截至12月19日，今年以来共有274只基金清盘，这一数量成 为自2018年以来的第二高峰，仅次于去年的293只。 作者：陈姗 封图：图虫创意 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股市场整体回暖的背景下，基金清盘数量依然维持在高位。Wind数据 显示，截至12月19日，今年以来共有274只基金清盘，这一数量成为自2018年以来的第二高峰， 仅次于去年的293只。 此外，从清盘基金的产品结构看，相比于以往，今年货币型基金和FOF（基金中基金）的清盘数量 显著上升。 绩差基金扎堆清盘 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 ...

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 Viewpoint - The pace of fund liquidations has not slowed down as the year-end approaches, with 270 funds having announced their exit this year, primarily due to insufficient scale or number of investors [1] Group 1: Fund Liquidation Trends - As of December 18, the 17th fund of the month has officially entered the liquidation process, with an additional 47 products sounding alarms for potential liquidation [1] - Over 80% of the funds that have exited this year were forced out due to inadequate scale or insufficient number of investors [1] Group 2: Mini Funds and Industry Dynamics - Several "mini funds" have attempted to hold shareholder meetings to decide their fate, but many have failed due to low investor participation, which does not affect their ongoing operations [1] - The increasing frequency of fund liquidations reflects a broader trend towards industry consolidation, pushing towards a focus on high-quality products in an era with thousands of funds [1] - The ability of products to continuously gain investor recognition is becoming a critical factor for their survival in the market [1]

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]

12月9日，银河基金接连发布两条基金清算公告，银河鑫利混合基金和银河君耀混合基金均进行清算。 | 基金名称 | 银河鑫利灵活配置混合型证券投资基金 | | --- | --- | | 基金简称 | 银河鑫利混合 | | 基金主代码 | 519652 | | 基金运作方式 | 契约型开放式 | | 基金合同生效日 | 2015年4月22日 | | 基金管理人 | 银河基金管理有限公司 | 银河鑫利混合基金成立于2015年4月22日，2025年10月22日停止运作，总共运作了10年。 银河鑫利混合基金和银河君耀混合基金分别由2位基金经理共同管理，刘铭同时担任上述2只基金的基金经理。 公开资料显示，刘铭曾任职于上海汽车集团财务有限责任公司固定收益部、上海银行股份有限公司资产管理部，从事固定收益交易、研究与投资相关工作， 2016年7月加入银河基金，现担任固定收益部总监助理、基金经理。 值得注意的是，刘铭此前管理的银河君荣灵活配置混合基金于2025年7月24日终止运作，刘铭此前管理的银河君润混合基金于2025年9月25日终止运作。 另外，刘铭曾于2024年6月离任银河君盛混合基金，而该基金于2025年7月24日终止运 ...

Group 1 - Company Biostar Pharma, Inc. subscribed to LFM Stable Income Fund SP with an investment of $5 million, completed on November 28, 2024, and the investment is expected to mature on November 29, 2025 [1] - The company submitted a redemption request on January 21, 2025, but has not received a timely response regarding the redemption process [2] - Legal action is being pursued to expedite the redemption process, with Conyers Dill & Pearman LLP appointed as legal counsel to initiate liquidation proceedings for LFM Fund under Cayman Islands law [2] Group 2 - A petition was submitted to the Cayman Islands Grand Court on September 12, 2025, seeking the appointment of a liquidator for LFM Stable Income Fund SP, with a court hearing scheduled for November 19, 2025 [2] - If a liquidator is appointed, the current management will lose control of LFM Fund, and US-Biostar will become a creditor of the fund [2] - A statutory demand for repayment was issued to LFM Oversea Investment Limited, the sole shareholder of LFM Fund, requiring it to assume joint liability for the redemption under the subscription agreement [3]

