践行长期投资，市场呼吁优化发起式基金生存门槛

Core Viewpoint - The article discusses the need to optimize the survival threshold for initiated funds in China, which currently requires a minimum scale of 200 million yuan after three years, to better support potential funds and long-term investment strategies [1][3]. Group 1: Current State of Initiated Funds - Initiated funds have grown significantly over the past decade, with a total scale approaching 3.4 trillion yuan, becoming an important part of public funds [3]. - There is a notable disparity among initiated funds, with some achieving over 20 billion yuan while others, like Guotai Hai Tong and Shenwan Hongyuan, face automatic termination due to not meeting the 200 million yuan threshold after three years [3]. Group 2: Industry Perspectives on Threshold Optimization - Industry insiders believe that the current three-year, 200 million yuan requirement may lead to the "mis-killing" of potentially successful funds due to market volatility affecting their scale [4]. - There is a call for a more comprehensive assessment system that considers average scale, performance stability, and holder structure to avoid the premature termination of quality funds [4]. Group 3: Impact on Small and Medium Fund Companies - Lowering the threshold for initiated funds could alleviate operational pressures on small and medium-sized fund companies, allowing them to focus more on research and investment rather than on maintaining minimum scale [7]. - The potential for increased innovation in niche markets, such as innovative drugs and green energy, may arise if the threshold is relaxed, encouraging more institutions to explore new strategies [7][8]. Group 4: Long-term Investment and Strategy - The original design of initiated funds aims to align the interests of fund companies and investors, allowing for flexible, counter-cyclical investments [10]. - Balancing short-term performance pressures with long-term development strategies remains a core challenge for the public fund industry, and optimizing the survival conditions for initiated funds could provide management and fund managers with more room to develop quality strategies [11].