从爆款频频到濒临清盘 昔日热门基金规模大缩水

Core Viewpoint - The scale of interbank certificate of deposit (CD) funds has significantly declined, with a reduction of over 60% from their initial fundraising scale, leading to many funds nearing liquidation [1][3][5]. Fund Scale Decline - As of August 15, the total scale of 101 interbank CD funds is less than 130 billion, down from over 350 billion [1]. - 26 funds have scales below 50 million, accounting for over 25% of the total, indicating a risk of liquidation [1]. - A specific fund established in December 2022 saw its scale drop from approximately 3.7 billion to just 51 million by the second quarter of 2025 [1]. Performance and Market Environment - The decline in fund scale is attributed to a lack of performance advantages and changes in market conditions, with a shift towards bond markets and recovering equity assets [1][5]. - Over 88% of interbank CD funds have experienced a reduction in scale since their establishment, with 64 funds seeing declines exceeding 80% [3]. Fund Growth Exceptions - A few funds have managed to grow in scale, such as the Chuangjin Hexin interbank CD fund, which increased from 288 million to 7.37 billion [4]. - The Huatai Bairui interbank CD fund has also seen significant growth, expanding from over 5 billion to over 9 billion, making it the largest in the category [4]. Investment Performance - The average yield for interbank CD funds over the past year is 1.41%, with only 2 funds exceeding 2% [6]. - In comparison, money market funds and short-term pure bond funds have shown better performance, with average yields of 1.43% and 1.89% respectively [6]. Market Dynamics - The interbank CD funds were initially popular but have lost their appeal as the capital market dynamics shifted, particularly with the rise of bond markets and improved equity performance [5][6]. - The recent establishment of new interbank CD funds has been limited, with only 9 funds launched since 2025, indicating a cautious approach in a changing market environment [7].