Core Insights - Morgan Fund Management (China) announced the early closure of its Morgan Yingyuan Stable Three-Month Holding Period Mixed FOF due to overwhelming demand, with a total fundraising of nearly 2.8 billion yuan, making it the first FOF product to sell out in one day in 2025 [1][2] Group 1: Fund Characteristics - The Morgan Yingyuan FOF targets investors' needs for stable low volatility and diversified income sources, employing a "fixed income plus" strategy [2] - The fund limits equity investments to no more than 30% and includes flexible allocations to public REITs, gold, and QDII funds to diversify risk while pursuing multiple income streams [2] - Morgan Asset Management has partnered with China Merchants Bank to limit the initial fundraising scale, focusing on providing a better holding experience for investors [2] Group 2: Market Trends - The success of the Morgan Yingyuan FOF reflects a broader recovery in the FOF market, with the total number of FOFs reaching 515 and an overall scale of 165.372 billion yuan, marking a growth of 35.6 billion yuan since the beginning of the year [3][4] - The average return for equity mixed FOFs in the first half of 2025 was 4.92%, indicating strong performance that supports the recovery of the FOF market [4] - The personal pension system introduced in 2022 has accelerated the expansion of the target date and target risk FOFs, with significant increases in their numbers from 2020 to 2025 [4]