Core Viewpoint - The public fund market in China has reached a total scale of 38.61 trillion yuan as of February 2026, marking a historic high and reflecting a continuous growth trend driven by a shift in wealth allocation from traditional savings to investment funds [1][3]. Fund Types Summary Money Market Funds - As of February, the scale of money market funds increased by 5.79 billion yuan, reaching 15.85 trillion yuan, with a growth rate of 3.80% [3][4]. - The average annualized yield for money market funds has dropped to approximately 1.14%, with some funds nearing a yield of 1% [3]. Bond Funds - Bond funds saw an increase of 2.17 billion yuan in February, bringing their total scale to 10.75 trillion yuan, with a growth rate of 2.06% [4]. - The increase in bond fund scale is attributed to the need for stable returns amid market volatility [4]. Mixed Funds - Mixed funds experienced a growth of over 900 million yuan in February, reflecting a shift in investor preference towards more balanced investment strategies [7]. FOF (Fund of Funds) - FOFs contributed an increase of 345.36 million yuan in February, with significant interest from investors leading to the issuance of several high-demand products [5][6]. - The FOF market is benefiting from banks' retail channels, which have accelerated the distribution of these products [6]. Stock Funds - Stock funds experienced a decline of approximately 790 million yuan in February, primarily due to a reduction in ETF market size [7]. - The decrease in stock fund scale is linked to market volatility and a shift in investor focus towards defensive assets [7][8].

作者 | 第一财经 曹璐 曾经在公募基金版图中处于关注度偏低的FOF产品，正重新站到聚光灯下。 2026.03. 19 本文字数：2849，阅读时长大约5分钟 "长盈计划FOF本质上是资产配置的产品化。"前述公募渠道人士进一步解释道，通过这一产品形 式，把大类配置、子类配置、产品优选和动态再平衡等复杂流程留给专业的资管机构，用更简洁、更 人性化方式释放多元资产配置的价值创造能力，从客户画像（目标）出发直接匹配产品。其中，产品 的最大回撤控制与收益的稳定性大概率都会是更为关注的维度。 今年以来，FOF基金发行市场异常火爆，不仅募集金额同比暴增，更有多只产品"一日售罄"，"30亿 +"小爆款频出，不到一个季度规模增加651亿元。行业规模更是迎来跨越式增长，短短一年多时间 从千亿元成功突破3000亿大关。 在业内人士看来，居民存款寻求稳健出口、银行定制配置计划强力助推、多资产分散配置理念普及， 共同点燃本轮行情。尽管眼下风光无限，但业内同时提醒，此轮热潮在一定程度上仍带有"销售驱 动"的特征，资产配置理念普及、投资者黏性搭建仍是行业长期课题，而尚未固化的行业格局，也为 中小公募带来弯道超车机遇。 这场"FOF热"， ...

Core Viewpoint - The competitive landscape of fund sales is solidifying, with Ant Group and China Merchants Bank (CMB) emerging as the dominant players in the market, particularly in the context of the bullish market expected in 2025 [2][3]. Fund Sales Landscape - Ant Group's equity fund holdings have surpassed 1 trillion yuan, reaching 10,178 billion yuan, while CMB's equity fund holdings exceed 600 billion yuan [2]. - Ant Group maintains its leading position across various fund categories, including non-monetary funds, equity funds, and index funds, being the only institution in the industry to break the 1 trillion yuan mark in equity fund holdings [2]. - CMB has strengthened its position through enhanced fund launch capabilities and asset allocation strategies, resulting in significant growth in fund holdings during the bullish market [2]. Performance Metrics - As of the end of 2025, the scale of FOF (Fund of Funds) has reached 3,058.14 billion yuan, showing a substantial increase of 616 billion yuan [5]. - CMB's fund sales data indicates a notable improvement, with a year-on-year increase of 38.76% in agency fund income, amounting to 4.167 billion yuan [9]. - CMB's growth rates in non-monetary and equity fund holdings have outpaced those of Ant Group, particularly in FOF funds, where CMB's growth rate exceeds Ant Group's by nearly 5 percentage points [9]. Strategic Initiatives - CMB has launched several initiatives, including the "TREE Long-term Profit Plan" to promote low-volatility FOF products, and the "Morning Star Plan" for equity products tailored to customer preferences [7]. - Other major banks, such as China Construction Bank and Bank of China, have followed suit by introducing their own FOF products to enhance their influence in the fund sales sector [7]. Competitive Dynamics - The competition between Ant Group and CMB is characterized by differentiation rather than direct confrontation, with each focusing on their respective strengths [20][21]. - Ant Group leverages its ecosystem and traffic advantages to maintain its scale, while CMB focuses on high-net-worth clients and asset allocation capabilities to secure profits [21][22]. - The customer base differences make it challenging for both companies to encroach on each other's territory, with Ant Group targeting a broader, younger audience and CMB focusing on high-net-worth individuals [22]. Future Outlook - The fund sales industry is likely to continue under the dual dominance of Ant Group and CMB, with Ant Group expected to maintain its lead in the medium to long term due to its advantages in ecosystem, traffic, and user base [19][23]. - CMB's strategy may not aim to surpass Ant Group in scale but rather to solidify its position in the fund sales sector, supporting its broader wealth management and retail banking initiatives [23].

