Market Overview - The bond market maintained a volatile trend last week, with the 1-year government bond yield decreasing by 0.96 basis points to 1.40%, while the 10-year yield slightly increased to 1.82%, and the 30-year yield rose by 0.95 basis points to 2.16% [2][4] - The overall bond market continued its oscillation, with short-term bonds performing better than long-term ones, and the expected "see-saw effect" between stocks and bonds did not materialize due to the weak stock market [4] - Short-term and medium-term momentum in the bond market is insufficient, and disturbances are expected to rise due to government debt payments and the maturity of a large number of open market operations [4] Public Fund Market Dynamics - E Fund's Ruiyi Ying'an FOF raised over 5.8 billion, marking the largest fundraising for a new fund in the fourth quarter, and is part of the招商银行 "TREE Long-term Profit Plan" [6] - The focus of these funds is primarily on low to medium-risk multi-asset products, indicating a trend towards conservative investment strategies in the public fund market [6] Fund Index Performance Tracking - The Money Enhanced Index rose by 0.02% last week, with a cumulative return of 4.32% since inception [3] - The Short-term Bond Fund Preferred Index also increased by 0.02%, with a cumulative return of 4.50% since inception [3] - The Medium to Long-term Bond Fund Preferred Index rose by 0.03%, achieving a cumulative return of 6.85% since inception [3] - Conversely, the Low Volatility Fixed Income + Fund Preferred Index fell by 0.53%, with a cumulative return of 4.23% since inception [3] - The High Volatility Fixed Income + Fund Preferred Index decreased by 1.13%, with a cumulative return of 6.89% since inception [3] - The REITs Fund Preferred Index dropped by 1.17%, but has a cumulative return of 32.24% since inception [3]

Group 1 - The core viewpoint of the news is the significant growth and popularity of FOF (Fund of Funds) products in the market, highlighted by the successful launch of E Fund's Ruiyi Ying'an 6-month holding mixed FOF, which raised 5.848 billion yuan with 24,688 valid subscriptions [1][3] - As of November 20, 2023, a total of 79 new FOF products have been established this year, accumulating an issuance volume of 65.728 billion units, surpassing the total issuance volume for 2023 and 2024 combined [3] - The issuance volume of FOF products has accelerated in the fourth quarter, reaching 25.893 billion units with 27 new products, significantly higher than the previous three quarters [3][4] Group 2 - The overall market size of FOF products has increased to 221.992 billion yuan, reflecting a growth of 70.13% since the beginning of the year, primarily driven by newly launched funds [3][4] - There are currently 12 FOF products still in the issuance process, with mixed-type FOFs dominating the market, and 28 fund managers have received approval for 37 new FOF products [4] - The overall net value growth rate of FOF products has exceeded 12% this year, with increasingly diversified underlying asset allocations catering to different risk preferences of investors [4]

Core Insights - The newly established 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 in the fourth quarter and the fourth public FOF this year to exceed 5 billion yuan in fundraising [1][4]. Fund Details - The fund was officially established on November 18, 2023, with a total of 24,688 subscription accounts and a total fundraising scale of 58.48 billion units [4]. - The fund is managed by E Fund Management Co., Ltd. and is custodied by China Merchants Bank, which is part of the "TREE Long-term Profit Plan" [1][6]. Market Context - The public FOF issuance market has seen a resurgence, with 68 new public FOFs established this year, raising nearly 68 billion yuan, surpassing the total of the previous two years [10]. - Several other FOFs have also emerged as "explosive" products, including Huatai-PB Yingtai Stable 3-Month Holding FOF, which raised close to 5.6 billion yuan in just one day [11]. Investment Strategy - The E Fund Ruiyi Ying'an FOF is positioned as a low-volatility product, focusing on a stable investment style and primarily allocating assets to fixed-income investments while dynamically adjusting asset allocation based on market conditions [7]. - The fund's equity assets are limited to 5%-30% of total assets, with specific caps on investments in Hong Kong stocks and ETFs [6]. Industry Trends - The favorable performance of the equity market this year has contributed to the overall recovery of FOF performance, making these products attractive to investors in a low-interest-rate environment [12].