The beginning of 2026 has witnessed a long-absent "frenzy of buying" scenario in the fund sales market. On January 5, a FOF managed by Wanjia Fund concluded its fundraising in a single day, attracting 2.099 billion yuan; a FOF from GF Fund also raised 3.288 billion yuan within just two days. Overall, as of January 16, eight FOF funds have been issued since the start of the year, with four newly established products collectively raising over 6 billion yuan, accounting for approximately 30% of the total new fund issuance during the same period and marking the first wave of "small hits" of the new year. Furthermore, an additional 15 FOF funds are queued up awaiting issuance. Behind this surge in popularity lies the dual influence of strong support from bank distribution channels, reflecting robust market demand for asset allocation products, and the notable turnaround in the overall performance of FOFs throughout 2025. The FOF market is experiencing a sustained recovery. In recent years, the FOF market has achieved growth in both scale and share volume. Data from GES Fund shows that as of January 14, 2026, the total scale of FOF funds across the market reached 244.292 billion yuan, a steady increase from 238.376 billion yuan at the end of 2025 and a significant jump from 133.150 billion yuan at the end of 2024, achieving leapfrog growth for two consecutive years. The scale of FOFs grew by 79.03% throughout 2025 and has continued to increase by 2.48% so far in 2026. In terms of shares, the total share volume of FOFs across the market reached 224.101 billion units, an increase of about 2.72% from the end of 2025, while the growth for the entire year of 2025 was approximately 65%. Looking at the issuance of new funds, a total of 88 new FOF funds were launched in 2025, with a combined issuance scale of 82.976 billion yuan, a dramatic surge of 5.71 times compared to the 12.367 billion yuan in 2024, hitting a nearly four-year high; the average issuance scale per product leaped from 399 million yuan to 954 million yuan, indicating a clear enhancement in the fundraising capability of individual products. Entering 2026, the pace of FOF issuance remains brisk. As of January 14, four FOFs have already been established, four are currently being issued, and 15 are awaiting issuance. Among them, Wanjia Fund's Wanjia Qitai Wending Three-Month Holding fund concluded its fundraising in a single day, attracting 2.099 billion yuan; GF Fund's GF Yueying Wending Three-Month Holding fund also completed its fundraising in a lightning-fast two days, raising 3.288 billion yuan. Data from Simuwang.com shows that, based on the subscription start date, no fewer than 23 FOFs are expected to begin subscriptions in January 2026, setting a new record for the number of funds issued in a single month. Among these, 20 are bond-biased hybrid FOFs, with only three being equity-biased hybrid FOFs, reflecting the current market's dominance by capital seeking stability. Overall, the product structure of FOFs is dominated by hybrid FOFs, with a high degree of concentration among leading institutions. Tu Hejiang, a researcher at GES Fund, explained that the public FOF market has already formed a landscape dominated by hybrid FOFs. As of January 14, hybrid FOFs account for 91.75% of the total FOF scale, covering different risk gradients such as稳健 (steady),平衡 (balanced), and进取 (aggressive) to meet diverse investment needs. Among these, seven management companies - E Fund, GF, Fullgoal, ChinaAMC, Zhong Ou, Xingquan Global, and HUAAN - each have hybrid FOF scales exceeding 10 billion yuan, demonstrating a significant head concentration effect. It is worth noting that leading institutions have generally established FOF product matrices covering all risk appetites and are shifting from the traditional "equity-bond dichotomy" towards multi-asset allocation. From a strategy perspective, new changes have also emerged in FOF products. On one hand, passive investing is continuously being strengthened, with FOF products achieving index-like allocation by heavily weighting ETFs; on the other hand, multi-asset allocation, such as significantly increased allocations to assets like gold, QDIIs, and REITs, is becoming more prominent. Additionally, new product types like ETF-FOFs have been launched in recent years. Behind the Boom. Industry insiders believe that the resurgence of FOF popularity is closely linked to the push from bank distribution channels. China Merchants Bank's "TREE Changying Plan," launched in 2024, provides clients with asset