2026公募生死局：中小公募的规模坍塌、治理失序与突围困境

Core Viewpoint - The article highlights the severe challenges faced by small and medium-sized public fund companies in China, emphasizing the widening gap between leading firms and their smaller counterparts, which are struggling for survival in a harsh market environment [3][4]. Governance Issues - Frequent changes in management have become a norm for many small public funds, undermining their strategic continuity and stability [5]. - An example is Zhongke Wotu Fund, which has seen its general manager replaced four times in five years, leading to a drastic reduction in its management scale to 0.75 billion yuan, a nearly 75% decline year-on-year [5]. - Xinhua Fund also faces governance challenges, with seven executives leaving and joining in a short period, resulting in a lack of clear long-term strategy [6]. Scale Challenges - The collapse of management scale and product survival crises are evident, particularly as small public funds struggle to compete in a market dominated by ETFs [8]. - Xinhua Fund's ETF, despite a strong performance, was forced into liquidation due to its scale falling below 50 million yuan for 50 consecutive days [9]. - Some small funds resort to aggressive "shell protection" tactics to avoid liquidation, which undermines their credibility and long-term viability [10]. Financial Struggles - The shrinking scale has severely impacted the financial health of small public funds, which rely heavily on scale for management fee income [11]. - In the first half of 2025, leading firms like Huaxia Fund reported daily revenues exceeding 23 million yuan, while smaller firms like Ruida Fund struggled to maintain daily revenues of just a few thousand yuan [11]. - The financial pressure has even led to personal financial issues for executives, exemplified by the chairman of Kaishi Fund facing consumption restrictions due to unpaid debts [12]. Path to Survival - Despite the dire situation, there is potential for small public funds to survive by focusing on niche markets and leveraging unique resources [13]. - Successful examples include Xinyuan Fund, which achieved significant scale by specializing in fixed income through strong ties with its banking shareholder [13]. - The industry may see a shift towards a coexistence of "platform giants" and "boutique firms," with smaller funds needing to find their unique positioning to thrive [13].