万亿华夏基金的“规模悖论”：被动ETF狂飙，主动权益陷“迷你基”困局

Core Viewpoint - 华夏基金 maintains its leading position in the ETF market, approaching a scale of 1 trillion, but faces significant challenges with a sharp decline in the scale of actively managed equity funds, leading to multiple products nearing liquidation [1][13]. Group 1: ETF Business Performance - As of the end of 2025, 华夏基金's ETF (non-monetary) management scale reached 956.9 billion, ranking first in the market, although its market share decreased by 2.09% compared to 2024 [2][19]. - The gap between 华夏基金 and the second-ranked 易方达基金 expanded from 56.3 billion at the end of 2024 to 79.3 billion by the end of 2025, indicating an increasing competitive advantage [2][14]. - On January 12, 2026, 华夏基金's ETF management scale briefly exceeded 1 trillion, reaching 1,016.7 billion, but by February 6, it had shrunk to approximately 750 billion, a decline of over 25% [10][20]. Group 2: Active Equity Fund Challenges - The scale of 华夏基金's actively managed equity funds has significantly decreased, with stock fund assets dropping from 43.4 billion at the end of 2021 to 24.4 billion by the end of 2025, a reduction of nearly 20 billion [11][21]. - The scale of mixed funds also fell from 210.1 billion to 128.4 billion during the same period, resulting in a total decline of over 100 billion across actively managed equity funds [11][21]. - The persistent shrinkage has led to a proliferation of "mini funds," with several products, including 华夏红利量化选股股票 and 华夏新锦升混合, falling below the 50 million liquidation threshold [12][23]. Group 3: Fund Launches and Liquidations - As of February 6, 2026, 81 out of 282 newly launched funds in the year had announced early termination of fundraising, including 华夏基金's 华夏经典回报混合 [3][15]. - Two ETF linked funds, 华夏中证沪港深500ETF and 华夏中证新能源ETF, were liquidated due to asset sizes falling below 200 million, triggering automatic termination clauses [6][18]. - The 华夏新材料龙头混合发起式 fund is particularly at risk, having issued a notice regarding potential contract termination if its net asset value remains below 200 million by February 24, 2026 [12][24].