【导读】两只产品提前结募，FOF市场持续火热 2026年开年以来，公募FOF市场亮点纷呈，不仅产品业绩表现亮眼，发行端也备受资金青睐，节后首周 便有2只FOF提前结募。 业内人士表示，近年来，公募FOF通过多元配置控制回撤、提升收益稳定性的能力逐步得到验证，增强 了其对资金的吸引力。2026年，在"理财搬家""养老刚需""工具升级"三重因素下，公募FOF仍有较大发 展空间，并有望成为资产配置体系中的核心产品之一。 业绩表现亮眼 两只公募FOF提前结募 数据显示，在过去的2025年，公募FOF单位净值增长率悉数为正，均值达14.95%，并有多只超50%。 发行市场方面，元旦假期后首周，2只公募FOF相继提前结募。其中，1月5日，万家启泰稳健三个月持 有混合FOF发售仅一天便提前结束募集，成为2026年开年首只"日光基"；广发悦盈稳健三个月持有混合 FOF实际募集期也仅有2天。 拉长时间来看，自2017年首只产品成立以来，公募FOF曾一度受到资金热捧，2021年更是以1194.86亿 元的募集规模创下历史新高；然而基金总规模在2021年达到阶段高位后，便出现持续下滑，直到2025年 重获资金青睐。 数据显示，20 ...

【导读】两只产品提前结募，FOF市场持续火热 中国基金报记者 张玲 2026年开年以来，公募FOF市场亮点纷呈，不仅产品业绩表现亮眼，发行端也备受资金青 睐，节后首周便有2只FOF提前结募。 业内人士表示，近年来，公募FOF通过多元配置控制回撤、提升收益稳定性的能力逐步得到验 证，增强了其对资金的吸引力。2026年，在"理财搬家""养老刚需""工具升级"三重因素下， 公募FOF仍有较大发展空间，并有望成为资产配置体系中的核心产品之一。 业绩表现亮眼 两只公募FOF提前结募 Wind数据显示，在过去的2025年，公募FOF单位净值增长率悉数为正，均值达14.95%，并 有多只超50%。 发行市场方面，元旦假期后首周，2只公募FOF相继提前结募。其中，1月5日，万家启泰稳健 三个月持有混合FOF发售仅一天便提前结束募集，成为2026年开年首只"日光基"；广发悦盈 稳健三个月持有混合FOF实际募集期也仅有2天。 拉长时间来看，自2017年首只产品成立以来，公募FOF曾一度受到资金热捧，2021年更是以 1194.86亿元的募集规模创下历史新高；然而基金总规模在2021年达到阶段高位后，便出现 持续下滑，直到2025 ...

资金的热情追捧，与过往数年FOF市场的沉寂形成了反差。回顾来路，自2017年首批产品问世，被誉为"专业基金买手"的公募FOF，其八年发展历程堪称一 部跌宕起伏的行业成长史。在2021年攀上规模高峰，又在此后的市场震荡与质疑声中连续三年调整，直至2025年，行业才终于扭转颓势，打了一场漂亮 的"翻身仗"，为2026年的这场开门红奠定了基础。 公募FOF跌宕起伏八年 2017年9月，国内首只公募FOF正式获批。初期，由于投资者认知不足、产品策略不成熟等因素，市场规模增长缓慢。直到2020年下半年，伴随着权益资产 赚钱效应凸显，公募FOF进入快速扩容阶段，2020至2021年间，公募FOF存量规模由555亿元迅速提升至突破2000亿元。截至2021年末，布局FOF产品线的 公募机构达到65家，存量产品数量240只，合计管理规模2222.41亿元，创下历史峰值。 图片系FOF基金历年来规模变化 FOF销售迎来"开门红"，以一场"一日募结"的发行盛况拉开序幕。2026年1月5日，万家启泰稳健三个月持有（FOF）发售仅一天就结束募集，成为2026年首 只"日光基"，打响新年FOF发行第一枪。次日，广发悦盈稳健三个月持有（ ...

