【导读】银行开启冲刺2026年"开门红"，权益类和"固收+"或唱主角 据其了解，目前各大银行基本进入"开门红"阶段。由于节奏略有差异，部分银行11月就会提前进入"开 门红"，而有些银行可能到12月或者1月才会启动"开门红"。但整体看，银行业务基本已进入紧锣密鼓的 推动阶段。 从推荐力度来看，目前的力度与往年相仿。在净息差收窄及降费背景下，银行普遍存在营收及利润压 力，因此对于高收入业务更为看重。财富管理方面，前期保险业务对于资金存在透支销售，且市场好 转，客户风险偏好也有所提升，所以今年银行并未将保险作为唯一的"开门红"重点，基金也在很多银行 的业务规划中。尤其是看好权益市场的银行，"开门红"重点储备有新发主动权益基金。 不过，也有业内人士表示，目前对于2026年"开门红"的产品排布、销售档期等，都已基本确定。但部分 银行"开门红"的动员力度相较往年有所减弱，这主要是与行业"重持营、轻首发"的导向有关。 "开门红则全年红"。临近年底，各大银行销售渠道及基金公司都卯足了劲，备战明年"开门红"。 据中国基金报记者了解，银行渠道"开门红"已经进入紧锣密鼓筹备阶段，部分动作较快的银行已经于11 月提前启动"开门红"。 ...

与此同时，FOF产品的发行热度仍在持续升温。目前，市场上仍有12只FOF产品正在发行，而混合型FOF产品占 据主导地位，除1只为债券型FOF产品外，其余均为混合型FOF产品。此外，28家基金管理人准备申请成立的37只 新FOF产品的相关材料已获审批。 值得一提的是，截至11月20日，年内FOF产品整体净值增长率超过12%，且FOF产品底层资产配置日益多元，更好 地契合了不同风险偏好投资者的需求。（南木） 今年前三季度，FOF产品发行份额分别为142.46亿份、166.11亿份、89.78亿份，发行数量依次为16只、15只、18 只。而第四季度以来截至11月20日，FOF发行份额已飙升至258.93亿份，发行数量达27只，规模与数量较前三季 度单季显著提速。截至11月20日，全市场FOF产品总规模攀升至2219.92亿元，较年初增长了70.13%，而这一增长 主要由新发基金贡献。 不仅如此，今年以来，有18只FOF产品发行份额超10亿份。其中，东方红盈丰稳健6个月持有混合（FOF）以65.73 亿份的发行份额位居榜首；富国盈和臻选3个月持有期混合（FOF）、易方达如意盈安6个月持有混合发起式 （FOF）、华泰柏 ...

爆款产品成为规模增长的核心引擎。今年以来，有18只FOF产品的发行份额超10亿份，其中东方红盈丰 稳健6个月持有混合(FOF)以65.73亿份位居榜首，富国盈和臻选3个月持有期混合(FOF)、易方达如意盈 安6个月持有混合发起式(FOF)、华泰柏瑞盈泰稳健3个月持有混合(FOF)等3只产品发行份额超50亿份， 头部产品的虹吸效应明显。 深圳市融智私募证券投资基金管理有限公司FOF基金经理李春瑜在接受《证券日报》记者采访时表示， 年内出现多只"爆款"FOF产品，主要源于以下多方面因素：其一，显著的赚钱效应是根本动力。截至11 月20日，年内FOF产品整体净值增长率超过12%，亮眼的业绩吸引了大量投资者关注。其二，产品策略 的持续优化是关键支撑。FOF产品底层资产配置日益多元，更好地契合了不同风险偏好投资者的需求。 其三，头部渠道的全力助推扩大了影响力。主要代销机构在资源上给予倾斜，显著提升了产品的市场曝 光度与可获得性。其四，解决投资者痛点的价值凸显。FOF产品凭借其专业的资产配置能力，为投资者 提供了便捷的解决方案。 11月19日，易方达基金公告旗下易方达如意盈安6个月持有混合发起式(FOF)正式成立，获得2 ...

Core Viewpoint - The FOF (Fund of Funds) market has experienced a significant rebound in both issuance and existing scale since the fourth quarter, indicating a renewed interest and demand from investors [1][2]. Issuance Trends - The issuance of FOF products has accelerated in the fourth quarter, reaching a total of 227.95 billion yuan, a substantial increase compared to less than 1 billion yuan in the same period last year [2]. - The quarterly issuance trend shows a clear "surge" in the fourth quarter, surpassing the combined issuance of the first three quarters, which were 141.47 billion yuan, 186.04 billion yuan, and 65.32 billion yuan respectively [2]. - Currently, there are 11 FOF products being issued, with 10 being mixed-asset FOFs, indicating a positive outlook on equity assets by fund managers [2]. Fundraising Success - Several newly established FOF products have achieved impressive fundraising results within a short time frame, such as 55.77 billion yuan raised in one day by Huatai-PB Yingtai Stable 3-Month Holding [3]. Existing Scale Recovery - The existing scale of FOF products has risen to 2154.93 billion yuan, with the number of products increasing to 529, marking a recovery above the 2000 billion yuan threshold [4]. - This recovery follows a decline in the previous year due to market adjustments and decreased risk appetite, highlighting a renewed attractiveness of FOFs among institutional and individual investors [4]. Performance and Investor Sentiment - FOF products have shown strong performance this year, with several achieving over 50% returns, and the average and median returns exceeding 10%, significantly better than the previous year [5]. - The mixed-asset FOFs have been particularly favored as they enhance investment returns while controlling risks, appealing to retail investors looking to participate in equity markets [5].

