公募基金加速出清，年内清盘数增长逾三成 上千只“迷你基”存保壳压力

Core Insights - The public fund industry in China is experiencing an accelerated pace of fund liquidations, with nearly 400 funds being liquidated this year, representing a more than 30% increase compared to the entire previous year [1][3]. Group 1: Fund Liquidation Statistics - As of December 17, 2025, a total of 397 funds have been liquidated this year, which is a 32.78% increase from the 299 funds liquidated in the previous year [3]. - This year marks the highest number of liquidations since 2019, approaching the record of 415 funds liquidated in 2018 [3]. - Among the liquidated funds, 99 are initiated funds, accounting for nearly 25% of the total [3]. Group 2: Fund Types and Management Companies - The liquidated funds include 162 mixed funds, 110 bond funds, 52 stock funds, 40 fund of funds (FOF), and nearly 30 money market funds [3]. - Notable fund management companies that have liquidated more than 10 funds this year include CITIC Securities Asset Management, Shanghai Haitong Securities Asset Management, and Shanghai Everbright Securities Asset Management [3]. Group 3: Market Trends and Future Outlook - The presence of "mini" funds is leading to increased liquidation pressures, with over 50 funds issuing liquidation warnings this month alone [4]. - More than 1,000 ordinary open-end funds currently have a scale of less than 50 million yuan, indicating a high risk of liquidation [4]. - Industry experts suggest that the current wave of liquidations is a sign of market maturation, indicating a shift from rapid expansion to a focus on quality and long-term investment value [5].