今年以来，FOF发展开始提速，年内发行规模突破800亿元，超过此前三年的发行规模总和。与此同 时，还有更多FOF新品持续上报。总体来看，越来越多的FOF采取多元资产配置策略，明晰产品定位， 为投资者提供稳健收益。 FOF发行规模劲增 Choice数据显示，截至12月12日，今年以来，已有78只FOF成立，发行总规模为800.36亿元。相比之 下，2024年共成立35只FOF，发行规模仅100多亿元。拉长时间线来看，今年以来FOF发行规模已超过 2022年至2024年之和。 值得注意的是，今年爆款FOF频现，多只FOF发行规模超过50亿元。具体来看，东方红盈丰稳健配置6 个月持有期混合（FOF）发行规模为65.73亿元，富国盈和臻选3个月持有期混合（FOF）为60.01亿元， 易方达如意盈安6个月持有期混合（FOF）、华泰柏瑞盈泰稳健3个月持有期混合（FOF）均超过55亿 元。 除新发火热外，多只FOF规模快速攀升。截至三季度末，中欧盈选稳健6个月持有期混合（FOF）规模 从去年底的39.91亿元增至108.15亿元，华安盈瑞稳健优选6个月持有期混合（FOF）也从23.78亿元增至 83.65亿元。另外，富国盈 ...

Core Insights - The issuance of Fund of Funds (FOF) has rebounded in 2023, with new establishment scale surpassing 73.55 billion yuan, marking the second-highest annual total since the first public FOF was established in 2017 [1][2] - The total issuance scale of FOF in 2023 is the highest in the last three years, with a gap of less than 35 billion yuan from the historical peak of 108.36 billion yuan in 2021 [1][2] FOF Fund Issuance Overview - As of November 28, 2023, 69 new FOF funds have been established, with a total issuance scale of 73.55 billion yuan, averaging 10.66 million units per fund [2][4] - In comparison, the average issuance scale of new FOFs in 2021 was 12.46 million units, indicating a significant recovery in 2023 [2][4] Performance and Market Dynamics - The performance of existing FOFs has been a driving factor for the rebound in issuance, with 460 established FOFs achieving an average return of 19.06% year-to-date, outperforming the CSI 300 index, which returned 15.04% [3][6] - Notable new FOFs established in late November include several with significant fundraising, such as the Tianhong Yingyue Stable Allocation Fund, which shortened its fundraising period and raised 1.133 billion yuan [3][4] Major Fund Managers - The top fund managers by new FOF issuance include: - Fuguo Fund with 3 new FOFs totaling 8.208 billion yuan - Dongfanghong Asset Management with 2 new FOFs totaling 7.882 billion yuan - Ping An Fund and E Fund, each exceeding 6 billion yuan in new FOF issuance [5][6] - The "TREE Long-term Plan" by China Merchants Bank has significantly supported the issuance of large-scale FOFs, with many top-performing funds being part of this initiative [6] Long-term Performance Trends - Over the past three years, 273 FOFs have achieved positive returns, a significant increase from only 28 at the end of the previous year [7] - However, 23 FOFs still reported losses over the same period, indicating a mixed performance landscape [7]

Core Viewpoint - The public offering of Fund of Funds (FOF) has seen a surge in issuance in October, driven by strong sales channels, particularly from China Merchants Bank, which has revitalized the market after a period of decline [1][8][14]. Group 1: Recent Trends in FOF Issuance - In October, the Huatai-PineBridge Yingtai Stable 3-Month Holding (FOF) was launched with a first fundraising scale of 55.77 billion yuan, making it the highest-selling public offering product of the month [1]. - This month marks the fourth public FOF with sales exceeding 20 billion yuan, with notable products including Ping An Yingxiang Multi-Asset 6-Month Holding (28.08 billion yuan) and others [2]. - The surge in "hot" FOF products is attributed to the promotional efforts of China Merchants Bank, which has implemented the "TREE Long-term Profit Plan" to provide a one-stop asset allocation solution [3][4]. Group 2: Performance and Market Dynamics - The FOF market has experienced three development phases since its inception in September 2017, with a significant increase in the number of products but a decline in overall scale from 2022 to 2024 [9]. - As of October 27, 2023, 56 new FOFs have been established this year, totaling 561.24 billion yuan, with 17 products exceeding 10 billion yuan in issuance [10]. - The year has seen a record number of FOFs being liquidated, with 28 products cleared, primarily due to failing to meet the minimum asset threshold [10]. Group 3: Impact of Distribution Channels - The strong promotional efforts by China Merchants Bank have been pivotal in reversing the downturn in the public FOF market, enhancing awareness and acceptance among investors [8][14]. - The "TREE Long-term Profit Plan" categorizes products based