2026 年 01 月 27 日 累计规模创历史新高，四季度 FOF 偏好周期基金 ——25Q4 FOF 季报分析 本研究报告仅通过邮件提供给 中庚基金 使用。1 相关研究 - 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 白皓天 A0230525070001 baiht@swsresearch.com 权 益 量 化 研 究 证 券 研 究 报 告 量 化 策 略 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 规模维度： 累计规模创历史新高、Q4 新发规模超过 25Q1~25Q3 总和；四季度 FOF 新 发规模与数量均高度突出：截止 25Q4，FOF 共计 549 只基金，相比 25Q3 存量 FOF 上 升 31 只，上升幅度在近三年中突出。四季度新发规模 454.22 亿元，超过 25Q1~25Q3 三季度的累计新发规模；持营规模略有上升：25Q4FOF 的持营规模略有上升，累计 ...

Group 1 - The total issuance scale of public funds in November 2025 was approximately 966.16 billion yuan, showing a year-on-year decrease of 35.12% but a month-on-month increase of 29.9% [2][10] - A total of 136 fund products were issued in November, excluding transformed and subdivided funds [2][10] - The largest issuance was from equity funds, which reached 306.69 billion yuan, followed by mixed funds at 240 billion yuan and bond funds at 216.66 billion yuan [5][6] Group 2 - The top three funds by issuance scale were: 1. E Fund Ruiying An 6-Month Holding with 58.48 billion yuan, a mixed FOF fund [6][7] 2. Great Wall Yuanli with 52.51 billion yuan, a medium to long-term pure bond fund [6][7] 3. E Fund Industry Selection with 31.62 billion yuan, a mixed equity fund [6][7] - Notable fund companies with high issuance numbers included E Fund, Huaxia Fund, and Tianhong Fund [8] Group 3 - In November, 12 funds announced extensions for their fundraising periods, including products from China Ocean Fund and Fortune Fund [9][10]

Group 1 - The core viewpoint of the article highlights a significant increase in the number of new funds issued in the first 11 months of the year, with a total of 1,375 new funds and a fundraising scale exceeding 1.06 trillion yuan, indicating a structural shift towards equity funds which now account for over half of the total [1][2][4] Group 2 - In the first 11 months, the number of newly established funds reached 1,376, with total issuance of 10,624.56 billion units, reflecting a year-on-year increase of 34.38% in quantity and 2.72% in scale [2] - Equity funds (including stock and mixed funds) and bond funds have become the main drivers of issuance, with 768 stock funds raising 390.44 billion units (36.71%) and 257 mixed funds raising 147.07 billion units (13.84%), together accounting for 50.55% of the total [2] - The structure of new fund issuance has changed significantly compared to the previous year, with equity funds now making up more than half of the total, while bond funds have seen a decline in fundraising scale by over 40% [2] - FOF products have experienced explosive growth, with 69 products established this year, raising a total of 73.55 billion units, which is 5.53 times that of the same period last year [2] Group 3 - In November, 136 new funds were established, with a total issuance of 945.67 billion units, maintaining a relatively fast pace despite market fluctuations [4] - Equity funds continued to be the main contributors in November, raising 546.69 billion units (57.81%), while bond funds raised 216.66 billion units, marking a new low for the year [4] - The issuance of FOF products remained strong, with 11 products raising a total of 169.75 billion units in November [4] Group 4 - Among individual products, stable types have attracted more capital, with the top 10 products in terms of issuance being FOF or bond funds [3] - Notable individual fund issuances include the E Fund Industry Preferred Fund raising 31.62 billion units, and other funds like the E Fund Technology Pioneer and China Universal Xin Yue Fund also achieving significant fundraising [5][6] - In the FOF category, several products exceeded 13 billion units in fundraising, indicating strong investor interest [6]

Core Insights - The new fund issuance market in the first 11 months of the year has shown significant growth in quantity, with over 1,375 new funds launched, a year-on-year increase of nearly 35%, while the total fundraising amount reached over 1.06 trillion yuan, slightly up from the previous year [1][2] - Equity funds have surged, surpassing bond funds in fundraising scale, accounting for over half of the total issuance [1][2] Fund Issuance Overview - As of November 28, 2023, a total of 1,376 new funds were established, with total issuance reaching 1,062.46 billion units, marking a 34.38% increase in the number of funds and a 2.72% increase in fundraising compared to the same period last year [2] - Equity funds (including stock and mixed funds) and bond funds have been the main drivers of issuance, with 768 stock funds raising 390.04 billion units (36.71%) and 257 mixed funds raising 147.07 billion units (13.84%), together accounting for 50.55% of the total [2] - The structure of new fund issuance has shifted significantly compared to last year, with equity funds now making up over half of the total, a substantial increase from 21.47% for stock funds and 5.92% for mixed funds last year [2] November Fund Issuance - In November, 136 new funds were established, with a total issuance of 94.57 billion units, indicating a steady pace despite market fluctuations [4] - Equity funds continued to dominate, raising 54.67 billion units (57.81%), while bond funds raised 21.67 billion units, marking a new low for the year [4] - FOF products maintained strong performance, with 11 new products raising a total of 16.98 billion units, following a record high in October [4] Popular Products - Among individual products, stable funds attracted significant interest, with the top 10 largest issuances being FOF or bond funds [3] - Notable fund issuances included the E Fund Industry Preferred with 3.16 billion units, and the Fuguo Xinghe and Penghua Qihang Quantitative Stock with 3 billion and 2.98 billion units respectively, all completed within a single day [5] - In the FOF category, E Fund Ruiyi Ying'an raised over 5.8 billion units, with several other products exceeding 1.3 billion units [6]