Abstract 摘要 点击小程序查看报告原文 多资产大时代：什么是"固收+"基金的规模增长法则 我们正处在，且即将迎来更好的，多元资产投资的大时代。 "固收+"基金2026年依然是增量可期： 不论是居民财富寻求稳健增值的迁移需求、机构资金的收益增强需求，还是跨资产分散配置理念的市场新共识，以 及"固收+"基金过去已经为市场所认可的收益效应，展望2026年，"固收+"基金发展的大时代背景依然清晰。 "固收+"基金2026年的"规模增长法则"： 在已经过去的2025年，我们观察到部分公募机构已然凭借前瞻性布局与差异化竞争策略，成功把握住居民财富迁 徙与机构资金增配的历史性机遇，实现"固收+"基金市场份额的明显增长。那么，在即将到来的下一期"规模争夺战"中，如何才能拔得头筹？虽然所谓"成 功者"的"打法"各具特色，不过我们相信其背后或许同样也隐藏着一些共性的规律。假定市场环境不改变的情况下，依据2025年的经验进行线性外推，我 们得到如下关于"固收+"基金"规模增长法则"的答案： 对于"固收+"基金管理者，2026年着重发展"画线派"基金与"赛道型"基金均为可操作路径： 我们认为，前者相对较为符合个人投资者"存款 ...

新年伊始，公募基金发行角逐一触即发。据Wind统计，目前，已有71只新基金定档2026年1月发行（以 认购起始日为准，下同）。其中，仅2026年1月5日~1月9日，即元旦假期后的首个交易周，将有44只新 基金扎堆发售。 从产品结构看，权益类产品仍然是基金公司新年首月布局的重头戏。目前来看，在1月的新发基金中， 主动偏股型基金占比接近30%，而股票型基金（以增强指数、被动指数基金为主）的占比约为35%。 同时，基金公司的发行策略呈现出与产业趋势紧密对齐的态势：超过30%的新发基金明确指向特定行业 或主题，如科技、医疗、科创板等。 扎堆发行为哪般？ 2026年开年，公募基金产品"上新"节奏颇有提速之势。 Wind数据显示，2026年首个交易日——1月5日，共有28只新基金集中发售；包括这28只产品在内，于 2026年1月5日~1月9日发行的新基金共计44只。另有27只新基金将在2026年1月12日~1月28日陆续发 售。 这番热闹景象是多种因素共同作用的结果。 "一方面，年初渠道资源较为充足，投资者资金有可能逐步回流，有助于基金快速募集，抢占市场份 额。另一方面，市场普遍对A股'春季躁动'抱有预期，年初估值处于相 ...

Core Insights - The public FOF (Fund of Funds) issuance market has significantly warmed up, with a total of 78 FOFs issued this year compared to only 29 in the same period last year [2] - The market scale has continued to rise, with a total of 538 FOF products and a net asset value of 231.611 billion yuan, an increase of 98.461 billion yuan since the beginning of the year [2] - The low interest rate environment has shifted market focus from single asset bets to diversified multi-asset allocations, driven by increased wealth management needs and pension investment demands [2] Group 1: Market Activity - In the fourth quarter, there has been a surge of "explosive" FOF products, with 7 out of 13 FOFs exceeding 2 billion yuan in scale established in this quarter [4] - The first week of December alone saw 10 FOFs confirmed for issuance, indicating a vibrant market with both volume and price rising [4] - Notable fundraising achievements include the Invesco Great Wall FOF, which raised 2.775 billion yuan in just 19 days, and several other products exceeding 1 billion yuan in short fundraising periods [5] Group 2: Performance and Trends - The FOFs focusing on bond strategies have become the mainstay of this issuance wave, characterized by rapid pace, stable scale, and active subscriptions [8] - As of December 5, all public FOFs have achieved positive returns this year, with some products yielding up to 61.78%, significantly outperforming the CSI 300 index [8] - However, there has been a noted decline in performance since November, with negative monthly averages for both bond and equity FOFs [8] Group 3: Investment Strategies - The current FOFs are primarily focusing on early-stage innovative high-tech companies and leading firms in healthcare, consumption, and manufacturing [9] - Multi-asset allocation has become a common investment choice among FOFs, with top managers emphasizing a mix of active equity, fixed income, and other asset classes [9] - The introduction of personal pension systems and policies promoting long-term capital market entry have created favorable conditions for FOF development [9]