Market Performance Overview - In the week from March 9 to March 13, 2026, oil prices continued to rise, while domestic equity market indices showed mixed performance, with the ChiNext Index increasing by 2.51% [4] - The coal, power equipment, and construction decoration industries had the highest gains, while the defense, petrochemical, and comprehensive industries experienced the largest declines [4] Fund Product Issuance - The domestic new fund market saw an expansion in issuance, with a total of 30 new funds established, amounting to 36.088 billion units. This included 7 FOF funds, 8 mixed funds, 13 equity funds, and 2 bond funds [5] - Overall, 40 new funds were issued, categorized as 19 equity funds, 8 mixed funds, 6 FOF funds, 6 bond funds, and 1 international (QDII) fund [5] Fund Product Performance Tracking - The long-term industry theme fund index showed that the new energy theme fund outperformed with a net value increase of 4.22%, while other industry theme funds experienced declines. As of March 13, 2026, the net value changes for various theme funds were as follows: new energy (4.22%), consumption (-0.23%), financial real estate (-0.58%), balanced industry (-0.80%), rotation industry (-0.96%), pharmaceuticals (-1.09%), cyclical (-1.23%), TMT (-1.69%), and defense industry (-5.59%) [6] ETF Market Tracking - In the week, stock ETFs experienced a net outflow of 8.586 billion yuan, with a median return of -0.29%. Hong Kong stock ETFs had a median return of -1.01% and a net outflow of 3.528 billion yuan. Cross-border ETFs saw a median return of -0.54% with a net inflow of 337 million yuan, while commodity ETFs had a median return of -0.73% and a net inflow of 5.606 billion yuan [7] - Comprehensive theme ETFs maintained net inflows, while other types of broad-based ETFs experienced net outflows, with large-cap theme ETFs seeing a significant outflow of 12.486 billion yuan. The new energy theme ETFs had notable net inflows totaling 9.482 billion yuan [8] ESG Financial Product Tracking - This week, 23 new green bonds were issued, with a total issuance scale of 21.065 billion yuan. The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.31 trillion yuan and a total of 4,592 bonds issued as of March 13, 2026 [9] - The domestic fund market currently has 210 ESG funds with a total scale of 157.031 billion yuan. In terms of performance, the median net value changes for active equity, passive equity index, and bond ESG funds were -0.84%, +1.58%, and +0.01%, respectively. Funds focused on green energy, low-carbon environmental protection, and low-carbon economy themes performed well [9]

