Group 1 - The recent leadership change at Zhongyin Fund, with Chairman Zhang Yan resigning due to work adjustments, marks a significant shift in the company's management [2][3][5] - Zhang Jiawen, the current Executive President, will temporarily assume the role of Chairman until a new appointment is made [2][4] - Under Zhang Yan's nearly 8-year tenure, the fund's assets grew from 326.43 billion to 650.99 billion, doubling in size, but the company's ranking has dropped from the top ten to 17th in the industry [6][25] Group 2 - Zhongyin Fund faces challenges including a significant imbalance in product structure, with 95.3% of its assets in money market and bond funds, while equity products have decreased significantly [25][27] - The company has experienced substantial talent loss, with over one-third of its 40 fund managers having less than three years of experience, raising concerns about industry expertise [8][9] - The fund is also dealing with a "mini-fund" crisis, as 31 of its 166 products have assets below 50 million, which could lead to forced liquidation [17][19] Group 3 - Performance issues are evident, with nine products losing over 30% since inception, including a notable 68.9% loss for the Zhongyin Continuous Growth Mixed Fund [12][13] - The company has seen a trend of fund liquidations, with 14 funds closed in 2023, the highest in the industry, primarily due to poor performance [17][19] - Historically, Zhongyin Fund was a pioneer in the industry, but it has struggled to keep pace with market changes, particularly in the booming index fund sector [20][30]

今年以来，在全市场清盘的125只基金中，有多达35只为发起 式基金，其中6只发起式基金在清算时规模不足千万元。 作者：洪小棠 封图：图虫创意 近期，发起式基金市场正演绎着截然不同的景象：一方面，清盘压力如影随形，一些发起式基金 在"三年大考"面前败下阵来，无奈走向终止；另一方面，新的发起式基金在不断发行，公募机构仍 在积极布局。 这种发行与清盘的强烈反差，正是发起式基金在当前市场环境下的身处的分化"窘境"。 "生死劫" 今年以来，越来越多的发起式基金面临着严峻的清盘危机。 根据Wind数据，今年以来，在全市场清盘的125只基金中，有多达35只为发起式基金，其中6只发 起式基金在清算时规模不足千万元。一些发起式基金在成立三年后，因规模未能达到2亿元，触发 了基金合同自动终止的条款。 根据规定，发起式基金在成立时需使用管理人自有资金认购不少于1000万元，并持有满三年便可 成立，但发起式基金的退出机制较为严格，若成立满三年时规模仍低于2亿元，基金合同将自动终 止，且无法通过持有人大会延续。 这一"刚性条款"如同悬在头顶的"达摩克利斯之剑"，使得部分发起式基金在三年后面临生死考验。 晨星（中国）基金研究中心高级分析 ...

Core Viewpoint - The market for initiated funds is experiencing a stark contrast, with increasing liquidation pressures on some funds while new initiated funds continue to be launched by public institutions [1][2] Group 1: Liquidation Pressure - A significant number of initiated funds are facing severe liquidation crises, with 35 out of 125 funds liquidated this year being initiated funds, and 6 of these having a scale of less than 10 million yuan at the time of liquidation [2] - Initiated funds must reach a minimum scale of 200 million yuan after three years to avoid automatic termination of their contracts, which has led to many funds facing existential threats [2][6] - Some initiated funds, despite having positive net values, are still forced to liquidate due to insufficient scale, highlighting the strict exit mechanisms in place [2][6] Group 2: Market Dynamics - The initiated funds are often focused on niche sectors such as Hong Kong Stock Connect and quantitative strategies, but face challenges in attracting attention and capital due to poor marketing and investor education [3][7] - The high operational costs associated with smaller fund sizes hinder the ability to attract new investments, leading to a reliance on institutional funds that can influence investment strategies [3][7] Group 3: New Opportunities - Despite the liquidation pressures, the issuance of initiated funds remains robust, with 146 new funds launched this year, totaling 32.481 billion yuan, which is an increase from the previous year's 5.34% to 6.45% of total public fund issuance [4] - The flexibility of initiated funds allows public institutions to launch products even in a sluggish market, providing opportunities for counter-cyclical investments [4][5] Group 4: Growth Challenges - The simultaneous occurrence of liquidation and issuance reflects the unique "growth dilemma" faced by initiated funds, where low entry barriers lead to smaller fund sizes, while strict exit mechanisms create significant scale pressures [6][7] - The competitive landscape and channel pressures further exacerbate the challenges for initiated funds, as they struggle to gain traction in a market saturated with nearly 13,000 funds [7]