Core Insights - The public fund issuance showed signs of recovery in the first week of November, with a total of 35 public products launched, marking a 29.63% increase from the previous week [1][2] - The average subscription days for the new funds decreased to 19 days, indicating enhanced market activity [1] Fund Issuance Overview - A total of 35 new public funds were issued, with equity funds (including stock and mixed funds) being the primary contributors, accounting for over 70% of the total issuance [2][3] - The breakdown of fund types shows that stock funds comprised 16 of the new issues, representing 45.71% of the total, with passive index funds leading at 13 issues (37.14%) [3][4] Fund Type Distribution - The issuance of mixed funds reached 10, making up 28.57% of the total, with the core being the equity-mixed funds [3] - Bond funds maintained a stable issuance with 4 mixed bond funds, accounting for 11.43% of the total [4] - FOF products also performed well, with 5 new issues, matching the highest weekly issuance for the year [4] Institutional Participation - The 35 new funds were launched by 25 different public fund institutions, with 18 institutions issuing one fund each and 7 institutions issuing two or more [4] - E Fund led the issuance with 4 new funds, primarily in passive index stock funds, followed by Huatai-PineBridge with 3 new funds [4]

Core Viewpoint - The public FOF (Fund of Funds) market has shown significant growth in 2025, with a notable increase in demand for stable FOFs and a shift towards diversified asset allocation strategies [1][3]. Group 1: Market Growth and Trends - As of June 30, 2025, there are 518 FOFs in the market, with a total scale of approximately 165.7 billion yuan, reflecting a quarter-on-quarter increase of about 14.6 billion yuan, or 9.68% [1]. - The demand for stable FOFs has increased, with the proportion of stable debt-mixed FOFs reaching 31% of the total FOF market [3][4]. - In Q2 2025, 15 new public FOFs were launched, with a total issuance scale of approximately 18.6 billion yuan, marking a continued upward trend [3]. Group 2: Fund Performance and Preferences - The bond-type FOFs have seen significant net subscriptions, with the top-performing bond FOF, Bosera Zhenxuan Chuhui, increasing by 6.847 billion units [5][6]. - The one-year return rates for the top three FOFs were 4.95%, 4.50%, and 5.19%, indicating stable performance [7]. - Despite high returns from target date and equity FOFs, there was no significant net subscription for these products, highlighting a preference for stable options [8]. Group 3: Asset Allocation Strategies - Public FOFs have increased their allocation to passive bond funds while reducing exposure to pure index equity funds, with the proportion of pure bond fund holdings rising from 30.75% to 36.80% [12][13]. - The allocation to passive equity funds has decreased, reflecting a strategic shift in asset allocation [13]. Group 4: Management and Concentration - The number of public institutions managing FOF products has increased to 85, with the top ten managers holding 60.8% of the market share, indicating a slight decrease in market concentration [10][11]. - Notable fund managers with FOFs exceeding 10 billion yuan include Xingzheng Global Fund, E Fund, and Zhongou Fund [11]. Group 5: Fund Selection and Holdings - The most frequently increased funds by FOFs in Q2 2025 were primarily bond funds, with significant increases in passive bond and short-term pure bond funds [16]. - Among active equity funds, the top holdings by FOFs were Dachen Gaoxin Stock C and E Fund Kairong Mixed, both showing high external holding frequencies [16][17].

Group 1 - The core viewpoint of the article highlights the continued growth of public FOF (Fund of Funds) in the second quarter of 2025, following a recovery in the first quarter, with a total scale of approximately 165.7 billion yuan, reflecting a quarter-on-quarter increase of about 14.6 billion yuan, or 9.68% [1][2] - The demand for stable FOFs has significantly increased, with the proportion of stable debt-mixed FOFs reaching 31% of the total public FOFs, while the issuance of new public FOFs in the second quarter amounted to approximately 18.6 billion yuan [2][3] - The net subscription of bond-type FOFs has seen substantial growth, with the most significant increase in the fund shares of the bond-type FOFs, indicating a preference for stable investment options [4][5] Group 2 - The enthusiasm for ordinary FOF products among public fund managers is high, with 85 institutions managing FOFs, and the top ten managers holding 60.8% of the market share [6] - The asset allocation strategy of public FOFs has shifted towards increasing the proportion of passive bond funds while reducing the allocation to pure index stock funds, reflecting a trend towards multi-asset allocation and passive investment [7] - The FOFs have shown a preference for solid performance funds, particularly in the fixed income category, with notable increases in holdings of passive bond and short-term pure bond funds [8][9]

