Core Viewpoint - The report indicates that the "Chuangjin Hexin Stable Pension Target One-Year Holding Period Mixed Fund of Funds (FOF)" will enter liquidation due to its net asset value falling below 200 million yuan by July 21, 2025, as stipulated in the fund contract [1][2]. Fund Overview - The fund was officially established on July 21, 2022, with a total share amount of 10,001,822.90 shares, and it had no accrued interest at the time of inception [1]. - The fund's A/Y share classes reported cumulative net values of 1.0563 yuan and 1.0630 yuan, with cumulative returns of 5.63% and 7.40% respectively [2]. Management Background - The fund was previously managed by Yan Biao, who has extensive experience in the investment sector, having held various positions in different financial institutions since 2008 [3]. - Currently, Yan Biao manages seven other FOF funds, most of which have positive returns but underperform compared to their peers [4].

Core Viewpoint - The report from Chuangjin Hexin Fund indicates that the Chuangjin Hexin Stable Pension Target One-Year Holding Period Mixed Fund of Funds (FOF) will enter liquidation due to its net asset value falling below 200 million yuan by July 21, 2025, triggering the termination clause in the fund contract [1][2]. Fund Overview - The fund was officially established on July 21, 2022, with a total share amount of 10,001,822.90 shares at inception [1]. - The fund contract stipulates that if the net asset value falls below 200 million yuan three years after the contract's effective date, the fund will be liquidated without the need for a shareholder meeting [1][2]. Performance Metrics - As of the last disclosed net value date, the cumulative unit net value for the A/Y shares was 1.0563 yuan and 1.0630 yuan, respectively, with cumulative returns of 5.63% and 7.40% [5].

Core Viewpoint - The recent performance of the Shenwan Hongyuan Industry Select Fund, managed by newly appointed deputy general manager Jia Chengdong, has raised concerns among investors due to significant losses despite a bullish market environment [2][4][6]. Group 1: Fund Performance - The Shenwan Hongyuan Industry Select Fund, established on June 3, 2025, has experienced a cumulative decline of over 8% by August 11, 2025, significantly underperforming the Shanghai Composite Index, which rose by 8.96% during the same period [4][5]. - The fund's initial scale reached 1.219 billion yuan with 10,477 effective subscriptions, marking it as the largest fund launch for Shenwan Hongyuan in 2025 [4][6]. - The fund's net asset value dropped from 0.98 yuan to 0.92 yuan within three trading days, indicating volatility and a rapid decline in value [5]. Group 2: Management Background - Jia Chengdong joined Shenwan Hongyuan in December 2024 and became deputy general manager in March 2025, shortly before managing the Shenwan Hongyuan Industry Select Fund [3][6]. - Prior to joining Shenwan Hongyuan, Jia managed 15 funds over nearly a decade, with mixed performance results, including both significant gains and losses in various products [6][7]. Group 3: Market Reactions and Investor Sentiment - Investors have expressed dissatisfaction with the fund's performance, labeling it as a "bull market bear fund" and indicating intentions to redeem their investments [4][5]. - The fund's rapid fluctuations and inability to adapt to market conditions have raised concerns about the manager's capability and the fund's long-term viability [5][6]. Group 4: Company Challenges - Shenwan Hongyuan has faced multiple fund liquidations in 2025, with at least six funds undergoing liquidation due to asset values falling below the required thresholds [7][8]. - The company's total asset management scale has decreased to 82.557 billion yuan, ranking it 66th in the industry, down from 84.640 billion yuan at the end of 2024 [8].

Core Viewpoint - The article discusses the performance issues of the Shenwan Hongyuan's fund, particularly the Shenwan Lingshin Industry Select Fund, which has experienced significant losses shortly after its establishment, raising concerns among investors about the management and investment strategies of the newly appointed vice president, Jia Chengdong [3][5][10]. Group 1: Fund Performance - The Shenwan Lingshin Industry Select Fund, managed by Jia Chengdong, has seen a cumulative decline of over 8% since its inception on June 3, 2025, while the Shanghai Composite Index rose by 8.96% during the same period, indicating a significant underperformance [6][7]. - The fund's initial net asset value was 0.98 yuan, which dropped to 0.92 yuan by August 11, 2025, reflecting volatility and a rapid decline in value shortly after launch [7]. - Investors have expressed dissatisfaction with the fund's performance, with comments highlighting disappointment in its ability to generate returns during a bullish market [5][10]. Group 2: Management Background - Jia Chengdong joined Shenwan Lingshin in December 2024 and became vice president in March 2025, shortly before launching the Shenwan Lingshin Industry Select Fund [6][9]. - Prior to joining Shenwan Lingshin, Jia managed multiple funds at Guotai Fund and招商基金, with mixed performance results, including both significant gains and losses in various funds [9][10]. - His previous experience included managing funds that performed well over several years, but he also oversaw funds that recorded losses during market downturns [9]. Group 3: Industry Context - Shenwan Lingshin has faced challenges in its equity products, with multiple funds facing liquidation due to asset values falling below the required thresholds [10]. - As of August 12, 2025, Shenwan Lingshin's total asset management scale was 825.57 billion yuan, ranking 66th in the industry, down from 846.40 billion yuan at the end of 2024 [10].

