践行长期投资，市场呼吁优化发起式基金生存门槛

Core Viewpoint - The article discusses the need to optimize the survival threshold for initiated funds in China, emphasizing the importance of long-term investment and the potential benefits of lowering the current requirement of 200 million yuan within three years for fund survival [2][4][10]. Group 1: Development and Challenges of Initiated Funds - Initiated funds have grown significantly over the past decade, with a total scale approaching 3.4 trillion yuan, becoming an important part of public funds [4]. - There is a notable disparity among initiated funds, with some achieving over 20 billion yuan while others face automatic termination due to not meeting the 200 million yuan threshold after three years [4][5]. - The current requirement of 200 million yuan within three years is seen as potentially harmful, as it may lead to the premature termination of promising funds due to market fluctuations [4][5]. Group 2: Suggestions for Optimization - Industry experts suggest establishing a more comprehensive assessment system that considers average scale, performance stability, and holder structure to avoid "mis-killing" quality products [5]. - There is a call for a balance between optimizing thresholds and managing the potential rise of "mini funds," which could strain company resources due to high operational costs [5][9]. - The need for accompanying measures to prevent fund companies from blindly launching products without focusing on long-term performance is highlighted [6]. Group 3: Impact on Small and Medium-sized Fund Companies - Lowering the threshold for initiated funds could alleviate operational pressures on small and medium-sized fund companies, allowing them to focus more on research and investment rather than on maintaining minimum scales [8][9]. - The potential for increased innovation in niche markets, such as innovative drugs and green energy, is anticipated if the threshold is relaxed, encouraging more institutions to explore new strategies [8][9]. - The current high threshold may hinder new fund managers from developing their investment strategies effectively, and a lower threshold could provide a more conducive environment for growth [9]. Group 4: Long-term Investment Philosophy - The original design of initiated funds aims to align the interests of fund companies and investors, promoting risk-sharing and flexible investment strategies [10]. - Successful initiated funds have emerged by focusing on national strategies and sectors like technology innovation and high-end manufacturing, demonstrating the potential for significant returns even in challenging market conditions [10][12]. - The balance between short-term performance pressure and long-term development strategies remains a core issue in the public fund industry, with suggestions for future strategies focusing on proactive product layouts and niche market exploration [12].