偏债混合基金的“遇冷一日”

Core Viewpoint - The current market environment, characterized by declining interest rates, should theoretically favor the development of mixed bond funds, yet recent announcements from two fund companies indicate significant challenges in both new issuance and existing fund performance [2][4]. New Issuance Delay and Existing Fund Liquidation - On November 4, 2025, Shenwan Hongyuan Fund announced an extension of the subscription period for its Shenwan Hongyuan Ningtong six-month holding period mixed fund, while Zhongjia Fund proposed to hold a meeting to discuss the termination of the Zhongjia Youyi one-year holding period mixed fund contract [2][4]. - The Shenwan Hongyuan Ningtong fund, managed by a fund manager with over eight years of experience, failed to complete its fundraising as planned after nearly three weeks, leading to an extension of the subscription deadline from November 7 to November 21, 2025 [4]. - The Zhongjia Youyi fund, which had a peak size of over 500 million yuan, saw its assets shrink to 17 million yuan, a nearly 90% decline, triggering termination clauses due to its status as a "mini fund" [5]. Underlying Challenges - Mixed bond funds are currently facing three core challenges, including underperformance relative to pure equity funds during bull markets and inability to retain risk-averse investors during market volatility [7][8]. - The Zhongjia Youyi fund's cumulative return of 7.73% and annualized return of 1.96% placed it in the middle tier among 978 similar products, indicating a lack of compelling performance to attract or retain investors [7]. - The strategy of mixed bond funds requires a high level of skill from fund managers, as they must balance fixed income and equity investments effectively to avoid underperformance [8][9]. Future Outlook - Despite the challenges, mixed bond funds remain a valuable asset allocation tool, with the key to overcoming current difficulties lying in enhancing fund management capabilities [11]. - The Zhongjia Youyi fund's management has indicated a focus on three main areas for the fixed income portion: potential resumption of government bond trading, the impact of new public fund sales regulations, and inflation expectations in the fourth quarter [11]. - The fund's strategy for the equity portion anticipates a resilient market with structural growth opportunities, particularly in the technology sector, reflecting an effort to improve overall returns [11].