Core Viewpoint - The performance of the Shenwan Hongyuan Fund's Shenwan Lingshin Industry Select Mixed Fund has declined over 8% since its establishment, raising concerns about the fund manager's investment strategy and prompting a response from the company [1][4]. Fund Performance - The Shenwan Lingshin Industry Select Fund, established on June 3, has a unit net value of 0.9177 yuan as of August 8, reflecting a decline of over 8% since inception [4]. - The fund raised 1.219 billion yuan, making it one of the larger mixed equity funds launched in recent months [4]. - The fund's performance is benchmarked against a composite index consisting of 65% CSI 300, 10% Hang Seng Index, and 25% China Bond Index [4]. Fund Manager Background - The fund manager, Jia Chengdong, has 17 years of experience in the securities industry and has previously managed funds with significant performance records [5]. - Jia Chengdong joined Shenwan Lingshin in December 2024 after leaving China Merchants Fund, where he managed several successful funds [5]. Company Challenges - Shenwan Lingshin has faced multiple fund liquidations this year, including the Shenwan Lingshin Carbon Neutrality Mixed Fund and others, indicating potential issues within the company's product offerings [8]. - The company has struggled to maintain competitive performance and scale compared to peers like Tianhong Fund, with a current non-monetary scale of 70.324 billion yuan, ranking 59th in the public fund industry [9]. - Despite attempts to improve performance by hiring well-known fund managers, the results have not yet met expectations [9].

Core Viewpoint - The recent performance of the Shenwan Hongyuan Fund, particularly the Shenwan Hongyuan Industry Select Fund managed by Jia Chengdong, has raised concerns among investors due to significant losses despite a bullish market environment [1][2][3]. Group 1: Fund Performance - The Shenwan Hongyuan Industry Select Fund, established on June 3, 2025, has experienced a cumulative decline of over 8% by August 11, 2025, significantly underperforming the benchmark by 13.79 percentage points, while the Shanghai Composite Index rose by 8.96% during the same period [2][3]. - The fund's net asset value dropped from 0.98 yuan to 0.92 yuan within a short span, indicating volatility and poor initial performance [3]. - Investors have expressed dissatisfaction with the fund's performance, labeling it as a "bull market bear fund" and indicating intentions to redeem their investments [2][3]. Group 2: Management Background - Jia Chengdong joined Shenwan Hongyuan Fund in December 2024 and became a vice president in March 2025, shortly before managing the Shenwan Hongyuan Industry Select Fund [2][4]. - Prior to joining Shenwan Hongyuan, Jia managed 15 funds over nearly a decade, with mixed performance results, including both significant gains and losses in various products [4][5]. Group 3: Fund Liquidation Issues - Shenwan Hongyuan has faced multiple fund liquidations in 2025, with at least six funds, including the Shenwan Hongyuan Carbon Neutrality Mixed Fund and Shenwan Hongyuan Pension Target Date Fund, being terminated due to asset values falling below 200 million yuan [6]. - The company's public asset management scale has decreased to 825.57 billion yuan as of August 12, 2025, ranking 66th in the industry, down from 846.40 billion yuan at the end of 2024 [6].

来源：天天基金网 中国经济网北京7月17日讯 今日，浙商基金发布浙商惠丰定期开放债券型证券投资基金清算报告。 报告称，浙商惠丰定期开放债券型证券投资基金（以下简称"本基金"）于2016年8月1日起基金合同生效， 浙商惠丰定期开放债券型证券投资基金基金份额持有人大会于2025年6月16日表决通过了《关于终止浙商惠丰 定期开放债券型证券投资基金基金合同有关事项的议案》。 牛冠群在管基金一览 （责任编辑：康博） 来源：天天基金网 对于清算原因，报告称："因为市场环境变化，本基金规模存量较小，为保护基金份额持有人的利益，根 据《中华人民共和国证券投资基金法》、《公开募集证券投资基金运作管理办法》、本基金基金合同等有关规 定，并经与本基金托管人协商一致，公司提议召开基金份额持有人大会对终止《基金合同》并进行基金财产清 算事宜进行审议。并于2025年6月16日表决通过了《关于终止浙商惠丰定期开放债券型证券投资基金基金合同 有关事项的议案》，本基金自2025年6月18日起进入基金财产清算程序。" 根据中国经济网记者了解，浙商惠丰定开债在2016年8月1日成立时的规模为5亿元，截至2025年6月17日 （基金最后运作日），基 ...

