时隔十年，上证指数重上3800点。 2025年8月22日，A股三大指数集体震荡走强，上证指数收涨逾1%至3825.76点，为近十年来首次站上3800点，沪、深、京三市全天总成交额达2.58万亿 元。自今年二季度以来A股市场持续反弹，相对4月7日的低点，上证指数已大涨近14%。 同样，今年来主动权益基金（包括灵活配置型基金、普通股票型基金、偏股混合型基金在内，以下同）赚钱效应显现。以万得基金指数为例，万得普通股 票型基金指数和万得偏股混合型基金指数年初至今分别大涨24.96%和24.72%，在各大基金指数榜中分别位列第二和第三，仅次于万得QDII混合型基金指 数的27.12%。 来源：Wind（截至2025年8月22日） Wind统计表明，2025年8月22日，年内净值增长率翻倍的主动权益基金（A/C分列，以下同）共计有22只，分别包括长城医药产业精选（A/C）、中银港 股通医药（A/C）、永赢科技智选（A/C）、中信建投北交所精选两年定开（A/C）、永赢医药创新智选（A/C）等。如领涨的长城医药产业精选A和长城 医药产业精选C今年来的净值增长率分别高达130.76%和129.97%。 新经济e线获悉，在年内净 ...

Core Insights - Despite a strong performance in the A-share market this year, many public equity funds are facing liquidation due to shrinking scales, with 50 active equity funds already liquidated in 2023 [1] - The automatic liquidation of funds is often triggered when their net asset value falls below 200 million yuan after three years of operation [2] Group 1: Fund Liquidation - A total of 6 active equity funds entered liquidation in July 2023, with reasons varying, including automatic termination of fund contracts without the need for a shareholder meeting [1] - The Bank of China Securities Huize Jinque 3-Month Holding Fund, established on July 7, 2022, was liquidated due to insufficient net asset value, with a scale of only 0.28 million yuan [1][2] - Several initiated funds, such as Shenwan Hongyuan's specialized theme fund, are also facing liquidation due to their net asset values falling below the required threshold [1][2] Group 2: Initiated Funds Characteristics - Initiated funds are defined as those established by fund managers or executives who invest at least 10 million yuan and hold it for a minimum of three years [2] - If the fund's scale is below 200 million yuan after three years, it will automatically liquidate [2] - Some initiated funds have issued liquidation warnings, indicating potential issues in popular sectors like artificial intelligence and healthcare [2] Group 3: Performance Analysis - Poor performance is a significant reason for the shrinking scale of funds, with some funds experiencing substantial declines in net value [2][3] - For instance, the Shangyin New Energy Industry Selected Fund A, launched in April 2022, saw a cumulative return of -53.43% over three years [2] - Conversely, some initiated funds, such as Yinhua Digital Economy and Dongfanghong Medical Upgrade, have successfully surpassed 1 billion yuan in scale, indicating strong performance [2][3]

Core Viewpoint - The Hai Fu Tong Digital Economy Mixed Securities Investment Fund has been terminated and is undergoing liquidation due to significant redemption and poor performance, with a drastic reduction in fund shares within a year of its establishment [2][5][10]. Fund Performance and Liquidation - The fund was established on June 13, 2024, and had its last operational day on May 27, 2025, with a total share count dropping from 28,620,140 to 378,000, a decrease of 99.87% [2][4]. - By the end of the reporting period, the Hai Fu Tong Digital Economy A and C classes had been redeemed significantly, leaving only 135,300 shares remaining [2][3]. - The fund's net asset value was only 363,600 yuan, with the A class showing a year-to-date return of -5.56%, underperforming its benchmark by 3.96% [3][4]. Market Context - Hai Fu Tong Fund Management Company has seen multiple funds liquidated in 2025, with a total of six funds announced for liquidation, including four newly established funds from 2024 [5][10]. - The overall fund asset scale of Hai Fu Tong has decreased from 172.16 billion yuan at the end of Q4 2024 to 171.90 billion yuan by July 5, 2025, despite launching seven new funds that raised 6.275 billion yuan [10][11]. Industry Trends - The trend of fund liquidations is increasing, with 130 funds reported to have been liquidated in 2025, marking a rise of over 10% compared to the previous year [11][12]. - The majority of liquidated funds are initiated funds, which face challenges in achieving sustainable growth in asset size, leading to a high liquidation rate [11][14].

Core Viewpoint - Xin Yuan Fund is launching two new funds, "Xin Yuan Consumer Selection" and "Xin Yuan Emerging Industry Selection," aimed at investing in consumer and emerging industry stocks, respectively, with a focus on internal talent development and optimizing product structure [1][2][3]. Fund Launch Details - "Xin Yuan Consumer Selection" will be publicly offered from July 9 to July 10, 2025, while "Xin Yuan Emerging Industry Selection" will be available from July 7 to July 8, 2025 [1]. - Both funds are initiated as mixed-type, founder-style securities investment funds, with a minimum subscription of 10 million yuan by Xin Yuan Fund to ensure establishment [1]. Manager Background - The fund managers for the new offerings are Yao Qifan and Zhang Zhengqing, both of whom have limited prior experience managing public funds [2]. - Yao Qifan has a background in food and beverage analysis and joined Xin Yuan Fund in July 2022, while Zhang Zhengqing has experience in securities analysis and joined in November 2021 [2]. Product Structure and Strategy - As of March 31, 2025, Xin Yuan Fund's total net asset size was 188.602 billion yuan, with over 50% in bond products (137.062 billion yuan) and only 3.85 million yuan in stock funds, indicating a significant imbalance in product structure [3]. - The company aims to enhance its equity fund market share by cultivating new fund managers, with a total of 20 fund managers, including 5 newly appointed in the past year [3][4]. Talent Development Focus - Recent appointments show a trend towards hiring equity product researchers, with 4 out of 6 new managers coming from this background, indicating a strategic focus on strengthening equity investment research capabilities [4]. - Despite the emphasis on developing equity fund managers, the senior management team predominantly has a fixed-income background, which may impact the effectiveness of this strategy [6].

