Core Insights - The public fund industry is experiencing a normalization of fund liquidations, with over 280 funds entering liquidation by December 29, 2025, which is comparable to the 293 funds liquidated in 2024, indicating a trend of survival of the fittest in the industry [12][10][20] Fund Liquidation Overview - Among the 281 liquidated funds, mixed funds lead with 127 funds, accounting for over 45%, followed by bond funds (53) and equity funds (51) [3][14] - The distribution of liquidated funds shows significant differentiation among institutions, with Bosera Fund having the highest number of liquidations at 16, followed by several others with 9 and 8 liquidations [3][14] Fund Age and Performance - The liquidated funds include both long-standing funds over ten years old and newly established funds under one year, highlighting a diverse age range [4][15] - Notably, some funds, despite achieving positive returns, were still liquidated due to insufficient asset size, such as Huabao Yuanxi A, which had a return of 11.35% but was terminated due to net asset value falling below 50 million [6][16] Reasons for Liquidation - A significant majority of the liquidated funds, 235 out of 281, were forced to liquidate due to triggering contract termination clauses, primarily because their size remained below 50 million [7][17] - Even high-performing funds like Southern Carbon Neutral A, which had a return of 71.03%, faced liquidation due to not meeting asset size requirements, indicating a trend where investors redeem funds after achieving returns, leading to rapid size decline [8][18] Industry Implications - The trend of fund liquidations reflects a shift in the industry from a focus on initial launches to an emphasis on sustained performance, with investors encouraged to select funds with moderate sizes and avoid those with high institutional ownership [10][20] - The reduction in the "shell" value of funds, due to lower approval and issuance thresholds, has led to a market environment where underperforming funds are not maintained, resulting in a natural selection process within the industry [10][20]

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。（中证报） ...

Core Insights - Over 270 public funds have been liquidated this year, primarily due to insufficient scale, indicating a trend towards normalization of fund closures in the industry [1][2][4] - Even some small-sized high-performing funds have faced liquidation, as investors redeem their shares after achieving profits or breaking even, leading to insufficient scale [3][4] Fund Liquidation Details - As of mid-December, 21 funds have been liquidated in December alone, contributing to the total of over 270 funds this year [2] - The types of funds affected include bond funds, actively managed equity funds, ETFs, and FOFs, with both small and large fund companies involved [2] - Funds are terminated if their net asset value falls below 50 million RMB for 60 consecutive days or if the number of shareholders drops below 200 [2] Performance and Scale Issues - Some funds, despite achieving high returns, such as a 21.99% return for a healthcare fund in Q1 and a 71.03% return for another fund, still faced liquidation due to low asset values [3] - As of the end of Q3, there were still 2,924 funds with assets below 50 million RMB, including 324 funds with assets below 10 million RMB [3] Market Dynamics - The lowering of approval and issuance thresholds for new funds has diminished the "shell" value of funds, allowing fund companies to discontinue underperforming or small-scale products [4] - The market is experiencing a natural selection process, where mini funds and fund liquidations are becoming a common occurrence [4] - Investors are advised to prioritize funds with moderate scale and to avoid those with high institutional ownership, as large-scale redemptions can lead to rapid declines in fund size [4]

12月16日，中银基金发布公告称，中银消费主题混合基金份额持有人大会以通讯方式召开，审议了《关于中银消费主题混合型证券投资基金持续运作的议 案》，根据统计结果，本人直接出具表决意见或授权他人代表出具表决意见的基金份额持有人所持有的基金份额未达到权益登记日本基金总份额的50%，因 此未达到法定的会议召开条件。 风险提示：观点仅供参考，不构成投资建议，市场有风险，投资需谨慎。基金过往业绩不代表未来表现，基金管理人及基金经理管理的其他基金的业绩并不 构成对本基金业绩表现的保证。 此前中银基金发布的公告显示，截至2025年6月11日，中银鑫利混合基金资产净值为4185.67万元，已连续60个工作日出现基金资产净值低于5000万元的情 形。 12月12日，中银基金发布公告称，截至2025年12月11日，中银高质量发展机遇混合基金已连续30个工作日出现基金资产净值低于5000万元的情形。若截至 2026年1月12日，该基金出现连续50个工作日基金资产净值低于5000万元的情形，该基金将根据基金合同约定进入清算程序，无需召开基金份额持有人大会 进行表决。 12月12日，中银基金还发布公告称，截至2025年7月23日，中银新 ...

