37亿元，扭转了此前连续三年下跌的局面，与去年年底相比增幅超46%。 业绩表现上，截至11月21日，超九成FOF年内单位净值增长率为正，均值达12.25%。 谈及今年以来FOF持续受到资金青睐的原因，盈米东方金匠投顾团队分析， ...

中信证券研报指出，截至2025年三季度末，全市场共有519只公募FOF产品，合计管理规模达1935亿 元，较上季度增长16%。其中，富国、中欧、广发等基金管理人的FOF规模增长较为显著。从业绩表现 来看，三季度偏股型FOF整体收益优于同类FOF平均水平。在持仓结构方面，FOF投资于本公司内部基 金的平均占比为52%，指数基金的配置比例持续上升。随着无风险利率持续下行，市场开始关注股债资 产之外的其他资产的配置价值，预计未来多元资产配置将成为FOF发展的重要方向。在结构性行情加剧 的背景下，主动管理型基金获取超额收益的难度日益增大，指数基金的配置价值进一步凸显，被动化投 资也正成为FOF发展的另一大趋势。 ...

第一财经总经理汪钧：在这样一个复杂多变的环境中，世界迫切需要一种在丰富经验基础上形成的新的 全球金融方案，这对于中国来说，既是挑战更是机会。 中欧国际工商学院经济学与金融学教授、中国首席经济学家论坛研究院院长盛松成： 中国已进入"双向 投资"阶段，引进来和走出去同时发展，中国贸易伙伴也日趋多元化，人民币汇率中长期或稳中有升， 更有利于中国双向开放和对外经贸关系。 广开首席产业研究院院长兼首席经济学家、中国首席经济学家论坛理事长连平：在"十五五"期间，人民 币国际化应加快推进。过去16年来，人民币在贸易、支付、结算、储备等领域使用提升明显，但与中国 经济体量仍不匹配。当前国际环境复杂，贸易战、美元信用风险上升、去美元化加速，都使加快人民币 国际化更具必要性和现实条件。 清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩：发展新质生产力要有包容个性和 容忍失败的氛围，崭新的创投组织形式，"不太积极"的二级市场，完善健全的法治环境，稳定的宏观政 策导向。 粤开证券首席经济学家、研究院院长罗志恒：推动居民消费率明显提高，短期要构建支持名义经济增速 回升的宏观政策框架，中长期可改革制度，包括构建消费导向型的宏 ...

从昨夜到今晨，全球投资者都在屏息期待。 凌晨5点，某海外芯片巨头正式公布2026财年第三季度财报。财报显示营收与每股收益均超出华尔街预 期，同时对第四季度营收的指引也高于市场预期。业绩公布后，美股温和修复，道琼斯指数上涨 0.10%，纳斯达克指数上涨0.59%。 财报的超预期业绩在一定程度上缓和了近期市场对科技股估值泡沫的担忧，但压制市场风险偏好的因素 并未完全解除。 同样是今天凌晨，美联储最新公布的10月FOMC政策会议纪要显示，联储内部就12月是否降息存在"强 烈分歧"，越来越多官员认为通胀下降的进展已陷入停滞，可能对继续宽松保持谨慎的观点。纪要发布 后，芝加哥商品交易所的美联储观察工具显示，12月10日降息概率跌至32.8%，较1个月前的90%大幅回 落。 从本质上来看，多元资产配置策略是通过同步配置股票、债券、现金及另类资产，投资者能够借助不同 资产间的低相关性，有效降低投资组合的整体波动，并优化风险收益比。 就好比一个人不仅有主业，还有副业，收入多元化，而且分散在不同领域，因此抗风险的能力自然就很 强了。 说起来简单，但在实际投资中，要熟练了解不同资产的投资逻辑和动态变化，这对绝大多数投资者来说 都 ...

