Core Viewpoint - The recent wave of fund liquidations, particularly among initiation funds, highlights the intense competition within the fund industry, leading to a concentration of resources towards high-quality funds, while underperforming or less competitive funds face elimination [1][4][6]. Fund Liquidation Details - Two funds from Shenwan Hongyuan, namely Shenwan Hongyuan Carbon Neutrality Smart Mixed Fund and Shenwan Hongyuan Pension Target Date 2040 Three-Year Holding Fund, have announced their termination and liquidation due to their asset sizes falling below 200 million yuan after three years of establishment [2][3]. - As of June 30, the asset sizes of these two funds were significantly below the required threshold, with Shenwan Hongyuan Carbon Neutrality Smart Fund at 0.08 million yuan and Shenwan Hongyuan Pension Target Date 2040 at 0.25 million yuan [2][3]. Market Overview - A total of 160 funds have been liquidated from 2025 to date, with 61 of these being initiation funds, accounting for nearly 40% of the total [4][6]. - The high liquidation rate of initiation funds is attributed to their lower establishment thresholds, which require only 10 million yuan in subscriptions from fund managers or executives, but necessitate reaching 200 million yuan in assets after three years to avoid automatic termination [4][5]. Industry Implications - The liquidation of initiation funds reflects a "systematic clearing" process, indicating a shift from quantity to quality in the fund industry, where funds that fail to meet performance and scale expectations are eliminated [5][8]. - The competitive landscape is forcing fund companies to be more prudent in product offerings, emphasizing performance and scale management rather than following market trends blindly [1][7][8]. Future Challenges and Strategies - As of August 7, there are 2,293 initiation funds in the market, with 1,242 of them failing to meet the 200 million yuan threshold, indicating a looming challenge for many funds facing the three-year assessment [6][7]. - Fund companies are encouraged to adapt their products to market changes and investor needs, implement targeted marketing strategies, and enhance investor experience management to mitigate the risk of liquidation due to insufficient scale or poor performance [7][8].

来源：深圳商报 老牌公募申万菱信基金旗下又有产品清盘：申万菱信碳中和智选、申万菱信养老目标日期2040三年持有 同时在8月2日清盘。 根据公告，申万菱信碳中和智选与申万菱信养老目标日期2040三年持有均为发起式基金，至基金合同生 效之日起三年后的对应日(今年8月2日)，若基金资产净值低于两亿元，基金合同自动终止。 财报显示，至今年年中，申万菱信碳中和智选的合并规模为833.36万元，申万菱信养老目标日期2040三 年持有规模为2525.83万元，距离2亿元的清盘红线还有很大的差距。 这并非申万菱信基金今年以来清盘的首批产品。申万菱信双禧混合型发起式于今年2月下旬宣布进入清 盘程序，申万菱信鑫享稳健混合发起在3月下旬进入清算程序；两只基金均为发起式产品，清盘原因均 为在成立三年后的对应日规模不足2亿元。申万菱信添利六个月持有期混合在今年2月中旬宣布清盘，原 因是连续50个工作日基金资产净值低于5000万元。 申万菱信基金旗下"迷你基"扎堆，存在清盘风险。据同花顺数据，公司旗下非发起式基金中，申万菱信 稳鑫90天滚动持有中短债债券、申万菱信上证G60战略新兴产业成份ETF、申万菱信价值精选混合、申 万菱信沪深30 ...

