Core Viewpoint - The announcement from Fuanda Fund indicates that the Fuanda Advanced Manufacturing Mixed Fund may trigger a termination of its contract if its net asset value falls below 200 million yuan by June 28, 2025 [2][4]. Fund Contract Details - The fund contract states that if the net asset value is below 200 million yuan three years after the contract takes effect, the contract will automatically terminate without the need for a shareholder meeting [4]. - The fund was established on June 28, 2022, and the critical date for potential termination is June 28, 2025 [4]. - If the termination condition is met, the fund will cease all redemption and conversion activities starting June 29, 2025 [4]. Fund Performance and Holdings - The initial net subscription amount for the fund was approximately 11.34 million yuan, with a total of about 11.35 million shares issued, of which Fuanda Fund subscribed for about 10.01 million shares, accounting for 88.23% [4]. - As of the end of Q1 2025, the fund's net asset value was approximately 8.03 million yuan, with 79.96% of its holdings in stocks and no bonds [4]. - The top ten holdings include companies such as Luxshare Precision, Haiguang Information, and Great Wall Military Industry [4]. Fund Performance Metrics - As of June 26, 2025, the unit net value of the fund's A class shares has decreased by 24.71% since inception, while it has increased by 14.70% over the past year [5]. - The fund's scale was reported at 0.08 billion yuan as of March 31, 2025 [5]. Investment Strategy - The fund's Q1 report indicates a primary focus on technology investments, with a balanced allocation considering market uncertainties and potential performance volatility [6]. - The fund has reduced exposure to certain technology and robotics sectors while increasing allocations in military and cyclical sectors as the market has continued to rise [6].

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]

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]

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 ...

海富通基金旗下这只基金竟然连续40天"瘦身"到5000万以下，距离清盘只剩10个工作日！ 海富通瑞鑫30天持有期债券基金，光听名字就知道是个"短期锁定"的债基产品。一般来说，30天持有期 的设计初衷是好的——既能给基金经理相对稳定的资金做投资，又能让投资者享受相对灵活的流动性。 可谁曾想，这只基金现在却陷入了"生死存亡"的关键时刻。 据海富通基金公告，这只债基已经连续40个工作日资产净值低于5000万元。按照基金合同的"生死线"规 定，如果连续50个工作日出现这种情况，基金就要强制清盘，连基金份额持有人大会都不用开。现在已 经走到第40天，距离"死刑执行"只剩10个工作日了。 看到公告，叨姐心情挺复杂的。一方面，基金清盘本身就是市场化的正常现象，优胜劣汰嘛。但另一方 面，这背后反映的问题值得我们深思。 首先，5000万的规模对于一只公募基金来说确实太小了。要知道，基金的固定成本是相对固定的——管 理费、托管费、运营费用等等，规模太小就意味着这些成本会被严重摊薄，最终受伤的还是持有人。就 像开餐厅一样，房租水电人工都是固定的，客人太少就只能关门大吉。 其次，债基市场的竞争确实很激烈。现在市场上债基产品同质化严重 ...

| 关于创金合信景零录活配置混合型证券投资基金基金资产净值低于5000万元的提示性 | 目 | 其他公告 | 2025-06-14 | | --- | --- | --- | --- | | 公告 | | | | | 关于创令合信暑要灵活配置混合型证券投资基金基金资产,通值低于5000万元的提示件 | ם | 其他公告 | 2025-06-07 | | 公告 | | | | | 创金合信基金管理有限公司关于公司旗下基金估值调整情况的公告 | LE | 其他公告 | 2025-06-06 | | 创金合信基金管理有限公司关于终止民商基金销售(上海馆限公司办理旗下基金相关 | LE | 基金销售 | 2025-06-03 | | 销售业务的公告 | | | | | 关于创金含信景要灵活配置混合型证券投资基金基金资产,净值低于5000万元的提示件 | E | 其他公告 | 2025-05-23 | | 公告 | | | | 创金合信景雯混合基金已经在生死线上挣扎了45个工作日，距离被强制清盘只剩5个工作日！ 但问题是，为什么会出现这种情况？是市场环境不好，还是基金本身存在问题？从今年的市场表现来看，确实不 太理想， ...

