1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - FOF has become a highly - concerned category in the public - offering industry since 2026, with its scale exceeding 30 billion yuan, and the initial offering scale of multi - asset FOF exceeding 6 billion yuan in 2026. The average initial offering scale of single - FOF has reached a new high since 2018, and it is expected to break the historical record in 2026 [3][7][11]. - The public - offering FOF has entered the 3.0 era, focusing on developing multi - asset FOF under the demand for absolute returns. Since 2025, the top 20 FOFs in terms of initial offering scale are all multi - asset strategies, with the weighted position of the benchmark below 25%, mostly around 10% [12][15]. - The main channels of multi - asset FOF include exclusive bank plans (such as the Changying Plan of China Merchants Bank, the Longying Plan of China Construction Bank, and the Huitou Plan of Bank of China) and Internet platforms (such as the Stable Wealth Management of Ant Fortune and the Dajiaying of Tencent Financial Management) [20][23]. - Compared with low - position fixed - income plus funds, multi - asset FOF has higher returns and better maximum drawdown control in the past six months. Although the two types of products have similar trends in most periods, the excess correlation between them weakens significantly in some periods [56]. - Multi - asset FOF can achieve absolute returns through dynamic trading and position adjustment. Most multi - asset FOF were not sensitive to gold in October 2025 but became more sensitive in January 2026, and the sensitivity of some FOFs decreased after mid - March [88]. - The challenges of multi - asset FOF include the poor performance of investable superior assets, limited QDII fund quotas, and QDII fund premiums [4]. - Based on the Bootstrap method, a multi - asset allocation scheme can be achieved by superimposing common requirements such as drawdown/Sharpe on the probability space of asset returns. The annualized return of the long - term portfolio is generally between 5% - 7% since 2019 [4]. 3. Summary According to the Directory 3.1 Multi - asset FOF: Product Positioning and Risk - return Preferences of 5 Major Channels - **Market Status**: In 2026, FOF has become a popular category in the public - offering industry. The total initial offering scale of public - offering funds is 260.404 billion yuan (274 funds), and the initial offering scale of FOF is 61.973 billion yuan (40 funds), accounting for 23.80% (14.60% in terms of quantity). The average initial offering scale of single - FOF is 1.549 billion yuan, a new high since 2018 [7][11]. - **Development Stages of Public - offering FOF**: It has gone through three stages: focusing on pension FOF before 2020, developing fixed - income plus FOF from 2020 - 2021, and developing multi - asset FOF since 2025 [15]. - **Product Channels**: - **Bank Exclusive Plans**: - **Changying Plan (China Merchants Bank)**: Launched in 2024, it provides a one - stop asset allocation solution with four product positions: Anwenying, Andingying, Anxinying, and Anyiying, each with different return targets, maximum drawdown targets, and equity positions [28][31]. - **Longying Plan (China Construction Bank)**: Launched in January 2026, it has four categories, with low - volatility multi - asset FOF and medium - low - volatility multi - asset FOF having existing targets, aiming to provide asset allocation services for mass investors [32][35]. - **Huitou Plan (Bank of China)**: Launched in January 2026, it creates four product lines: Huiwen (ultra - low - volatility positioning), Huiying (low - volatility positioning), Huili (medium - volatility positioning), and Huiyi (high - volatility positioning) [36][40]. - **Internet Platforms**: - **Stable Wealth Management (Ant Fortune)**: Aims for a return of 2% - 4%, mainly investing in fixed - income assets such as bonds, with a small amount of equity allocation. Currently, it mainly consists of pure - bond funds and first - tier bond funds, with few FOFs [44][48]. - **Dajiaying (Tencent Financial Management)**: Selects products based on users' actual profit situations, aiming for a return of over 4%. Currently, it mainly includes fixed - income plus funds, and Xingquan Youxuan Wenjian Six - month Holding is the only FOF selected so far [41][43]. 3.2 Strategy Comparison Analysis: How 15 Managers Achieve Absolute Returns - **Market Competitiveness**: Compared with low - position fixed - income plus funds, multi - asset FOF has a higher return of 2.27% and a better maximum drawdown of - 1.15% in the past six months, with a Calmar ratio of 4.68 [52][56]. - **Asset Allocation**: - **Equity Funds**: Some institutions mainly allocate active equity funds (such as Wells Fargo, E Fund), some mainly allocate passive funds (such as China Europe, GF Fund), some have a relatively balanced allocation (such as Xingquan, China Asset Management), and some do not directly invest in equity funds (such as Guotai, Southern Fund) [59]. - **Absolute Return and Bond Funds**: Some institutions prefer internal investment (such as Wells Fargo, China Europe), some prefer to allocate fixed - income plus funds (such as E Fund, GF Fund), and some do not allocate fixed - income plus funds (such as Guotai, Boshi) [69]. - **Commodity Funds**: Most institutions allocate gold, nearly half also allocate soybean meal ETFs. Guotai focuses on silver LOF, and Hua'an invests in energy - chemical ETFs and non - ferrous ETFs [70][73]. - **Direct Stock Investment**: Only nine representative products choose to invest directly in stocks, with high differentiation in configuration themes [76]. 3.3 Thoughts on the Product: 3 Challenges and the Application of the Multi - asset Back - testing Control Model - **Challenges**: - **Poor Performance of Investable Superior Assets**: When the US stocks and gold assets fluctuated in 2025, FOF also suffered drawdowns, and the diversification effect of multi - assets was limited [101][102]. - **Limited QDII Fund Quotas**: Domestic fund companies have limited QDII quotas, and multi - asset FOF cannot freely allocate QDII funds [103]. - **QDII Fund Premiums**: There have been three periods of high premium rates in history (2020, 2024, and 2025), mainly related to the overseas investment boom [107][108]. - **Multi - asset Back - testing Control Model**: Based on the probability space of asset returns, by superimposing common requirements such as drawdown/Sharpe, a multi - asset allocation scheme under the Bootstrap method can be achieved. Different drawdown targets (2%, 3.5%, 5%, 15%) lead to different asset allocation characteristics [110][111].

