Report Title - In the Era of Multi - asset Investments, Riding the Waves: Outlook for the Public Offering FOF Business and Product Layout in 2026 [1] 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Since Q4 2024, the overall scale of public offering FOFs has rebounded, reaching a new high since Q4 2022, mainly due to China Merchants Bank's "Long - term Prosperity Plan" and the increasing market recognition of multi - asset allocation for achieving fixed - income plus returns after the rapid decline in interest rates [10]. - Multi - asset low - volatility FOFs face issues such as potential overcrowding, reliance on the performance of gold and US stocks, and the need to build competitiveness through further asset diversification, strategy specialization, and product differentiation [49][54]. - High - volatility FOFs have a natural advantage in the personal pension Y - share market, and in the new regulatory environment, they can evolve in directions such as building low - volatility products under the same benchmark and making style - based asset allocations [103][114] 3. Summary by Directory 3.1 Public Offering FOF Industry Status - **Scale and Product Trends**: After years of overall decline, the scale of public offering FOFs started to rebound in Q4 2024, with positive net inflows for three consecutive quarters. The "Long - term Prosperity Plan" of China Merchants Bank brought about a scale of approximately 60 billion yuan, driving the development of the FOF industry. Most FOFs with large scale growth and initial issuance in 2025 belong to the "Long - term Prosperity Plan", mainly bond FOFs or fixed - income plus FOFs [10][12]. - **Asset Allocation**: Multi - asset allocation has become a common choice for FOFs. In Q3 2025, leading fund managers generally increased their allocation to QDII, mutual - recognition funds, and commodities while maintaining their allocation to active equity, fixed - income plus, and pure - bond funds [17]. - **Personal Pension Y - share**: In Q3, the scale of personal pension funds reached 12.817 billion yuan, a significant increase from Q2 2025. Pension target - date funds are more popular, and high - equity - position products in personal pension accounts are more favored. The scale of equity - type and 2050 - series FOFs increased significantly [28][32] 3.2 Next Evolution Direction of Multi - asset Investments - **Asset - side**: To overcome the "reliance on gold and US stocks", multi - asset FOFs should further diversify and increase sources of returns. Public REITs can be considered as a substitute for bonds, and commodity - type funds such as non - ferrous metal futures, chemical futures, and soybean meal futures can enhance the diversification effect of FOFs [56][64]. - **Strategy - side**: The ability to be familiar with alternative assets can be a competitive barrier for multi - asset investment. Multi - asset allocation frameworks can be labeled, transparent, and tool - based. The deployment of various assets under a stable allocation framework tests the tactical ability of fund managers, and the deployment models can be macro - driven, risk - driven, or value - driven [69][82] - **Multi - asset + Multi - strategy**: If bond yields remain low in the long term, multi - asset low - volatility FOFs can reduce bond allocation and adopt a multi - asset + multi - strategy model. By strategizing single assets and combining them with a risk - parity weighting, a quasi - absolute - return strategy can be formed [92] 3.3 Future of High - volatility FOFs - **Natural Battlefield - Personal Pension Y - share**: High - volatility FOFs are more popular in the personal pension Y - share market. The "search for lower points" model can be adopted in the Y - share business to promote the development of the third pillar of pensions [103]. - **Friendly Environment from High - quality Public Offering Development**: The high - quality development of the public offering industry provides a more favorable environment for FOFs. Due to their low - volatility characteristics, FOFs can offer better returns to investors [109]. - **Evolution Direction in the New Regulatory Environment**: In the new regulatory era with clear performance benchmarks, high - volatility FOFs can build low - volatility products under the same benchmark, improve the holding experience, and make style - based asset allocations to adapt to different market conditions [114][117]