Group 1 - Fangzheng Fubon Fund announced the appointment of Li Yan as the new chairman, succeeding He Yagang who retired on May 28 [1] - Li Yan has been with Fangzheng Securities since January 2023, holding multiple senior positions including Vice President and Financial Responsible Person [1] Group 2 - Invesco Great Wall Fund announced that General Manager Kang Le will serve as the acting chairman following the departure of Li Jin on May 29 [2] - Kang Le has extensive experience in asset management, having previously worked at China Life Asset Management and CICC [2] Group 3 - Nine credit bond ETFs, including those from E Fund and Huaxia, have been approved as collateral for general pledged repos by the China Securities Depository and Clearing Corporation [3] - This marks the first batch of credit bond ETFs eligible for such collateral, with some products exceeding 10 billion yuan in scale [3] Group 4 - A total of 512 new funds have been established this year, with a combined issuance of 4060.84 billion units as of May 28 [4] - The largest fund issued this year is a mixed bond FOF with 6 billion units, while the share of equity funds has increased significantly from 21.14% to 40.59% [4] Group 5 - Over 40% of bond funds have reached new net asset value highs due to a recent recovery in the bond market [5] - Mid-to-long-term pure bond funds and mixed bond secondary funds have shown particularly strong performance [5] Group 6 - China Merchants Fund announced the appointment of three new deputy-level executives, including Wang Jing, Zhu Hongyu, and Chen Fangyuan, effective May 30 [6] - The new appointees have extensive backgrounds in investment management and fund operations [6] Group 7 - On May 30, the market experienced a decline, with the Shanghai Composite Index falling by 0.47% and the Shenzhen Component Index by 0.85% [7] - The total trading volume in the two markets was 1.14 trillion yuan, a decrease of 462 billion yuan from the previous trading day [7] Group 8 - The Greater Bay Area ETF led the market with a gain of 2.26%, while agriculture-related ETFs also performed strongly [8] - Conversely, the Xinchuang ETF saw the largest decline at 5.19%, along with a general pullback in Hang Seng internet-related ETFs [9]

Group 1 - Hu Hengsong has been appointed as the Executive Vice President of Caida Securities, bringing extensive experience in fixed income business, which may aid in the company's business expansion [1] - The appointment of Hu Hengsong could introduce new strategic directions for the company, and the market will need to observe the execution effects [1] - The overall competition in the securities sector is intense, and this change may enhance the company's market visibility [1] Group 2 - The China Securities Association has revised the securities dispute mediation rules, introducing a small claims fast-track mechanism to improve investor rights protection efficiency [2] - The revised rules aim to enhance the satisfaction and sense of gain for the public in dispute mediation, potentially benefiting the securities sector by increasing investor confidence [2] - This initiative may lead to a reduction in the cost of rights protection for investors and could impact the operational costs of securities firms [2] Group 3 - Wu Chaoze has been appointed as a member of the Party Committee of CITIC Securities, highlighting the company's emphasis on research capabilities [3] - Wu Chaoze's extensive experience in the TMT and technology sectors is expected to strengthen the company's investment research capabilities [3] - This appointment may boost market confidence in CITIC Securities and increase activity in the brokerage sector [3] Group 4 - The FOF market has seen a strong issuance wave in 2025, with new FOFs totaling 23 billion yuan, a year-on-year increase of over 400% [4] - The mixed bond FOFs have emerged as the dominant type in this issuance wave, appealing to investors seeking stable returns in volatile markets [4] - The multi-asset strategy is considered the optimal solution in the current market environment, and FOFs are becoming crucial for institutional asset management [4]

Core Viewpoint - The FOF market has experienced a strong issuance wave since 2025, with a cumulative scale of 23 billion yuan as of May 14, representing a growth of over 400% compared to the same period last year. The mixed bond FOF has emerged as the dominant product type, appealing to investors seeking stable returns in volatile markets [1][2]. Group 1: FOF Market Performance - As of May 14, 2025, the newly established FOFs have reached a cumulative scale of 23 billion yuan, significantly surpassing the 4.5 billion yuan from the same period in 2024. The largest single FOF product raised 6 billion yuan, with an average issuance size of 1.1 billion yuan, indicating strong investor interest [2]. - The mixed bond FOF has become the absolute mainstay of the 2025 FOF issuance, with a total of 9.2 billion units issued in Q1 and 8.9 billion units in Q2, accounting for 49% of the total FOF stock [2]. Group 2: Investment Strategies and Market Outlook - FOF fund managers are optimistic about fixed income market opportunities in Q2 2025, anticipating potential policy easing such as reserve requirement ratio cuts and interest rate reductions, which could enhance market liquidity and create favorable conditions for fixed income assets [3]. - The overall performance of FOFs has been stable, with over 80% recording positive returns in 2025. The mixed bond FOFs have shown strong performance, with notable returns from specific funds such as Qianhai Kaiyuan Yuyuan at 8.17% and Zhongtai Tianze at 5.67% [4]. Group 3: Asset Allocation Trends - There has been a significant increase in allocations towards technology-themed active equity funds, gold ETFs, and Hong Kong Stock Connect technology ETFs among FOF products, reflecting a refined asset allocation strategy in response to structural market conditions [5][6]. - Gold is recognized for its benefits during interest rate cuts, its safe-haven properties, and low correlation with traditional assets, while the technology sector is seen as a key driver of portfolio returns due to its growth potential and innovative characteristics [6].