Core Viewpoint - The article highlights the increasing number of mutual funds facing liquidation in June 2025, with 117 funds having exited the market year-to-date, primarily due to insufficient scale and performance issues [1][5]. Fund Liquidation Reasons - A total of 97 funds triggered contract termination clauses due to not meeting scale requirements, marking a 40% increase compared to the same period last year [1]. - Many funds are unable to grow in scale, leading to their closure, with some experiencing long-term poor performance while others saw capital withdrawal after outperforming benchmarks [1][3]. - Significant redemptions by single large investors have also contributed to the rapid decline in fund sizes, pushing them close to liquidation [1][7]. Performance vs. Scale - Some recently liquidated funds, such as the浦银安盛幸福回报定开债券, had stable returns but still could not maintain sufficient scale, with a net asset value below 50 million yuan [3]. - The金鹰品质 fund, which had a year-to-date increase of over 11%, also faced liquidation due to scale issues [3]. Current Market Landscape - As of June 16, 2025, there are 1,655 mutual funds with net asset values below 50 million yuan, with mixed funds being the most affected [7]. - The trend of increasing fund liquidations is attributed to market competition, poor performance, and the capabilities of fund managers and distribution channels [7]. ETF Liquidation Risks - Even in a strong market, some ETFs are facing liquidation risks, with 18 passive index funds having been liquidated this year [8]. - Specific ETFs, such as博时国证龙头家电ETF, are on the brink of liquidation due to consistently low asset values, despite temporary increases in scale [9][10].

Core Viewpoint - Several funds have announced liquidation despite rising net values, particularly in the strong-performing pharmaceutical sector, due to failure to meet the required scale after three years [1][2]. Group 1: Fund Performance and Liquidation - Many initiated funds have faced liquidation as they failed to pass the "scale test" after three years, even if they had strong performance [2]. - As of June 15, the market was led by sectors like "new consumption" and innovative pharmaceuticals, with related thematic funds showing significant gains [3]. - For example, the Huazhong Innovation Pharmaceutical Fund had a net value increase of 22% by April 1, but had to liquidate due to a total scale of only 11 million yuan, far from the 200 million yuan threshold [4]. Group 2: Challenges of Initiated Funds - Initiated funds face significant challenges due to their low starting point for fundraising, which makes them more susceptible to market fluctuations [5]. - The automatic termination clause for initiated funds means that even with good performance, they must achieve rapid scale growth within three years to avoid liquidation [5]. - In contrast, regular public funds only need to maintain a net asset value of at least 5 million yuan for 60 consecutive days to avoid liquidation risk [5]. Group 3: Market Dynamics and Fund Management - The market has seen accelerated rotation in recent years, leading to a cautious approach from investors regarding the sustainability of fund performance [6]. - High operational costs associated with smaller initiated funds can erode returns, making it difficult to attract new investments [7]. - Successful cases of initiated funds overcoming scale challenges highlight the necessity of strong performance and support from distribution channels [8][9]. Group 4: Success Stories - Some initiated funds have successfully scaled up, such as Yongying Advanced Manufacturing, which grew from 300 million yuan to 11.5 billion yuan due to strong performance in the robotics sector [8]. - Other successful examples include funds like China Europe Era Pioneer, which achieved a cumulative return of 112% since its inception [8]. - The competitive landscape for funds is intense, and achieving significant scale requires not only good performance but also strategic support and resources [9].

Group 1 - A wave of public fund liquidations continues, with 117 funds having exited the market this year as of June 16, 2023, marking a 40% increase from the same period last year [1][4] - The majority of the liquidated funds were due to insufficient scale, with 97 funds triggering termination clauses for this reason [1][4] - The trend is attributed to regulatory pressure on "mini funds," leading larger firms to eliminate inefficient products while smaller firms struggle with research and distribution capabilities [1][3] Group 2 - Despite some funds showing stable performance, many have seen a decline in scale as investors opt to take profits, leading to liquidations [2][3] - For instance, the recently liquidated fund,浦银安盛幸福回报定开债券, had a stable return of 66.21% since inception but still fell below the 50 million yuan threshold [2] - The market uncertainty has made smaller funds less competitive, resulting in a preference for larger, more stable investments [3][7] Group 3 - As of June 16, 2023, there are 1,655 public funds with asset values below 50 million yuan, with mixed funds being the most affected [5] - The largest number of liquidated funds this year comes from博时基金, which has seen six funds exit, followed by淳厚基金,华安基金, and南方基金, each with five [4][5] - The trend of liquidations is not limited to traditional funds; 18 passive index funds have also faced liquidation risks this year [7][8] Group 4 - The phenomenon of "helping funds" has been noted, where funds receive temporary inflows to avoid liquidation but then see those funds withdrawn shortly after [8] - Several ETFs, including博时国证龙头家电ETF, are on the brink of liquidation, with asset values hovering around the 50 million yuan threshold [7][8] - The overall market environment has led to increased scrutiny on fund performance and sustainability, emphasizing the need for long-term alignment between scale and performance [8]