需求萎缩规模停滞，新规下的LOF基金该“何去何从”？

Core Insights - The article highlights the decline of Listed Open-Ended Funds (LOFs) in contrast to the growth of Exchange-Traded Funds (ETFs), with LOFs struggling to maintain relevance in the market [1][3]. Group 1: Market Performance - As of January 6, 2026, only 7 LOF products have surpassed a scale of 10 billion, primarily consisting of established funds like the Baijiu LOF and others [2]. - Since 2022, the number of newly established LOFs has drastically decreased, with only 1 new LOF expected in 2025 and none in 2024, while over 30 LOFs have been liquidated [3][4]. Group 2: Comparison with ETFs - LOFs initially offered a dual trading mechanism, allowing for both on-market trading and off-market subscriptions, but have since lost their appeal due to poor performance and liquidity issues [3][5]. - ETFs benefit from a more efficient redemption mechanism and transparent pricing, which has contributed to their growing dominance over LOFs [5][6]. Group 3: Regulatory Impact - The introduction of new public fund sales regulations effective January 1, 2026, has further diminished the attractiveness of LOFs by lowering subscription fees while maintaining high redemption fees, eroding their competitive edge [6][7]. - The new regulations treat LOFs similarly to other fund types, removing their unique advantages in trading flexibility and cost efficiency [8]. Group 4: Future Outlook - The article suggests that LOFs may still have niche opportunities, particularly in cross-border and commodity LOFs, which can leverage T+0 trading and complex asset management [9]. - There is a call for the public fund industry to explore integrating active management with ETF-like mechanisms to enhance transparency and competitiveness [9].