三年规模“大考”关口难过，申万菱信又有两只基金拉响清盘警报？

Core Viewpoint - The article discusses the ongoing challenges faced by the fund management industry, particularly focusing on the performance and potential liquidation of certain funds managed by Shenwan Hongyuan Fund, highlighting the increasing trend of fund closures since 2025 due to underperformance and insufficient asset size [2][3][5]. Fund Performance and Liquidation Risks - As of July 23, 2023, a total of 144 funds have been liquidated this year, with over 45 being initiated funds [2]. - Shenwan Hongyuan Fund has announced that two of its funds, Shenwan Hongyuan Carbon Neutrality Select and Shenwan Hongyuan Pension Target Date 2040, may trigger contract termination if their net asset value falls below 200 million yuan by August 2, 2025 [3]. - The current asset sizes of these two funds are significantly below the required threshold, with Shenwan Hongyuan Carbon Neutrality Select at 8 million yuan and Shenwan Hongyuan Pension Target Date 2040 at 25 million yuan as of the second quarter of 2025 [3][4]. Fund Management Decisions - In response to the low asset sizes, Shenwan Hongyuan Fund has decided to suspend subscription and investment activities for the underperforming funds starting July 22, 2025 [3]. - The company has also seen a total of four funds terminate operations this year due to failing to meet the 200 million yuan threshold after three years of establishment [5]. Broader Industry Trends - The article notes a trend of "mini funds" struggling within the industry, with 17 funds under Shenwan Hongyuan having asset sizes below 50 million yuan as of the second quarter of 2025 [5]. - The performance of the funds has been mixed, with Shenwan Hongyuan Carbon Neutrality Select yielding returns of 7.12% this year but ranking in the bottom third among its peers [4]. - Shenwan Hongyuan Fund has launched five new funds in 2023, but the initial fundraising success has been limited, with one fund only reaching 40 million yuan by the second quarter of 2025 [6].