Core Viewpoint - The departure of Hu Jie, a veteran fund manager at Huabao Fund, marks a significant change in the management of the company's index funds, which collectively account for a substantial portion of the firm's total assets under management [1][2]. Group 1: Fund Manager Departure - Hu Jie has resigned from her position as fund manager for 16 index funds due to personal reasons, with her resignation effective as of February 12 [1]. - Hu Jie has been with Huabao Fund since June 2006 and has managed a total of 1,013.62 billion yuan across these funds [1][2]. Group 2: Fund Management Scale - As of February 12, Huabao Fund's total assets under management amount to 4,316.37 billion yuan, with nearly 1/4 of this attributed to Hu Jie's management [2]. - The fund's total includes 1,802.04 billion yuan in money market funds and 2,514.33 billion yuan in non-money market funds [2]. Group 3: Fund Performance and Strategy - Huabao Fund has a total of 278 public fund products, but only 7 funds exceed 10 billion yuan in size, indicating a significant number of smaller funds [5]. - The firm has been actively closing underperforming funds, with plans to liquidate 7, 9, and 7 funds in the years 2023, 2024, and 2025 respectively, primarily due to the poor performance of active equity funds [5]. Group 4: Future Management Changes - The management team at Huabao Fund is undergoing significant changes, with the departure of Chairman Huang Kongwei and the appointment of Xia Xuesong as his successor [6][7]. - Xia Xuesong previously led a fund to grow from 3.197 billion yuan to 119.504 billion yuan, indicating potential for growth in Huabao Fund's fixed income segment [7].

更深层的变化，则来自股权与治理结构的持续震荡。从"明天系"背景到天风证券（维权）入主，再到金 融街集团成为实际控制人，新华基金完成了三次关键股权更迭。股权归于国资体系后，高管层却在一年 多时间内频繁更替，战略延续性面临考验。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：摩斯观市 2月3日，上海市第二中级人民法院的一场庭审，将一家成立21年的老牌公募基金公司再次推至聚光灯 下。 根据公开信息，山东西王糖业有限公司、山东西王淀粉有限公司以"债务加入纠纷"为由起诉新华基金， 案件正式开庭审理。事实上，这并非双方首次交锋。几年前，新华基金亦曾就相关事项起诉西王系公 司。 就在几天后，另一则公告引发行业侧目。2月6日，新华基金宣布旗下新华中证红利低波动ETF触发清算 条款，将于2月13日起进入清算程序。这只成立仅17个月的产品，任期回报21.07%、跑赢业绩比较基准 约8个百分点，却因连续50个工作日规模低于5000万元而被动退场。 一边是法律纠纷缠身，一边是ETF产品清盘。这并非孤立事件。成立于2004年的新华基金，总部位于重 庆，管理中枢设在北京。它曾在2020年至2022年间迎 ...

根据计票结果，参加本次基金份额持有人大会表决的基金份额未达到权益登记日本基金总份额的二分之一以上（含二分之一），因此未达到法定的会议召开 条件。 值得注意的是，公证书显示，经现场统计，截止至权益登记日，博时中证国新央企现代能源ETF基金总份额共有46934026.00份，参与本次通讯方式召集的 基金份额持有人大会的持有人或其代理人总计持有0.00份，占权益登记日基金总份额的0.00%，未达到法定召开持有人大会的条件。这意味着，没有基金份 额持有人参与此次会议。 近期，博时基金旗下多只基金面临清盘。 1月28日，博时基金发布公告称，博时中证国新央企现代能源ETF以通讯方式召开了本次基金份额持有人大会，审议《关于博时中证国新央企现代能源交易 型开放式指数证券投资基金持续运作的议案》。 截至2025年末，博时中证国新央企现代能源ETF基金的资产净值约为5719.39万元。该基金此前发布的公告显示，截至2025年7月3日，该基金已出现连续60 个工作日资产净值低于5000万元的情形。博时基金经与基金托管人中国建设银行股份有限公司协商一致，提议该基金持续运作，召集基金份额持有人大会。 博时中证国新央企现代能源ETF基金 ...

旗下唯一一只产品或将易主，叠加股东股权的"大降价甩卖"，让尾部基金公司华宸未来基金陷入舆论中 心。 成为"独苗"尚不足半个月的华宸未来稳健添利，其管理人变更引发了市场诸多疑问。 近年来，华宸未来基金的公募业务版图近年来持续收缩，自2021年四季度起，公司长期维持3只公募基 金在管规模。其中华宸未来稳健添盈在2024年四季度连续60个工作日规模不足5000万元，2025年2月通 过持有人大会表决终止并清盘。 类似的场景再次上演，另一只产品华宸未来价值先锋同样因2025年四季度连续60个工作日规模不达标， 于2026年1月通过持有人大会表决终止运作。至此，华宸未来稳健添利成为华宸未来基金仅剩的公募基 金产品。 将唯一的产品管理权移交同业，在业内实属罕见。"非合并背景下，单产品变更管理人极为罕见。"有头 部基金公司人士告诉第一财经，正常情况下，如果基金产品运营不下去了可以选择清盘处理，此次调整 有可能是化解风险产品的主动选择。 这只"独苗基"此前曾因净值异常暴跌陷入舆论焦点。Wind数据显示，2025年11月27日至12月2日的4个 交易日内，该基金A份额区间跌幅达7.41%，在全市场债券型基金（仅计算初始基金，下 ...