智通财经11月29日讯（记者 封其娟）昔日百亿基金经理詹成旗下产品清盘。 11月28日，詹成独管产品景顺长城产业臻选一年发布清算报告。该产品成立于2023年5月，今年11月12 日进入清算程序，运行时长约1年半。回顾来看，该产品的募集过程颇为曲折。2021年12月获准注册 后，于2022年8月获准延期，直至2023年2月才启动公开发行，并经过2次延长募集期，历时2个多月才最 终完成募集。 今年三季报披露，该产品在今年8月26日至9月30日的连续20个工作日出现基金资产净值低于5000万元的 情形。 进入10月之后，清盘预警密集发布。10月16日，景顺长城产业臻选一年首度公告称，截至10月14日，该 产品已连续30个工作日基金资产净值低于5000万元；10月30日、11月6日，景顺长城产业臻选一年又接 连发布清盘预警公告。11月7日，该产品已暂停接受申购及转换转入业务。 截至11月11日，该产品已连续50个工作日基金资产净值低于5000万元，触发基金合同约定的终止情形。 即使多番增聘代销机构、下调费率，景顺长城产业臻选一年仍无法扭转机构资金持续撤离、规模持续缩 水的颓势。与规模表现背离的是，该产品自成立以来收益 ...

Core Viewpoint - The article discusses the growing challenges and risks associated with "mini funds" in the public fund market, emphasizing the need for investors to be cautious and informed when considering such investments [1]. Group 1: Definition and Characteristics of Mini Funds - Mini funds are defined as funds with a net asset value consistently below 50 million yuan, which is the regulatory "liquidation warning line" [3]. - As of October 31, 2025, there were over 1,500 open-end funds below the 50 million yuan threshold, accounting for over 12% of all open-end funds, but their total asset scale represented only 0.12% [6]. - The main types of mini funds include equity funds (64%), bond funds (26%), and mixed funds (9%) [6]. Group 2: Challenges Faced by Mini Funds - Mini funds face significant liquidity challenges, making it difficult to meet redemption requests, especially during market downturns [12][13]. - The performance of mini funds is often poor due to lack of diversification and insufficient research support, leading to high volatility and low returns [14][15]. - Mini funds typically have higher fee rates due to fixed costs being spread over a smaller asset base, which erodes investor returns [16][17]. - The threat of liquidation is a major concern, as fund companies may choose to liquidate mini funds to optimize resources, which can lead to losses for investors [18][19]. Group 3: Investor Missteps and Awareness - Investors often fall into the "low net value illusion," mistaking a lower net value for a better investment opportunity, which can lead to higher risks [21]. - Short-term performance spikes can mislead investors into chasing returns, resulting in losses when market conditions change [22]. - Many investors rely on limited information sources, leading to a lack of awareness about the risks associated with mini funds [22]. Group 4: Strategies for Avoiding Mini Fund Pitfalls - Investors should prioritize funds with moderate sizes and avoid those with high institutional ownership to mitigate risks [24]. - Evaluating the strength of the fund company, the experience of the fund manager, and the fund's historical performance is crucial [24]. - For existing mini fund holders, assessing the fund's stability and performance is essential to decide whether to hold or redeem [24][25]. Group 5: Conclusion - The existence of mini funds reflects a natural selection process in the rapidly developing public fund market, and investors should avoid the misconception of potential recovery [27]. - Rational investment decisions should be based on comprehensive evaluations of funds, avoiding impulsive actions driven by market emotions [28].

【深圳商报讯】（记者 詹钰叶）在市场赚钱效应的推动下，今年以来超过九成的权益基金取得正收 益，新发产品规模增长。与此同时，超100只权益基金在年内"退场"，多数触及规模清盘红线，还有多 只基金年内发布清盘预警公告。 据同花顺数据，今年以来清盘的基金共有370只，同比增加近24%。此外，年内还有多只基金发布清盘 预警。同花顺数据显示，今年以来有120余只基金发布了超600条清盘预警公告。剔除已清盘的产品，还 有超过90只基金处于清盘边缘，近半数为权益产品。 同花顺数据显示，截至11月25日，股票型基金今年以来的整体平均收益率为24.45%，混合型基金收益 为22.17%。据可统计数据，今年以来有4687只主动权益基金（仅统计A份额）实现正收益，占全部主动 权益基金的比例接近95%。 今年以来新成立的主动权益类基金数量接近300只，总发行规模达到1603亿元，同比增长约140%。 ...