1. Report Industry Investment Rating There is no information provided regarding the report industry investment rating in the given content. 2. Core Viewpoints of the Report - This week, the A - share market was generally differentiated, with the ChiNext Index leading the gains and the large - cap growth style outperforming. The North Securities 50 Index had a relatively large decline. In terms of industries, coal and construction led the gains, while national defense and military industry, petroleum and petrochemicals, and comprehensive finance lagged behind [2][6]. - The average return of all - market active equity funds was - 0.86%. Funds with better performance were mostly heavily invested in industries such as power equipment and new energy, and basic chemicals. For industry - themed funds, the average returns of all sectors were negative this week, with the consumer sector funds having relatively leading average returns and the TMT sector funds having relatively lagging average returns [2][14][15]. - The bond market generally declined this week, with the credit bond market slightly rising. The average return of short - term bond funds was 0.03%, and that of medium - and long - term bond funds was - 0.01%. The average return of bond funds with equity exposure was negative, and the convertible bond market declined, with the average return of convertible bond funds being negative [2][27]. - During the statistical period, the average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.29%, 0.98%, and 1.46% respectively [2][41]. - During the statistical period, the average increases of equity - oriented, index - type, and other - type QDII funds were 1.77%, 1.35%, and 1.63% respectively, while the average decline of bond - type QDII funds was 0.62%. This week, REITs funds declined by an average of 0.51% [2][42][44]. 3. Summary by Relevant Catalogs 3.1 Market Review - The A - share market was differentiated this week. The ChiNext Index led the gains, the large - cap growth style outperformed, and the North Securities 50 Index had a large decline. As of the close this week, the Shanghai - Shenzhen 300 Index closed at 4669 points, up 0.19%; the Shanghai Composite Index closed at 4095 points, down 0.7%; the Shenzhen Component Index closed at 14281 points, up 0.76%; the ChiNext Index closed at 3310 points, up 2.51%. In the Hong Kong stock market, the Hang Seng Index fell 1.13%, and the Hang Seng Tech Index rose 0.62% [6]. - In terms of industries, coal and construction led the gains, with increases of over 4%, while national defense and military industry, petroleum and petrochemicals, and comprehensive finance lagged behind [9]. 3.2 Key Fund Tracking 3.2.1 Active Equity - **Fund Performance**: As of Q4 2025, there were 4140 ordinary stock - type funds, partial - stock hybrid funds, high - position flexible allocation funds, and balanced hybrid funds (with the latest stock position > 50%) that had been established for more than one year. The average return of the all - market funds in the sample this week was - 0.86%. Funds with better performance were mostly heavily invested in industries such as power equipment and new energy, and basic chemicals. For industry funds, the average returns of all sectors in the sample were negative this week, with the consumer sector funds having relatively leading average returns and the TMT sector funds having relatively lagging average returns [13][14][15]. - **Position Estimation**: This week, the stock positions of ordinary stock - type and partial - stock hybrid funds both rebounded. Compared with the previous week, the position of ordinary stock - type funds increased by 0.69 percentage points, and that of partial - stock hybrid funds increased by 0.53 percentage points. In terms of industry and sector allocation, compared with the previous week, active partial - stock funds increased their allocation to finance, growth, and cyclical sectors and reduced their allocation to stable and consumer sectors. In terms of sub - industries, compared with the previous week, the allocation to industries such as automobiles, banks, and real estate increased, while the allocation to industries such as pharmaceutical biology, electronics, and food and beverages decreased [20]. 3.2.2 Bond - type Funds - **Bond Market Performance**: The bond market generally declined this week, with the credit bond market slightly rising. The ChinaBond Total Wealth Index closed at 246.85, down 0.19% from last week; the ChinaBond Treasury Bond Index closed at 246.18, down 0.34% from last week; the ChinaBond Credit Bond Index closed at 226.65, up 0.03% from last week. The overall return of bond funds with equity exposure was negative this week. The CSI Convertible Bond Index closed at 508.67, with a weekly change of - 1.1%, and the trading volume was 337.4 billion yuan, a change of - 21.443 billion yuan from last week. As of the end of this week, the median market price of convertible bonds was 137.5 yuan, a change of - 1.96 yuan from last week; the median conversion premium rate was 23.20%, a change of - 2.67% from last week [27][28]. - **Fund Performance Overview**: The average return of short - term bond funds this week was 0.03%, and the median was 0.03%; the average return of medium - and long - term bond funds was - 0.01%, and the median was 0.02%. The average return of first - tier bond funds was - 0.13%, and the median was - 0.04%; the average return of second - tier bond funds was - 0.22%, and the median was - 0.13%. The average return of partial - bond hybrid funds was - 0.23%, and the median was - 0.13%; the average return of low - position flexible allocation funds was - 0.28%, and the median was - 0.16%. The average return of convertible bond funds was - 1.72%, and the median was - 1.77% [31][35][38][39]. 3.2.3 FOF Funds The FOF funds were classified into low - risk, medium - risk, and high - risk categories. The average returns of low - risk, medium - risk, and high - risk FOF funds in the sample in the past week were 0.29%, 0.98%, and 1.46% respectively [41]. 3.2.4 QDII Funds During the statistical period, the average increases of equity - oriented and index - type QDII funds were 1.77% and 1.35% respectively, the average increase of other - type QDII funds was 1.63%, and the average decline of bond - type QDII funds was 0.62% [42]. 3.2.5 REITs Funds This week, REITs funds declined by an average of 0.51%. Among them, the Huitianfu Jiuzhoutong Pharmaceutical Warehousing and Logistics REIT led the gains, rising 1.86% in the past week; the Huatai Jiangsu Expressway REIT had the strongest liquidity, with a trading volume of 88.7516 million yuan in the past week [44][45].

