海富通半年3只基金清盘，还有三成困在“生死线”

Core Viewpoint - Three funds managed by Hai Futong Fund Management Co., Ltd. are set to be liquidated due to continuous decline in scale despite positive returns [2][3][4] Fund Performance and Liquidation - Hai Futong Xin Ying 6-Month Holding Period Mixed Fund, established in March 2024, saw its scale shrink by 84.39% to 32 million yuan by March 2025, despite a positive return [3][4] - Hai Futong ESG Leading Stock Fund, launched in March 2024, experienced a drastic reduction in net asset value, with A class dropping to 31.14 thousand yuan and C class to 10.27 thousand yuan by Q3 2024, leading to large-scale redemptions [4][6] - Hai Futong Quantitative Multi-Factor Mixed Fund, established in April 2018, had a cumulative return of 41.58% but faced a decline of 5.71% in 2025, with continuous outflows leading to a scale reduction to 1 million yuan [4][5][6] Common Issues Across Funds - All three funds faced challenges in attracting and retaining investors, leading to a persistent decline in scale, which hindered operational efficiency and profitability [6][7] - Over 30% of Hai Futong's 172 funds have scales below 50 million yuan, indicating potential liquidation risks for more products [7] Company Overview and Strategic Changes - Hai Futong Fund, established in 2003, is undergoing a significant transformation following the merger with Guotai Junan Securities, which may lead to a restructuring of its product offerings [10][12] - The company has a high proportion of bond funds, with 83.4% of total assets in bond and money market funds, while mixed fund scales have been declining [12][13] - The new leadership under Xie Lebin faces the challenge of balancing regulatory requirements and enhancing market competitiveness [10][20] ETF Performance - Hai Futong has seen significant growth in its ETF segment, with non-money market ETF assets increasing from 3.17 billion yuan to 54.08 billion yuan over four years, indicating a successful strategy in this area [19][20] - The company has established a competitive edge in specific sectors like short-term bonds and urban investment bonds, with individual products exceeding 10 billion yuan in scale [20]