Core Insights - The performance of multiple products managed by Wang Ran, the general manager of the equity research department at Dongfang Fund, has been persistently poor, leading to significant dissatisfaction among investors [1][3] - Dongfang Fund, a long-established public fund institution, has faced challenges with a high number of "mini funds" and several equity products at risk of liquidation [1][4] Group 1: Fund Performance - Wang Ran currently manages three products with a total asset management scale of 205 million yuan, and the best return during her tenure is -10.19%, marking the worst performance of her public fund career [3] - The Dongfang Emerging Growth Mixed Fund has seen a slight increase of 0.06% this year, ranking 2133 out of nearly 2300 similar products, while the Dongfang Quality Consumption One-Year Holding Mixed A ranks 4154 out of over 4500 similar products [3] - Over the past three years, the Dongfang Emerging Growth Mixed Fund has a return rate of approximately -40%, underperforming its benchmark by about 43 percentage points [3] Group 2: Company Challenges - Dongfang Fund, established in 2004, had a public fund asset management scale of 123.405 billion yuan as of mid-year, ranking 53rd among nearly 200 public fund institutions [4] - The company faces liquidation pressure, with 11 non-initiated funds having scales below 50 million yuan, including the Dongfang Minfeng Return Ying'an Mixed Fund with less than 3 million yuan [4] - Wang Ran previously had successful tenures from 2020 to 2021, with returns ranging from 4% to 68%, but her focus on pharmaceutical stocks since mid-2021 has led to significant declines in performance and a reduction in management scale [4]

Core Viewpoint - The recent liquidation of six funds by Shenwan Hongyuan Fund indicates potential issues in product strategy management and research capabilities within the company, raising concerns about its investment management abilities [3][4]. Fund Liquidation - Shenwan Hongyuan Fund announced the termination and liquidation of the Shenwan Hongyuan Carbon Neutrality Mixed Fund due to its asset size falling below 200 million yuan three years after its establishment [3]. - The Shenwan Hongyuan Pension Target Date 2040 Fund also faced liquidation under similar circumstances, marking a total of six fund liquidations this year, all of which were initiated funds [3][4]. - Other funds that have been liquidated include Shenwan Hongyuan Xinxiang Stable Mixed Fund, Shenwan Hongyuan Shuangxi Mixed Fund, and Shenwan Hongyuan Specialized and New Theme Mixed Fund [3]. Company Performance - As of the end of Q2 2025, Shenwan Hongyuan Fund's total assets reached 82.679 billion yuan, reflecting a quarter-on-quarter growth of 12.24% but a year-on-year decrease of 5.29% [5]. - The company ranks 66th among all public funds in terms of total assets, with its non-money market fund management size at 70.446 billion yuan, placing it 59th [5]. - Despite the recent fund liquidations, 45 out of 49 active equity funds reported positive returns, with 27 funds achieving returns exceeding 10% [6]. Strategic Recommendations - To maintain stable growth, the company should focus on improving governance structures, ensuring product strategy stability, and enhancing research capabilities [7]. - Strengthening marketing efforts for smaller existing products and improving the brand influence of its research capabilities are essential to reduce future fund liquidations [7].

Group 1 - The overall A-share market is experiencing a fluctuating upward trend, yet some public equity funds are facing continuous shrinkage in scale, triggering liquidation conditions [1] - As of July 16, 50 active equity funds have entered liquidation procedures this year, with initiated funds being particularly affected [1][3] - The case of Zhongyin Securities Huize Jinqi 3-Month Holding Fund highlights the challenges faced by small and medium-sized fund companies in the FOF product layout, as its net asset value was only 0.28 billion yuan, significantly below the 2 billion yuan safety line [3][4] Group 2 - The "three-year test" for initiated funds has become a primary reason for liquidation, as funds must maintain a net asset value of at least 2 billion yuan after three years to avoid termination [4] - The increase in the number of liquidated equity funds is attributed to structural market conditions, where capital is concentrated in top funds and track-type products, diminishing the appeal of smaller funds [4] - Analysts suggest that the liquidation of initiated funds should not be viewed merely as failure but as a reflection of market competition, urging fund companies to carefully assess product strategies and resource alignment [4]