allocation solutions through customized FOFs, significantly boosting FOF scale growth. According to CMB's annual report disclosure, by the end of 2024, over 10 million clients had participated in the plan. Bolstered by CMB's channel, a number of public FOFs saw hot initial offerings, contributing to the overall market recovery. In February 2025, Fullgoal Yinghe Zhenxuan 3-Month Holding had its initial offering, achieving an initial fundraising scale of 6 billion yuan, a result that astonished the market. This feat was surpassed four months later, in June 2025, when Orient Hongtai Yingfeng Wending Peizhi 6-Month Holding reached an initial fundraising scale of 6.573 billion yuan. The hot streak for FOF initial offerings through CMB's channel continues; in January 2026, GF Yueying Wending Three-Month Holding raised 3.288 billion yuan in just two days, ranking second in new fund issuance scale since the start of the new year. Currently, the scale of Fullgoal Yinghe Zhenxuan 3-Month Holding has risen to 11.759 billion yuan, ranking first on the FOF scale chart; Orient Hongtai Yingfeng Wending Peizhi 6-Month Holding currently stands at 6.603 billion yuan, ranking fourth. The effects of CMB's ongoing marketing efforts are also remarkable. After products like Zhong Ou Yingxuan Wending FOF and HUAAN Yingrui Wending FOF were selected for the "TREE Plan," their scales skyrocketed. At the end of 2023, their scales were 11 million yuan and 186 million yuan, respectively; they have now surged to 10.815 billion yuan and 8.364 billion yuan, ranking second and third on the FOF scale chart. Industry insiders point out that inspired by this customized FOF model, other major banks have followed suit, further fueling the FOF issuance boom. For example, China Construction Bank launched its "Longying Plan" in January 2026, offering investors one-stop, full-process asset allocation services through customized FOFs. Several FOF products from ChinaAMC, CCB Fund, and Yinhua Fund have already been listed under this plan. However, some public fund professionals note that CMB's refined operational capabilities in the wealth management field still give it a unique advantage that is difficult for other banks to simply replicate. Beyond the push from bank channels, many market participants believe the FOF recovery is the result of multiple factors working in tandem. Li Chunyu, a FOF fund manager at Rongzhi Investment, pointed out that FOFs delivered outstanding overall returns in 2025, demonstrating a赚钱效应 (money-making effect); against the backdrop of low interest rates and an asset shortage, traditional wealth management funds are seeking higher-yielding avenues, and FOFs, with their volatility-smoothing and diversified allocation characteristics, have become an important承接工具 (receiving tool). Tu Hejiang mentioned that the average return rate for FOFs in 2025 was nearly 15%, boosting investor confidence. Simultaneously, "over 300 trillion yuan in time deposits are set to mature in 2026, and FOFs are gradually becoming one of the choices for residents' wealth management allocation." Yang Delong, Chief Economist at Qianhai Kaiyuan Fund, stated that as market conditions improve, it is reasonable for FOF popularity to rise. FOFs, through professional fund selection and market timing, compensate for some investors' lack of capability and improve their fund-holding experience. Although the channel-driven effect is significant, some public fund professionals caution that the current hot sales of FOFs are, to some extent, still "sales-driven" and not entirely led by spontaneous client demand. Furthermore, FOFs are inherently a multi-asset allocation tool; they should not be overly focused on short-term performance comparisons but rather viewed as a product form for achieving asset allocation goals. When investing in FOF funds, Tu Hejiang suggests that investors, under the premise of aligning with their own risk preferences and investment objectives, prioritize FOF funds with diversified allocations. Li Chunyu also recommends prioritizing multi-asset diversified FOFs that cover stocks, bonds, gold, and overseas assets;稳健型投资者 (conservative investors) can focus on bond-biased FOFs, while pension needs are suited to target-date FOFs; opportunities in specific sectors can be captured through thematic FOFs, but position sizing needs to be controlled. "Pay attention to selecting FOF products with a sound investment research system and controllable historical drawdowns, and hold them long-term to obtain compound returns," Li Chunyu said.