本报记者 方凌晨 新年伊始，公募基金发行市场迎来密集布局期，增量资金入市预期持续升温。Wind资讯数据显示，定档2026年1月份发行 的公募基金已达71只，涵盖权益类基金、债券型基金、公募FOF（基金中基金）、QDII（合格境内机构投资者）基金等多种类 型。 具体来看，权益类基金的引领地位尤为突出。在1月份蓄势待发的71只基金中，偏股混合型基金数量居首，达21只；被动 指数型基金数量紧随其后，为17只；增强指数型基金、普通股票型基金等其他权益类产品共计11只。上述权益类基金数量合计 达49只，在定档1月份发行的全部基金中占比近七成。 各家公募机构对权益类基金的布局正迈向细分赛道，精细化特征显著。主动权益类基金聚焦多领域主题的同时，被动指数 型基金也在细分赛道持续发力。举例来说，南方基金、大成基金均布局了跟踪中证电池主题指数的ETF（交易型开放式指数基 金），富国基金布局了国内首只船舶产业指数基金——富国中证智选船舶产业ETF。 1月份公募基金发行共涉及45家基金管理人，其中不乏易方达基金、华夏基金、广发基金等大型公募机构，亦有多家中小 公募机构入局。不同规模梯队公募机构的积极参与，不仅为1月份发行市场注入了信 ...

Core Viewpoint - Asset allocation is crucial for investment returns, as demonstrated by David Swensen's management of Yale's endowment fund, which grew from $1.3 billion to over $40 billion over 35 years, achieving an annualized return of 13.9% from 1998 to 2018, outperforming 90% of peers [1] Group 1: Market Context - As of November 26, the CSI 300 index has only increased by 19.46% over the past decade, indicating that single assets struggle to provide stable returns in a complex environment [1] - The public fund industry is seeing growth in multi-asset strategies, with "fixed income +" funds and public fund of funds (FOF) experiencing quarter-on-quarter increases of 30.63% and 20.35% respectively by the end of Q3 [1] Group 2: Team and Strategy - The team led by Yu Lei at Yinhua Fund is recognized for its platform-level investment research capabilities, focusing on asset allocation and multi-strategy alpha generation [2][4] - The multi-asset investment team has expanded to over 50 members, managing diverse products including pensions, FOFs, and "fixed income +" strategies [5] Group 3: Investment Philosophy - Yu Lei emphasizes that asset allocation is essential for survival in today's capital markets, advocating for structural diversification to mitigate risks [6] - The "fixed income +" product line is designed to meet varying risk-return profiles, combining the defensive nature of insurance investments with the agility of public funds [6] Group 4: Platform and Research Capabilities - The investment decision-making process at Yinhua is supported by a systematic framework that integrates data analysis, discipline, and cyclical understanding [9] - The team culture promotes collaboration and shared insights, enhancing the flow of investment ideas and research outcomes [11] Group 5: Risk Management - Yinhua's multi-asset team employs a comprehensive risk management system that includes monitoring portfolio risks and setting strict return and drawdown targets for different product categories [16][17] - The team focuses on maintaining a balance between risk and return, with specific strategies for low, medium, and high volatility "fixed income +" products [17] Group 6: AI Integration - Yinhua has developed an AI-driven platform that enhances investment research and decision-making processes, allowing for efficient data processing and improved decision-making outcomes [13][14] - The AI system aids in identifying investment signals and refining the team's focus on high-potential opportunities [14]

从全年表现看，FOF发行规模与数量实现双攀升。Wind数据显示，截至12月11日，年内成立的FOF数量已超75只，发行总 规模突破780亿元，创下近4年新高。其中，23只FOF发行规模超10亿元，最大单只规模超65亿元，另有3只募集规模超50亿 元，头部产品虹吸效应显著。 维度一，居民理财需求结构性转变，稳健配置需求激增 在存款利率持续下行、银行理财全面净值化背景下，投资者对"低波动、稳收益"资产的配置需求显著提升。FOF作为专业 资产配置工具，通过分散投资于多只公募基金，有效平滑单一资产波动，成为居民财富向权益市场迁移的重要承接载体。 据WIND数据，今年以来全市场FOF产品总规模已超2021年末水平，接近2022年初历史高位，反映出市场对FOF的接受度持 续提升。 维度二，产品结构优化，"少而精"趋势强化，爆款频出 公募FOF发行热潮持续升温，单周发行数据再创新高。本周（12月8日~12月14日）共有8只公募FOF启动募集，发行数量环 比飙升300%，创下2023年5月以来的单周新高，且这已是FOF连续第十周保持"周周有新品"的强劲节奏。 | | | 本周新发行的8只FOF基金信息一览 | | | | - ...

