又一基金公告清盘，多名基金经理已相继离场，或影响华夏基金投研体系

Group 1 - The core point of the article is the termination of the Huaxia CSI New Energy ETF Fund, which reflects a broader trend of "mini ETFs" accumulating in leading fund companies, indicating a structural shift from active to passive management within the industry [2][5][10] - The fund's fate was largely determined by a pre-warning of liquidation on December 17, which indicated that if the net asset value remained below 200 million yuan by December 29, the fund would automatically terminate [3][5] - The phenomenon of "mini ETFs" is not isolated; many ETFs in the industry are struggling with low asset sizes, with 53 ETFs below 1 billion yuan, 49 below 500 million yuan, and 27 below 100 million yuan, leading to higher tracking errors and lower liquidity [7][8] Group 2 - The liquidation warning often has a "reverse incentive" effect, accelerating fund withdrawals rather than attracting new investments, resulting in increased costs for existing investors [5][9] - The strategy of launching numerous products in anticipation of market trends has led to many funds facing scale challenges, as the market's rapid rotation of themes limits the capacity of niche products [9][10] - Despite a rebound in some of Huaxia Fund's equity products, the company has faced significant losses exceeding 170 billion yuan over the past two years, while still collecting around 12 billion yuan in management fees, creating a stark contrast that concerns investors [10][11] Group 3 - The departure of several key fund managers raises concerns about the long-term stability and performance of the remaining products, as the experience and knowledge of these managers are not easily replaced [11][12] - The company must address critical issues such as whether to continue launching new products, the fate of mini ETFs, and how to retain core talent to restore investor confidence [12]