on risk and return, allowing for a structured approach to asset allocation [4][5]. - The competitive landscape has intensified as various fund companies seek collaboration with China Merchants Bank, leading to a diverse range of products available for investors [6]. Group 4: Future Outlook - The reliance on distribution channels for FOF sales has raised concerns about the sustainability of this growth model, as it may lead to a focus on marketing over product quality [15]. - The potential for continued growth in the FOF sector hinges on the ability of fund companies to innovate and improve product performance while maintaining strong relationships with distribution channels [15].

Core Viewpoint - The issuance of multi-asset strategy public fund of funds (FOF) products has been successful this year, with significant demand leading to early closures of fundraising periods [1][3]. Group 1: Fund Performance and Strategy - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed (FOF) fund completed its fundraising in just one day, achieving a subscription scale exceeding 5 billion yuan [1][3]. - This fund is a mixed bond-type FOF, with a performance benchmark comprising 85% of the China Bond Total Index Yield, 8% of the CSI 800 Index Yield, 4% of the Hang Seng Index Yield (adjusted for valuation exchange rate), and 3% of the Shanghai Gold Exchange Au99.99 spot contract yield [3]. - The fund adopts a low-volatility allocation strategy, primarily focusing on bond assets while diversifying into various low-correlation assets to control portfolio volatility and enhance investment experience [3][9]. Group 2: Market Trends and Demand - There has been a notable trend this year towards bond-mixed FOF products, attracting substantial capital. For instance, the Fuguo Yinghe Zhenxuan 3-Month Holding and Dongfanghong Yingfeng Stable Configuration 6-Month Holding both raised over 6 billion yuan at their inception [3]. - Other FOF products, such as Nanfang Stable 3-Month Holding and Ping An Yingxiang Multi-Asset 6-Month Holding, also reported initial fundraising scales exceeding 2.7 billion yuan [3]. - The performance benchmarks of these large-scale bond-mixed FOFs typically include a variety of asset classes, such as domestic bonds, A-shares, gold, and deposits, indicating a shift towards multi-asset strategies [5][9].

Core Viewpoint - The issuance of multi-asset strategy public fund of funds (FOF) products has been successful this year, with significant demand leading to early closures of fundraising periods [1][2][5]. Fund Performance and Strategy - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF completed its fundraising in just one day, achieving a subscription scale exceeding 5 billion yuan [1][5]. - This FOF product is a mixed bond type, with a performance benchmark comprising 85% of the China Bond Total Index Yield, 8% of the CSI 800 Index Yield, 4% of the Hang Seng Index Yield (adjusted for valuation exchange rate), and 3% of the Shanghai Gold Exchange Au99.99 spot contract yield [5]. - The fund adopts a low volatility allocation strategy, primarily focusing on bond assets while diversifying into various low-correlation assets to control portfolio volatility and enhance investment experience [5][10]. Market Trends - There has been a notable trend this year in the issuance of mixed bond-type FOF products, attracting substantial capital. For instance, the Fortune Yinghe Zhenxuan 3-Month Holding and the Dongfanghong Yingfeng Stable Configuration 6-Month Holding both raised over 6 billion yuan at their inception [6]. - Other FOF products, such as the Southern Stable 3-Month Holding and the Ping An Yingxiang Multi-Asset Configuration 6-Month Holding, also reported initial subscription scales exceeding 2.7 billion yuan [6][8]. Asset Allocation and Diversification - The performance benchmarks of these large-scale mixed bond-type FOFs typically include a variety of asset classes, such as domestic bonds, A-shares, overseas stocks, gold, and deposits [9]. - The Huatai-PineBridge Fund emphasizes the importance of constructing diversified "income support points" to reduce reliance on single markets, expanding investment opportunities across commodities, REITs, and global categories [10].

