经过三年低谷，FOF又火了。 Wind数据显示，今年以来，截至12月28日，全市场共新成立了87只FOF，发行份额为838.28亿份，这一 发行份额是自2017年9月首批FOF发行以来的第二高峰，仅次于2021年的1083.62亿份。与此同时，FOF 产品总数量和规模双双创下新高。截至12月28日，FOF总数量达到549只，总规模达2377.63亿元，超越 2022年2月末的历史规模最高峰2339.62亿元。 近日，记者深度调研了多家机构与一线业务负责人，试图拆解这场由市场、产品与需求三重逻辑共同驱 动的逆袭之谜，并探寻在"爆款"与"清盘"并存的复杂图景下，FOF的明天将走向何方。 FOF市场热度重燃 Wind数据显示，截至12月28日，今年以来，这类产品发行份额飙升至838.28亿份，创下历史次高纪录， 产品总数量和规模也双双创下新高。不仅保险机构加大配置，银行渠道主动推优，越来越多的普通投资 者也正将到期的理财资金转入其中。 这类产品就是曾因剧烈波动、大幅回撤、净值频频"破1"而备受争议的FOF（基金中基金）。从人人"避 之不及"到如今"真香"抢购，短短三年，是什么让它上演了一出"绝地反击"？ FOF小爆 ...

2025年中国公募基金市场迎来历史性突破，ETF规模冲上5.78万亿元，FOF年内发行规模超800亿元，双双刷新纪录。 我国ETF规模达5.78万亿元 创历史新高 万得数据显示，截至12月19日，全市场ETF规模达5.78万亿元，年内增长超2万亿元，增速超过53%。增长节奏也很惊人，ETF规模今年短短4 个月就从4万亿跃升至5万亿，而此前从0到1万亿用了整整14年。 细分品类同样亮眼，2025年7月和9月两批科创债ETF先后上市，市场热度持续攀升。截至目前，24只科创债ETF合计规模已达2576.64亿元，相 较697.73亿元的发行规模大增269%，其中16只产品跻身百亿级梯队。 与此同时，FOF也迎来"爆发年"。截至12月17日，全年新成立79只FOF基金，合计募集规模达803.54亿元，超过此前三年发行总和。单只产品 平均发行规模达10.49亿元，是2024年的3倍以上。 什么是ETF和FOF？ 什么是ETF和FOF？ ETF是交易型开放式指数基金，本质是一篮子资产的组合，比如投资者买了"沪深300ETF"，就相当于一次性买下了沪深300指数里包含的300 家公司的股票。 FOF更简单，它本身不直接买股 ...

Core Viewpoint - Public funds are pioneers in personal pension initiatives and play a crucial role in the personal pension ecosystem, with the introduction of pension-targeted funds in 2018 and personal pension funds in 2022 [1] Product Matrix Expansion - As of now, a total of 1,246 personal pension products have been issued, including 466 savings products, 437 insurance products, 306 fund products, and 37 wealth management products [2] - The number of personal pension funds has expanded from 129 to 302 by the end of September 2025, with pension-targeted FOF products accounting for nearly 70% of the total [2] - By the end of the third quarter of 2025, the total scale of personal pension fund Y shares exceeded 15 billion yuan, growing over 65% since the beginning of the year [2] Performance and Growth - As of November 25, 2025, 120 out of the first 129 funds achieved positive returns, with a positive return rate of 93% and an average return of 9.14% [7] - The overall market performance of personal pension funds is strong, with an average return of 13.33% since inception, and over 90% of funds showing net value growth [7] - The largest pension FOF Y share fund, Xingquan Antai Active Pension, achieved a net value growth rate of 25.38%, surpassing its performance benchmark by 10.52 percentage points [7] Investor Engagement and Education - Companies emphasize the importance of educating investors about long-term pension planning and the need for personalized investment strategies based on individual circumstances [8] - Fund companies are focusing on enhancing investor experience and maintaining strategy stability while innovating product offerings to meet diverse investor needs [9]

Group 1 - The core concept of the article emphasizes the importance of asset allocation planning in the context of an aging population and the challenges posed by declining pension replacement rates [3][4] - The initiative "UP向上，投资有温度" by 中信保诚基金 aims to provide comprehensive wealth management support throughout the investor's life cycle, focusing on investor education and professional investment decision-making [1][8] - The event in Hainan specifically addressed the new opportunities for asset allocation in the "longevity era," highlighting the need for proactive financial planning to ensure adequate retirement resources [3][4] Group 2 - The article discusses the demographic changes in China, including a significant drop in birth rates and an increase in life expectancy, which are leading to a declining pension dependency ratio, projected to fall to 2.3:1 in the future [3][4] - It emphasizes that diversified asset allocation is essential for achieving stable retirement outcomes, as relying solely on social security is insufficient for maintaining a quality lifestyle [4][6] - Public funds are positioned as a crucial component in addressing the pension funding gap and enhancing the pension security system, with a diverse product matrix that caters to various retirement needs [6][7] Group 3 - As of September 30, 2025, the number of personal pension funds has reached 302, with over 98% of these funds generating positive returns since their inception, providing investors with a wider range of retirement investment options [7] - The article highlights that public funds not only serve as financial products but also play a vital role in building a multi-tiered and sustainable pension security framework, complementing basic pension insurance and corporate annuities [7][8] - The company plans to continue its initiatives to support investors in their asset allocation journey, ensuring that retirement expectations are met with solid financial backing [8]

