Scale approaching historical highs, public fund FOF issuance heat is rising.

Wind data shows that since July 2025, the total size of public offering FOFs has achieved positive growth for five consecutive months. As of December 5th, there are a total of 538 FOF products in the market, with a total net asset value of 2316.11 billion yuan. The overall scale has surpassed the level at the end of 2021 and is close to the historical high of 2339.62 billion yuan at the beginning of 2022. This year, there have been 13 FOFs with an established size of over 2 billion yuan, 7 of which were established in the fourth quarter. By calculating from the subscription start date, as of December 5th, there have been 78 FOF issuances this year, compared to only 29 at the same time last year. Since the fourth quarter of this year, a total of 37 FOFs have been issued, with 10 FOFs announcing sales since December. During interviews with several FOF fund managers, it was revealed that the increase in FOF product issuances and size approaching historical highs is a result of market evolution and changes in residents' financial structures, driven by policy dividends, changes in market conditions, and the upgrade of investor demand.