Core Viewpoint - The public fund market has experienced a significant surge in demand, particularly for FOF (Fund of Funds), driven by strong performance in 2025 and a macroeconomic backdrop of substantial deposit maturities in 2026 [3][12]. Group 1: Market Dynamics - On January 5, 2026, a FOF from Wanji raised over 2 billion yuan in a single day, while another from GF completed fundraising in just two days, highlighting a renewed interest in fund issuance [3][4]. - The phenomenon of "daylight funds" and "lightning fundraising" has become prominent in the previously quiet fund issuance market [4]. Group 2: Performance Insights - FOFs delivered an impressive average return of nearly 15% in 2025, with five products achieving total returns exceeding 50% [8]. - The top-performing fund, Guotai Youxuan Lianhang, achieved a return of 66.14% by strategically investing in gold and silver ETFs during a favorable market for precious metals [9]. Group 3: Investment Strategy - The success of FOFs in 2025 was attributed to their ability to capture excess returns through strategic asset allocation in a structurally favorable market [11]. - FOF managers are shifting from merely selecting funds to a broader role of macro asset allocation, diversifying into various asset classes including equities, bonds, and commodities [14]. Group 4: Macro Economic Factors - A significant amount of deposits, totaling over 30 trillion yuan, will mature in 2026, creating pressure for reallocation as traditional savings no longer meet the demand for capital preservation and growth [12]. - The current low-interest-rate environment has made FOFs an attractive option for investors seeking stable, multi-asset investment solutions [12].