Core Viewpoint - The FOF (Fund of Funds) market is experiencing a significant surge in issuance, with a focus on bond-oriented strategies, reflecting a strong demand for stable returns and diversified asset allocation [1][5][8]. Group 1: FOF Issuance Trends - Four FOFs were established on November 25, continuing a trend of high issuance throughout the month, with many new products achieving impressive initial fundraising results [2][3]. - The number of FOFs with a scale exceeding 1 billion yuan has reached approximately 50 this year, with 23 of them exceeding 10 billion yuan and 4 surpassing 50 billion yuan [6]. - The total fundraising scale of newly issued FOFs has exceeded 70 billion yuan this year, significantly surpassing the total for the previous year [6]. Group 2: Characteristics of Recent FOFs - The recent FOFs are primarily bond-mixed types, with notable fundraising achievements in a short period, such as the Tianhong Yingyue Stable Allocation FOF raising 11.34 billion yuan in just 5 days [3][4]. - Several products ended their fundraising early due to high demand, indicating strong investor interest in stable allocation FOFs [4]. Group 3: Market Dynamics and Investor Behavior - The public fund industry is entering a "stable allocation" era, with FOFs being perceived as more suitable for current market sentiments due to their risk diversification and professional management [8]. - FOFs are characterized by their high standardization and ease of understanding, making them suitable for individual investors looking to allocate assets [8]. - Institutional demand for long-duration, balanced allocation strategies is driving the popularity of FOFs, as they naturally align with the need for diversified and professionally managed investments [8].

Core Viewpoint - The FOF (Fund of Funds) market is experiencing a significant surge in issuance, characterized by rapid fundraising and a strong demand for stable asset allocation strategies [2][5][6]. Group 1: FOF Issuance Trends - In November, the issuance of FOF products accelerated, with multiple funds being established on the same day, indicating a concentrated formation trend [1][2]. - On November 25, four FOFs were launched simultaneously, achieving substantial initial fundraising results within short periods, showcasing the popularity of debt-oriented strategies [3][4]. - The total number of FOFs established this year with a scale exceeding 1 billion yuan has reached approximately 50, with 23 exceeding 10 billion yuan and 4 surpassing 50 billion yuan [5]. Group 2: Market Dynamics - The FOF market is described as entering a "big year" for issuance, with total fundraising exceeding 700 billion yuan, significantly surpassing the total for the previous year [5]. - The demand for stable returns and diversified asset allocation is driving the popularity of FOFs, which are seen as a favorable investment option in the current market environment [6]. - Factors contributing to the rise in FOF issuance include a shift towards stable asset allocation in the public fund industry, the appeal of FOFs to individual investors due to their standardized and easily understandable nature, and the increasing allocation of institutional funds towards FOFs [6].

Core Insights - The demand for low-volatility, absolute return products is increasing among investors due to market fluctuations and declining interest rates [1][3] - The launch of the Silver华多策略稳健三个月持有期混合 (FOF) fund is seen as a timely addition to the investment tools available for equity market participants [1][3] Fund Characteristics - The fund aims to invest at least 80% of its assets in publicly offered funds approved by the China Securities Regulatory Commission, with equity funds comprising 5%-40% of the total assets [1] - Unlike traditional FOFs, this fund employs a combination investment strategy to reduce volatility while striving for returns that exceed performance benchmarks [1][2] - The fund utilizes financial engineering and multi-strategy gains to achieve higher returns compared to traditional portfolios [1][2] Manager Expertise - The proposed fund manager, Song Zuqiang, has extensive experience in asset allocation and has developed a mature investment framework [2][5] - Song's investment style focuses on contrarian undervaluation and balanced diversification, utilizing quantitative methods for asset allocation and fund selection [2][5] Market Context - The "Action Plan for Promoting High-Quality Development of Public Funds" emphasizes the creation of low-volatility, asset allocation products to meet diverse investor needs [3] - The rebound in the equity market has revitalized public FOFs, with the 万得偏股混合型FOF index rising 23.52% year-to-date, outperforming the沪深300 index which increased by 19.24% [3] - Factors such as favorable policy changes, the onset of a Federal Reserve rate cut cycle, and improved China-U.S. trade relations are expected to support a gradual upward trend in A-shares [3]