Core Viewpoint - The FOF (Fund of Funds) market is experiencing a significant surge in issuance, with a focus on bond-oriented strategies, reflecting a strong demand for stable returns and diversified asset allocation [1][5][8]. Group 1: FOF Issuance Trends - Four FOFs were established on November 25, continuing a trend of high issuance throughout the month, with many new products achieving impressive initial fundraising results [2][3]. - The number of FOFs with a scale exceeding 1 billion yuan has reached approximately 50 this year, with 23 of them exceeding 10 billion yuan and 4 surpassing 50 billion yuan [6]. - The total fundraising scale of newly issued FOFs has exceeded 70 billion yuan this year, significantly surpassing the total for the previous year [6]. Group 2: Characteristics of Recent FOFs - The recent FOFs are primarily bond-mixed types, with notable fundraising achievements in a short period, such as the Tianhong Yingyue Stable Allocation FOF raising 11.34 billion yuan in just 5 days [3][4]. - Several products ended their fundraising early due to high demand, indicating strong investor interest in stable allocation FOFs [4]. Group 3: Market Dynamics and Investor Behavior - The public fund industry is entering a "stable allocation" era, with FOFs being perceived as more suitable for current market sentiments due to their risk diversification and professional management [8]. - FOFs are characterized by their high standardization and ease of understanding, making them suitable for individual investors looking to allocate assets [8]. - Institutional demand for long-duration, balanced allocation strategies is driving the popularity of FOFs, as they naturally align with the need for diversified and professionally managed investments [8].

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 core viewpoint of the article highlights the increasing demand for stable asset allocation due to ongoing volatility in the equity market and declining yields in traditional fixed-income assets [1][2][4][61] - The major broad-based indices (CSI 300, CSI 500, CSI 1000) have experienced multiple annual drawdowns exceeding 10% since 2020, with maximum drawdowns generally exceeding 35%, indicating a high level of market volatility [2][61] - The 10-year government bond yield has decreased from 3.14% at the end of 2020 to 1.65% by mid-2025, creating significant pressure on traditional fixed-income products and prompting institutions to seek diversified asset allocation [4][61] Group 2 - The implementation of asset management regulations in 2018 has broken the rigid repayment mechanism, prohibiting guaranteed returns and promoting net value management, which has led to a transformation in the asset management industry [6][10][12] - The personal pension system was established in 2022, leading to a significant expansion of target funds, with the number of target date FOFs increasing from 44 in 2020 to 119 by 2025, and target risk FOFs growing from 52 to 154 in the same period [13][14][62] - Current target risk and mixed bond FOFs show room for improvement in drawdown control, with only 3.50% of target risk FOFs and 10.71% of mixed bond FOFs managing to keep maximum drawdowns under 1% [17][62] Group 3 - The "Invesco Great Wall Conservative Pension Target One-Year Holding" (Fund Code: 019665.OF) is a target risk FOF fund launched on March 20, 2024, with a current scale of 358 million yuan as of Q2 2025 [21][63] - The fund has achieved a cumulative return of 6.66% since inception, with a one-year return of 5.13% and a maximum drawdown of only 0.88%, indicating strong performance in terms of risk-adjusted returns [31][63] - The fund employs a diversified asset allocation strategy, combining strategic and tactical approaches, and focuses on risk control and volatility management to achieve stable returns [25][64]