Core Viewpoint - The FOF (Fund of Funds) market has experienced explosive growth in 2026, becoming a prominent category in the public fund industry, with total scale surpassing 300 billion yuan, reshaping the competitive landscape of the FOF sector [1][11]. Group 1: FOF Market Performance - FOF products have seen a surge in issuance, with several products raising over 4 billion yuan, and "one-day sell-out" becoming a common occurrence [2][3]. - As of March 14, 2026, 40 FOF products have been established this year, raising a total of 61.973 billion yuan, marking significant growth compared to the same period in 2025 [11]. - The total scale of FOF funds has officially exceeded 300 billion yuan, indicating a new historical milestone for the industry [11]. Group 2: Factors Driving FOF Popularity - The low interest rate environment and increased market volatility have heightened demand for stable and diversified investment products, which FOFs effectively address [4][5]. - FOFs help ordinary investors navigate investment challenges by providing professional asset allocation solutions, thus meeting the growing need for stable returns and reduced volatility [5]. Group 3: Role of Distribution Channels - Bank channels have become the main driving force behind the FOF issuance boom, shifting focus from selling products to offering asset allocation solutions [6][7]. - Banks have introduced customized FOF brands and deepened collaboration with fund companies, enhancing their ability to create successful FOF products [8]. - Major banks, such as China Merchants Bank and Construction Bank, dominate the FOF market, with a significant share of the total issuance [8]. Group 4: Industry Structure and Competition - The FOF industry is characterized by a clear tiered structure, with leading fund managers like Fortune Fund and China Europe Fund holding substantial market shares [11][12]. - The rapid growth of certain fund managers is attributed to strong investment capabilities and robust research teams, while others have struggled to keep pace [12]. - The industry faces challenges such as a lack of differentiation among products and the need for innovative strategies to manage high volatility [13].

Core Viewpoint - The FOF (Fund of Funds) market has experienced explosive growth in 2026, becoming a prominent category in the public fund industry, with total assets surpassing 300 billion yuan, significantly reshaping the competitive landscape of the sector [1][8]. Group 1: FOF Market Performance - FOF products have seen a surge in issuance, with several products raising over 4 billion yuan, indicating a strong market demand [1][2]. - The market has witnessed a peak in fundraising, with multiple "one-day sell-out" products, including the China Europe Yingxin Stable 6-Month Holding FOF raising 5.125 billion yuan in 62 days [2][3]. - As of March 14, 2026, a total of 40 FOF products have been established this year, raising a combined amount of 61.973 billion yuan, marking a significant increase compared to the same period in 2025 [8]. Group 2: Reasons for FOF Popularity - The current low-interest-rate environment and increased market volatility have heightened the demand for stable and diversified investment products, which FOFs effectively address [3][4]. - FOFs help investors navigate the complexities of market timing and fund selection, providing a professional asset allocation solution that minimizes risks associated with individual funds [4]. Group 3: Distribution Channels and Strategies - Bank channels have emerged as a key driver of FOF growth, shifting from merely selling products to offering comprehensive asset allocation solutions [5][6]. - Major banks have developed proprietary FOF brands and collaborated closely with fund companies to design and manage these products, enhancing their appeal to clients [6][7]. - The majority of FOF products launched this year have short holding periods of 3 to 6 months, aligning with domestic investors' preferences for stable, short-term investments [7]. Group 4: Industry Structure and Competition - The total FOF market size has officially surpassed 300 billion yuan, with 84 fund managers competing in this space, indicating significant growth potential [8][9]. - The industry is witnessing a reshuffling of rankings, with several fund managers, such as Fuguo Fund and Zhongou Fund, significantly increasing their FOF assets, while others have seen declines [9][10]. - The current competitive landscape shows a clear tiered structure, with leading firms like Fuguo Fund and Zhongou Fund holding over 20 billion yuan in FOF assets, while others are still establishing their presence [8][9].

