1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - FOF has become a highly - concerned category in the public - offering industry since 2026, with its scale exceeding 30 billion yuan, and the initial offering scale of multi - asset FOF exceeding 6 billion yuan in 2026. The average initial offering scale of single - FOF has reached a new high since 2018, and it is expected to break the historical record in 2026 [3][7][11]. - The public - offering FOF has entered the 3.0 era, focusing on developing multi - asset FOF under the demand for absolute returns. Since 2025, the top 20 FOFs in terms of initial offering scale are all multi - asset strategies, with the weighted position of the benchmark below 25%, mostly around 10% [12][15]. - The main channels of multi - asset FOF include exclusive bank plans (such as the Changying Plan of China Merchants Bank, the Longying Plan of China Construction Bank, and the Huitou Plan of Bank of China) and Internet platforms (such as the Stable Wealth Management of Ant Fortune and the Dajiaying of Tencent Financial Management) [20][23]. - Compared with low - position fixed - income plus funds, multi - asset FOF has higher returns and better maximum drawdown control in the past six months. Although the two types of products have similar trends in most periods, the excess correlation between them weakens significantly in some periods [56]. - Multi - asset FOF can achieve absolute returns through dynamic trading and position adjustment. Most multi - asset FOF were not sensitive to gold in October 2025 but became more sensitive in January 2026, and the sensitivity of some FOFs decreased after mid - March [88]. - The challenges of multi - asset FOF include the poor performance of investable superior assets, limited QDII fund quotas, and QDII fund premiums [4]. - Based on the Bootstrap method, a multi - asset allocation scheme can be achieved by superimposing common requirements such as drawdown/Sharpe on the probability space of asset returns. The annualized return of the long - term portfolio is generally between 5% - 7% since 2019 [4]. 3. Summary According to the Directory 3.1 Multi - asset FOF: Product Positioning and Risk - return Preferences of 5 Major Channels - **Market Status**: In 2026, FOF has become a popular category in the public - offering industry. The total initial offering scale of public - offering funds is 260.404 billion yuan (274 funds), and the initial offering scale of FOF is 61.973 billion yuan (40 funds), accounting for 23.80% (14.60% in terms of quantity). The average initial offering scale of single - FOF is 1.549 billion yuan, a new high since 2018 [7][11]. - **Development Stages of Public - offering FOF**: It has gone through three stages: focusing on pension FOF before 2020, developing fixed - income plus FOF from 2020 - 2021, and developing multi - asset FOF since 2025 [15]. - **Product Channels**: - **Bank Exclusive Plans**: - **Changying Plan (China Merchants Bank)**: Launched in 2024, it provides a one - stop asset allocation solution with four product positions: Anwenying, Andingying, Anxinying, and Anyiying, each with different return targets, maximum drawdown targets, and equity positions [28][31]. - **Longying Plan (China Construction Bank)**: Launched in January 2026, it has four categories, with low - volatility multi - asset FOF and medium - low - volatility multi - asset FOF having existing targets, aiming to provide asset allocation services for mass investors [32][35]. - **Huitou Plan (Bank of China)**: Launched in January 2026, it creates four product lines: Huiwen (ultra - low - volatility positioning), Huiying (low - volatility positioning), Huili (medium - volatility positioning), and Huiyi (high - volatility positioning) [36][40]. - **Internet Platforms**: - **Stable Wealth Management (Ant Fortune)**: Aims for a return of 2% - 4%, mainly investing in fixed - income assets such as bonds, with a small amount of equity allocation. Currently, it mainly consists of pure - bond funds and first - tier bond funds, with few FOFs [44][48]. - **Dajiaying (Tencent Financial Management)**: Selects products based on users' actual profit situations, aiming for a return of over 4%. Currently, it mainly includes fixed - income plus funds, and Xingquan Youxuan Wenjian Six - month Holding is the only FOF selected so far [41][43]. 