Core Viewpoint - The 19th Shenzhen International Financial Expo opened on November 19, highlighting the importance of financial institutions in supporting the real economy and helping investors share in economic development [1] Company Strategy - Dongfang Fund emphasizes serving the real economy and assisting investors in sharing the benefits of economic growth as its fundamental mission [1] - The company has strategically focused on sectors aligned with economic transformation and industrial upgrading, including innovative technology, new energy vehicles, artificial intelligence, and low-carbon economy [1] Product Offerings - Dongfang Fund has developed products such as green inclusive theme financial bond funds and pension target funds of funds (FOF) to cater to the diverse investment needs of different types of investors [1] - The aim is to guide capital towards key areas supported by national strategies, reflecting a commitment to deepening investment in specific segments of China's economic transformation and industrial upgrading [1]

Core Viewpoint - The article emphasizes the importance of pension planning in the context of an aging population, highlighting the potential of pension target Fund of Funds (FOF) as a reliable long-term investment partner [2][3]. Group 1: Investment Strategy - The current market has over 13,000 funds, making it challenging for ordinary investors to select long-term high-performing funds. FOF products utilize professional teams to conduct quantitative and qualitative analyses, selecting optimal fund combinations to address the difficulty of fund selection [2]. - FOF products invest in multiple funds, indirectly holding stocks, bonds, and other assets, which helps to diversify risks associated with individual stocks and funds. This "secondary smoothing" mechanism reduces portfolio volatility, aligning with the stability requirements of pension funds [2]. - Pension target FOF strategies are clear, with target date funds automatically reducing equity positions as retirement approaches, transitioning from aggressive to conservative investments, thus matching clients' life cycles [2]. Group 2: Tax Benefits and Cost Efficiency - Investors can enjoy a maximum annual tax deduction of 12,000 yuan when investing in pension target FOF through personal pension accounts, and investment returns are not taxed, leading to significant long-term compounding effects [3]. - The management fees and subscription fees for Y-class shares of pension target FOF are typically 50% lower than those of ordinary shares, further reducing long-term investment costs [3]. - Pension target FOF encourages long-term holding, mitigating the behavioral tendency to chase market trends by setting holding periods of 1 to 5 years, which helps investors avoid irrational investment decisions [3]. Group 3: Selection Criteria for Pension Target FOF - Investors should match their age with appropriate strategies, prioritizing target date funds such as 2030, 2040, or 2050 for those born in the 1970s, 1980s, and 1990s, respectively, to align retirement plans with investment trajectories [4]. - Investors with clear risk preferences can directly choose target risk funds labeled as "conservative," "balanced," or "aggressive." It is advisable to select institutions with rich FOF management experience and balanced capabilities in fixed income and equity investments [4]. - Stability of performance is a crucial evaluation metric for FOF products, with a focus on drawdown control rather than short-term rankings [4]. Group 4: Timing and Strategy for Investment - The fourth quarter is identified as an optimal time for pension investment, allowing for strategic tax planning and market valuation adjustments, encouraging gradual participation in pension FOF products [5]. - Pension investment is characterized as a long-term journey, and pension target FOFs, through scientific allocation, long-term constraints, and professional management, assist investors in transforming current savings into future financial security [5].

Core Insights - The personal pension fund sector in China has seen significant growth, with the number of funds exceeding 300 and total assets surpassing 15 billion yuan [1][2][3] Fund Growth - As of September 30, the number of personal pension funds reached 302, marking a substantial increase from 199 funds a year prior [2] - The introduction of Y-class fund shares specifically for personal pension accounts has been a key driver of this growth, with major fund companies like GF Fund and Huatai-PineBridge announcing new offerings [2] Asset Scale - The total scale of personal pension funds has reached 15.11 billion yuan, reflecting an increase of 2.706 billion yuan since June 30 [3] - The growth trajectory indicates a doubling of assets compared to the previous year, with specific funds like Xingquan Antai and Huaxia Pension showing significant individual scales [3] Policy Support - Continuous policy support from regulatory bodies like the China Securities Regulatory Commission (CSRC) is expected to further enhance the development of personal pension funds [4] - The CSRC's action plan emphasizes improving service capabilities for long-term funds and creating more suitable investment products for personal pensions [4] Industry Outlook - The personal pension fund sector is anticipated to expand further, catering to diverse investor needs and enhancing the overall pension financial ecosystem [4][5] - Industry experts suggest that public funds should focus on improving long-term investment performance and fostering a collaborative market environment for pension services [5]

