Group 1 - The public FOF (Fund of Funds) market is experiencing a significant increase in new issuance, with 31 new FOF products launched this year, surpassing the total issuance scale of 115.98 billion from 38 products in 2024 [2][3] - As of the end of Q2, the total net asset value of FOF funds reached 168.76 billion, marking a year-to-date increase of 26.74% and hitting a high point since September 2023 [2][3] - The growth in FOF scale is driven by both new issuances and performance improvements of existing FOFs, supported by a stabilizing A-share market and expanding personal pension fund listings [2][4] Group 2 - The majority of new FOF products are mixed-type, with 23 out of 31 being mixed FOFs, and several "popular" FOFs have raised over 60 billion in initial offerings, setting new records for single product fundraising in the past three years [3][4] - The average return for FOFs in the first half of the year was 3.11%, with some aggressive FOFs achieving returns over 14% by investing in thematic ETFs and overseas assets [4][5] Group 3 - Despite the growth in new FOF products, many existing FOFs are facing pressure due to small asset sizes, with 57 funds having net asset values below 50 million, and 170 funds below 200 million, leading to 13 funds being liquidated this year [5][6] - The small size of many FOF products is attributed to poor historical performance, inadequate risk management, and high levels of product homogeneity, which have resulted in low investor acceptance [6][7] Group 4 - Industry experts suggest that FOF products need to clarify their positioning, objectives, and investment strategies, while also enhancing investor engagement to improve the overall investment experience [7][8] - The FOF market is expected to continue evolving towards diversified asset allocation, with a focus on incorporating various investment tools such as ETFs and optimizing product structures to reduce competition among similar products [8]

上半年，FOF产品凭借多元资产的策略优势，向市场交出了一份亮眼的成绩单。 截至6月30日，2025年上半年FOF的整体平均收益为3.11%，以正收益收官。部分进取型FOF通过配置主题型 ETF、海外资产及商品型工具业绩领跑，实现了超过10%的涨幅。 与此同时，FOF新发热度不减，产品类型日趋多元，策略设计更加精细。多位业内人士指出，FOF所代表的多 资产策略正在逐步深入人心，成为当前资产管理行业寻求穿越周期的重要方向。 中期业绩出炉，绩优FOF青睐权益资产 截至6月30日，今年上半年表现突出的FOF包括渤海汇金优选进取6个月持有A、工银睿智进取一年A、工银养 老2050Y，分别收涨15.19%、14.88%、14.59%。整体来看，FOF产品上半年平均收益为3.11%，实现正收益收 官。 渤海汇金优选进取6个月由叶萌管理，以一季度末的情况看，该基金的重仓以被动指数产品为主，布局聚焦于 主题类ETF，涵盖银华国证港股通创新药ETF、华宝中证银行ETF、鹏华中证酒ETF等。此外，该产品还配置 了多只QDII，如华安纳斯达克100ETF、广发纳斯达克100ETF，以及大宗商品类基金华安黄金ETF，并搭配一 定比例的 ...

今年上半年，FOF产品凭借多元资产配置的策略优势，在市场中展现出强劲表现。截至6月30日，FOF整体平均收益达到3.11%，实现正收益收官。部分进取 型FOF通过配置主题型ETF、海外资产及商品型工具，成功实现业绩领跑。 同时，FOF新发热度持续升温，产品类型日趋多元化，策略设计更加精细。多资产策略正在逐步深入人心，成为当前资产管理行业寻求穿越周期的重要方 向。 南方稳见3个月持有和招商稳健策略优选3个月持有也分别达到36.26亿元和29.71亿元，成为资金追捧的代表性产品。这些产品的成功发行，反映了投资者对 专业资产配置的认可度不断提升。 部分新品在策略设计上体现出鲜明特色。富达基金推出的富达任远稳健三个月持有FOF，被视为布局中国养老业务的开局之作。该产品借鉴了集团在全球市 场成熟运作的目标风险策略，采用稳健型资产配置思路。 绩优FOF配置策略多元化 今年上半年表现突出的FOF产品中，渤海汇金优选进取6个月持有A、工银睿智进取一年A、工银养老2050Y分别收涨15.19%、14.88%、14.59%。这些产品在 配置策略上呈现出鲜明特色。 工银睿智进取一年同样偏好被动指数策略，重点配置富国中证港股通互联网 ...

