2026年1月2日，财通资管发布公告称，邹广航为新任副总经理兼财务负责人。邹广航于2025年10月加入财通资管，此前曾在平安养老保险、东方资管、平安 资管任职。 除了高管变动以外，财通资管的基金经理也出现清仓卸任。2025年11月，财通资管发布公告称，基金经理易小金离任财通资管健康产业混合基金、财通资管 创新医药混合基金、财通资管医疗保健混合基金。离任上述基金以后，易小金名下再无其他在管基金。 近几年，财通资管管理规模下降同样引起市场关注。财通资管2022年9月底管理规模达1550亿元峰值，此后持续回落，截至2025年9月末，财通资管管理总规 模为1050.23亿元，3年缩水近500亿元。 随着管理规模逐渐下降，财通资管旗下出现多只迷你基金。例如，截至2025年9月末，财通资管鑫锐混合基金资产净值仅为1864.29万元。 财通资管鑫锐混合基金三季报显示，自2024年3月25日至2025年9月30日，该基金存在资产净值连续60个工作日低于5000万元的情形，基金管理人已向中国证 监会报告并提出解决方案。 | 新任高级管理人员职务 | 副总经理兼财务负责人 | | --- | --- | | 新任高级管理人员姓名 ...

□本报记者 万宇 今年以来，已经有超过270只公募基金清盘，多数原因是规模过小。值得一提的是，一些规模较小的绩 优产品即便在今年取得良好的业绩，也难逃清盘命运。业内人士表示，基金清盘已成常态化，投资者应 优先选择规模适中、业绩优良、投研实力强的基金产品。 超270只基金今年清盘 近期，多只基金清盘。华商基金12月20日公告，截至12月19日，华商创新医疗混合基金资产净值已连续 50个工作日低于5000万元人民币，触发基金合同约定的终止情形，基金管理人将根据相关法律法规、基 金合同等规定对基金进行清算并终止基金合同。基金的最后运作日为12月19日，于12月20日进入清算程 序。 国联基金12月19日公告，截至12月18日，国联研发创新混合已连续50个工作日基金资产净值低于5000万 元，已触发基金合同终止的情形。根据基金合同约定，基金管理人将终止基金合同并依法履行基金财产 清算程序，无需召开基金份额持有人大会。基金最后运作日为12月18日，12月19日进入清算程序。 此外，博时基金、中加基金、华宝基金等均在12月发布了旗下部分基金清盘的相关公告。Wind数据显 示，截至12月中旬，12月以来已有21只基金清盘， ...

12月19日，长江时代精选混合发起、创金合信星和稳健6个月持有期混合发起（FOF）、景顺长城泰保三个月定期开放混合型发起、人保趋势优选混合4只基 金发布清算报告。 通常情况下，基金清盘的原因主要有两种：一是规模过小触发迷你基金清盘条件，即连续多个工作日基金资产净值低于5000万元或持有人数不足200人，或 召开持有人大会经投票后决定终止运作；二是对于发起式基金，在成立三年后，若资产净值仍低于2亿元也可能面临清盘。 上述4只产品中有3只为发起式基金，均因规模不达标而清盘。具体来看，长江时代精选混合发起和创金合信星和稳健6个月持有期混合发起（FOF）均成立 于2022年11月，因近期三年期满时基金资产净值低于2亿元，触发基金合同约定的清盘条款；景顺长城泰保三个月定期开放混合型发起因在2025年10月28日 日终，出现连续50个工作日资产净值低于5000万元的情形，同样触发合同终止条款。 记者 陈姗 12月19日，长江资管、人保资产、景顺长城基金、创金合信基金旗下4只公募基金产品同日发布清算报告。值得关注的是，这些产品成立以来均跑输业绩比 较基准，最终因为规模迷你化而走向清盘。 记者梳理发现，在2025年A股市场整 ...

Core Insights - The fund liquidation process is accelerating as the year-end approaches, with 270 funds having announced their exit this year, primarily due to insufficient scale or number of investors [2][5] - The trend of fund liquidation has become normalized, reflecting poor performance and loss of investor trust, pushing the industry towards a more refined product offering [2][5] Fund Liquidation Trends - As of December 18, 2023, the 17th fund of the month entered liquidation, with 47 additional funds issuing warnings about potential liquidation due to low asset values [3][4] - Equity funds are the most affected, with many newly established funds under a year old facing liquidation risks [4][5] Performance and Investor Trust - Over 60% of the funds that have exited this year are equity funds, attributed to poor performance and lack of investor confidence [5] - The market volatility has exacerbated the risks for "mini funds," which are funds with low asset values [5][9] Regulatory Changes and Fund Management - Fund companies are modifying automatic termination clauses to extend the liquidation period and provide more options for "mini funds," requiring investor input for decisions [6][8] - Failed attempts to hold shareholder meetings indicate low investor engagement, which complicates the decision-making process for fund companies [7][8] Market Dynamics - The current market environment has led to a significant number of funds struggling to maintain minimum asset values, with 2061 equity funds below 60 million yuan and 1586 below 50 million yuan [9]