Core Viewpoint - The article highlights the rapid success of the Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF, which raised over 5.5 billion yuan in just one day, reflecting a growing interest in multi-asset allocation funds in a low-interest-rate environment [2][4][10]. Fund Performance and Characteristics - The Huatai-PineBridge Yingtai Stable 3-Month Holding Mixed FOF was launched on October 23, 2023, and completed its fundraising in one day, marking it as the fifth FOF product to achieve this feat in 2023 [2][4]. - The fund's total fundraising reached approximately 5.5 billion yuan, with China Merchants Bank serving as the main distributor and custodian [5][10]. - The fund employs a global allocation strategy, focusing on a scientifically balanced mix of low-correlation assets to capture opportunities in both domestic and international markets while aiming to balance returns and risks [7][10]. Market Trends - The public FOF market has seen a significant increase in activity, with 51 new FOF products launched in 2023, surpassing the total of 38 for the entire year of 2024, and raising a total of 44.83 billion yuan [10][14]. - The surge in FOF popularity is attributed to the push from large commercial banks and the increasing demand for diversified asset allocation strategies in a low-interest-rate environment [10][16]. Investment Strategy - The fund's investment strategy includes allocating 5% to 30% of its assets in equity-related assets such as stocks and equity funds, while maintaining a low volatility investment style [8]. - The bond allocation focuses on high-quality bond funds, emphasizing both domestic and international bond investment opportunities [8]. - The fund manager, Dou Xiaoman, has a decade of experience in the securities industry and has previously held positions in asset management [8]. Future Outlook - The introduction of new fund managers into the TREE Changying Plan by China Merchants Bank is expected to further enhance the scale and attractiveness of FOF products in the market [15].

Core Insights - The newly launched Huatai-PB Yingtai Stable 3-Month Holding Mixed FOF has raised over 5.5 billion yuan in just one day, marking it as the fifth FOF product to achieve "one-day fundraising" this year [2][3][4]. Fundraising and Market Trends - The fundraising for Huatai-PB Yingtai Stable 3-Month Holding Mixed FOF was completed in one day, with approximately 5.5 billion yuan raised, primarily distributed through China Merchants Bank [3][5]. - The public FOF market has seen a resurgence, with 51 new FOF products launched this year, raising a total of 44.83 billion yuan, surpassing the total for both 2023 and 2024 [8][12]. Investment Strategy and Composition - The fund employs a global asset allocation strategy, aiming to balance returns and risks through a diversified portfolio of low-correlation assets [7]. - The fund's investment in equity assets, including stocks and equity funds, will range from 5% to 30% of total assets, maintaining a low volatility investment style [7]. - The fund manager, Dou Xiaoman, has 10 years of experience in the securities industry and 5 years in investment management [7]. Industry Context - The low interest rate environment has increased investor interest in multi-asset allocation strategies, as traditional bond investments yield lower returns [8][12]. - The TREE Changying Plan by China Merchants Bank is a key driver for the distribution of these FOF products, providing a comprehensive asset allocation solution [8][12].

