Group 1 - The core viewpoint of the news is the significant growth and popularity of FOF (Fund of Funds) products in the market, highlighted by the successful launch of E Fund's Ruiyi Ying'an 6-month holding mixed FOF, which raised 5.848 billion yuan with 24,688 valid subscriptions [1][3] - As of November 20, 2023, a total of 79 new FOF products have been established this year, accumulating an issuance volume of 65.728 billion units, surpassing the total issuance volume for 2023 and 2024 combined [3] - The issuance volume of FOF products has accelerated in the fourth quarter, reaching 25.893 billion units with 27 new products, significantly higher than the previous three quarters [3][4] Group 2 - The overall market size of FOF products has increased to 221.992 billion yuan, reflecting a growth of 70.13% since the beginning of the year, primarily driven by newly launched funds [3][4] - There are currently 12 FOF products still in the issuance process, with mixed-type FOFs dominating the market, and 28 fund managers have received approval for 37 new FOF products [4] - The overall net value growth rate of FOF products has exceeded 12% this year, with increasingly diversified underlying asset allocations catering to different risk preferences of investors [4]

Core Viewpoint - The issuance of multi-asset strategy public fund of funds (FOF) products has been successful this year, with significant demand leading to early closures of fundraising periods [1][3]. Group 1: Fund Performance and Strategy - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed (FOF) fund completed its fundraising in just one day, achieving a subscription scale exceeding 5 billion yuan [1][3]. - This fund is a mixed bond-type FOF, with a performance benchmark comprising 85% of the China Bond Total Index Yield, 8% of the CSI 800 Index Yield, 4% of the Hang Seng Index Yield (adjusted for valuation exchange rate), and 3% of the Shanghai Gold Exchange Au99.99 spot contract yield [3]. - The fund adopts a low-volatility allocation strategy, primarily focusing on bond assets while diversifying into various low-correlation assets to control portfolio volatility and enhance investment experience [3][9]. Group 2: Market Trends and Demand - There has been a notable trend this year towards bond-mixed FOF products, attracting substantial capital. For instance, the Fuguo Yinghe Zhenxuan 3-Month Holding and Dongfanghong Yingfeng Stable Configuration 6-Month Holding both raised over 6 billion yuan at their inception [3]. - Other FOF products, such as Nanfang Stable 3-Month Holding and Ping An Yingxiang Multi-Asset 6-Month Holding, also reported initial fundraising scales exceeding 2.7 billion yuan [3]. - The performance benchmarks of these large-scale bond-mixed FOFs typically include a variety of asset classes, such as domestic bonds, A-shares, gold, and deposits, indicating a shift towards multi-asset strategies [5][9].

Core Viewpoint - The issuance of multi-asset strategy public fund of funds (FOF) products has been successful this year, with significant demand leading to early closures of fundraising periods [1][2][5]. Fund Performance and Strategy - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF completed its fundraising in just one day, achieving a subscription scale exceeding 5 billion yuan [1][5]. - This FOF product is a mixed bond type, with a performance benchmark comprising 85% of the China Bond Total Index Yield, 8% of the CSI 800 Index Yield, 4% of the Hang Seng Index Yield (adjusted for valuation exchange rate), and 3% of the Shanghai Gold Exchange Au99.99 spot contract yield [5]. - The fund adopts a low volatility allocation strategy, primarily focusing on bond assets while diversifying into various low-correlation assets to control portfolio volatility and enhance investment experience [5][10]. Market Trends - There has been a notable trend this year in the issuance of mixed bond-type FOF products, attracting substantial capital. For instance, the Fortune Yinghe Zhenxuan 3-Month Holding and the Dongfanghong Yingfeng Stable Configuration 6-Month Holding both raised over 6 billion yuan at their inception [6]. - Other FOF products, such as the Southern Stable 3-Month Holding and the Ping An Yingxiang Multi-Asset Configuration 6-Month Holding, also reported initial subscription scales exceeding 2.7 billion yuan [6][8]. Asset Allocation and Diversification - The performance benchmarks of these large-scale mixed bond-type FOFs typically include a variety of asset classes, such as domestic bonds, A-shares, overseas stocks, gold, and deposits [9]. - The Huatai-PineBridge Fund emphasizes the importance of constructing diversified "income support points" to reduce reliance on single markets, expanding investment opportunities across commodities, REITs, and global categories [10].

Group 1 - Huatai-PineBridge Fund announced the early closure of the Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed Fund (FOF) on October 23, 2023, which will no longer accept subscription applications starting October 24 [1] - The fund was initially set to be available for subscription until October 31, 2023, but it completed its fundraising in just one day, with subscription amounts exceeding 5 billion yuan [1] Group 2 - The performance benchmark for the Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed Fund (FOF) is composed of 85% of the China Bond Total Index Yield, 8% of the CSI 800 Index Yield, 4% of the Hang Seng Index Yield (adjusted for valuation exchange rate), and 3% of the Shanghai Gold Exchange Au99.99 spot contract yield [4] - The fund adopts a low-volatility allocation strategy, primarily focusing on bond assets while diversifying into multiple asset classes, aiming to expand sources of returns while strictly controlling portfolio volatility [4]