意见领袖 |薛洪言 2026年，一场规模约50万亿元的1年期以上定期存款到期潮，正成为影响中国金融市场的关键变量。这 笔巨量资金的形成，主要源于过去几年居民预防性储蓄的增加。当时，在多种因素影响下，居民储蓄意 愿显著提升，银行体系因此吸收了大量的中长期定期存款。如今，随着这批早期锁定在相对较高利率水 平的存款集中到期，其"重定价"与"再配置"问题引发了市场的广泛关注。 市场增长势头强劲，收益效应逐步显现。2025年FOF发行规模大幅上升，全市场首只成立以来收益率实 现翻倍的FOF产品已经出现，进一步提升了市场关注度与投资者认同。 具体到两家银行的布局：招商银行"TREE长盈计划"以资产配置理论为框架，设立四档风险收益体系， 分别为"安稳盈"（风险资产上限15%）、"安定盈"（25%）、"安鑫盈"（40%）和"安逸盈"（70%），以 覆盖不同风险偏好客户。该计划采用"1+N"专属服务模式，由客户经理与专家团队提供全程服务，并对 合作产品设置严格准入标准，目前已纳入华安、中欧等六家头部管理人的多只FOF。 从产品类型看，市场已形成明确的风险分层结构。按权益资产比例可分为偏股型、平衡型与偏债型三 类，其中偏债混合型 ...

Core Insights - The newly launched fund, E Fund Ruiyi Ying'an 6-Month Holding Mixed Fund of Funds (FOF), has raised over 5.8 billion yuan, marking it as the largest new fund issuance in the fourth quarter and the fourth fund this year to exceed 5 billion yuan in issuance [1][2]. Fund Details - The fund was officially established on November 18, 2025, with a total of 24,688 subscription accounts and a total issuance of 58.48 billion units. The fund manager's proprietary capital holds 10.01 million units, accounting for 0.17% of the total fund shares [2]. - The fund's asset allocation includes 5%-30% in equity assets, with a maximum of 50% of equity assets invested in Hong Kong Stock Connect stocks, and up to 15% in Hong Kong Stock Connect ETFs. It can also invest 0%-20% in QDII and Hong Kong mutual recognition funds, and 0%-10% in commodity funds [2]. Market Trends - The public FOF market has seen a resurgence this year, with 68 new public FOFs established, raising nearly 68 billion yuan, surpassing the total of the previous two years combined. Several "explosive" products have emerged, including the Huatai-PB Yingtai Stable 3-Month Holding FOF, which raised nearly 5.6 billion yuan in just one day [3]. - Other notable funds include Dongfanghong Yingfeng Stable Allocation 6-Month Holding FOF, which raised 6.57 billion yuan, and the Fuguo Yinghe Zhenxuan 3-Month Holding FOF, which also exceeded 6 billion yuan in fundraising [3]. Investment Strategy - The FOFs are positioned as low-volatility products, focusing on a stable investment style that leverages multi-asset and multi-strategy advantages. The long-term asset allocation primarily emphasizes fixed-income assets, with dynamic adjustments based on market conditions to achieve long-term stable asset appreciation while controlling overall risk [2][4]. - The "TREE Long-term Profit Plan" by China Merchants Bank includes FOF products with clear return and drawdown targets, aiming to meet investment goals through strict management and review processes [4].