基金清盘警报拉响，39只产品密集预警

Group 1 - The public fund market is undergoing a significant survival of the fittest phase at the beginning of 2026, with a notable disparity in performance despite a recent rise in the A-share market [1] - As of January 15, 39 funds have issued liquidation warnings, and 7 funds have confirmed termination and entered the liquidation process, indicating a severe scale test for products lacking performance support or facing cooling trends [1] - The crisis in equity funds is primarily due to structural market characteristics, where funds tracking less popular themes like home appliances and automobiles are experiencing continuous net redemptions despite overall index gains [1] Group 2 - The ongoing volatility in the bond market has also contributed to the struggles of several bond funds, with significant redemptions from institutional investors leading to rapid shrinkage in fund sizes [3] - The situation for small public fund companies, such as Kaishi Fund, is particularly dire, with their only bond fund facing imminent liquidation due to net asset value falling below 50 million yuan for 60 consecutive working days [3] - Fund liquidation warnings often trigger a "vicious cycle" of early redemptions by holders, making it increasingly difficult for funds to recover without proactive measures from fund managers [3] Group 3 - Analysts suggest that the normalization of fund liquidations is a necessary step towards market maturity and reflects the optimization of resource allocation [4] - There is a clear trend of capital concentrating in top-quality products and advantageous sectors, leading to the accelerated exit of underperforming "mini funds" [4] - For investors, it is crucial to be cautious of funds with small scales and poor liquidity to avoid liquidation risks, while fund companies should focus on enhancing investment research capabilities to create competitively sustainable products [4]