CITIC Securities: It is expected that the future public offering FOF market will present a structural differentiation pattern and asset allocation capability will become the key factor for long-term competition success.

According to the research report from CITIC Securities, since the beginning of 2026, the public offering FOF market has remained hot, with significant improvement in fundraising efficiency. CITIC Securities estimates that the public offering FOF scale has surpassed 300 billion yuan. The growth of wealth volume on the fund side and the decrease in deposit interest rates, the decrease in bond YTM on the asset side and the increase in multi-asset rotation, the verification of product performance and the demand for "regaining trust", as well as the stabilization of liabilities on the channel side and the reshaping of the wealth management ecosystem, have all contributed to the significant growth of the public offering FOF scale. Looking ahead, it is expected that the future public offering FOF market will present a structural differentiation pattern, and asset allocation capability will become the key to long-term competition success.