With strong backing from major banking channels such as China Merchants Bank, publicly offered FOFs have repeatedly produced hit products, becoming the hottest segment in the fund issuance market since the start of the year.

On March 14, the China Europe Yingxin Stabilize 6-Month Holding Mixed FOF announced its establishment, having raised over 5.1 billion yuan. This makes it the second FOF product this year to achieve an initial offering size exceeding 5 billion yuan, following the Bosera Yingtai Select 6-Month Holding FOF. It is reported that the China Europe Yingxin FOF is custodied and primarily distributed by China Merchants Bank, representing another successful product under the bank's "Changying Plan."

Industry insiders noted that the consecutive launches of "Changying Plan" by China Merchants Bank, "Longying Plan" by China Construction Bank, and "Huitou Plan" by Bank of China, in collaboration with public fund managers to create one-stop asset allocation solutions, signal an acceleration in banks' transformation toward a buyer's advisory model. Banks are evolving from mere sales channels to customizers of FOF portfolios, propelling wealth management into a new era centered on "service competition."

The successful launch of another FOF, with China Europe Yingxin Stabilize raising over 5.1 billion yuan in its initial offering, highlights a trend where publicly offered FOFs, frequently spurred by bank channels, are shifting from niche products to mainstream choices in investors' asset portfolios.

The announcement on March 14 confirmed that the China Europe Yingxin Stabilize 6-Month Holding Mixed FOF attracted more than 20,000 valid subscription accounts, raising a total of 5.125 billion yuan.

China Merchants Bank serves as the custodian and primary distributor for this FOF. According to a source from banking channels, following the one-day sell-out of E Fund Ruyi Yingze 6-Month Holding FOF on March 9, China Merchants Bank shifted its focus entirely to promoting the China Europe Yingxin Stabilize 6-Month Holding Mixed FOF.

Although the China Europe Yingxin Stabilize FOF entered its issuance period on January 9, the key promotion phase through China Merchants Bank's distribution channels began on March 10. Within just one day, the fund decided to move its deadline from April 8 to March 11. The final raised amount surpassed 5.1 billion yuan, the source added.

The China Europe Yingxin Stabilize 6-Month Holding Mixed FOF is part of China Merchants Bank's "Changying Plan," a known driver of FOF successes. The plan's section on the bank's app categorizes this FOF under the "Anwan Ying" series, with an upper limit of 15% for risk assets like stocks, targeting an annualized return of at least 3.5% and a maximum drawdown of no more than 2%.

Major commercial banks are intensively launching their FOF brands, potentially reshaping the fund sales landscape. This year, alongside China Merchants Bank's "Changying Plan," China Construction Bank and Bank of China have introduced the "Longying Plan" and "Huitou Plan," respectively, using publicly offered FOF products as tools to provide investors with comprehensive asset allocation solutions.

Driven by bank channels, the issuance of publicly offered FOFs has gained rapid momentum. Wind data shows that as of March 14, 40 new FOF products have been launched this year, raising a combined 61.973 billion yuan, representing year-on-year increases of 233.33% and 361.35%, respectively.

Ten FOF products, including Puying Ansheng Yingtai Multi-Configuration 3-Month Holding, Invesco Great Wall Hexi Anyu 3-Month Holding, GF Yuefeng Multi-Stable 3-Month Holding, and Invesco Great Wall Yingjing Conservative Allocation 3-Month Holding, were sold out in a single day. These account for over 32% of all funds that achieved one-day sell-outs this year.

In terms of initial offering sizes, besides the China Europe Yingxin Stabilize FOF, the Bosera Yingtai Select 6-Month Holding FOF raised over 5.8 billion yuan. Two other FOFs—ICBC Yingtai Stabilize 6-Month Holding and Fullgoal Zhihui Stabilize 3-Month Holding—each raised over 4 billion yuan. Four FOFs, including China Europe Yingxiang Stabilize 6-Month Holding, China Merchants Zhiying Select 6-Month Holding, E Fund Ruyi Yingze 6-Month Holding, and GF Yueying Stabilize 3-Month Holding, raised over 3 billion yuan each. Additionally, Southern Wengjia Multi-Configuration 3-Month Holding, GF Yuefeng Multi-Stable 3-Month Holding, Invesco Great Wall Yingjing Conservative Allocation 3-Month Holding, and Wanjia Qitai Stabilize 3-Month Holding each raised over 2 billion yuan.

From the perspective of a fund company representative, the密集 launch of FOF brands by major commercial banks represents an attempt by banks to transition towards investment advisory services. The emergence of brands like "Changying," "Longying," and "Huitou" indicates that banks are no longer just product shelves but are beginning to convey their strategic views through FOF brands. This helps solidify customer trust in banks into recognition of their professional service capabilities.

The entry of commercial banks into the FOF space, leveraging their customer base and trust, is expected to reshape the fund sales landscape and drive industry competition towards a focus on "service." FOFs diversify risk through portfolios of low-correlation assets across categories, coupled with stable performance, aligning with investors' demand for "stable returns" in a low-interest-rate environment. The explosive growth in FOF scale confirms that investors are shifting from chasing short-term returns and fixating on fee levels to prioritizing long-term account stability and full-cycle service experience. In the future, competition among fund distribution channels will no longer be about individual fund performance but about comprehensive service capabilities encompassing "asset allocation + risk management + client support."