Core Insights - FOF products have demonstrated strong performance in the first half of the year, achieving an average return of 3.11% as of June 30, indicating a positive trend in multi-asset strategies [1][2][4] - The popularity of newly launched FOF products continues to rise, with a diverse range of product types and refined strategy designs, reflecting a growing acceptance of multi-asset strategies in the asset management industry [1][4][7] Performance Highlights - Top-performing FOFs in the first half of the year include Bohai Huijin Preferred Progress 6-Month Holding A, ICBC Smart Progress 1-Year A, and ICBC Pension 2050Y, with returns of 15.19%, 14.88%, and 14.59% respectively [2][3] - These successful FOFs predominantly utilize high elasticity and theme-driven asset allocation strategies, focusing on passive index funds while incorporating QDII and commodity assets [3][7] New Product Launches - A total of 31 new FOF products were launched in the first half of the year, with significant initial scales, indicating sustained market interest in multi-asset allocation tools [4][5] - Notable new products include Dongfanghong Yingfeng Stable Allocation 6-Month Holding with an initial scale of 6.573 billion, and other products like Fuguo Yinghe Zhenxuan 3-Month Holding and Nanfang Stable View 3-Month Holding, which also attracted considerable investment [4] Market Trends - The rapid expansion of FOFs in the domestic market reflects investor recognition of professional asset allocation and signifies the accelerated adoption of multi-asset strategies in China [7] - The current market environment, characterized by macroeconomic uncertainty and frequent rotations between equity and fixed income markets, has made the cross-asset, cross-cycle, and cross-style allocation philosophy advocated by FOFs increasingly relevant [7]

2025年行将过半，A股各大指数企稳回升，在此背景下，国内公募FOF发行市场颇为火热，行业呈 现规模出现回升、产品结构多维升级的态势，反映出投资者对该类产品的认可度正不断提升。 根据平安证券统计，截至2025年一季度末， 国内FOF基金存量规模环比增长13.46%至1510.8亿 元 。业绩表现方面，一季度86%的FOF基金取得正收益，偏股型FOF业绩相对较优。 截至6月4日，Wind数据显示，国内FOF基金存量规模进一步增长至1618.52亿元。从业绩来看，工 银瑞信基金、前海开源基金、同泰基金、鹏华基金等旗下FOF基金业绩领跑 同类产品 ， 展现 不俗 的 投资能力 。总体看，在A股指数企稳以及港股新消费概念市场的带动下，机构投资者加速布局。 此外，由于 ETF 具备高流动性、低费率的优势，成为了FOF组合的核心模块，推动着行业向工具 化、精细化的方向发展进化。 | 截止日期: | 2025-06-04 터 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 房 | 草金类型 | 数量合计(只) | 占比(%) | 份额合计( ...

2025年行将过半，A股各大指数企稳回升，在此背景下，国内公募FOF发行市场颇为火热，行业呈现规模出现回升、产品结构多维升级的态 势，反映出投资者对该类产品的认可度正不断提升。 根据平安证券统计，截至2025年一季度末，国内FOF基金存量规模环比增长13.46%至1510.8亿元。业绩表现方面，一季度86%的FOF基金取得 正收益，偏股型FOF业绩相对较优。 截至6月4日，Wind数据显示，国内FOF基金存量规模进一步增长至1618.52亿元。从业绩来看，工银瑞信基金、前海开源基金、同泰基金、鹏 华基金等旗下FOF基金业绩领跑同类产品，展现不俗的投资能力。总体看，在A股指数企稳以及港股新消费概念市场的带动下，机构投资者加 速布局。此外，由于ETF具备高流动性、低费率的优势，成为了FOF组合的核心模块，推动着行业向工具化、精细化的方向发展进化。 | 截止日期: | 2025-06-04 E | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 房号 | 基金类型 | 数量合计(只) | 占比(%) | 份额合计(亿份) | 占比(%) ...