中国经济网北京1月23日讯 今日，博时基金发布博时中证农业主题指数型发起式证券投资基金清算报 告。 报告称，博时中证农业主题指数型发起式证券投资基金《基金合同》于2022年12月13日正式生效，基金 合同生效日的基金份额总额为20,958,252.57份基金份额，其中认购资金利息折合4,044.57份基金份额。 根据《基金合同》"第五部分基金备案"之"三、基金存续期内的基金份额持有人数量和资产规模"约定： "该基金的基金合同生效之日起三年后的对应日，若基金资产净值低于两亿元的，该基金将根据基金合同 的约定进行基金财产清算并终止，无需召开基金份额持有人大会审议，且不得通过召开基金份额持有人大会 的方式延续基金合同。若届时的法律法规或中国证监会规定发生变化，上述终止规定被取消、更改或补充 时，则该基金可以参照届时有效的法律法规或中国证监会规定执行。 该基金在基金合同生效三年后继续存续的，基金存续期内，连续20个工作日出现基金份额持有人数量不 满200人或者基金资产净值低于5000万元情形的，基金管理人应当在定期报告中予以披露；连续50个工作日出 现前述情形的，该基金将根据基金合同的约定进行基金财产清算并终止，且无 ...

报告称，工银瑞信积极养老目标五年持有期混合型发起式基金中基金（FOF）（以下简称"该基金"）经中 国证监会2022年5月25日《关于准予工银瑞信积极养老目标五年持有期混合型发起式基金中基金（FOF）注册 的批复》（证监许可【2022】1089号文）注册募集，于2022年12月20日起成立。 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》、《工银瑞信积极养 老目标五年持有期混合型发起式基金中基金（FOF）基金合同》（以下简称"基金合同"或"《基金合同》"）的 有关规定，《基金合同》生效满3年后的对应日，若基金资产净值低于2亿元，《基金合同》应当终止，且不得 通过召开基金份额持有人大会的方式延续。 中国经济网北京1月15日讯 今日，工银瑞信基金发布工银瑞信积极养老目标五年持有期混合型发起式基金 中基金（FOF）清算报告。 该基金的基金合同生效日为2022年12月20日，基金合同生效之日起三年后的对应日为2025年12月20日。截 至2025年12月20日日终，该基金的基金资产净值低于2亿元，已触发基金合同终止情形，将根据基金合同约定 进行基金财产清算并终止基金合同。 工银积极养老目标五 ...

本报（chinatimes.net.cn）记者栗鹏菲 叶青 北京报道 2025年，A股市场主要指数普遍上涨，主动权益类基金中超九成产品取得正收益，平均收益率超过 30%。其中，永赢科技智选基金的年度收益率超过233%。同期，鑫元消费甄选混合基金的A/C份额年度 净值下跌超19%，在同类产品中排名最后。 其年度业绩与市场领先产品之间的差距超过了250个百分点，这一巨大的"剪刀差"使其成为观察2025年 基金业绩极端分化的一个典型案例。 业绩表现与持仓风格频繁切换 据公开资料显示，鑫元消费甄选混合成立于2023年3月，在不足三年的时间内（截至2025年12月31日） 其单位净值从初始的1元跌至约0.52元，区间回撤幅度接近腰斩。 该基金在产品名称中明确了"消费甄选"的主题定位。然而，梳理其自成立以来定期报告披露的持仓信 息，该基金的实际投资方向与产品名称所指代的消费主题出现了显著偏离，并且呈现出高频切换的特 征。 根据基金定期报告，在成立并完成建仓后，2023年第二季度末前十大重仓股中医药生物行业公司数量为 6家，第三季度末增至7家，显示其在成立初期对医药生物板块进行了显著集中配置，但该配置并未持续 至后续季度。 ...