Group 1: Fund Management Changes - Fang Jing has officially been appointed as the General Manager of Xinda Australia Fund, effective from December 5, following the retirement of the previous General Manager Zhu Yongqiang [1] - He Kuan has been appointed as the new Chairman and legal representative of Hongtu Innovation Fund, with the position effective from December 3 [2] Group 2: Fund Performance - The first public FOF with a doubled return has emerged, achieving a year-to-date return of 38% and a net value of 2.29 yuan, with a total return of 129% since its establishment in May 2018 [3] Group 3: Fund Subscription Updates - A fund managed by Lou Huafeng and Xu Chengcheng has resumed large-scale subscriptions starting December 9, after previously limiting subscriptions to 1 million yuan [4][5] Group 4: ETF Market Overview - The market saw a strong performance with the Shanghai Composite Index rising by 0.54%, the Shenzhen Component Index by 1.39%, and the ChiNext Index by 2.6%, with a total trading volume of 2.04 trillion yuan, an increase of 310.9 billion yuan from the previous trading day [5] - The Communication Equipment ETF led the gains with a rise of 5.65%, while the AI ETFs on the ChiNext also performed strongly [6] Group 5: ETF Performance Details - Specific ETFs such as the Communication Equipment ETF and various AI ETFs showed significant increases, with the Communication Equipment ETF priced at 1.215 yuan, up by 5.6% [7] - Conversely, the Brazil ETFs experienced declines, with the largest drop being 6.39% [8] Group 6: Industry Opportunities - The global upgrade in the optical module industry towards 800G/1.6T has created a demand for optical isolators, which are critical components facing supply shortages, presenting investment opportunities in companies within this sector [9]

今年迎发行热潮 公募FOF年内发行规模创近4年新高 2025年，基金中的基金（FOF）迎来发行热潮。Wind数据显示，以基金成立日统计，截至12月7日，年 内新成立公募FOF达74只，发行总规模776.06亿元，创下近4年新高。同期，8家公募管理人的FOF业务 管理规模突破百亿元，行业发展迈上新台阶。（智通财经） AI热潮下 存储产业迎来"超级周期" 11月，闪存龙头闪迪宣布大幅调涨NAND闪存合约价格，涨幅高达50%，这已是其今年至少第三次涨 价。在闪迪4月宣布全系涨价10%、9月初又执行10%普涨后，此次单月50%的涨幅打破市场预期。相关 机构预测，12月合约价仍将维持涨势。业内普遍认为，此轮存储涨价潮与以往不同，将开启"超级周 期"。在供需剧烈变动和产业链力量对比调整的驱动下，深层次的变革正在上演。记者梳理发现，存储 龙头频繁涨价的核心原因是供需失衡。AI革命正以前所未有的力量重塑存储行业的市场需求格局。 （科技日报） 沪铜期价创上市以来新高 年内沉淀资金增加284亿元 今年以来，沪铜期价整体维持走强格局。近日，主力2601合约创出上市以来新高，持稳于9.2万元/吨一 线上方，年内最大涨幅达到31%。上 ...

Group 1: Market Overview - The A-share market is currently in a mid-stage, with expectations for additional capital inflow, leading to a potential rebalancing of styles, focusing on low-position rebound, performance recovery, and technology themes as the three main directions for year-end layout [1] - On December 5, the three major A-share indices opened lower but rose throughout the day, with the Shanghai Composite Index increasing by 0.70% to 3902.81 points, the Shenzhen Component Index rising by 1.08% to 13147.68 points, and the ChiNext Index up by 1.36% to 3109.3 points [1] Group 2: Fund News - On December 5, eight new funds were launched, primarily equity and bond funds, with the招商安琪债券A fund targeting a fundraising goal of 60.00 billion yuan [2] - A public fund of funds (FOF) that has been running for eight years has achieved its first net asset value doubling product, attracting attention due to its "narrow and light" selection strategy, focusing on resource and technology-themed funds [2] - The issuance and fundraising scale of index-enhanced products have significantly increased compared to last year, driven by a dual momentum of performance and demand, indicating a shift towards mainstream allocation [2]

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]