Core Viewpoint - The article discusses the competitive dynamics between China Merchants Bank (CMB) and Ant Group in the fund distribution market, highlighting how Ant has surpassed CMB in various metrics and the strategies each company employs to maintain or enhance their market positions [5][10][11]. Group 1: Market Position and Performance - As of mid-2024, Ant Group has significantly outperformed CMB in fund distribution, with Ant's equity fund holdings at 8,229 billion yuan compared to CMB's 4,920 billion yuan, marking a 40% lower performance for CMB [11][14]. - CMB has historically been a leader in fund distribution but is now facing the risk of being left behind as Ant Group continues to grow its market share [10][11]. - The shift in market dynamics is attributed to Ant's larger user base and more aggressive online strategies, which have allowed it to capture a significant portion of the fund distribution market [22][48]. Group 2: Competitive Strategies - CMB has relied on its strong retail banking presence and high-net-worth clientele, but it has struggled to adapt to the rapid changes in the fund distribution landscape [22][49]. - Ant Group has leveraged its vast user base on Alipay, with over 1 billion total users and 3 billion daily active users, to enhance its fund distribution capabilities [22][48]. - CMB's strategy includes focusing on high-net-worth clients and enhancing its wealth management services, while Ant is expanding its offerings in index funds and flexible investment products [46][47]. Group 3: Challenges and Responses - CMB is facing challenges due to a decline in wealth management income and increased competition from Ant, which has led to a strategic reassessment within CMB [29][30]. - The recent regulatory changes that lower fund sales fees pose additional challenges for CMB, which relies on its high-cost sales model [49]. - CMB is attempting to strengthen its asset allocation capabilities and improve customer experience through enhanced advisory services and product offerings [37][39]. Group 4: Future Outlook - The competition between CMB and Ant Group is expected to solidify, with CMB focusing on high-net-worth clients and complex financial products, while Ant continues to dominate the mass market with its online services [50][51]. - The article suggests that CMB must leverage its strengths in personalized service and high-net-worth client management to maintain its market position amidst increasing pressure from Ant [49][50].

Core Insights - The article emphasizes the importance of stability in wealth accumulation, highlighting the National Social Security Fund's (NSSF) consistent performance and investment strategies as a model for individual asset allocation [1][2]. Group 1: NSSF Performance and Strategy - The NSSF achieved a positive return in 2023, with an average annual investment return of 7.36% since its establishment in August 2000, accumulating a total investment return of 1,682.576 billion yuan [1][2]. - The asset allocation of the NSSF is categorized into three main types: equity assets, bank deposits and government bonds, and corporate and financial bonds, with specific allocation limits [2]. Group 2: Asset Allocation Framework - A scientific asset allocation method suitable for ordinary users includes four key steps: defining aggressive investment limits, dynamic management of equity positions, balanced style allocation, and continuous product optimization [2][3]. - The TREE asset allocation system by China Merchants Bank focuses on the first two steps, providing personalized recommendations based on clients' wealth stages and risk levels [2]. Group 3: AI Optimization and Tools - The Tianchen AI optimization system addresses the latter two steps, ensuring a comprehensive investment approach that adapts to market changes by optimizing portfolio structures [3]. - The system allows for a balanced style and product optimization, helping clients manage their investments more effectively [3]. Group 4: Practical Solutions for Ordinary Investors - For individuals with limited funds, dynamic asset allocation can be challenging; thus, utilizing professional tools and systems is recommended to simplify the process [4]. - The TREE Changying Plan is an example of a comprehensive asset allocation solution that employs a fund-of-funds (FOF) strategy to achieve stable performance [5][6]. Group 5: Investment Knowledge and Mindset - Investment is not solely dependent on the amount of money available; understanding asset allocation is crucial regardless of the investment size [7]. - Individuals should categorize their funds into functional and investment accounts, ensuring that their financial needs are met before engaging in investment activities [7].