上银基金一主题基金清算收场！清旧发新模式下权益占比仅1.2%

Core Viewpoint - The announcement of the liquidation of the Shangyin New Energy Industry Selected Mixed Fund highlights the challenges faced by the fund in a volatile market, particularly in the new energy sector, leading to significant losses and ultimately triggering the fund's termination [2][3][11]. Fund Performance and Management - The Shangyin New Energy Industry Selected Mixed Fund was established in April 2022, focusing on the new energy sector amid rising capital interest due to the "dual carbon" policy [3]. - The fund's first manager, Shi Minjia, resigned in December 2023 after achieving a cumulative return of -48.73% during her tenure, ranking it at the bottom among actively managed equity funds [4][6]. - The fund's performance deteriorated significantly in 2023, with a loss of 46.19%, primarily due to over-concentration in sectors like photovoltaics and lithium batteries, which faced severe adjustments due to industry overcapacity [4][5]. Liquidation Process - The liquidation process began on April 21, 2025, and was managed by a team including the fund manager, custodian, and accounting and legal firms [3]. - As of the liquidation completion, the net asset value of the fund was approximately 26.7 million yuan, with distributions made to A and C class shares after deducting expenses and taxes [2]. Market Response and New Fund Launches - Following the liquidation, Shangyin Fund launched four new funds, but the market response was tepid, with low subscription amounts indicating a lack of investor confidence [8][9]. - The new fund managed by the previous fund manager, Zheng Zhong, also showed poor performance, with a total return of -2.3% and a management scale of only 0.1 billion yuan [8]. Industry Context - The liquidation of the Shangyin New Energy Industry Selected Mixed Fund is part of a broader trend, with 90 funds having been liquidated in the market since the beginning of 2025, indicating systemic issues within the industry [11]. - Shangyin Fund's overall management scale reached 226.5 billion yuan, with over 98% in bond and money market funds, while equity products accounted for less than 1.16%, reflecting a struggle in the equity investment space [9].