Core Viewpoint - The article emphasizes the importance of public funds in managing personal pension investments, highlighting the growth of pension fund products and the strategic approach taken by fund managers to ensure long-term stability and risk management [1][4]. Group 1: Market Overview - As of mid-2023, the number of personal pension funds has expanded to 297, with fund of funds (FOF) products reaching 212, indicating a growing market for pension investment [1]. - The total scale of FOF funds has reached 171.1 billion, reflecting a growth of nearly 40 billion, or 30%, since the beginning of the year [4]. Group 2: Investment Strategy - The investment framework consists of three layers: asset allocation based on expected returns and risks, selection of fund managers, and continuous strategy supplementation to manage risk exposure [2]. - The first layer focuses on long-term and short-term asset allocation, with a preference for precious metals due to better expected returns over the long term [2]. - The second layer involves selecting fund managers based on various effective investment strategies available in the A-share market [2]. Group 3: Risk Management - The approach to risk management includes contrarian thinking and emotional management, adjusting risk asset allocation based on market sentiment [3]. - Emphasis is placed on communication with investors to help them understand the relationship between short-term fluctuations and long-term goals [3]. Group 4: Investor Participation - Fund managers suggest three key factors for investors: maximizing tax benefits within the annual contribution limit of 12,000 yuan, selecting suitable products based on age and risk tolerance, and adhering to a long-term investment philosophy [5]. - Young investors are encouraged to choose funds with higher equity ratios, while those nearing retirement should opt for more conservative products [5].

Market Overview - The major indices in the equity market showed mixed performance, with the ChiNext Index rising by 2.34% and the Shanghai 50 Index declining by 1.98% [2] - Among the 31 first-level industries, 13 experienced gains, with the top five performing industries being coal, electrical equipment, electronics, automobiles, and machinery [2] - The five industries with the largest declines were banking, non-ferrous metals, non-bank financials, steel, and agriculture [2] Public Fund Market - The scale of the Shanghai and Shenzhen ETF exceeded 5.1 trillion yuan [2] - In the past month, 14 actively managed equity funds were closed early [2] - Among equity funds, the average increase for equity-oriented funds was 0.63%, while fixed income plus funds saw an average decline of 0.08% with a positive return ratio of 41.65% [2] - Pure bond funds had an average increase of 0.03%, and pension target FOFs rose by an average of 0.54% [2] - QDII funds averaged an increase of 1.37%, with a positive return ratio of 81.14% [2] Fund Positioning - The industries with the highest increases in active equity fund positions were media, coal, and electrical equipment, while the largest decreases were in electronics, pharmaceuticals, and comprehensive sectors [3] - The overall positioning of active equity funds was measured at 77.69% as of September 19, 2025, a decrease of 0.51 percentage points from the previous period [3] ETF Market - The ETF market saw a net inflow of 13.612 billion yuan last week, with cross-border ETFs contributing a net inflow of 16.079 billion yuan [3] - Stock ETFs experienced a net inflow of 4.856 billion yuan [3] - The average daily trading volume in the ETF market reached 469.267 billion yuan, with an average daily turnover rate of 10.34% [3] - Major inflow themes included brokerages, robotics, and gold ETFs, while broad-based funds continued to see outflows, particularly from the Shanghai Stock Exchange STAR 50, CSI 300, and CSI A500 indices [3] Fund Issuance - A total of 31 new funds were issued last week, a decrease of 24 from the previous period, while 56 new funds were established, an increase of 17 [3] - The total amount raised by new funds was 70.735 billion yuan, an increase of 48.941 billion yuan from the previous period [3]

Group 1 - The core viewpoint emphasizes the importance of personal pension development in China, highlighting government support and market participation as key elements [1] - By the end of 2024, personal pension account openings are expected to exceed 70 million, indicating growing market enthusiasm [1] - As of August 2025, there are 1,135 personal pension products available, with fund products making up over 26% of the total, signifying their critical role in asset allocation [1] Group 2 - The main challenge in promoting personal pension products is the difficulty investors face in product selection, stemming from a lack of understanding and high cognitive barriers [2][3] - Investors struggle to differentiate between various fund types, such as FOFs and index funds, due to significant differences in risk-return characteristics [2] - The limited purchasing channels and insufficient differentiation among products exacerbate the difficulty in selecting quality funds [3] Group 3 - A professional evaluation system is essential for guiding personal pension investments, with independent third-party institutions like Jinan Jinxin providing objective fund ratings [4] - Jinan Jinxin has developed a unique rating system that evaluates funds based on profitability, risk control, and performance stability across three dimensions: fund products, fund companies, and fund managers [4] - The evaluation process considers various factors, including compliance, risk-return characteristics, and overall fees, to provide a comprehensive assessment of fund products [4] Group 4 - Jinan Jinxin's rating methodology for FOFs focuses on their ability to achieve long-term stable growth and effective asset allocation, while index funds are evaluated on their cost-effectiveness and tracking capabilities [5] - The importance of investor education is highlighted, emphasizing the need for a long-term investment mindset and understanding of compounding returns [6] - The quality, regulation, and stability of public funds will face higher demands as they become a crucial component of the pension system [7]