Core Viewpoint - The initiation funds are facing unprecedented survival challenges, with 279 funds entering liquidation this year, of which 61 are initiation funds [1] Group 1: Fund Liquidation Cases - Shenwan Hongyuan Fund has become a typical case in this wave of liquidation, with two of its products, Shenwan Hongyuan Carbon Neutrality and Shenwan Hongyuan Target Date 2040, officially liquidated on August 2, having only 8.33 million and 25.26 million yuan in assets, respectively, far below the 200 million yuan survival standard [3] - Shenwan Hongyuan Fund has already seen multiple products exit the market this year, including Shenwan Hongyuan Shuangxi Mixed Initiation and Shenwan Hongyuan Xinxiang Stable Mixed Initiation [3] - The Shenwan Hongyuan Tianli Six-Month Holding Mixed Fund entered liquidation due to its net asset value being below 50 million yuan for 50 consecutive working days [3] Group 2: Causes of Liquidation - The establishment of initiation funds aimed to create a mechanism of shared interests through the fund manager's own capital participation, requiring managers and executives to subscribe for at least 10 million yuan and hold for no less than three years [4] - However, many initiation funds have encountered significant setbacks, such as the Shenwan Hongyuan Carbon Neutrality product, which has dropped nearly 42% since inception, underperforming its benchmark by 11 percentage points [4] - The Shangyin New Energy Industry Selected Fund experienced a 53.43% loss by the time of its liquidation in May, with a remaining net asset value of only 26.7 million yuan [4] Group 3: Industry Challenges - Over 800 initiation funds are facing the three-year assessment with insufficient scale of 200 million yuan, with about 80 funds reaching critical points this year [5] - Shenwan Hongyuan Fund has several initiation products in jeopardy, including the Shenwan Hongyuan Green Pure Bond Fund, which will face assessment at the end of the month [5] - The phenomenon of initiation fund liquidation reflects deeper challenges in the fund industry, with some companies viewing initiation products as tools for rapid expansion, lacking in research and team development [5]

Core Viewpoint - The article discusses the ongoing challenges faced by the fund management industry, particularly focusing on the performance and potential liquidation of certain funds managed by Shenwan Hongyuan Fund, highlighting the increasing trend of fund closures since 2025 due to underperformance and insufficient asset size [2][3][5]. Fund Performance and Liquidation Risks - As of July 23, 2023, a total of 144 funds have been liquidated this year, with over 45 being initiated funds [2]. - Shenwan Hongyuan Fund has announced that two of its funds, Shenwan Hongyuan Carbon Neutrality Select and Shenwan Hongyuan Pension Target Date 2040, may trigger contract termination if their net asset value falls below 200 million yuan by August 2, 2025 [3]. - The current asset sizes of these two funds are significantly below the required threshold, with Shenwan Hongyuan Carbon Neutrality Select at 8 million yuan and Shenwan Hongyuan Pension Target Date 2040 at 25 million yuan as of the second quarter of 2025 [3][4]. Fund Management Decisions - In response to the low asset sizes, Shenwan Hongyuan Fund has decided to suspend subscription and investment activities for the underperforming funds starting July 22, 2025 [3]. - The company has also seen a total of four funds terminate operations this year due to failing to meet the 200 million yuan threshold after three years of establishment [5]. Broader Industry Trends - The article notes a trend of "mini funds" struggling within the industry, with 17 funds under Shenwan Hongyuan having asset sizes below 50 million yuan as of the second quarter of 2025 [5]. - The performance of the funds has been mixed, with Shenwan Hongyuan Carbon Neutrality Select yielding returns of 7.12% this year but ranking in the bottom third among its peers [4]. - Shenwan Hongyuan Fund has launched five new funds in 2023, but the initial fundraising success has been limited, with one fund only reaching 40 million yuan by the second quarter of 2025 [6].