Group 1 - The public fund industry is undergoing profound changes driven by asset price rotation, product structure transformation, and increasing demand for wealth management from residents [1] - Jianxin Fund's FOF investment and advisory head, Sun Yuemeng, shared investment strategies for FOFs in 2026, highlighting their unique advantages in multi-asset allocation and risk diversification [1] - Jianxin Fund launched the Longying Plan in early 2026, offering customized FOFs to provide one-stop asset allocation services for investors [1] Group 2 - Jianxin Fund's FOF team employs a four-layer selection process focusing on macro asset allocation, industry rotation, fund selection, and absolute return strategies, aiming to enhance portfolio returns [2] - The Jianxin Fuze Antai FOF is one of the first FOF products in the industry, with a strategic equity asset allocation midpoint of 20%, adjustable to 0% in extreme market conditions to control maximum drawdown [2] - The Jianxin Hongtai Multi-Asset 3-Month Holding FOF has a strategic equity asset allocation midpoint of 10% and covers various markets, recently achieving early fundraising success within just three trading days [2]

Core Insights - The public FOF (Fund of Funds) market in China has seen a significant resurgence, with new products selling out quickly and existing products experiencing substantial inflows of capital [1][4] - Recent data indicates that one fund company received over 200 million yuan in inflows within a week, with "fixed income plus" products attracting the most capital, followed by FOFs [2][3] Fund Inflows - Several fund companies have reported notable inflows into their FOF products, which is a departure from the historically low sales since the first public FOFs were launched in 2017 [3][4] - A newly launched FOF product from a joint venture fund company also received attention, although the inflow was not as significant [5] Purchase Limits - To manage operations and maintain returns, some fund companies have announced purchase limits for their FOF products. For instance, on January 13, a fund company set a daily purchase limit of 100,000 yuan for certain FOFs [7] - The number of FOFs imposing purchase limits has increased significantly this year, with 14 announcements made since January 12, compared to 39 for the entire previous year [8] Bank Channel Development - The rising interest in FOFs is attributed to the increasing efforts of banks in promoting these products. For example, the "TREE Long-term Profit Plan" from China Merchants Bank has gained popularity among clients [10] - The demand for FOFs is partly driven by clients seeking alternatives to low-interest deposits, with FOFs and fixed-income products being key options [10] Product Innovation and Market Growth - The growth in FOFs is supported by clear product lines that cater to different risk and return preferences, as well as the ability to provide a one-stop solution for asset allocation [13] - In 2025, the total fundraising for public FOFs reached 84.53 billion yuan, marking an over eightfold increase year-on-year, and by November 2025, the total scale of public FOFs reached 235.54 billion yuan, a nearly 70% increase from the end of 2024 [13]