Fund Overview - The fund is named "Guotai Juxin Quantitative Stock Selection Mixed Initiation Securities Investment Fund" with two classes: A and C [19] - The fund type is a mixed securities investment fund, operating as a contractual open-end fund [19] - The minimum total subscription amount is 10 million units, with a minimum subscription amount of no less than 10 million RMB from the initiator [19] Fund Subscription Details - The subscription period is from July 4, 2025, to September 24, 2025, with a maximum duration of 3 months [25] - The fund shares are offered at a face value of 1.00 RMB [21] - Investors can subscribe multiple times during the subscription period, with A class shares incurring a subscription fee [33][26] Subscription Process - Investors must fully pay the subscription amount as per the sales institution's regulations; partial payments will result in invalid subscriptions [33] - For first-time subscribers, opening a fund account with Guotai Fund Management Co., Ltd. is required [35] - The minimum subscription amount for individual investors is 1.00 RMB, while for institutional investors, it is also set at 10.00 RMB [35] Fund Management and Custody - The fund manager is Guotai Fund Management Co., Ltd., and the custodian is Guotai Haitong Securities Co., Ltd. [49][50] - The fund management company was established on March 5, 1998, with a registered capital of 110 million RMB [50] Investor Information - The fund is open to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [22] - Investors are encouraged to read the fund's contract and prospectus to understand the risk-return characteristics [54]

◎记者 赵明超 发行容易成长难。过去几年密集成立的发起式基金，如今正在遭遇成长的难题。今年以来，因规模持续 低于合同约定而清盘的发起式基金高达41只，还有上百只已经拉响清盘警报。 这些发起式基金缘何长不大？上海证券报记者统计发现，上述清盘的基金大多为追逐市场热点而成立， 但在成立后遭遇业绩"滑铁卢"，投资者"用脚投票"，最终基金因规模长期低于2亿元而清盘。 在业内人士看来，发起式基金成立门槛较低，基金公司应将其作为逆势布局的"种子"，而不应该当作热 点营销的工具。只有基于长期投资价值出发，发起式基金才能拥有长期生命力。 41只"闯关"失败 据Choice数据统计，截至6月22日，在年内清盘的131只基金中，发起式基金高达41只。其中不少是新能 源、医药等行业主题基金。由于成立在几年前的市场高点，几年下来业绩惨淡，在清盘时已经成为"四 毛基""五毛基"。 以最近清盘的上银新能源产业精选混合基金为例，2022年4月20日，在新能源赛道如火如荼时，该基金 成立，发行规模为1982.06万元。但此后新能源板块冲高回落，该基金净值也急转直下，截至2024年2月 初，净值一度跌到0.45元。 今年4月，上银新能源产业精选 ...

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 - Several initiated funds have been liquidated this year despite having strong performance, primarily due to failing to meet the minimum asset size requirement after three years [1][2] - For example, the Huazhong Innovation Pharmaceutical Fund had a year-to-date net value increase of 22% but was forced to liquidate due to its size being only 11 million yuan, far below the 200 million yuan threshold [1] - Similarly, the Jinying Quality Consumption Fund, which held stocks like Tencent and Pop Mart, was liquidated on May 20 despite its holdings performing well [1] Group 2 - The Fuyong Medical Health Fund is at risk of termination if its size remains below 200 million yuan by June 2025, with its current size at approximately 13 million yuan [2] - Initiated funds face significant challenges in maintaining their size due to their lower fundraising thresholds and stricter exit mechanisms, which can lead to rapid liquidation in volatile markets [2][3] - Unlike regular public funds, which only need to maintain a net asset value of 5 million yuan for 60 consecutive days to avoid liquidation, initiated funds must achieve substantial growth within three years [3] Group 3 - The operational costs of initiated funds are often high due to their smaller management scale, which can erode returns and hinder the attraction of new capital [4] - Successful growth of initiated funds requires not only good performance but also strong support in terms of distribution channels and marketing resources [4] - Many initiated funds are created to train new talent or fill gaps in institutional channels, indicating that performance alone is insufficient for long-term survival [4]

Group 1 - The core concept of the article is to explain the characteristics and differences of initiating funds compared to regular funds [1][2] - Initiating funds are defined as funds where the fund manager uses company shareholder funds, proprietary funds, or funds from senior management to subscribe, with a minimum subscription amount of 10 million yuan and a holding period of no less than 3 years [2] - Unlike regular funds, initiating funds have lower establishment thresholds, not subject to the requirement of a total fundraising amount of at least 200 million yuan or a minimum of 200 fund holders [2][3] Group 2 - The development of initiating funds has seen a steady increase since their introduction by the China Securities Regulatory Commission in June 2012, with more than 30% of new funds established each year being initiating funds by 2023 and 2024 [4] - As of March 11, 2025, there are 2,162 initiating funds in the market, primarily consisting of bond, stock, and mixed funds, with stock funds mainly being passive index funds [7] - The total scale of initiating funds exceeded 3.1 trillion yuan by the end of 2024, accounting for approximately 9.5% of the total fund scale, indicating their significant role in the public fund sector [9]