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On May 7th, the China Securities Regulatory Commission (CSRC) released the "Action Plan for Promoting the High - quality Development of Public Offering Funds", which is of milestone significance in the asset management industry. The plan proposes seven major aspects and 25 specific measures to promote the high - quality development of the public offering fund industry [2][7]. - The "Action Plan" has four major impacts on the public offering fund industry: different management fees among fund companies in the same echelon; exploration of performance comparison benchmarks and how to outperform them; emphasis on "investor profit and loss"; and focus on market opportunities for medium - low volatility products with equity and asset - allocation products [2]. - There are three paths that public offering funds need to focus on in the future: determining the appropriate tracking error for active equity funds, improving the investor profit - and - loss situation through a performance - based assessment system, and exploring investment strategies for medium - low volatility products with equity and asset - allocation products [2]. 3. Summary According to the Directory 3.1 The Four Major Impacts of the "Action Plan" on the Public Offering Fund Industry - **Management Fee Differences**: The "Action Plan" establishes a floating management fee collection mechanism linked to fund performance. In the future, there may be significant differences in management fees among fund companies in the same echelon, and second - echelon companies may charge higher fees than first - echelon ones [2][8]. - **Performance Comparison Benchmark**: The plan strengthens the binding effect of performance comparison benchmarks. The setting, modification, disclosure, and evaluation of benchmarks will be regulated. The concentration of benchmarks will enhance index Beta and reduce volatility. Attention to conventional SmartBeta indices will increase significantly. Active investment will become more passive, rule - based, and disciplined [2][9][10]. - **Investor Profit and Loss**: The "investor profit and loss situation" will be highly emphasized. Two directions are recommended: reducing product volatility and increasing the Sharpe ratio, and gradually shifting to an investment - advisory sales model [2][12]. - **Market Opportunities**: In addition to equity products, attention should be paid to market opportunities for medium - low volatility products with equity (such as fixed - income + funds) and asset - allocation products (such as FOF) [2][12]. 3.2 Three Paths that Public Offering Funds Need to Focus on in the Future 3.2.1 Appropriate Tracking Error for Active Equity Funds - Historical data on the proportion of active equity funds outperforming or underperforming the benchmark has little reference value due to the lack of emphasis on benchmarks in the past. The ratio of outperforming or underperforming is accidental and cannot predict the future [13][14]. - Enlarging the tracking error is a double - edged sword. Reducing the tracking error can improve the winning rate and safeguard the lower limit of excess returns. An 8% tracking error is an effective control indicator. When the tracking error is below 8%, the proportion of underperforming the benchmark by more than 10% decreases significantly [20]. 3.2.2 Improving Investor Profit and Loss through a Performance - Based Assessment System - **Low - Volatility Products**: Products with lower volatility result in lower investor return losses and stronger sense of gain [24]. - **High - Sharpe - Ratio Products**: Products with a high Sharpe ratio generally have stronger value - creation ability. Fund companies and investors can achieve a win - win situation by emphasizing the Sharpe ratio in product management [26]. - **Investment - Advisory Sales Model**: Fund managers and sales platforms should break the current hot - topic - chasing sales model and adopt an investment - advisory sales model [29]. 3.2.3 Investment Strategies for Medium - Low Volatility Products with Equity and Asset - Allocation Products - **Multi - level Fixed - Income + Strategy Matrix**: To address the structural differentiation in the demand side of the fixed - income + market, leading institutions are accelerating the construction of a multi - level fixed - income + strategy matrix, including asset - allocation, growth - oriented, dividend - based, quantitative, low - volatility, high - elasticity, stock - bond matching, multi - asset multi - strategy, small - cap stock strategy, and ETF - based fixed - income + strategies [32][33]. - **FOF Strategy Transformation**: FOF products are focusing on strategic transformation to release the effectiveness of asset allocation. Since 2024, the allocation ratio of QDII, commodities, and alternative assets in FOF has increased significantly. The TREE Long - Term Growth Plan, a one - stop asset - allocation solution jointly developed by China Merchants Bank's wealth management team and public offering fund management institutions, is widely recognized by the market. The FOF products included in the plan attracted a total of 19.515 billion yuan in the first quarter of 2025 [41][44][48].