作者 | 第一财经 曹璐 曾经在公募基金版图中处于关注度偏低的FOF产品，正重新站到聚光灯下。 2026.03. 19 本文字数：2849，阅读时长大约5分钟 "长盈计划FOF本质上是资产配置的产品化。"前述公募渠道人士进一步解释道，通过这一产品形 式，把大类配置、子类配置、产品优选和动态再平衡等复杂流程留给专业的资管机构，用更简洁、更 人性化方式释放多元资产配置的价值创造能力，从客户画像（目标）出发直接匹配产品。其中，产品 的最大回撤控制与收益的稳定性大概率都会是更为关注的维度。 今年以来，FOF基金发行市场异常火爆，不仅募集金额同比暴增，更有多只产品"一日售罄"，"30亿 +"小爆款频出，不到一个季度规模增加651亿元。行业规模更是迎来跨越式增长，短短一年多时间 从千亿元成功突破3000亿大关。 在业内人士看来，居民存款寻求稳健出口、银行定制配置计划强力助推、多资产分散配置理念普及， 共同点燃本轮行情。尽管眼下风光无限，但业内同时提醒，此轮热潮在一定程度上仍带有"销售驱 动"的特征，资产配置理念普及、投资者黏性搭建仍是行业长期课题，而尚未固化的行业格局，也为 中小公募带来弯道超车机遇。 这场"FOF热"， ...

Core Insights - The FOF (Fund of Funds) market is experiencing a resurgence, with significant fundraising activity observed at the beginning of 2026, indicating strong demand for asset allocation products [1][13] - The total scale of FOF funds reached 2,442.92 billion yuan as of January 14, 2026, marking a steady increase from the end of 2025 and a significant growth compared to 2024 [14][15] - The issuance of new FOF funds is robust, with 23 funds expected to open for subscription in January 2026, reflecting a shift towards more stable investment strategies [3][15] Fundraising Activity - On January 5, 2026, Wanji Fund's FOF raised 2.099 billion yuan in a single day, while GF Fund's FOF raised 3.288 billion yuan in just two days [1][14] - By January 16, 2026, four newly established FOF products had collectively raised over 6 billion yuan, accounting for approximately 30% of the total new fund issuance during the same period [1][15] Market Growth - The FOF market has seen a continuous growth trend, with a 79.03% increase in scale in 2025 and a further 2.48% growth in early 2026 [14][15] - The total number of FOF funds reached 2,241.01 million shares, with a year-on-year growth of approximately 65% in 2025 [15] Product Structure - The FOF market is predominantly composed of mixed-asset FOFs, which account for 91.75% of the total scale, catering to various risk preferences [16] - Major fund managers like E Fund, GF Fund, and others have established a significant presence in the mixed-asset FOF space, with several products exceeding 10 billion yuan in scale [16] Distribution Channels - The resurgence in FOF popularity is closely linked to the support from banking channels, particularly the customized FOF offerings from banks like China Merchants Bank [5][17] - The "TREE Long-term Profit Plan" launched by China Merchants Bank has significantly boosted FOF scale, with over 10 million clients participating by the end of 2024 [5][17] Investment Strategies - FOF products are increasingly adopting passive investment strategies, focusing on index-based investments through ETFs, while also diversifying into multiple asset classes such as gold and REITs [16] - The average return of FOFs in 2025 was nearly 15%, which has positively influenced investor confidence [9][17] Market Dynamics - The current FOF sales surge is partly driven by sales efforts rather than purely organic demand from clients, indicating a potential reliance on marketing strategies [19] - Investors are advised to prioritize diversified FOFs that align with their risk preferences and investment goals, emphasizing the importance of long-term holding for compounding returns [19][20]