Regulatory and Industry Dynamics - Recent high-level management changes have occurred in several wealth management companies, including Zhaoyin Wealth Management, Xinyin Wealth Management, Jiaoyin Wealth Management, and Beiyin Wealth Management, attracting widespread industry attention [6] - The wealth management industry is facing dual structural challenges: low interest rates are pressuring traditional fixed-income asset yields, while regulatory measures are reinforcing the authenticity and standardization of net value management, pushing funds towards technology innovation and green development [6][7] Innovation in the Industry - Jianxin Wealth Management has successfully launched a non-standard equity investment business, utilizing a "customized wealth management product + non-standard equity investment" model to guide market funds towards supporting technology enterprises [8][9] - Jiaoyin Wealth Management participated in the China International Import Expo for the first time, launching a comprehensive upgrade of its "ten categories" wealth management product system, focusing on innovative products such as "Cash+" and "Pension Wealth Management" [10] Performance of Financial Products - Last week, cash management products recorded a 7-day annualized yield of 1.29%, remaining flat week-on-week, while money market funds saw a slight increase to 1.17% [11] - The bond market exhibited a narrow fluctuation pattern, with the 10-year government bond yield remaining stable at 1.81% [12] - The overall environment for the bond market in the fourth quarter remains favorable, but significant constraints persist, including low sensitivity to fundamental factors and ongoing market risk preferences [12] Net Value and Credit Spread Tracking - The net value ratio of bank wealth management products decreased to 0.56%, down 0.17 percentage points week-on-week, with credit spreads also contracting [16] - The current credit spread is at a historical low since September 2024, indicating limited cost-effectiveness, and future trends in credit spreads will be closely monitored as they may impact the net value ratio [16]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Recent leadership changes in multiple wealth management companies have drawn significant attention within the industry, indicating a response to structural challenges posed by low interest rates and regulatory pressures [2][10][11] - Wealth management firms are increasingly exploring alternative investment paths, such as customized financial products combined with non-standard equity investments, to support technology-driven enterprises [3][12] - The introduction of new product systems by wealth management companies, focusing on cash management, pension products, and diversified asset strategies, reflects a shift towards meeting diverse client needs in a low-yield environment [3][14] Summary by Sections Regulatory and Industry Dynamics - A wave of high-level executive changes has occurred in several wealth management firms, including 招银理财, 信银理财, 交银理财, and 北银理财, highlighting the industry's response to dual structural challenges [2][10] - The industry faces pressure from low interest rates and regulatory demands for enhanced risk management and compliance, prompting firms to seek leaders with cross-industry experience to improve investment capabilities [10][11] Innovation in the Industry - 建信理财 has successfully launched a non-standard equity investment business, utilizing a model that combines customized financial products with equity investments to channel funds into technology enterprises [3][12] - 交银理财 has unveiled a comprehensive upgrade of its product system, emphasizing three innovative product categories: "活钱+", pension products, and "多元精选" multi-asset strategies, aimed at addressing various client needs [3][14] Yield Performance - For the week of November 10-16, 2025, cash management products recorded a 7-day annualized yield of 1.29%, remaining stable compared to the previous week, while money market funds saw a slight increase to 1.17% [4][15] - The yield on pure fixed-income products generally declined across all maturities, while fixed-income plus products mostly saw increases, indicating a mixed performance in the bond market [4][18] Net Value Tracking - The net value ratio of bank wealth management products decreased to 0.56%, down 0.17 percentage points week-on-week, with credit spreads also tightening, suggesting limited value for investors [5][23][24]

Group 1 - The Federal Reserve announced a 25 basis point cut in the federal funds rate, marking the second reduction this year and bringing the target range to 3.75% to 4.00%, the lowest level in three years [1] - This decision is interpreted as a sign of renewed global liquidity, amidst a backdrop of slowing economic growth and declining interest rates, leading to a "search for yield" dilemma among investors [1][3] - Multi-asset allocation is increasingly viewed as a key strategy to hedge against market uncertainties, with Asian assets gaining prominence in this context [1][3] Group 2 - In a low-interest and high-uncertainty market, the logic of multi-asset allocation becomes clearer, allowing investors to reduce overall portfolio volatility and optimize risk-return profiles [3] - Historical market cycles demonstrate that no single asset can consistently outperform, reinforcing the importance of diversified asset allocation over timing and stock selection [3] - Diversified portfolios tend to exhibit stronger risk resilience and more attractive risk-adjusted returns compared to single-asset strategies [3] Group 3 - The acceleration of the Fed's rate-cutting cycle is reshaping global capital flows, with a weakening dollar likely to benefit emerging markets, particularly in Asia [5] - Historically, periods of dollar weakness have led to outperformance of emerging markets compared to developed markets, as concerns over the U.S. fiscal deficit grow [5] - The dual environment of declining rates and a weaker dollar enhances the attractiveness of Asian bonds and equities, with Asian dollar-denominated investment-grade corporate bonds becoming a focal point for investors [7][10] Group 4 - The Asia-Pacific region is projected to experience a GDP growth rate of 4.5% by 2025, significantly higher than the global average of 3.0%, driven by domestic demand in countries like China, India, and Indonesia [7][10] - The resilience of Asia is attributed to diverse industries and strong regional cooperation, with key players like Japan, Taiwan, and South Korea positioned well in global supply chains [7][10] - The low correlation of assets within the Asian market provides ample diversification opportunities for investors, enhancing portfolio resilience [8] Group 5 - HSBC's Asia Multi-Asset High Income Fund focuses on a diversified asset allocation strategy, investing primarily in high-yield stocks (42.24%), high-yield bonds (21.19%), and investment-grade bonds (11.64%) [12] - The fund aims to balance dividend income and capital appreciation, leveraging the significant role of dividends in total returns in the Asian market [12] - The current macroeconomic environment presents a new asset allocation window, with the fund positioned to capture growth opportunities in Asia while managing portfolio volatility [12][10]

