南方碳中和A今年涨71%也清盘？年内超280只产品离场，业绩好坏均难逃规模“生死线”

Core Insights - The public fund industry is experiencing a normalization of fund liquidations, with over 280 funds entering liquidation procedures by December 29, 2025, which is comparable to the 293 funds liquidated in 2024, indicating a trend of survival of the fittest within the industry [10][1][3] Fund Liquidation Structure - Among the 281 funds liquidated, mixed funds accounted for the largest share with 127 funds, representing over 45% of the total; followed by bond funds (53) and equity funds (51), with 36 FOF funds also liquidated [3][12] - The distribution of liquidated funds shows significant differentiation among fund management companies, with Bosera Fund leading with 16 liquidations, followed by Haifutong, Huaan, Huabao, and Nanfang Funds, each with 9 liquidations [3][12] Fund Age and Performance - The liquidated funds include both long-standing funds, such as those over ten years old, and newly established funds, with some funds like Huabao Yuan Shi A being liquidated within six months despite achieving a positive return of 11.35% [4][14] - A total of 235 out of 281 liquidated funds triggered termination clauses primarily due to asset sizes falling below 50 million yuan, highlighting that both performance and size are critical for fund survival [5][14] Performance Insights - Notably, some funds with strong performance, such as Nanfang Carbon Neutral A with a return of 71.03% this year, still faced liquidation due to not meeting asset thresholds, indicating a trend where investors redeem funds after achieving returns, leading to rapid size declines [6][15] - Conversely, funds with poor performance, such as Huabao Zhongzheng 1000 A, which has a cumulative return of -63.95%, also faced liquidation, reflecting a lack of sustainable operational capability [6][15] Industry Implications - The trend of liquidations is seen as a natural outcome of market evolution, with industry experts suggesting that investors should prioritize funds of moderate size and avoid those with high institutional ownership [8][17] - The reduction in the "shell" value of funds, due to lower approval and issuance thresholds, has led to a market environment where underperforming funds are not maintained, indicating a shift from a focus on initial launches to ongoing operational sustainability [8][17]