Core Insights - The recent wave of fund liquidations, particularly among initiator funds, has drawn significant market attention, with 41 out of 131 funds liquidated this year being initiator funds, many of which focus on sectors like new energy and pharmaceuticals [1] Group 1: Challenges Faced by Initiator Funds - The low establishment threshold for initiator funds, requiring only 50 million yuan for initial capital compared to 200 million yuan for regular public funds, leads to a proliferation of small funds that struggle to survive [3] - The requirement for initiator funds to reach a scale of 200 million yuan within three years poses a significant challenge, as many funds fail to meet this threshold, resulting in automatic termination of their contracts [3] - The withdrawal of initial "hot money" that supports new fund launches contributes to the difficulties faced by initiator funds, as these funds often see a decline in capital after initial establishment [4] Group 2: Market Conditions and Management Issues - Poor performance in the A-share market has created a lack of profit opportunities, making it difficult for initiator funds to attract new investors, with many funds' net asset values falling below 1 yuan [4] - The majority of fund managers for initiator funds lack star status and market appeal, which limits their ability to attract new investors and often relegates these positions to training grounds for less experienced managers [5] - The rapid issuance of new funds leads to the marginalization of existing initiator funds, as investors are encouraged to abandon older funds in favor of newer offerings, further complicating the growth prospects for established initiator funds [5]

Core Viewpoint - The issuance and establishment of initiator funds are increasing, with significant flexibility compared to traditional funds, making them an important tool for public institutions to enter the market [1][2]. Group 1: Fund Characteristics - Initiator funds have lower establishment thresholds, allowing public institutions to quickly launch new products in innovative fields and seize first-mover advantages in niche markets [2][3]. - As of June 24, 2023, 146 new initiator funds have been established this year, with a total issuance scale of 32.481 billion yuan, accounting for approximately 6.45% of the total public fund issuance, an increase from 5.34% in the same period last year [1]. Group 2: Market Trends - Many public institutions are using initiator funds to rapidly enter sectors such as technology and pharmaceuticals, with innovative drugs leading a strong rebound in the pharmaceutical sector [2]. - The flexibility of initiator funds allows fund managers to adjust investment strategies more easily when the fund size is small, potentially enhancing investor experience [3]. Group 3: Challenges and Risks - The low establishment requirements can lead to smaller overall fund sizes, and if the net asset value falls below 200 million yuan after three years, the fund contract will automatically terminate [4]. - There is a risk of homogenization and competition among initiator funds, which may lead to challenges in attracting and retaining investor interest [4][5]. Group 4: Development Strategies - To achieve better development, initiator funds should optimize product design and enhance market recognition during the establishment phase [5]. - Fund managers should focus on improving investment research capabilities and risk control to enhance fund performance and investor experience [5].

2025年上半年即将过去。公募基金市场延续了近年来的清盘趋势。Wind数据显示，截至6月24日，共有 121只基金清盘，较去年同期增长10%。其中，混合型基金（52只）占比最高，股票型（29只）、债券 型（29只）、FOF（11只）紧随其后。清盘主因包括触发合同终止条款和持有人大会表决通过，而发起 式基金成为清盘高发区，部分产品即使业绩亮眼，仍难逃规模不足的"生死劫"。 从清盘基金所属机构来看，121只产品分属62家机构。其中，博时基金、淳厚基金、海富通基金各有6只 产品清盘；国泰基金、华安基金、南方基金上半年各有5只产品清盘；富国基金、华夏基金各有4只产品 清盘；景顺长城基金、浦银安盛基金、华宝基金、上银基金、长信基金等各有3只产品清盘。 数据来源：Wind 截止 数据来源：Wind 截止 日期：2025年6月24日 创历史新高，但份额从3亿份骤降至2500万份，触发清盘预警。类似情况也出现在嘉实方舟一年持有等 产品中，显示基民对市场波动仍持谨慎态度。三是机构定制"退场"。部分债基因单一机构持有人大额赎 回，规模迅速缩水。如诺德安元纯债此前单一持有人占比超90%，但在二季度初全部赎回，导致基金跌 入清盘边缘 ...

恒大许家印又曝出新消息。 近日，香港商报援引外媒消息，中国恒大创始人许家印前妻丁玉梅被指通过"技术性离婚"获得恒大数百 亿分红。在恒大贷款违约9个月后，丁玉梅通过5家离岸公司，以4980万英镑（约5.27亿港元）连购伦敦 豪宅，但文件未提及购买时间。 根据恒大2023年8月提交的公告，丁玉梅不再被列为董事局主席许家印的配偶，但目前未有明确二人具 体的离婚时间。 2024年1月，负债2.4万亿元的恒大被中国香港高等法院下令清盘，并任命安迈顾问董事总经理Edward Simon Middleton及黄咏诗（Wing Sze Tiffany Wong）作为恒大清盘人。 清盘人接管后入禀香港高等法院，向许家印、其前妻丁玉梅、前行政总裁夏海钧及前首席财务官潘大荣 等人追讨约60亿美元的股息及酬金。 香港高等法院随后颁发了全球资产冻结令，禁止他们处理名下总值约600亿港元的全球资产，包括丁玉 梅在英国的银行存款及伦敦豪华公寓。 在此背景下，丁玉梅于今年2月向香港高等法院提出了两项申请。 动态方面，日前恒大旗下不良资产正在加速处置，其中，"恒大系"12家公司不良债权被集中摆上货架， 拿出来招商，债权总额约113亿元，12笔 ...