Group 1 - The core viewpoint of the article highlights the ongoing trend of fund liquidations as the year-end approaches, with 270 funds having announced their exit this year, primarily due to insufficient scale or number of investors [1][3][4] - A total of 47 funds have issued liquidation warnings this month, indicating a significant number of products are at risk of being forced out of the market [2][3] - Equity funds are identified as the most affected category, with 171 out of the 270 liquidated funds being equity funds, representing over 60% of the total [3][4] Group 2 - The article notes that many newly established funds, including those less than a year old, are facing liquidation, reflecting a broader trend of underperformance and loss of investor confidence [1][2] - The bond market's continued adjustment in the fourth quarter has also led to several bond funds facing liquidation or warning signs, indicating a challenging environment for these products [3][4] - The industry is witnessing a shift towards a more selective approach, with resources likely concentrating on more competitive products as the number of funds exceeds ten thousand [1][5] Group 3 - Fund companies are modifying their automatic termination clauses to extend the liquidation period and provide more options for "mini funds," but the decision to liquidate or continue operations still requires investor input [5][6] - Instances of failed shareholder meetings to decide on fund continuance are becoming common, reflecting low investor engagement and interest in these products [6][7] - The article suggests that the decision to maintain or liquidate a fund often depends on the strategic positioning of the product within the company's portfolio, with some companies willing to retain funds that may have future potential [7][8]

11月28日，达诚基金发布公告称，基金经理陈佶因个人原因分别离任达诚中证同业存单AAA指数7天持有期基金、达诚致益债券发起式基金、达诚腾益债券 基金、达诚定海双月享60天滚动持有短债基金。此后，陈佶名下再无其他在管基金。 | 离任基金经理姓名 | 陈信 | | --- | --- | | 离任原因 | 个人原因 | | 离任日期 | 2025 年 11 月 27 日 | | 转任本公司其他工作岗位 | | | 的说明 | | | 是否已按规定在中国基金 | 是 | | 业协会办理注销手续 | | 吴昊阳离任前的4只基金均是迷你基金。截至三季度末，达诚价值先锋灵活配置基金、达诚宜创精选混合基金、达诚策略先锋混合基金、达诚成长先锋混合 基金的资产净值分别为0.34亿元、0.49亿元、0.47亿元、0.35亿元。 值得注意的是，达诚中证同业存单AAA指数7天持有期基金成立于2024年1月26日，刚成立时的净认购金额约为5.08亿元，成立不到2年已经被赎回殆尽。 达诚中证同业存单AAA指数7天持有期基金三季报显示，2025 年三季度，同业存单指数基金（主要跟踪中证同业存单AAA指数）所处的市场环境较为复 杂，其近期业 ...

Group 1 - The core point of the news is that the "Guangfa Shenzhen 100 ETF Linked Fund" has triggered a termination clause due to its net asset value being below 50 million yuan for 30 consecutive working days, indicating a potential for liquidation or transformation if the situation does not improve [1][4]. - ETF linked funds are designed to invest directly or indirectly in target ETFs to achieve index tracking, allowing investors to participate in the market with a lower threshold. However, these funds require a certain scale to operate, and falling below the regulatory threshold of 50 million yuan makes liquidation or merger almost inevitable [4]. - The number of "mini funds" in the public offering market has been high in recent years, with over a hundred funds terminating operations this year, primarily due to insufficient scale triggering contract termination clauses [4]. Group 2 - Guangfa Fund currently has 31 funds with net asset values below 50 million yuan, including "Guangfa Jusheng Mixed A" with a combined scale of only 6.11 million yuan and "Guangfa Xinyu Mixed A" with 10.26 million yuan [5]. - The proportion of institutional holders in these two mixed funds has remained above 95%, but with institutional redemptions, they have become mini funds. If they cannot achieve "rebirth" through mergers or transformations, they face significant liquidation risks [5]. - The company has a large product line across equities, fixed income, and ETFs, but some products have long lacked market interest, reflecting a "long-tail dilemma" in market competition. Retaining these mini funds incurs high operational costs and may drag down the overall product structure, leading to a potential future cleanup of inefficient products as regulatory tolerance decreases [5].

