Core Insights - The establishment of E Fund's Ruiyi Ying'an 6-month holding mixed fund (FOF) has raised 5.848 billion yuan, marking it as the largest FOF product in terms of fundraising in Q4 2023 [1] - The FOF market has seen a significant surge in issuance this year, with 79 new FOF products launched, totaling 65.728 billion units, surpassing the combined issuance of 2023 and 2024 [1] - The total scale of FOF products in the market has reached 221.992 billion yuan, reflecting a 70.13% increase since the beginning of the year, primarily driven by newly launched funds [1] Fund Issuance Trends - A total of 18 FOF products have exceeded 1 billion units in issuance this year, with the top product, Dongfanghong Yingfeng, reaching 6.573 billion units [2] - The issuance of FOF products has accelerated in Q4, with 27 products launched and a total issuance of 25.893 billion units, significantly higher than the previous quarters [1][2] - The majority of FOF products currently being issued are mixed-type, with only one being a bond-type FOF [3] Market Dynamics - The strong performance of FOF products, with an overall net value growth rate exceeding 12% this year, has attracted considerable investor interest [2] - The diversification of underlying asset allocation in FOF products has better aligned with the varying risk preferences of investors [2] - There are currently 12 FOF products in the issuance process, and 37 new FOF products are awaiting approval from 28 fund management companies [3]