截至2025年10月31日，金元顺安行业精选混合基金的基金资产净值已连续50个工作日低于5000万元，已触发上述《基金合同》约定的自动终止情形。 12月17日，金元顺安基金发布金元顺安行业精选混合基金的清算报告。报告显示，该基金最后运作日为2025年10月31日，自2025年11月1日起进入清算程 序。 金元顺安行业精选混合基金合同显示，该基金合同生效后，连续50个工作日出现基金份额持有人数量不满200人或者基金资产净值低于5000万元情形的，该 基金将根据基金合同的约定进入清算程序并终止，无需召开基金份额持有人大会进行表决。 金元顺安行业精选混合基金成立于2022年5月10日，刚成立时的净认购金额约为2.24亿元，到了2025年三季度末，资产净值约为409.45万元。 值得一提的是，截至2022年三季度末，金元顺安行业精选混合基金刚成立一个季度，资产净值就仅剩下6883.74万元，并且存在4家机构持有该基金85.41%份 额的情形。 2022年三季报显示，有2家机构在2022年三季度清仓赎回金元顺安行业精选混合基金。这意味着，该基金刚成立不久就遭遇机构清仓赎回。 截至2025年三季度末，金元顺安行业精选混合 ...

在基民投票意愿普遍低迷的背景下，小微基金通过召开持有人大会实现产品转型或顺利清盘的难度正显著 上升。 证券时报·券商中国记者注意到，在年末关键时间节点，多只"迷你基金"因未能成功召集持有人大会而被迫继 续运作，甚至连续多次计划举行会议、谋求解决产品问题均未果。原本旨在避免产品自动清盘、保护投资者利 益的合同"保护性条款"，如今反而成为基金公司降本增效的掣肘。值得注意的是，鉴于持有人大会顺利召开难 度不小，为避免陷入"想清清不掉"，部分基金公司已开始在基金合同中增设"加速清盘"条款，以避免出现甩不 掉拖油瓶的尴尬。 基民响应弱，持有人会议难开 岁末年初，在基民落袋为安趋势下，多只规模触及警戒线的基金试图通过持有人大会寻求转型或清盘出路，却 频频遭遇基民"零响应"的尴尬局面。 事实上，市场关注度较低的小微基金，尤其是赛道冷门的主题基金，召开大会的难度本就巨大。在年末市场回 调压力下，基民倾向于"落袋为安"选择赎回，导致基金公司虽有意顺应市场规律进行清盘，却因投资者参与度 极低而难以成行。 基金保护性条款反成拖累 由于合同中普遍设置了"保护性条款"，持有人大会召开失败并不直接导致基金合同终止，相关产品仍可维持运 作 ...

Group 1 - The core viewpoint of the article highlights that the number of fund liquidations in 2023 has reached 274, marking the second-highest peak since 2018, only behind last year's 293 liquidations [2][8] - The article notes that the increase in fund liquidations is occurring despite an anticipated overall recovery in the A-share market by 2025, indicating persistent challenges in the fund industry [2][9] - A significant rise in the liquidation of money market funds and FOFs (funds of funds) has been observed this year, with 11 and 35 funds respectively, the latter reaching a record high since their introduction [9][10] Group 2 - The reasons for fund liquidations primarily include small fund sizes triggering mini-fund liquidation conditions and underperformance against benchmarks, with three out of four recently liquidated funds failing to meet asset value thresholds [5][6] - The performance of the liquidated funds has been poor, with some funds experiencing significant losses compared to their benchmarks, such as the Changjiang Era Select Mixed Fund, which lost 34% against a benchmark return of 23.97% [6][10] - The article discusses the intensified competition in the public fund industry, leading companies to focus resources on more competitive core products rather than maintaining underperforming "mini funds" [6][9]

Core Insights - The article highlights the ongoing trend of mutual fund liquidations in the Chinese market, with 274 funds being liquidated in 2023, marking the second-highest number since 2018, following 293 in the previous year [2][6] - The trend is attributed to the increasing competition in the mutual fund industry, leading companies to focus resources on more competitive products and actively choose to liquidate underperforming "mini funds" [5][6] Fund Liquidation Details - Four mutual funds from Changjiang Asset Management, PICC Asset Management, Invesco Great Wall Fund, and Chuangjin Hexin Fund announced liquidation on December 19, 2023, due to underperformance against benchmarks and small asset sizes [2][4] - The reasons for liquidation include failing to meet minimum asset thresholds, such as having net assets below 50 million yuan for 50 consecutive working days or failing to reach 200 investors [4][5] Performance Analysis - The four funds that were liquidated reported significant underperformance, with losses of 34% and 12.26% against their respective benchmarks, which yielded returns of 23.97% and -11.54% [5] - The trend of underperformance is exacerbated by the market's shift towards larger, more successful funds, leading to a concentration of capital among top fund managers [6][7] Fund Types and Trends - There has been a notable increase in the liquidation of money market funds and Funds of Funds (FOFs), with 11 and 35 funds respectively being liquidated this year, marking a record high for FOFs [3][7] - The rise in money market fund liquidations is linked to declining yields and increased competition, prompting investors to seek higher returns in alternative products [7][8] FOF Specifics - The number of liquidated FOFs has increased from 4 in 2022 to 35 in 2023, driven by poor performance and the expiration of three-year terms for many newly launched funds [8] - The challenges faced by FOFs include underwhelming returns, dual fee structures, and a lack of investor confidence, leading to persistent underperformance and subsequent liquidations [8]

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]