来源：证券时报 三季度的规模数据，再度给部分发起式基金的存续"命运"敲响了警钟。 此前低点成立的部分基金凭借优秀的业绩吸引了资金的加购，从而摆脱了清盘之虞；但多数产品依旧无 法走出规模之困，个别产品在"三年大考"之际被突击买入从而度过考核节点，但更多产品不得不到点清 盘。 当前，发起式基金离场有加速趋势，但发行端又有更多产品持续上新，有观察人士指出，发起式基金面 对的最大挑战是规模困境的恶性循环，需要警惕大量发起式基金清盘影响投资者信心的现象。 多只发起式基金即将"挥手作别" 11月8日，一家大型券商资管公告，旗下一只沪深300指数增强发起的《基金合同》生效满三年之日为 2025年11月17日。因"本基金长期以来规模较小，截至2025年11月17日日终，本基金的基金规模低于2亿 元，则本基金将触发《基金合同》中约定的基金终止情形，并于2025年11月18日起进入基金财产清算程 序"。 11月份以来，还有恒越均衡优选等其余四只发起式基金预告即将清盘。此外，据三季报数据，多只成立 于三年前的发起式基金也面临清盘风险，2亿元的规模门槛宛如悬在此类产品头上的"达摩克利斯之 剑"。 在部分发起式基金仍在生存线挣扎之际， ...

Core Viewpoint - The article highlights the increasing risk of fund liquidation for many initiated funds due to persistent scale challenges, despite some funds managing to attract additional investments and avoid closure [2][3][8]. Group 1: Fund Performance and Challenges - Several initiated funds are facing imminent liquidation, with a notable example being a fund that will terminate if its scale remains below 200 million yuan by November 2025 [3]. - As of the end of Q3, some funds, including certain pension FOFs, have scales of only a few million yuan, indicating a high risk of liquidation if no new investments are made [3]. - The phenomenon of "self-rescue" is observed in some funds, where temporary inflows allowed them to surpass the 200 million yuan threshold, thus avoiding liquidation [4]. Group 2: Successful Funds - Some initiated funds have become "star products," significantly increasing their scale and avoiding survival crises. For instance, the Yongying Technology Select fund has achieved a return of 246.27% and a scale of 11.52 billion yuan [5]. - Other funds, such as Yongying Advanced Manufacturing Select, have also surpassed 20 billion yuan in scale, demonstrating that strong performance can attract substantial investments [5]. Group 3: Market Dynamics and Fund Establishment - The timing of fund establishment plays a crucial role in performance, with many initiated funds launched during market downturns, allowing them to acquire undervalued assets that can appreciate when market sentiment improves [6]. - The lower establishment threshold for initiated funds enables quicker launches during market lows, with over 300 initiated products established in 2022 alone [6]. Group 4: Industry Competition and Fund Liquidation - The accelerated pace of initiated fund liquidations reflects intense competition within the fund industry, with resources concentrating on high-quality funds [8]. - The ongoing coexistence of fund liquidations and new fund launches indicates a challenging environment where only funds with strong performance and competitive advantages are likely to survive [8].