自2024年9月24日以来，中证军工指数从8154.35一路攀升，截至8月18日收盘报收12961.76点，上涨幅度高达58.96%，一举创下近两年来新高。地缘政治 的紧张以及国家战略的推进，为国防军工板块注入了前所未有的增长预期。尤其是在国务院新闻办公室宣布，9月3日在北京天安门广场将举行纪念中国 人民抗日战争暨世界反法西斯战争胜利80周年大会的消息，持续不断地催化着军工板块的市场热度。 在这样一片"军工牛市"的喧嚣与狂欢之中，8月18日，华宝基金发布公告，旗下华宝高端装备股票型发起式基金已正式启动基金财产清算程序。一个重仓 军工、身处黄金赛道的行业主题基金，为何会在行业指数高歌猛进的辉煌时刻，黯然走向清盘的终局？ 图片来源：华宝基金官网 清算公告指出，成立于2022年8月16日的华宝高端装备股票型发起式基金，最后运作日为2025年8月16日，该基金的资产净值已低于2亿元人民币，直接触 发了基金合同中关于基金规模的终止条款，并自2025年8月17日起正式进入基金财产的清算程序。 这只基金的命运，与它的现任基金经理庄皓亮紧密相连。庄皓亮，曾在长江证券、华夏基金从事证券研究、投资管理工作，2021年1月加入华宝 ...

Fund Overview - The fund in question is the Zhongyin Securities Huize Progress 3-Month Holding Period Mixed Fund of Funds (FOF), which is categorized as a fund of funds [1] - The fund was established on July 7, 2022, and is managed by Zhongyin International Securities Co., Ltd. with the custodian being Industrial and Commercial Bank of China [1] Termination Trigger - The fund contract stipulates that if the net asset value (NAV) falls below 200 million yuan after three years from the contract's effective date, the fund must be liquidated without convening a meeting of fund shareholders [2] - As of July 7, 2025, the fund's NAV is below 200 million yuan, triggering the termination clause of the fund contract [2] Business Operations - From May 28, 2025, the fund has suspended subscription, conversion, and regular investment activities, but shareholders can still redeem or transfer their holdings [3] - A redemption period is set from July 8 to July 14, 2025, during which shareholders can redeem their shares without incurring the minimum holding period restrictions [3] Redemption Fees - During the redemption period, Class C shares will not incur redemption fees, while Class A shares will have specific redemption fee rates based on the holding period [4] Liquidation Process - A liquidation team will be established within 30 working days after the termination of the fund contract, supervised by the China Securities Regulatory Commission (CSRC) [5] - The liquidation team will consist of members from the fund management and custody companies, as well as certified public accountants and lawyers [5] Liquidation Steps - The liquidation process includes taking control of the fund's assets, confirming debts, valuing and liquidating assets, and preparing a liquidation report [6] - The liquidation report will be audited by an external accounting firm and reviewed by a law firm before being submitted to the CSRC [6] Distribution of Remaining Assets - After deducting liquidation costs and settling any debts, the remaining assets will be distributed to shareholders based on their shareholding proportions [8] Announcement of Liquidation - Major events during the liquidation process will be announced promptly, and the liquidation report will be published within five working days after CSRC approval [10]

Group 1 - The core observation is that there has been a significant acceleration in fund liquidations in the first half of the year, with 115 funds liquidated by June 16, representing a 21% increase compared to the same period last year [1][4] - Poor performance leading to fund asset sizes falling below critical thresholds has triggered the liquidation clauses in fund contracts [1][4] - A notable number of funds, including both initiated and non-initiated types, have reported liquidations due to insufficient asset sizes, with many funds failing to meet operational standards [3][4] Group 2 - Among the liquidated funds, 59 were equity funds and 43 were bond funds, with a significant portion being actively managed equity funds [4] - The primary reasons for liquidation include "miniaturization" of fund sizes and poor performance, with 95 funds having asset sizes below 50 million yuan prior to liquidation, accounting for nearly 83% of the total [4]