Core Insights - The equity market has experienced a bullish trend over the past year, with most active equity funds showing positive net value growth, yet over 20 funds have reported negative returns [1][2][3]. Performance Overview - As of August 18, the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have recorded cumulative gains of approximately 30%, 40%, and 60% respectively [3]. - The average net value growth rate for 5,033 active equity funds is 34.65%, with a median of 30.65%, and 99.56% of these funds have positive returns [3]. Notable Fund Performance - Three funds have achieved over 200% growth, with the highest reaching a net value growth rate of 249.27% [3]. - 83 funds have doubled their net value, primarily investing in advanced manufacturing and innovative pharmaceuticals, benefiting from policy support and technological breakthroughs [3]. Underperforming Funds - Despite the overall positive performance, over 20 active equity funds have recorded negative returns, with the worst-performing fund declining over 6%, resulting in a 255 percentage point difference from the top-performing fund [3][4]. - These underperforming funds have also lagged behind their performance benchmarks, with some underperforming by more than 25 percentage points [4]. Investment Strategy Issues - Many of the underperforming funds have misaligned their investment strategies with market trends, often holding positions in sectors that are not currently favored [5]. - A significant number of these funds are classified as "mini funds," with assets under management below 50 million yuan, facing operational challenges due to their small size [5]. Specific Fund Examples - Tianzhi Core Growth Fund has a net value growth rate of -6.5% over the past year, significantly underperforming compared to the average return of 40.97% for similar funds [6]. - Guorong Rongxin Consumer Select Fund has seen a decline of 6.21%, trailing its benchmark by nearly 17 percentage points [6]. - Beixin Ruifeng External Growth Fund has also reported a decline of over 5%, underperforming its benchmark by more than 25 percentage points [7]. Summary of Underperforming Funds - A list of underperforming funds includes Tianzhi Core Growth, Guorong Rongxin Consumer Select A, and Beixin Ruifeng External Growth, among others, with varying degrees of negative returns [9].

Core Viewpoint - The announcement of fund manager Lu Feng's resignation from Huian Fund due to company work adjustments raises concerns about the management of two mini funds, Huian Value Blue Chip Mixed Fund and Huian Balanced Growth Mixed Fund, which are facing regulatory scrutiny due to low asset values [2][3]. Fund Manager Resignation - Fund manager Lu Feng has resigned from Huian Value Blue Chip Mixed Fund and Huian Balanced Growth Mixed Fund as of August 11, 2025, due to company work adjustments [2][3]. - Lu Feng will take on other roles within the company [3]. Fund Performance and Regulatory Issues - As of the end of Q2 2025, Huian Value Blue Chip Mixed Fund had a net asset value of 15.6964 million yuan, while Huian Balanced Growth Mixed Fund had a net asset value of 19.8375 million yuan [3]. - Huian Value Blue Chip Mixed Fund has reported a net asset value below 50 million yuan for over 60 consecutive working days, prompting the fund manager to submit a resolution plan to the China Securities Regulatory Commission (CSRC) [3]. - The fund's contract stipulates that if the number of fund holders falls below 200 or the net asset value remains below 50 million yuan for 60 consecutive working days, the fund manager must report to the CSRC and propose solutions within 10 working days [3]. Fund Performance Metrics - As of August 13, 2025, Huian Value Blue Chip Mixed Fund A class has seen a decline of 25.31% since inception, while Huian Balanced Growth Mixed Fund A class has increased by 32.85% since inception [4]. - Huian Value Blue Chip Mixed Fund A class has a unit net value of 0.7469, with a recent performance of -0.24% [5]. - The fund has underperformed its benchmark by 19.89 percentage points since inception and by 12.82 percentage points over the past year [5]. - The fund's stock allocation is 93.17%, with no bond holdings, primarily investing in banking and insurance stocks [5]. Investment Strategy - The fund aims to invest in undervalued blue-chip companies with stable dividend rates and growth potential, focusing on achieving stable net value growth [6].

Core Viewpoint - The appointment of Ouyang Juan as a co-manager for the Jin Ying Responsible Investment Mixed Fund is seen as a significant self-rescue action for this struggling "mini-fund" [1][3]. Fund Management Changes - Jin Ying Fund announced the appointment of Ouyang Juan to co-manage the Jin Ying Responsible Investment Mixed Fund alongside the existing manager Li Heng [1][2]. - This change is part of a routine operation in the public fund industry, but it carries more weight due to the fund's poor performance [1][3]. Fund Performance - Since its inception on March 16, 2021, the fund has consistently underperformed, with a unit net value of 0.5482 as of July 31, 2023, ranking 2750 out of 3719 funds in the industry [3]. - The fund's turnover rate reached 1285.94% in Q4 2023, but this high trading frequency did not capture market opportunities and instead eroded the fund's net value due to high transaction costs [3][7]. - The fund's net asset value has significantly declined from approximately 305.93 million yuan at the end of 2023 to 22.76 million yuan by the end of 2024, and further down to 15.24 million yuan in 2025, falling below the 50 million yuan liquidation threshold [3][7]. Manager Performance - Li Heng, who took over management on June 20, 2023, has also faced challenges, with his other managed funds showing poor performance, raising questions about the effectiveness of his investment strategy [5][6]. - Ouyang Juan, despite her extensive research background, has similarly struggled with the funds she managed, with significant losses recorded in multiple products [7][8]. Market Reaction - Investor sentiment has turned negative, with complaints about the fund's performance and management, leading to a continuous decline in fund size [10]. - The collaboration between Ouyang Juan and Li Heng is viewed as a critical gamble for the fund's future, with uncertainty surrounding whether this partnership can reverse the fund's fortunes [12].