年内第4只基金发行失败！兴华基金、申万菱信基金、国融基金等产品年内折戟，中小基金公司生存困境何解？

Group 1 - Guorong Fund's Guorong Tieli 6-Month Bond Fund failed to meet registration conditions upon the expiration of its fundraising period, resulting in the fund contract not taking effect [1][3] - This marks the fourth public fund to announce a failed issuance in 2025, with two of them being bond funds [2][3] - The fund was launched on April 11, 2025, with managers Li Qinghua and Jia Yuxuan, but both have faced poor performance rankings in their respective categories [3][4] Group 2 - Guorong Fund's total management scale as of July 14 is 2.965 billion, a decrease of 206 million from the end of the previous year, with both mixed and bond funds hovering around 1.5 billion each [4][5] - The fund is also experiencing shareholder changes, with Guorong Securities set to be acquired by Western Securities, which could lead to indirect control of Guorong Fund [5] - Despite two capital increases totaling 50 million this year, the fund has not been able to reverse the trend of failed new fund issuances [5] Group 3 - The trend of failed fund issuances is not limited to Guorong Fund, as other funds like Shenwan Lingxin's Shenwan Lingxin Yuanjian Growth Fund also failed to take effect [6][9] - Shenwan Lingxin Fund's management scale has decreased significantly from over 100 billion in 2015 to 75.16 billion as of July 14, 2025, a drop of approximately 9.5 billion from the end of the previous year [9]