Core Insights - The public fund liquidation trend has continued this year, with nearly 200 funds being liquidated as of November 18, indicating a significant shift in the market dynamics [1][3] - A notable portion of the liquidated funds were periodic open-end and holding period funds, which accounted for over 40% of the total liquidations, highlighting a change in investor behavior and market conditions [1][3] Fund Types and Performance - Among the liquidated funds, over 70 active equity funds were closed, representing nearly 40% of the total, particularly those launched at market peaks in 2022, such as in sectors like new energy and advanced manufacturing [1][3] - All liquidated FOF products were either periodic open-end or holding period funds, indicating that products with liquidity constraints are under greater pressure during market downturns [3] Market Trends and Investor Behavior - There is a concerning trend of capital outflows from holding period funds, with nearly 800 billion units reduced in the third quarter alone, particularly in equity and pure bond holding period funds [3] - Despite some "fixed income+" and FOF products experiencing growth, the overall trend remains negative, suggesting a lack of investor confidence in these products [3] Design and Investor Experience - The original intent of holding period funds was to reduce investor trading friction and enhance long-term returns, but many funds were launched at market highs, leading to poor investor experiences [3][4] - The holding period mechanism does not prevent investors from chasing rising markets, which can increase uncertainty during times of financial need [4] Recommendations for Investors and Fund Managers - Investors are advised to carefully consider liquidity risks associated with holding period funds and evaluate the fund manager's capabilities and historical performance before investing [4] - Fund management companies are encouraged to avoid aggressive expansion and focus on creating long-term value for investors, rather than succumbing to market trends [4]

Group 1 - The public fund issuance market has experienced a significant recovery, with a total of 1,378 public funds issued by November 17, surpassing last year's total of 1,143 funds, marking the highest issuance in three years [1] - The average subscription period for new funds has decreased from 22.63 days last year to 16.31 days this year, indicating a faster fundraising cycle and increased market activity [1] - The main drivers for the recovery include positive overall performance in the A-share market, improved corporate profit expectations, ample market liquidity, and increased investor confidence [1] Group 2 - FOF (Fund of Funds) products have seen explosive growth, with 72 new FOF products issued this year, doubling from 33 last year, reflecting growing recognition of their value [2] - As the equity market rebounds, there has been a significant increase in the issuance of equity funds, while bond fund issuance has declined, demonstrating a typical "seesaw" effect between stocks and bonds [2] Group 3 - A total of 19 public REITs and 18 QDII funds have been issued this year, with index funds emerging as a major highlight in the issuance market, comprising 813 of the 1,378 new funds, nearly 60% [3] - Index investment has penetrated various fund categories, with over 90% of stock funds being index products and nearly 25% of bond funds being index bond funds, indicating a trend towards lower-cost, clearer-style products [3] - The industry remains highly concentrated, with 131 public institutions issuing new funds, and 22 institutions issuing 20 or more funds, led by Fortune Fund with 60 new funds [3]

Core Insights - The article highlights the career journey of Shi Jing, who has successfully navigated multiple cycles in China's asset management industry, showcasing her expertise in quantitative strategies and risk management [1][2][3] Group 1: Career Development - Shi Jing began her career in 2007 during a bull market, working in product development at a joint venture fund company, where she learned to identify effective strategies for excess returns using quantitative thinking [7][9] - Transitioning to a leading insurance asset management firm, she experienced the evolution of the fund industry from a "star" model to a team-based approach, witnessing significant market events and adapting her strategies accordingly [2][11] - Her role as the Director of Multi-Asset Research at China Universal Asset Management involves using hundreds of factor indicators to assess market funds and construct diversified FOF products [2][19] Group 2: Investment Philosophy - Shi Jing emphasizes the importance of building a systematic approach to investment, drawing from her early experiences with overseas institutions, which shaped her understanding of product design and risk control [10][12] - She believes that the key to successful investment lies in understanding the unique styles of fund managers and adapting to market conditions, rather than relying solely on star managers [13][14] - The investment landscape has shifted towards a focus on risk management and the ability to navigate high volatility, particularly highlighted by the market fluctuations in 2015 [15][17] Group 3: FOF Product Development - Shi Jing's involvement in the establishment of FOF products reflects a strategic focus on stability and risk management, prioritizing diversified and balanced investment approaches [19][20] - The FOF team at China Universal Asset Management utilizes advanced quantitative tools for comprehensive market tracking and risk assessment, enhancing their investment decision-making capabilities [22][24] - The team is expanding its research capabilities and product offerings, including a new FOF product aimed at conservative investors, which incorporates a broader range of asset classes [26][27]

