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Core Insights - The public FOF (Fund of Funds) market is set to exceed 240 billion yuan by the end of 2025, marking a significant milestone in the industry [1] - The issuance of public FOFs continues to rise in 2026, with 36 new products launched in just over a month, raising over 33.5 billion yuan, solidifying its position as a key player in the new fund market [1] - The transition to FOF 2.0 is characterized by a shift from long-term holding strategies to shorter holding periods and improved liquidity, with a focus on diversified asset allocation [1] Industry Development - The development of public FOFs can be divided into two phases: the initial phase starting in 2017, where products primarily focused on "fixed income plus" strategies, with leading institutions like China Merchants and Minsheng gaining significant market share [2] - As of February 10, 2026, the top public FOF manager is FuGuo Fund, with a management scale of 24.2 billion yuan, an increase of over 21.2 billion yuan year-on-year, moving up 14 positions [2] - Other notable funds include Guangfa, E Fund, and Zhongou Fund, each managing over 20 billion yuan, while Xingzheng Global Fund has dropped to fifth place with a scale of 18.6 billion yuan [2] Fund Management Scale - FuGuo Fund: 24.2 billion yuan, up 21.2 billion yuan, rank up 14 [3] - Guangfa Fund: 23.3 billion yuan, up 16.4 billion yuan, rank up 5 [3] - E Fund: 21.1 billion yuan, up 10.2 billion yuan, rank down 1 [3] - Zhongou Fund: 20.0 billion yuan, up 9.7 billion yuan, rank down 1 [3] - Xingzheng Global Fund: 18.6 billion yuan, up 2.5 billion yuan, rank down 4 [3] - Guotai Fund: 13.6 billion yuan, up 12.6 billion yuan, rank up 17 [3] - Boshi Fund: 10.9 billion yuan, up 10.4 billion yuan, rank up 28 [3]