Core Viewpoint - The public offering Fund of Funds (FOF) in China has seen a significant increase in attention and investment, marking a notable turnaround after years of low sales performance [2][3][10]. Group 1: Investment Trends - Recent reports indicate that a specific fund company received over 200 million yuan in FOF investments within a week, with "fixed income plus" products attracting the most funds [3]. - The total scale of public FOFs reached 235.54 billion yuan by the end of November 2025, reflecting a nearly 70% increase compared to the end of 2024, although this still represents less than 1% penetration of the overall public fund industry, which totals 37 trillion yuan [10]. Group 2: Fund Company Actions - Several fund companies have begun to implement purchase limits on FOF products to manage inflows and maintain operational stability, with notable announcements from firms like Xingzheng Global Fund and Fuguo Fund [6]. - Fund companies are actively enhancing their marketing strategies and product offerings to align with bank channels, aiming to simplify asset allocation for clients in a low-interest-rate environment [8]. Group 3: Bank Channel Influence - Banks are increasingly promoting FOF products, with initiatives like the "TREE Long-term Profit Plan" from China Merchants Bank gaining popularity among clients seeking alternatives to traditional savings [7]. - The collaboration between banks and fund companies is crucial, as banks leverage their extensive client bases and sales capabilities to drive FOF adoption [10]. Group 4: Market Dynamics - The rise in FOF popularity is attributed to clear product lines that cater to various risk and return preferences, as well as the ability of FOFs to provide diversified asset allocation solutions [10]. - The growth in FOFs is supported by innovative product designs and investment strategies tailored to meet investor demands for diversified portfolios and enhanced investment experiences [10].

Core Insights - The public FOF (Fund of Funds) has seen a significant increase in attention and funding, with reports of over 200 million yuan flowing into FOF products in just one week, marking a notable shift after years of low sales [1][2][3] Group 1: Funding and Sales Trends - Recent data indicates that a leading FOF business has received over 200 million yuan in inflows, with "fixed income plus" products attracting the most capital [2] - A newly launched FOF product achieved a remarkable "sold out in one day" status, raising 20.99 billion yuan on its first day, indicating strong market demand [8] - The number of FOF products implementing purchase limits has increased significantly, with 14 announcements made in 2026 alone, compared to 39 for the entire year of 2025 [7] Group 2: Bank Channel Influence - The rise in FOF popularity is attributed to banks enhancing their sales channels, with products like the "TREE Long-term Profit Plan" from China Merchants Bank gaining traction among clients seeking alternatives to low-interest deposits [8] - Bank wealth management teams are actively promoting FOFs as a solution for clients looking for stable returns in a low-interest environment, with significant investments from high-net-worth individuals [9] - Some banks are focusing on FOFs while others prioritize fixed-income products, reflecting a diverse approach to asset management [9] Group 3: Market Potential and Growth - The growth in FOF popularity is supported by clear product lines that cater to various risk and return preferences, as well as the ability to provide comprehensive asset allocation solutions [10] - In 2025, the total fundraising for public FOFs reached 84.53 billion yuan, an increase of over eight times compared to previous years, indicating a strong recovery and growth potential in the sector [10] - Despite the growth, the total scale of public FOFs remains low at 235.54 billion yuan, representing less than 1% penetration in China's overall mutual fund market of 37 trillion yuan, suggesting significant room for expansion [10]