Core Viewpoint - The development of a multi-tiered pension security system has become a national strategic priority in response to the accelerating aging population in China, with public fund companies actively participating in this initiative [1][3]. Industry Overview - The public fund industry is positioning itself as a core provider of pension products, focusing on personal pension business and developing a product system primarily based on pension target funds (FOF) [3][4]. - As of June 2025, the number of funds included in the personal pension product directory is expected to reach 297, with pension target funds dominating the market, accounting for over 70% of the total [3]. Company Initiatives - Dongfang Fund is actively enhancing its pension financial services by integrating product layout, service upgrades, and investor education to provide professional and diversified pension investment solutions [1][4]. - The company has reported a significant growth in personal pension fund scale, surpassing 12.4 billion yuan, a nearly 36% increase since the establishment of the first batch of personal pension Y shares in November 2022 [4]. Strategic Actions - Dongfang Fund is committed to optimizing its pension financial service capabilities through a multi-dimensional approach, including media collaboration, institutional partnerships, and in-depth content development [7][8]. - The company is also focused on investor education, addressing common investment pitfalls and promoting long-term investment strategies to foster a healthy pension financial ecosystem [8]. Future Outlook - Dongfang Fund plans to continue expanding its product matrix in the pension target fund sector and is actively applying for new index funds to be included in personal pension accounts [5][9].

Core Insights - The acceleration of population aging in China has made the construction of a multi-tiered pension security system a national strategic priority [1] - Public fund companies have increasingly focused on pension system development, particularly after the launch of the personal pension system in November 2022, viewing it as a key strategic direction [1] - Dongfang Fund is actively engaged in the pension finance sector, enhancing product offerings, service upgrades, and investor education to provide diverse and convenient pension investment solutions [1] Strategic Layout - The establishment of a clear institutional framework for personal pensions has allowed public funds to actively participate in the development of the third pillar of pension systems [2] - The public fund industry is building a product system centered on pension target funds (FOF), with over 297 products included in the personal pension product catalog by June 2025, where pension target funds dominate with over 70% share [2] Growth Metrics - As of the second quarter of this year, the total scale of personal pension funds has exceeded 12.4 billion yuan, marking a nearly 36% increase since the first batch of personal pension Y shares was established on November 11, 2022 [3] - The development of personal pension funds has progressed from the approval of the first pension target funds in September 2018 to the formal launch of personal pension business in November 2022 [3] Product Development - Dongfang Fund is actively applying for new index funds to be included in personal pension accounts, aiming to provide diversified, transparent, and user-friendly investment tools [4] Service Enhancement - Dongfang Fund has elevated pension finance to a strategic priority, viewing it as a core area for social responsibility and business innovation [5] - The company integrates internal and external resources to enhance the effectiveness of pension financial services through media collaboration, institutional partnerships, and content development [6] Investor Education - Investor education is a cornerstone of Dongfang Fund's pension strategy, focusing on addressing actual investor pain points and promoting a clear understanding of pension gaps and tax-advantaged policies [7] - The company aims to cultivate a rational and resilient pension financial ecosystem by providing comprehensive educational content through various channels [7]

Core Viewpoint - The article emphasizes the importance of building a multi-tiered and multi-pillar pension security system in response to the accelerating aging population in China, highlighting the strategic role of public fund companies in this initiative [2][4]. Strategic Layout - The public fund industry is actively engaging in the personal pension business, establishing a product system primarily based on pension target funds (FOF) and collaborating with various types of products [4]. - As of June 2025, the number of funds included in the personal pension product directory has increased to 297, with pension target funds dominating, accounting for over 70% of the total [4]. Growth of Personal Pension Funds - In the first half of the year, the total scale of personal pension funds exceeded 12.4 billion, marking a nearly 36% increase compared to the end of the previous year [5]. - The development of the personal pension fund market has progressed from the approval of the first pension target funds in September 2018 to the official launch of personal pension business in November 2022 [5]. Enhancements in Pension Financial Services - The company has elevated pension finance to a strategic priority, focusing on optimizing service capabilities through internal and external resource integration and cross-sector collaboration [8]. - The company is actively involved in investor education, leveraging authoritative financial media to conduct extensive outreach and educational activities on pension policies and planning [8][9]. Investor Education Initiatives - The company aims to address actual investor pain points by providing systematic content design and diverse communication channels to enhance public understanding of pension issues and tax-advantaged policies [10]. - Emphasis is placed on guiding investors in scientific pension planning, including goal setting, gap assessment, and investment planning, while warning against common investment pitfalls [10].