[Public FOF raised a total of more than 130 billion yuan during the year, exceeding the sum of the past three years] August 31st, since the beginning of this year, public FOF issuance has picked up significantly. Data shows that as of August 28, a total of 131 FOFs were established during the year, raising a total of approximately 137.5 billion yuan, which has exceeded the total fundraising scale from 2023 to 2025. In terms of issuance quality, the median and average fundraising scale of newly issued FOFs this year were significantly higher than in previous years, with 46 products raising more than 1 billion yuan. In addition, the number of large-scale FOF products released this year has increased significantly, showing that the recovery in FOF issuance is not driven only by a few hot products. In terms of product structure, three-month and six-month holding period products have become the main issuers, and products with characteristics such as "stable" and "diversified configuration" are relatively concentrated. In the context of a low interest rate environment and asset price fluctuations, investors' demand for cross-asset allocation and volatility management has increased.