Core Insights - The public fund issuance market is experiencing a sustained recovery, with 39 new public funds starting fundraising this week, a 5.41% increase from the previous week [1] - The average fundraising days for new funds decreased to 16.92 days, down from 19 days the previous week, indicating a rise in market enthusiasm [1] Fund Types Overview - Equity funds are the biggest beneficiaries, with 28 equity funds launched this week, including 22 stock funds and 6 equity mixed funds, accounting for 71.79% of the total [2] - The issuance of stock funds is particularly strong, with 22 new stock funds launched, representing 56.41% of the total market issuance [3] Detailed Fund Category Analysis - Passive index funds led the issuance with 15 new funds, making up 38.46% of the total, favored for their alignment with market trends and lower fees [3] - Enhanced index funds saw 7 new launches, accounting for 17.95%, catering to investors seeking excess returns through active management [3] - Mixed funds maintained a steady issuance pace with 7 new funds, representing 17.95% of the total, with the core advantage of flexible investment positioning [3] FOF Products and Bond Funds - FOF products continued to show strong performance, adding 5 new funds this week, bringing the total for November to 10, matching the entire issuance for October [3] - Bond fund issuance remained stable, with 2 passive index bond funds and 2 mixed bond secondary funds launched, each accounting for 5.13% of the total market [4] - A total of 39 new funds were launched from 30 public fund institutions, with 21 institutions issuing 1 fund each and 9 institutions, including E Fund, Tianhong, and Huaxia, issuing 2 funds each [4]

Core Insights - Public FOF (Fund of Funds) achieved a record profit in Q3, surpassing the total scale of the peak year 2020, with over 98% of FOF products generating positive returns and a nearly 50% increase in scale year-to-date [1][2] Performance Highlights - In Q3, FOF products generated a total profit of 14.606 billion yuan, marking a historical high for a single quarter, which is over 5.3 times the profit of the previous quarter and exceeds the best annual performance of 10.927 billion yuan in 2020 [2] - The average return for FOF products reached 10.42% in Q3, a significant increase from 1.87% in Q2, with over 98% of products achieving positive returns [2] - As of October 31, the average annual return for 987 FOF products was 14.02%, with the highest return being 69.53% for Guotai's selected leading fund [2] Scale Growth - The total scale of FOF products reached 193.419 billion yuan by the end of Q3, a nearly 48.15% increase from 130.558 billion yuan at the end of the previous year [3] - More than half of existing funds saw growth in scale, with some funds experiencing significant increases, such as Xingsheng Global's fund growing nearly 4.6 times [3] Investment Preferences - FOF managers are focusing on multi-asset allocation and passive investment strategies, with a notable decrease in active equity holdings and an increase in passive index products [5][6] - Bond funds remain the primary investment choice, accounting for 66% of FOF holdings, with significant investments in various bond ETFs [5] - Gold ETFs have seen increased holdings, with the Huaan Gold ETF being the only non-bond fund in the top ten holdings, reflecting a shift towards commodity assets [5][6] Market Outlook - Fund managers express cautious optimism for Q4, with expectations of limited upward movement in the stock market and potential for sectoral corrections [8][9] - There is a focus on gold stocks due to rising gold prices, with plans to balance investments in gold and rare earth sectors [8] - Managers are adjusting their portfolios based on macroeconomic conditions, with a preference for technology and resource assets while reducing financial sector exposure [10]

Core Insights - The public fund industry in China is experiencing rapid growth in asset management scale, with a notable increase in competition among fund companies [1][2] - Index investment trends are accelerating, with a significant rise in the popularity of active equity products and "fixed income +" offerings [1][3] - Leading fund companies are expanding their market share, with top firms like E Fund and Huaxia Fund showing substantial growth in non-monetary fund scales [2] Industry Overview - As of the end of September, there are 165 public fund management institutions in China, managing a total net asset value of 36.74 trillion yuan [1] - The scale of index funds, including non-monetary ETFs and other index funds, has reached nearly 8 trillion yuan, with E Fund and Huaxia Fund each surpassing 1 trillion yuan in index fund scale [1] Competitive Landscape - E Fund's non-monetary scale reached 1.81 trillion yuan, while Huaxia Fund's reached 1.52 trillion yuan, both showing significant growth in Q3 [2] - The gap between the third and fourth largest fund companies, GF Fund and Fortune Fund, has narrowed, indicating a shift in competitive dynamics [2] Product Trends - The total scale of public ETFs has grown to 5.63 trillion yuan by the end of September, marking an increase of 1.3 trillion yuan since June [3] - "Fixed income +" products have also seen explosive growth, with total assets exceeding 2.7 trillion yuan, up over 450 billion yuan since June [4] New Fund Issuance - The market for new fund issuances remains strong, particularly for equity and stable products, with several funds achieving significant fundraising success [5] - Over 70 new funds are currently in the issuance process, focusing on index funds, active equity funds, and "fixed income +" products [5] Policy Environment - The development of equity funds is supported by favorable policies, including the "Action Plan for High-Quality Development of Public Funds," which aims to optimize product registration and enhance classification evaluation [6]