Core Points - The company announced the completion of the liquidation and deregistration of the investment fund "Qiongqing City Ruihong No. 1" [1][4] - The fund was established to optimize capital allocation and leverage professional investment capabilities [1][3] - The company held a 43.956% stake in the fund, contributing 8 million RMB out of a total of 18.2 million RMB [1][3] Fund Overview - The fund was established on May 10, 2022, in collaboration with Sichuan Huati Lighting Technology Co., Ltd. and Shenzhen Qianhai Ruihong Kaiyin Asset Management Co., Ltd. [1][2] - The fund completed its registration with the Asset Management Association of China on May 18, 2022 [2] Liquidation and Deregistration Details - During its operation, the fund invested in Zhuhai Chuntian Machinery Technology Co., Ltd. and generated some investment returns [3] - The decision to liquidate the fund was made to control investment risks and improve capital efficiency [3][4] Impact on the Company - The liquidation and deregistration of the fund will not have a substantial impact on the company's financial status or daily operations [5] - There are no adverse effects on the interests of the company or its shareholders, particularly minority shareholders [5]

Core Viewpoint - The West Asset Management Fund announced the termination of its "West Asset Management Seasonal Fund" due to its net asset value falling below 200 million yuan, triggering automatic termination as per the fund contract [1][2][4]. Fund Termination and Liquidation Process - The fund was established on May 17, 2022, and will automatically terminate on May 17, 2025, as its net asset value has dropped below the stipulated threshold of 200 million yuan [1][2]. - The last operational day for the fund was May 17, 2025, and it officially entered the liquidation process on May 18, 2025 [4]. - During the liquidation period, the fund will cease to charge management, custody, and sales service fees to protect investor interests [4]. Liquidation Procedures and Investor Rights - A liquidation team will be established within 30 working days, operating under the supervision of the China Securities Regulatory Commission [4]. - The liquidation process is expected to take approximately six months, with potential extensions in special circumstances [5]. - All related costs during liquidation, including transaction fees, legal fees, and accounting fees, will be prioritized for payment from the remaining fund assets [5]. - The liquidation team will manage the fund's assets, clear debts, and prepare a liquidation report, which will be audited and submitted to the regulatory authority [5]. Market Impact and Industry Trends - The termination of the West Asset Management Seasonal Fund is indicative of a broader trend in the fund industry, where smaller or underperforming funds are increasingly being liquidated due to market changes and regulatory adjustments [5]. - The performance of fund-of-funds (FOF) is influenced by various factors, including market volatility and investor behavior, which can lead to challenges in maintaining adequate asset sizes [5]. - Investors are advised to pay close attention to fund management announcements regarding liquidation progress and asset distribution, and to consider fund size, investment strategy, and risk management when selecting funds in the future [5].

Group 1 - The core point of the announcement is that Huaxia Wealth has been approved by the China Securities Regulatory Commission to sell open-end mutual funds from Hai Futong Fund Management Co., Ltd, starting from May 22, 2025 [1][2][4] - Investors can open accounts, subscribe, and redeem the mentioned open-end funds through Huaxia Wealth starting from May 22, 2025, with specific procedures and timings as per Huaxia Wealth's regulations [2][4] - The fee discount activity allows investors to subscribe to the funds without discount limits, except for those with fixed subscription fees, with specific discount rates determined by Huaxia Wealth's promotional activities [4][5][6] Group 2 - The announcement includes important reminders for investors to read the fund contracts, prospectuses, and related legal documents for detailed information about the funds [7][8] - The fee discount activity applies only to the front-end fee model of the funds during the normal subscription period at Huaxia Wealth and does not include redemption fees or other service fees [8][9] - Investors can consult for more details through Huaxia Wealth and Hai Futong Fund Management Co., Ltd's official websites and customer service [11][12]

Group 1 - The core decision of the fund holders' meeting was to terminate the fund contract for the Changxin Lishang One-Year Regular Open Mixed Securities Investment Fund [1][2][3] - The meeting was conducted via communication methods, with voting taking place from April 11, 2025, to May 11, 2025, and the resolution was passed on May 12, 2025 [1][2][11] - A total of 13,008,713.68 fund shares participated in the voting, representing 51.73% of the total fund shares as of the record date [2][11] Group 2 - The decision made during the fund holders' meeting will take effect from May 12, 2025, the day it was passed [3][4] - Following the resolution, the fund management will arrange a redemption period from May 15, 2025, to May 21, 2025, during which investors can only redeem their shares [5][14] - After the redemption period, the fund will enter liquidation on May 22, 2025, and will cease to accept any redemption requests [5][15] Group 3 - The fund management will establish a liquidation team to carry out the asset liquidation process and will announce the results in a timely manner [6] - The costs associated with the fund holders' meeting will be borne by the fund management company [3]