与此同时，FOF产品的发行热度仍在持续升温。目前，市场上仍有12只FOF产品正在发行，而混合型FOF产品占 据主导地位，除1只为债券型FOF产品外，其余均为混合型FOF产品。此外，28家基金管理人准备申请成立的37只 新FOF产品的相关材料已获审批。 值得一提的是，截至11月20日，年内FOF产品整体净值增长率超过12%，且FOF产品底层资产配置日益多元，更好 地契合了不同风险偏好投资者的需求。（南木） 今年前三季度，FOF产品发行份额分别为142.46亿份、166.11亿份、89.78亿份，发行数量依次为16只、15只、18 只。而第四季度以来截至11月20日，FOF发行份额已飙升至258.93亿份，发行数量达27只，规模与数量较前三季 度单季显著提速。截至11月20日，全市场FOF产品总规模攀升至2219.92亿元，较年初增长了70.13%，而这一增长 主要由新发基金贡献。 不仅如此，今年以来，有18只FOF产品发行份额超10亿份。其中，东方红盈丰稳健6个月持有混合（FOF）以65.73 亿份的发行份额位居榜首；富国盈和臻选3个月持有期混合（FOF）、易方达如意盈安6个月持有混合发起式 （FOF）、华泰柏 ...

Core Insights - The establishment of two new public FOF products, Huatai Zijin Multi-Asset Balanced Fund and Yongying Yuan Ying Stable Multi-Asset Fund, indicates a growing trend in the public FOF market [1][2] - The emergence of "daylight funds" in public FOFs, with Morgan Asset Management's fund being the first to close early, highlights increased investor interest and demand [2] Group 1: Market Trends - The public FOF market has seen a significant increase in issuance, with 38 new public FOFs established in 2023, totaling over 330 billion yuan in issuance [2] - Nine of these funds have raised over 1 billion yuan, with the top two being Dongfanghong Yingfeng Stable Fund and Fuguo Yinghe Zhenxuan Fund, raising 65.73 billion yuan and 60.01 billion yuan respectively [2] Group 2: Investment Characteristics - Public FOFs differ from other fund types by primarily investing in other public funds, allowing for a broader investment scope that includes commodities like gold and copper [3] - The diversification of investments in public FOFs helps mitigate the impact of single asset volatility, catering to both conservative and aggressive investors [3] Group 3: Performance and Challenges - The performance of public FOFs has improved, with the average return of equity-targeted FOFs rising to 2.86% in Q2 2023, up from 2.41% in Q1 [4] - Despite the positive performance, challenges remain, including inadequate asset allocation and a tendency to favor proprietary products over peer offerings [4] - Fund managers are focusing on deepening diversified asset allocation to enhance risk and return profiles [4] Group 4: Future Outlook - Investment opportunities are anticipated in various asset classes, with a shift in equity investments towards markets in Germany, Japan, and China due to reduced value in US stocks [4] - The bond market is expected to experience higher volatility, but long-term government bonds still hold value for investment [4] - The trend of "de-dollarization" may benefit gold as a safe-haven asset amid global economic shifts [4]

Core Insights - Morgan Fund Management (China) announced the early closure of its Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF due to overwhelming demand, with a total fundraising of nearly 2.8 billion yuan, making it the first FOF product to sell out in one day in 2025 [1][2] Group 1: Fund Characteristics - The Morgan Yingyuan FOF targets investors' needs for stable low volatility and diversified income sources, employing a "fixed income plus" strategy [2] - The fund limits equity investments to no more than 30% and includes flexible allocations to public REITs, gold, and QDII funds to diversify risk while pursuing multiple income streams [2] - Morgan Asset Management has partnered with China Merchants Bank to limit the initial fundraising scale, focusing on providing a better holding experience for investors [2] Group 2: Market Trends - The success of the Morgan Yingyuan FOF reflects a broader recovery in the FOF market, with the total number of FOFs reaching 515 and an overall scale of 165.372 billion yuan, marking a growth of 35.6 billion yuan since the beginning of the year [3][4] - The average return for equity mixed FOFs in the first half of 2025 was 4.92%, indicating strong performance that supports the recovery of the FOF market [4] - The personal pension system introduced in 2022 has accelerated the expansion of the target date and target risk FOFs, with significant increases in their numbers from 2020 to 2025 [4]

Group 1 - The public fund issuance market has seen a significant increase in activity since June, with a total of 151 new public funds established in June, reaching a total issuance scale of 120.56 billion yuan, marking a new monthly high for the year [1] - The issuance scale of new public funds has consistently remained above 60 billion yuan per month throughout the year, with January and February seeing issuance scales of 86.31 billion yuan and 66.54 billion yuan respectively, and March surpassing 100 billion yuan for the first time at 104.08 billion yuan [1] - In June, the issuance scale of new funds exceeded 100 billion yuan again, indicating a recovery in the market after a dip in April and May [1][2] Group 2 - Bond funds and equity funds have played a crucial role in the significant growth of new fund issuance in June, with 33 new bond funds launched, totaling 57.93 billion yuan, accounting for approximately 48% of the total new fund issuance [2] - The equity funds also contributed significantly, with 101 new equity funds established in June, totaling 48.27 billion yuan, which is about 40% of the total new fund issuance [2] - The first batch of new floating-rate funds was concentrated in June, with 23 such funds established, raising a total of 21.83 billion yuan, indicating strong investor interest [2] Group 3 - Other types of funds also showed promising results, with the second fund of the year exceeding 6 billion yuan in issuance being the "Oriental Red Yingfeng Stable 6-Month Holding Mixed Fund (FOF)," which is the largest fund issued since June [3] - The significant increase in new fund issuance reflects a dual effort from public institutions actively positioning themselves and investors eagerly subscribing [3] - Industry experts are optimistic about future investment opportunities in both the stock and bond markets, with expectations of further policy support to boost consumption growth [3][4] Group 4 - Current market conditions may present a favorable opportunity for value investing, focusing on selecting quality industries and companies at reasonable prices, as many quality companies are still valued relatively low [4] - The market opportunities in the second half of the year are expected to exhibit a "dumbbell structure," with one end representing technology and growth stocks, while the other end consists of undervalued, high-dividend blue-chip stocks [4]