Core Viewpoint - The fund issuance market in early 2026 is experiencing a surge, particularly in FOF (Fund of Funds) products, driven by customer demand, product transformation, and channel support [1]. Group 1: FOF Sales and Market Dynamics - On January 5, 2026, Wanji Fund's FOF product sold out in just one day, marking it as the first new fund of the year to achieve this feat [2]. - On January 6, 2026, Guangfa Fund's FOF also announced an early closure of its fundraising, completing in only two trading days [3]. - The FOF products are becoming the main focus for banks, with many institutions planning to launch multiple asset FOF products throughout the year [4]. Group 2: Customer Demand and Supply Factors - In 2026, a total of 20.7 trillion yuan, 9.6 trillion yuan, and 1.3 trillion yuan of 2-year, 3-year, and 5-year fixed-term deposits will mature, representing an increase of 4 trillion yuan compared to 2025 [5]. - The low interest rates on fixed deposits are failing to meet investors' needs for capital preservation and growth, prompting a shift towards FOF products that offer diversified asset exposure [5]. - FOF products are designed to include a variety of underlying assets, such as U.S. stocks, Hong Kong stocks, and commodities, which can effectively diversify risk and capture more alpha opportunities [5]. Group 3: Changes in FOF Product Positioning - The role of FOF fund managers is evolving from merely selecting funds to focusing on asset allocation and developing more refined strategies [6]. - Banks are actively promoting FOF products, with many large banks establishing dedicated marketing lines for FOF asset allocation [6]. - The selection criteria for fund managers in FOF products have become stricter, requiring experience in multi-asset management and volatility control [6]. Group 4: New Fund Issuance Trends - The FOF sales surge reflects a broader trend in the new fund issuance market, with 38 new funds launched between January 5 and January 7, 2026 [7]. - A total of 77 public funds are planned for issuance in January 2026, with the first trading week expected to account for 62.33% of the month's total issuance [7]. - Equity products continue to dominate the new fund landscape, with 26 index funds and 26 actively managed equity funds among the new offerings [8].

Core Insights - The fund issuance market in early 2026 is experiencing a significant surge, particularly in FOF (Fund of Funds) products, driven by customer demand, product transformation, and channel support [1][2][4] Group 1: FOF Product Performance - The first FOF product of 2026, Wanjiatai's "Stable Three-Month Holding FOF," sold out in just one day on January 5, marking a strong start for new fund issuance [1] - Following this, Guangfa's "Stable Three-Month Holding FOF" also announced an early closure of its fundraising after just two trading days [2] - FOF products are becoming the main drivers of sales for various banks, with many companies planning to launch multi-asset FOF products through different banking channels [3] Group 2: Market Dynamics - A significant amount of residential fixed deposits, totaling 20.7 trillion yuan for 2-year, 9.6 trillion yuan for 3-year, and 1.3 trillion yuan for 5-year terms, will mature in 2026, creating a demand for new investment vehicles [4] - The low interest rates on fixed deposits are failing to meet investors' needs for capital preservation and growth, prompting a shift towards multi-asset and multi-strategy FOF products [4] - The design of FOF products offers advantages over traditional funds by diversifying underlying assets and capturing more alpha opportunities [4] Group 3: Channel and Marketing Strategies - Major banks are actively promoting FOF products, establishing dedicated marketing lines and sections for FOF on their wealth management platforms [5] - The selection criteria for fund managers in FOF products have become stricter, focusing on those with experience in multi-asset management and strong volatility control capabilities [6] Group 4: Fund Issuance Trends - From January 5 to 7, 38 new funds were launched, with a total of 77 public funds planned for issuance in January 2026, indicating a peak in fund issuance activity [7] - Equity products remain dominant, with 26 index funds and 26 actively managed equity funds among the new offerings, alongside a diversified product line including 12 bond funds, 11 FOFs, and 2 QDII funds [7]

Group 1 - The fund issuance market in early 2026 is experiencing a significant surge, particularly in FOF (Fund of Funds) products, driven by customer demand, product transformation, and channel support [1][3] - Notable FOF products, such as Wanjiacaitai's and Guangfa's, sold out within one day and two days respectively, indicating strong market interest [1][2] - Major banks, including China Merchants Bank and China Construction Bank, have launched marketing initiatives for FOF products to attract funds from traditional bank deposits [2][4] Group 2 - The demand for FOF products is fueled by the upcoming maturity of 20.7 trillion yuan, 9.6 trillion yuan, and 1.3 trillion yuan in 2-year, 3-year, and 5-year fixed deposits, respectively, in 2026, which exceeds the previous year's figures by 4 trillion yuan [3] - The low interest rates on fixed deposits are prompting investors to seek new asset classes, with FOF products offering diversified investment opportunities across various asset types, including U.S. stocks, Hong Kong stocks, and commodities [3][4] - The role of fund managers is evolving from selecting individual funds to focusing on asset allocation and strategy development, reflecting a shift in the positioning of FOF products [3][4] Group 3 - The FOF sales boom is part of a broader trend in the fund issuance market, with 38 new funds launched between January 5-7, 2026, and a total of 77 funds planned for the month [4][5] - Equity products remain dominant, with 26 index funds and 26 actively managed equity funds among the new offerings, alongside a diverse range of other fund types [5]

