2025年，基金中的基金（FOF）迎来发行热潮。Wind数据显示，以基金成立日统计，截至12月7日，年内新成立公 募FOF达74只，发行总规模776.06亿元，创下近4年新高。同期，8家公募管理人的FOF业务管理规模突破百亿元， 行业发展迈上新台阶。 纵向对比来看，FOF市场不仅整体上呈现量价齐升的态势，单只产品的吸金能力也明显增强。截至目前，2025年 单只产品平均发行规模达到10.49亿元，远超2023年的1.99亿元、2024年的3.05亿元，表明FOF产品已从过去的"多 而散"向"少而精"转变，头部产品的规模号召力显著增强。 值得一提的是，2025年FOF产品频出爆款，募集规模超20亿元的产品共有13只，另有24只产品募集规模超10亿 元。其中，上海东方证券资管的东方红盈丰稳健配置6个月持有A以65.73亿元位居发行规模榜首，富国基金的富国 盈和臻选3个月持有A、易方达基金的易方达如意盈安6个月持有A则分别以60.01亿元、58.48亿元的发行规模紧随 其后。 FOF市场的火热，还体现在产品的募集效率上。数据显示，2025年FOF产品平均认购天数为17.9天，有15只产品甚 至实现7天以内快速募集，占 ...

Core Insights - The public fund issuance market experienced a "small spring" in November, with a total new fund scale reaching 96.616 billion yuan, indicating strong investor enthusiasm for subscriptions [1] - A total of 136 new funds were established in November, reflecting an increase in year-end capital allocation demand [1] Fund Issuance Highlights - The top new fund by issuance scale was E Fund's "E Fund Ruiyi Ying'an 6-Month Holding A" with 5.848 billion yuan, followed by Changcheng Fund's "Changcheng Yuanli A" with 5.251 billion yuan [2] - Funds with issuance scales exceeding 3 billion yuan included E Fund's "E Fund Industry Preferred A" (3.162 billion yuan), Morgan Stanley's "Morgan Stanley Central Debt 1-5 Year Government Financial Bond A" (3.110 billion yuan), and Huaxi's "Huaxi Central Debt 1-5 Year Policy Financial Bond" (3.003 billion yuan) [2] Fund Type Performance - Equity funds (stock and mixed types) dominated the market, with an issuance scale of 30.669 billion yuan, accounting for 32.43% of the total [3] - The total scale of equity funds reached 54.669 billion yuan, representing 57.81% of the total issuance, highlighting strong investor confidence in the equity market [3] Other Fund Categories - Mixed funds followed with an issuance scale of 23.999 billion yuan, making up 25.38% of the total [3] - Bond funds issued 21.666 billion yuan, accounting for 22.91%, serving as an important stabilizer in the issuance market [4] - FOF (Fund of Funds) also performed well with an issuance scale of 16.975 billion yuan, representing 17.95% of the total [4] Market Dynamics - The concentration of fund establishment dates in November allowed new products to meet year-end capital allocation needs, with nearly 100 billion yuan in issuance indicating the continued attraction of public funds as an investment tool [4] - The market saw a wave of adjustments in November, enhancing valuation attractiveness and creating favorable conditions for equity fund issuance [5] - Fund managers capitalized on market opportunities by launching products aligned with market hotspots, successfully attracting incremental capital [5]

Core Viewpoint - The public fund issuance market experienced a "small spring" in November, with a total new fund scale reaching 96.616 billion yuan, indicating strong investor enthusiasm for subscriptions [1][5]. Fund Issuance Overview - A total of 136 new funds were established in November, showcasing a positive trend in both volume and price, driven by increased year-end capital allocation needs [1][7]. - The top fund by issuance scale was E Fund's E Fund Ruiyi Ying'an 6-Month Holding A, with 5.848 billion yuan, followed by Great Wall Fund's Great Wall Yuanli A at 5.251 billion yuan [1][3]. Fund Types and Performance - Equity funds (stock and mixed types) remained the main force in the market, with stock fund issuance reaching 30.669 billion yuan, accounting for 32.43% of the total scale [5]. - Mixed funds followed with an issuance scale of 23.999 billion yuan, making the total for equity funds 54.669 billion yuan, which constituted 57.81% of the total issuance [5]. Popular Fund Products - Notable high-raising products included mixed equity funds like Fu Guo Xing He A (3 billion yuan) and Peng Hua Qi Hang Quantitative Stock Selection (2.982 billion yuan) [5]. - Passive index funds also gained traction, covering various sectors, with notable products like Wan Jia Zhong Zheng 800 Dividend Low Volatility Index A raising 1.723 billion yuan [5]. International Market Interest - Funds targeting overseas emerging markets, particularly two ETFs focused on Brazil, attracted significant interest, raising a total of 3 billion yuan, exceeding their initial fundraising cap by over seven times [6]. Stability and Growth in Fund Types - Bond funds raised 21.666 billion yuan, accounting for 22.91% of the issuance market, serving as an important stabilizer [6]. - Fund of Funds (FOF) also performed well, with an issuance scale of 16.975 billion yuan, reflecting investor preference for professional fund selection and risk diversification [6]. Market Sentiment and Future Outlook - Analysts noted that the concentration of fund establishment dates in November allowed new products to meet year-end capital allocation needs, indicating that public funds continue to attract incremental capital into the market [7][8]. - The issuance volume approaching 100 billion yuan is seen as a positive signal for market confidence and structural optimization for the upcoming year [7][8].

Group 1 - The core viewpoint of the article highlights a significant increase in the public fund issuance market in November, with a total scale of 966.16 billion yuan, indicating strong investor enthusiasm for subscriptions [2] - A total of 136 new funds were established in November, reflecting a positive trend in both volume and price, driven by increased year-end capital allocation needs [2] - Equity funds (stock and mixed types) remain the main force in the market, with an issuance scale of 306.69 billion yuan, accounting for 32.43% of the total scale, showcasing investor confidence in the equity market [2][3] Group 2 - The top new fund by issuance scale was the E Fund Ruiyi Ying'an 6-Month Holding A, with 58.48 billion yuan, followed closely by Changcheng Yuanli A at 52.51 billion yuan [2][4] - The issuance scale of mixed funds was 239.99 billion yuan, representing 25.38% of the total, while the combined total for equity funds reached 546.69 billion yuan, making up 57.81% of the total issuance [2] - Bond funds also played a significant role, with an issuance scale of 216.66 billion yuan, accounting for 22.91%, and FOFs (funds of funds) reached 169.75 billion yuan, representing 17.95% of the total [3] Group 3 - Notable interest was observed in funds targeting overseas emerging markets, with two ETFs focused on the Brazilian market raising a combined 3 billion yuan, significantly exceeding their initial fundraising limits [3] - The strong performance of bond funds and FOFs indicates a continued demand for stable returns and professional fund selection among investors [3][4] - The concentration of fund establishment dates in November allowed new products to meet year-end capital allocation needs effectively, contributing to a substantial influx of new capital into the market [4]