【环球网财经综合报道】尽管部分产品业绩亮眼，发起式基金仍因规模不足密集触发"自动终止"条款。同花顺数 据显示，今年以来全市场清盘的百余只基金中，多达44只为发起式基金，其中7只清算时规模甚至不足千万元。值 得注意的是，部分产品在清盘前净值涨幅超过10%，却仍未能摆脱"2亿元生死线"的约束，折射出此类基金"叫好 不叫座"的生存困境。 令人唏嘘的是，部分清盘基金业绩表现突出。以华安创新医药锐选量化股票发起式A为例，该基金今年初至清盘 前净值上涨近22%，跑赢业绩基准约17个百分点；国泰金福三个月定开混合、金鹰品质消费混合发起式A同期涨 幅均超10%。拉长时间看，富荣量化精选混合发起A、东方红鼎元三个月定开混合等近一年收益率也超过10%，却 因规模未达标被迫退出市场。 数据显示，清盘的发起式基金中，安信量化优选股票、瑞达策略优选混合发起、富荣量化精选混合发起等7只产品 清算时规模均低于1000万元，沦为"迷你基"中的极端案例。业内人士指出，此类基金多布局细分赛道（如港股 通、量化、消费等），虽阶段性业绩爆发，但渠道推广乏力或市场关注度不足，导致规模长期低迷。 "发起式基金成立门槛低，不少公司借此布局创新领域或'试水 ...

近日，香港商报援引外媒消息，中国恒大创始人许家印前妻丁玉梅被指通过"技术性离婚"获得 恒大数百亿分红。在恒大贷款违约9个月后，丁玉梅通过5家离岸公司，以4980万英镑（约5.27 亿港元）连购伦敦豪宅，但文件未提及购买时间。 动态方面，日前恒大旗下不良资产正在加速处置，其中，"恒大系"12家公司不良债权被集中摆 上货架，拿出来招商，债权总额约113亿元，12笔不良资产的持有人均为长城资产北京市分公 司，涉及的项目遍布北京、天津、成都等多个一、二线城市，涵盖住宅、商业及文旅等多个类 型项目。 许家印前妻被曝5亿连买伦敦豪宅 近日，据香港商报援引外媒报道，许家印前妻丁玉梅被指通过"技术性离婚"获得恒大数百 亿分红。在恒大贷款违约9个月后，丁玉梅斥资数千万英镑在伦敦买下多套豪宅。 上述报道引用1月一份法庭文件显示，丁玉梅通过5家离岸公司，以4980万英镑（约5.27亿 港元）购入伦敦豪宅项目Thames City的33个单位，不过，文件未提及购买时间。 查阅英国土地注册处文件显示，有关豪宅是于2022年9月所购，而有关时间点，正是在内 地有关部门敦促许家印动用个人身家偿付债务将近一年之后。 报道指出，丁玉梅通过5家 ...

恒大许家印又曝出新消息。 近日，香港商报援引外媒消息，中国恒大创始人许家印前妻丁玉梅被指通过"技术性离婚"获得恒大数百亿分 红。在恒大贷款违约9个月后，丁玉梅通过5家离岸公司，以4980万英镑（约5.27亿港元）连购伦敦豪宅，但文 件未提及购买时间。 动态方面，日前恒大旗下不良资产正在加速处置，其中，"恒大系"12家公司不良债权被集中摆上货架，拿出来 招商，债权总额约113亿元，12笔不良资产的持有人均为长城资产北京市分公司，涉及的项目遍布北京、天 津、成都等多个一、二线城市，涵盖住宅、商业及文旅等多个类型项目。 许家印前妻被曝5亿连买伦敦豪宅 近日，据香港商报援引外媒报道，许家印前妻丁玉梅被指通过"技术性离婚"获得恒大数百亿分红。在恒大贷款 违约9个月后，丁玉梅斥资数千万英镑在伦敦买下多套豪宅。 上述报道引用1月一份法庭文件显示，丁玉梅通过5家离岸公司，以4980万英镑（约5.27亿港元）购入伦敦豪宅 项目Thames City的33个单位，不过，文件未提及购买时间。 查阅英国土地注册处文件显示，有关豪宅是于2022年9月所购，而有关时间点，正是在内地有关部门敦促许家 印动用个人身家偿付债务将近一年之后。 ...