Core Insights - The fund issuance market in early 2026 is experiencing a surge, particularly in FOF (Fund of Funds) products, driven by customer demand and competition among banks and fund companies [1][6] Group 1: FOF Product Performance - On January 5, 2026, Wanji Fund's FOF product sold out in just one day, marking it as the first new fund of the year to achieve this feat [2] - On January 6, 2026, GF Fund's FOF also announced an early closure of its fundraising, completing its collection in only two trading days [2] - The rapid sales of FOF products are attributed to banks setting high fundraising targets, such as 2 billion or 3 billion yuan, which, once reached, lead to early closure of the fundraising period [2] Group 2: Market Dynamics - In 2026, a total of 20.7 trillion yuan, 9.6 trillion yuan, and 1.3 trillion yuan of 2-year, 3-year, and 5-year fixed-term deposits will mature, representing an increase of 4 trillion yuan compared to 2025 [4] - The low interest rates on fixed deposits are failing to meet investors' needs for capital preservation and growth, prompting a shift towards FOF products that offer diversified asset allocation [4] - FOF products are designed to include a variety of underlying assets beyond traditional equity and bond funds, such as U.S. stocks, Hong Kong stocks, and commodities, which helps in risk diversification and capturing alpha opportunities [4] Group 3: Supply and Channel Strategies - The role of FOF fund managers is evolving from merely selecting funds to focusing on asset allocation and developing refined strategies [5] - Major banks are actively promoting FOF marketing plans, with many large banks establishing dedicated FOF sections on their wealth management platforms [5] - The demand for FOF products is supported by the requirement for fund managers to have experience in multi-asset management and strong volatility control capabilities [5] Group 4: New Fund Issuance Trends - The FOF sales surge reflects a broader trend in the new fund issuance market, with 38 new funds launched between January 5 and January 7, 2026 [6] - A total of 77 public funds are planned for issuance in January 2026, with the first trading week expected to account for 62.33% of the total monthly issuance [6] - Equity products dominate the new fund landscape, with 26 index funds and 26 actively managed equity funds among the new offerings [7]

Market Review - The A-share market showed a mixed performance last week, with the Shanghai Composite Index, CSI 500, and SME Index gaining 0.13%, 0.09%, and -0.01% respectively, while the ChiNext, CSI 300, and SZSE Component Index fell by -1.25%, -0.59%, and -0.58% respectively [5][12] - The financial, oil and petrochemical, and defense industries performed well, with returns of 5.13%, 3.92%, and 3.83% respectively, while retail, utilities, and food and beverage sectors lagged with returns of -3.13%, -2.35%, and -2.28% respectively [5][18] - The People's Bank of China conducted a net reverse repurchase of 1.171 trillion yuan, with a total of 1.3236 trillion yuan maturing, resulting in a net open market injection of 152.6 billion yuan [20] Fund Performance - Last week, actively managed equity, flexible allocation, and balanced mixed funds reported returns of -0.71%, -0.38%, and -0.56% respectively [30] - Year-to-date, alternative funds have shown the best performance with a median return of 52.59%, while actively managed equity, flexible allocation, and balanced mixed funds have median returns of 29.97%, 23.26%, and 16.21% respectively [32] Fund Issuance - A total of 35 new funds were established last week, with a total issuance scale of 11.916 billion yuan, a decrease from the previous week [41] - The majority of new funds were passive index funds (12 funds) and equity mixed funds (8 funds), with issuance scales of 4.116 billion yuan and 0.473 billion yuan respectively [42] Regulatory Updates - The China Securities Regulatory Commission revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds," effective January 1, 2026, to lower investor costs and standardize the sales market [6][10] - E Fund announced a collective name change for its 45 ETF products, becoming the first company to complete standardized naming for all its ETFs [7] Industry Developments - China Construction Bank launched the "Longying Plan" on January 1, 2026, aimed at providing customized FOF market services, marking a significant move into wealth management by state-owned banks [8]