Core Viewpoint - 汇华理财, as the first joint venture wealth management company in China, has successfully navigated market fluctuations and industry transformations over the past five years, focusing on sustainable growth rather than rapid expansion [1][3][7] Group 1: Company Development - Established in 2020, 汇华理财 quickly gained traction in a favorable market environment, marked by high deposit rates and a booming stock market, leading to a "glorious start" [3] - The company faced a challenging market adjustment period from 2022 to September 2024, characterized by increased stock market volatility and declining interest rates, with the one-year interbank certificate of deposit rate dropping to around 1.6% [3][4] - To adapt to market changes, 汇华理财 implemented a new absolute return investment framework and diversified its product offerings, achieving a "transformation" and doubling its asset management scale by 2025 [4][5] Group 2: Investment Strategy - 汇华理财's core competitive advantage lies in its unique joint venture background and precise positioning, focusing on "global allocation, diversified enhancement, and professional standing" [4][6] - The company has expanded its product offerings from solely RMB to include USD, EUR, and HKD, with notable products like "Time Friend" and "Wealth Lighthouse" achieving significant performance metrics [4][5] - In a low-interest-rate environment, 汇华理财 has successfully enhanced returns and hedged risks through a multi-asset approach, achieving a domestic fixed income annualized return exceeding the index by over 100 basis points and an equity return of 32% [5][6] Group 3: Future Outlook - Looking ahead, 汇华理财 aims to prioritize steady returns and customer reputation, avoiding blind expansion and focusing on conservative strategies during unfavorable market conditions [1][6][7] - The company plans to strengthen its absolute return capabilities, deepen global allocation, and enhance investor engagement, reflecting a commitment to long-term wealth management principles [7] - 汇华理财 is positioned to leverage its international perspective and advanced foreign experiences to drive innovation in investment solutions and comprehensive services, contributing to the development of Shanghai as an international financial center [6][7]

今年以来，随着权益市场企稳回升、投资者信心逐步恢复，FOF也明显回暖，Wind数据显示，截至10 月31日，全市场成立满6个月的477只FOF年内收益均为正，且平均收益率达14.29%。另从规模来看，截 至三季度末，全市场FOF规模合计1871.47亿元，相较去年末增长570亿元。这意味着，在复杂多变的市 场环境中，不少投资者倾向于通过具有多元配置属性的产品来追求资产增值。 产品的具体投资上，江虹表示，将以风险控制为锚点、以波动率管理为舵，在此基础上追求组合收益的 增强。在她看来，低波产品净值曲线能稳健上行非常重要，要力求避免回撤给曲线带来的"伤痕"。从投 资业绩来看，以她在管的低波FOF景顺长城保守养老为例，截至10月31日，A类份额自成立以来的净值 增长率为7.89%，相较于纯债债基指数（3.69%）跑出了一定超额；而该产品同期-0.88%、显著领先业 绩基准（-1.39%）、偏债FOF指数（-2.91%）的最大回撤表现，又是"稳字当头"的较好体现。（数据来 源：Wind，景顺长城保守养老成立日期为2024年3月20日，同期基准为14.38%，截至2025/10/31） 展望后市，江虹表示，对权益市场保持 ...