Group 1 - In 2024, over 300 funds exited the market, marking a historic peak in fund liquidations [1] - In the first half of 2025, 129 funds announced liquidation, surpassing the same period last year [1] - Performance divergence has led to significant capital migration, with the bottom 20% of active equity funds experiencing substantial shrinkage, while the top 20% saw growth [1] Group 2 - From July 1 to July 11, 2025, nine funds were liquidated, including four initiated funds [1] - Notable underperformers include Dongcai Quality Life Selected and Yongying Excellent Selection, with returns of -17.80% and -22.86% respectively since inception [2] - The liquidation of initiated funds is primarily driven by two factors: failure to meet the minimum scale requirement of 200 million yuan and poor performance leading to investor redemptions [3] Group 3 - The initiated fund liquidation trend reflects several key industry trends, including a lack of profitability in the A-share market and decreased investor interest in equity funds [3] - Smaller fund companies have a higher liquidation rate for initiated funds, indicating a need for improvement in product marketing and investor education [3] - The liquidation mechanism encourages fund managers to focus on product design and market alignment, promoting a shift towards higher quality development in the industry [3] Group 4 - The process for handling remaining assets after initiated fund liquidation includes paying liquidation fees, settling tax obligations, and clearing fund debts [4][5] - Remaining assets are distributed to investors based on their shareholding proportions after all obligations are settled [6] - The distribution of remaining assets typically occurs in cash and may take around six months, subject to liquidity constraints [7]

Core Insights - The phenomenon of fund liquidation, particularly among initiator-style funds, has become increasingly common in 2025, with at least 16 such funds announcing liquidation in June alone [1][2][3] - Despite the liquidation trend, new initiator-style funds continue to emerge, indicating a persistent interest in this fund type among public fund institutions [7][8][9] Fund Liquidation Trends - As of July 1, 2025, a total of 127 funds have been liquidated this year, with over 40 being initiator-style products [2] - The average net asset value of the 16 initiator-style funds liquidated in June was only 0.81 yuan, with an average scale exceeding 20 million yuan [2] - The majority of the liquidated funds were established between May and June 2022, focusing primarily on sectors like pharmaceuticals and renewable energy [3] Performance Issues - The average decline for the 16 funds from inception to liquidation was over 28%, with seven funds experiencing declines of more than 20% [3] - Specific funds, such as the Baoying New Energy Industry Fund, saw significant losses, with declines reaching 54% [3] - Fund managers' operational strategies have also contributed to capital outflows, with some funds exhibiting erratic investment styles [4][5] Market Dynamics - The overall market environment has been challenging, with many initiator-style funds struggling to meet the 200 million yuan threshold for continued operation [7] - As of the first quarter of 2025, nearly half of the 1,112 initiator-style funds had net asset values below 200 million yuan, with 574 funds below 50 million yuan [7] - The trend of "mini funds" being liquidated has become normalized as public fund institutions focus on cost reduction and efficiency [8] New Fund Launches - Despite the liquidation trend, 378 new initiator-style funds were launched in 2025, with a total issuance scale of 41.66 billion yuan [8] - The proportion of initiator-style funds in the total public fund issuance has increased compared to the previous year, indicating a growing acceptance of this fund type [8] - The regulatory environment is encouraging fund managers to adopt initiator-style funds as a means to align interests with investors and enhance long-term performance [9]

Group 1 - The core issue is that despite some products performing well, many initiated funds are facing automatic termination due to insufficient scale, with 44 out of over 100 funds that were liquidated this year being initiated funds, some with assets below 10 million yuan [1][3] - Initiated funds require a minimum investment of 10 million yuan from the fund manager at inception and must maintain this for three years, but if the fund's scale is below 200 million yuan after three years, it will automatically terminate, highlighting the stringent exit mechanism [3][4] - Some funds, despite having impressive performance, such as a nearly 22% increase in net value for one fund, still could not meet the 200 million yuan threshold, indicating a disconnect between performance and market acceptance [3][4] Group 2 - The number of initiated funds has been increasing, but the pressure for liquidation under the "three-year rule" is becoming more evident, with hundreds of funds still below the 200 million yuan mark facing potential liquidation risks [4] - Industry experts suggest that fund managers need to carefully assess product positioning to avoid blindly launching funds just to meet establishment requirements, and regulatory bodies may need to consider optimizing rules to provide a buffer for funds with strong long-term performance but currently low scale [4]