时报观察丨基金清盘频频 一场扩大有效供给的变革

Core Viewpoint - The recent wave of fund liquidations is seen as a necessary process of market self-purification, reflecting a survival of the fittest mechanism in the investment landscape [1][2]. Group 1: Fund Liquidation Trends - In 2024, over 300 funds have been liquidated, marking a record high, with 129 funds announcing liquidation in the first half of the year, an increase compared to the same period last year [1]. - Many of the liquidated funds failed to meet the minimum scale requirement, indicating rational choices made by investors as they shift funds towards products that can generate long-term returns [1]. - The average scale of the bottom 20% of actively managed equity funds has significantly shrunk, while the top 20% of products have seen substantial growth in their share [1]. Group 2: Market Mechanism and Fund Structure - The liquidation process serves as a necessary pain for market self-correction, with the total number of public funds nearing 13,000, including over 1,600 "mini funds" with scales below 50 million [1]. - The excess of products has led to resource allocation imbalances, and liquidation is a form of automatic correction for ineffective supply [1]. - Regulatory bodies have been optimizing the fund exit mechanism, encouraging the liquidation of "zombie products," which has prompted fund companies to abandon the "shell protection" strategy [1]. Group 3: Implications for Investors - Investors are encouraged to focus on the underlying logic of products, such as the stability of fund managers, the adaptability of strategies, and the company's resource investment, to avoid "high-risk liquidation" products [2]. - When encountering liquidated funds, investors should seize the opportunity to adjust their portfolios and utilize conversion functions to seamlessly transition to quality funds, preventing cash from being idle [2]. - The process of fund liquidation is compared to the elimination of outdated capacities in the solar industry, suggesting that it is a transformative change that expands effective supply and is a necessary step towards market maturity [2].