Core Viewpoint - The challenges faced by "mini" funds in convening shareholder meetings highlight shortcomings in the current system, leading to difficulties in fund transformation and liquidation [1][2][3] Group 1: Fund Liquidation and Transformation - As of December 21, 275 public funds have been liquidated this year, with 126 mixed funds, 51 bond funds, and 50 equity funds, accounting for 82.55% of total liquidations [1] - Many funds are struggling to convene shareholder meetings due to issues like "zero registration" and "zero voting," which have resulted in failed attempts to hold meetings [1][2] Group 2: Regulatory and Operational Challenges - The requirement for a shareholder meeting to approve fund transformations or liquidations has become a barrier, as many funds have protective clauses that now hinder necessary actions [2][3] - The inability to successfully convene meetings leads to increased operational costs for fund companies, wasting resources and complicating the management of these funds [3] Group 3: Industry Implications - The current situation serves as a warning for the fund industry, emphasizing the need for innovation and performance improvement to avoid investor disengagement [3] - There is a necessity for a floating fee rate model for all fund products to prevent the excessive issuance of products focused solely on scale rather than innovation and performance [3]

Core Insights - The fund industry is entering a period of intensive liquidation, with 284 funds being liquidated in 2025, maintaining a similar level to 2024. Mixed, equity, and bond funds are the primary types being liquidated, while FOF products have also seen a notable number of liquidations, totaling 37 [1][11]. Group 1: Fund Liquidation Details - Among the liquidated funds, 15 are retirement-themed funds established in 2022, which triggered automatic liquidation due to not meeting the minimum size of 200 million yuan or having fewer than 200 investors after three years [3][12]. - The distribution of liquidated funds includes two from Huaan Fund and one each from other companies like Invesco Great Wall, ICBC Credit Suisse, and others [3][12]. - Performance-wise, 10 out of the 15 retirement funds had positive returns since inception, with notable performers including Invesco Great Wall's balanced retirement fund and ICBC's active retirement fund, yielding returns of 16.82%, 12.52%, and 7.18% respectively [3][13]. Group 2: Specific Fund Performance - The "Guolian Retirement Target Date 2045" fund is particularly noteworthy for its near-zero return of -0.01% since inception, leading to its liquidation after failing to meet the contractual threshold due to low asset value [3][13]. - This fund had a starting size of only 10.36 million yuan, with 96.52% of the initial investment coming from the company itself, indicating a lack of external investor interest [4][13]. - The fund's performance was significantly below its benchmark, with a -4.52% return in 2023 and a -0.61% return for the entire year of 2024, resulting in substantial losses for investors [4][15]. Group 3: New Fund Issuance Trends - In 2025, 11 new retirement funds were launched, with a total issuance of 3.99 billion units, including products from companies like Qianhai Kaiyuan and E Fund [9][19]. - The largest new fund, "Qianhai Kaiyuan Kangyue Stable Retirement Fund," reached an issuance of 2.709 billion units, while other funds struggled to exceed 1 billion units, indicating potential vulnerability to liquidation [10][19]. - Analysts suggest that the small scale of many retirement FOFs is due to a combination of high issuance numbers and varying product quality, with a need for fund managers to enhance competitiveness and performance [10][19].

Core Insights - The public fund industry is experiencing a normalization of fund liquidations, with over 280 funds entering liquidation procedures by December 29, 2025, which is comparable to the 293 funds liquidated in 2024, indicating a trend of survival of the fittest within the industry [10][1][3] Fund Liquidation Structure - Among the 281 funds liquidated, mixed funds accounted for the largest share with 127 funds, representing over 45% of the total; followed by bond funds (53) and equity funds (51), with 36 FOF funds also liquidated [3][12] - The distribution of liquidated funds shows significant differentiation among fund management companies, with Bosera Fund leading with 16 liquidations, followed by Haifutong, Huaan, Huabao, and Nanfang Funds, each with 9 liquidations [3][12] Fund Age and Performance - The liquidated funds include both long-standing funds, such as those over ten years old, and newly established funds, with some funds like Huabao Yuan Shi A being liquidated within six months despite achieving a positive return of 11.35% [4][14] - A total of 235 out of 281 liquidated funds triggered termination clauses primarily due to asset sizes falling below 50 million yuan, highlighting that both performance and size are critical for fund survival [5][14] Performance Insights - Notably, some funds with strong performance, such as Nanfang Carbon Neutral A with a return of 71.03% this year, still faced liquidation due to not meeting asset thresholds, indicating a trend where investors redeem funds after achieving returns, leading to rapid size declines [6][15] - Conversely, funds with poor performance, such as Huabao Zhongzheng 1000 A, which has a cumulative return of -63.95%, also faced liquidation, reflecting a lack of sustainable operational capability [6][15] Industry Implications - The trend of liquidations is seen as a natural outcome of market evolution, with industry experts suggesting that investors should prioritize funds of moderate size and avoid those with high institutional ownership [8][17] - The reduction in the "shell" value of funds, due to lower approval and issuance thresholds, has led to a market environment where underperforming funds are not maintained, indicating a shift from a focus on initial launches to ongoing operational sustainability [8][17]