Group 1 - Public Fund of Funds (FOF) has gained significant popularity among investors in 2025, with a market size increase of 26.7 billion yuan, representing over 20% growth compared to the end of the previous year [1] - A total of 21 new FOF products were launched in 2025, raising 23.04 billion yuan, which is more than a fourfold increase year-on-year, with an average fundraising of 1.097 billion yuan per product [1] - The growth in the FOF market is driven by multiple factors, including a favorable A-share market, resource allocation from distribution channels, and the expansion of personal pension fund listings [1] Group 2 - As of May 28, 2025, 421 out of 498 pension FOFs achieved positive returns, accounting for nearly 85%, with an average net value growth of 1.3% [2] - The top-performing pension FOF is the ICBC Credit Suisse Pension 2050, managed by Xu Xinyuan, which has delivered a 7% return year-to-date [2] Group 3 - Xu Xinyuan, a relatively young fund manager with 9 years of experience, has successfully managed several notable products, including the ICBC Pension 2050, showcasing effective investment strategies [3][4] - The ICBC Pension 2050 has balanced investments between A and H shares, with a focus on reducing exposure to high-performing sectors while increasing allocations to pharmaceuticals, non-bank financials, and real estate [4] Group 4 - The ICBC Pension 2055, also managed by Xu Xinyuan, has shown competitive performance with a 10.58% return since its management began in January 2024, ranking 24th among 182 similar funds [4][5] - The fund's strategy includes dynamic adjustments to asset allocations, focusing on growth and dividend assets, which has contributed to its long-term stability [5] Group 5 - ICBC Credit Suisse has developed a comprehensive pension product matrix, including target date, target risk, and passive tools, catering to various retirement needs [8] - The firm has established a robust investment process that emphasizes strategic and tactical asset allocation, as well as fund selection, to optimize risk-adjusted returns [8] Group 6 - The overall assets of ICBC Credit Suisse's FOF products have increased from 1.274 billion yuan at the end of 2021 to 2.482 billion yuan by the first quarter of 2025, demonstrating steady growth in the pension FOF segment [7] - The company has been at the forefront of pension financial product innovation, launching several products that have been included in the personal pension fund list [7][8] Group 7 - The regulatory environment is fostering a "value revolution" in public fund products, with FOFs expected to leverage their advisory-like attributes to generate alpha returns, becoming a key growth driver for fund companies [9]

（原标题：这类基金，爆款频出！） 【导读】近期，公募FOF爆款频出 中国基金报记者 天心 公募FOF频出爆款。例如，近期成立的南方稳见3个月持有、招商稳健策略优选3个月持有募集规模均约 30亿元。 公募FOF频出爆款 近期，公募FOF发行市场频出爆款。 日前，南方稳见3个月持有、招商稳健策略优选3个月持有纷纷设立，募集规模分别达到36.26亿元、 29.71亿元，为近期公募基金新发市场难得的亮点。 值得一提的是，今年以来公募FOF平均净值增长率达到1.13%，超八成取得正收益，表现出稳健性。 超八成公募FOF年内取得正收益 今年以来，公募FOF年内平均收益为正，体现出较强的稳健性。 据Wind统计，截至目前，今年以来全市场516只公募FOF平均净值增长率达到1.13%，超八成取得正收 益。其中，57只年内收益超过3%，14只更是在5%以上。渤海汇金优选进取6个月持有年内回报达到 9.02%，位居首位，同泰优选配置3个月持有、工银养老2050均超8%。 值得一提的是，天相投顾数据显示，截至今年一季度末，公募FOF合计规模超过1400亿元，30多只规模 超过10亿元。今年一季度期间，公募FOF获得16.23亿份净 ...