Core Viewpoint - The FOF market is expected to experience a strong recovery in 2025, with over 80 new funds launched and a total fundraising scale of 800 billion yuan, highlighting the increasing importance of multi-asset allocation for clients [1] Multi-Asset Allocation Core - Multi-asset allocation emphasizes diversification across various asset types, including global equity markets and flexible fixed income investments, as well as commodities and alternative investments [3] - The core of multi-asset allocation lies in understanding macroeconomic and industry cycles, along with risk control capabilities, which are dynamic rather than static [3][5] Multi-Strategy Approach - Multi-strategy provides another dimension to multi-asset allocation, with common strategies including CPPI, risk parity, and macro allocation strategies [4] - The essence of multi-asset allocation is to seek heterogeneous returns and risk sources to reduce volatility and risk [5] Sources of Returns in Multi-Asset Allocation - Returns from multi-asset allocation can be broken down into two core dimensions: the ability to grasp trends in individual asset categories and top-down macro allocation capabilities [8] - For equities, understanding industry trends and cycles is crucial, while fixed income requires a comprehensive assessment of macro variables like interest rate risk and economic growth [8] Effective Multi-Asset Allocation - Effective multi-asset allocation should focus on diversifying into heterogeneous assets like bonds and gold to lower portfolio volatility and risk [12] - It is essential to conduct sector rebalancing based on different industry and economic cycle characteristics, as well as asset price-performance ratios [12]

Market Performance Overview - In the week from March 2 to March 6, 2026, oil prices surged while domestic equity market indices experienced a pullback [4] - The oil and petrochemical, coal, and public utilities sectors saw the highest gains, while media, non-ferrous metals, and computer sectors faced the largest declines [4] Fund Product Issuance - A total of 12 new funds were established in the domestic market this week, with a combined issuance of 13.464 billion units [5] - The new funds included 3 bond funds, 6 equity funds, 2 mixed funds, and 1 fund of funds (FOF) [5] - Overall, 45 new funds were issued across various types, including 19 equity funds, 9 FOFs, 8 bond funds, 8 mixed funds, and 1 international (QDII) fund [5] Fund Product Performance Tracking - The net value of industry-themed funds declined across the board this week, with financial and real estate-themed funds performing relatively better [6] - As of March 6, 2026, the net value changes for various themed funds were as follows: financial and real estate -1.10%, cyclical -1.66%, industry rotation -2.30%, pharmaceuticals -2.43%, consumer -2.59%, balanced industry -2.62%, new energy -2.72%, national defense and military -3.54%, and TMT -4.53% [6] ETF Market Tracking - This week, stock ETFs saw a net inflow of funds, with significant increases in cyclical theme ETFs, while mid-cap and large-cap broad-based ETFs experienced notable reductions [7] - The median return for stock ETFs was -2.37%, with a net inflow of 1.424 billion yuan [7] - Hong Kong stock ETFs had a median return of -3.89% and a net inflow of 3.039 billion yuan, while cross-border ETFs had a median return of -2.30% and a net inflow of 1.031 billion yuan [7] - Commodity ETFs had a median return of -0.33% and a substantial net inflow of 13.181 billion yuan [7][8] - Broad-based ETFs maintained net inflows, while other categories experienced net outflows, particularly mid-cap theme ETFs, which saw a total outflow of 17.252 billion yuan [7] ESG Financial Product Tracking - This week, 13 new green bonds were issued, with a total issuance scale of 20.777 billion yuan [9] - The domestic green bond market has steadily developed, with a cumulative issuance scale of 5.29 trillion yuan and a total of 4,569 bonds issued as of March 6, 2026 [9] - The domestic market currently has 210 ESG funds with a total scale of 154.846 billion yuan [9] - In terms of fund performance, the median net value changes for active equity, passive equity index, and bond ESG funds were -2.46%, -0.69%, and +0.10%, respectively, with clean energy, low-carbon environmental protection, and green electricity-themed funds performing better [9]

- The report does not contain any quantitative models or factors related to quantitative analysis[1][2][3]