暴跌超60%！昔日热门基金，大瘦身！

Core Viewpoint - The scale of interbank certificate of deposit (CD) funds has significantly declined, with a drop of over 60% from their peak fundraising size, leading to a substantial number of funds nearing liquidation [1][2][6]. Fund Scale Decline - As of August 15, the total scale of 101 interbank CD funds is less than 130 billion yuan, down from over 350 billion yuan [1][5]. - More than 25% of these funds are classified as "mini funds," with assets below 50 million yuan, indicating a trend towards potential liquidation [1][5]. - A specific fund established in December 2022 saw its scale shrink from approximately 3.7 billion yuan to just 51 million yuan by mid-2025, exemplifying the drastic reductions in fund sizes [3][4]. Reasons for Decline - The decline in fund scale is attributed to two main factors: lack of investment performance advantages and changes in market conditions, including a rise in bond markets and recovery in equity assets [2][9]. - The average yield of interbank CD funds over the past year is only 1.41%, with only two funds exceeding 2%, which is less competitive compared to other investment options [9]. Fund Performance - Since their introduction in late 2021, interbank CD funds were initially popular, with several funds raising over 10 billion yuan. However, most have experienced significant shrinkage, with some funds losing over 90% of their initial size [6][9]. - As of now, 88.12% of these funds have seen a reduction in scale, with 63.37% experiencing declines of over 80% [6]. Market Environment Impact - The changing market environment has led to a shift in investor focus, with a preference for bond and equity investments over interbank CD funds, which were once considered a viable alternative for wealth management [9][10]. - The "stock-bond seesaw" effect has become prominent, with bond markets attracting more attention as equity assets recover from lows [9]. Fund Management Responses - Some fund companies are taking measures to maintain operations despite scale declines, such as proposing continuous operation plans to regulatory bodies [4].