3.2 Strategy Comparison Analysis: How 15 Managers Achieve Absolute Returns - **Market Competitiveness**: Compared with low - position fixed - income plus funds, multi - asset FOF has a higher return of 2.27% and a better maximum drawdown of - 1.15% in the past six months, with a Calmar ratio of 4.68 [52][56]. - **Asset Allocation**: - **Equity Funds**: Some institutions mainly allocate active equity funds (such as Wells Fargo, E Fund), some mainly allocate passive funds (such as China Europe, GF Fund), some have a relatively balanced allocation (such as Xingquan, China Asset Management), and some do not directly invest in equity funds (such as Guotai, Southern Fund) [59]. - **Absolute Return and Bond Funds**: Some institutions prefer internal investment (such as Wells Fargo, China Europe), some prefer to allocate fixed - income plus funds (such as E Fund, GF Fund), and some do not allocate fixed - income plus funds (such as Guotai, Boshi) [69]. - **Commodity Funds**: Most institutions allocate gold, nearly half also allocate soybean meal ETFs. Guotai focuses on silver LOF, and Hua'an invests in energy - chemical ETFs and non - ferrous ETFs [70][73]. - **Direct Stock Investment**: Only nine representative products choose to invest directly in stocks, with high differentiation in configuration themes [76]. 3.3 Thoughts on the Product: 3 Challenges and the Application of the Multi - asset Back - testing Control Model - **Challenges**: - **Poor Performance of Investable Superior Assets**: When the US stocks and gold assets fluctuated in 2025, FOF also suffered drawdowns, and the diversification effect of multi - assets was limited [101][102]. - **Limited QDII Fund Quotas**: Domestic fund companies have limited QDII quotas, and multi - asset FOF cannot freely allocate QDII funds [103]. - **QDII Fund Premiums**: There have been three periods of high premium rates in history (2020, 2024, and 2025), mainly related to the overseas investment boom [107][108]. - **Multi - asset Back - testing Control Model**: Based on the probability space of asset returns, by superimposing common requirements such as drawdown/Sharpe, a multi - asset allocation scheme under the Bootstrap method can be achieved. Different drawdown targets (2%, 3.5%, 5%, 15%) lead to different asset allocation characteristics [110][111].

Core Insights - The discussion around the "50 trillion high-interest deposits maturing" has gained significant attention, stemming from the high-interest deposit campaigns initiated during the pandemic in 2020 and 2021, and the subsequent market conditions in 2022 and 2023 that led to passive savings behavior [1][6] - The estimated amount of funds that will be released ranges from 50 trillion to 70 trillion, with expectations that only a small portion will flow into equities, while the majority will likely be optimized within bank deposits and wealth management products [1][6] Group 1: Market Trends - The high-interest deposits maturing in 2026 include approximately 45 trillion to 50 trillion in one-year and above fixed-term deposits, with two-year and three-year deposits also contributing significantly [6] - The market for "fixed income plus" products is expected to grow as investors seek lower volatility options, with a notable increase in the scale of such funds, which reached 2.7 trillion by the end of 2025, marking a 58.4% increase from the previous year [6][7] Group 2: Product Development - Tencent's "Dajiying" brand has emerged as a significant player in the multi-asset allocation space, aiming for a target return of over 4% and emphasizing user profitability, with 98% of users reportedly achieving gains [2][4] - Ant Fund is also shifting its focus from product selection to asset allocation, promoting a diversified approach termed "New Three Golds" (money market funds, bond funds, and gold) to appeal to younger investors [4][5] Group 3: Competitive Landscape - Several financial institutions, including China Merchants Bank and China Construction Bank, have launched successful multi-asset allocation products, setting industry benchmarks [1][2] - The competitive landscape is characterized by a variety of strategies within "fixed income plus" products, catering to different risk appetites, with firms like Invesco Great Wall and Huitianfu contributing significantly to the growth in this segment [7]