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 Viewpoint - The recent wave of fund liquidations is seen as a necessary process of market self-purification, reflecting a survival of the fittest mechanism in the investment landscape [1][2]. Group 1: Fund Liquidation Trends - In 2024, over 300 funds have been liquidated, marking a record high, with 129 funds announcing liquidation in the first half of the year, an increase compared to the same period last year [1]. - Many of the liquidated funds failed to meet the minimum scale requirement, indicating rational choices made by investors as they shift funds towards products that can generate long-term returns [1]. - The average scale of the bottom 20% of actively managed equity funds has significantly shrunk, while the top 20% of products have seen substantial growth in their share [1]. Group 2: Market Mechanism and Fund Structure - The liquidation process serves as a necessary pain for market self-correction, with the total number of public funds nearing 13,000, including over 1,600 "mini funds" with scales below 50 million [1]. - The excess of products has led to resource allocation imbalances, and liquidation is a form of automatic correction for ineffective supply [1]. - Regulatory bodies have been optimizing the fund exit mechanism, encouraging the liquidation of "zombie products," which has prompted fund companies to abandon the "shell protection" strategy [1]. Group 3: Implications for Investors - Investors are encouraged to focus on the underlying logic of products, such as the stability of fund managers, the adaptability of strategies, and the company's resource investment, to avoid "high-risk liquidation" products [2]. - When encountering liquidated funds, investors should seize the opportunity to adjust their portfolios and utilize conversion functions to seamlessly transition to quality funds, preventing cash from being idle [2]. - The process of fund liquidation is compared to the elimination of outdated capacities in the solar industry, suggesting that it is a transformative change that expands effective supply and is a necessary step towards market maturity [2].

Core Viewpoint - The recent wave of fund liquidations is a natural outcome of market mechanisms, reflecting a process of self-purification and the survival of the fittest in the investment landscape [1][2] Group 1: Fund Liquidation Trends - In 2024, over 300 funds have been liquidated, marking a record high, with 129 funds announcing liquidation in the first half of the year, an increase compared to the same period last year [1] - Many of the liquidated funds failed to meet the minimum scale threshold, indicating rational choices by investors as they shift funds towards products that can generate long-term returns [1] Group 2: Market Mechanism and Fund Structure - The liquidation process serves as a necessary pain for market self-correction, with the total number of public funds nearing 13,000, yet over 1,600 funds classified as "mini funds" with assets below 50 million yuan [1] - The regulatory body has been optimizing the fund exit mechanism, encouraging the liquidation of "zombie products," which has led fund companies to abandon the "shell protection" strategy and focus on competitive products [1][2] Group 3: Impact on Investment Strategies - The reduction of low-efficiency supply through liquidation promotes the optimization of fund structures and directs capital towards new productive themes [2] - Investors are advised to focus on core indicators such as the stability of fund managers, the adaptability of strategies, and resource allocation to avoid "high-risk liquidation" products [2]

作 者丨黎雨辰 编 辑丨姜诗蔷 图 源丨AI 2025年行至半程，发起式基金的清盘现象再一次集中涌现。 2025年7月1日，东财品质生活优选发布了基金清算报告。公告显示，该基金自2022年6月7日 成立，并采用发起式方式运作。但成立满三年后的今年6月9日，基金的规模因未达2亿元走向 清盘。截至最后运作日期，基金的总规模仅为1037.08万元。 无独有偶，在6月30日接连发布清盘公告的两只基金——中银慧泽积极3个月持有和富荣医药 健康，也同为发起式基金。 据记者统计，6月以来，发布清盘公告或是清算报告的发起式基金 至少有16只 。 有受访人士向记者指出， 在A股市场整体缺乏赚钱效应的大环境下，迷你基金清盘趋于常态 化，也是中小型公募避免资源浪费的做法 。伴随市场环境恢复，发起式基金本身依然是性价 比非常高，且能充分体现基金管理人与投资者利益共担的形式。 6月1 6只发起式基金离场 不过2025年以来，在多只发起式基金难以跨越三年规模大考的同时，年内新的发起式基金仍 在持续涌现。 2025年以来，发起式基金清盘频现。 Wind数据显示，截至2025年7月1日，年内共有127只基金清盘（不同份额合并计算），其中 超 ...

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]

恒大财富官微喊话许家印还钱一事引发关注。 6月30日晚，恒大财富的官方微博发文称，"许家印还钱！品牌部还有人上班不？" 值得注意的是，该微博账号的认证为恒大金融财富管理（深圳 ） 有限公司，但该企业的资质未经过年 审。该微博账号上一次发博是在2018年3月。 截至发稿，该条微博信息仍未删除，恒大财富方面也暂未对此公开回复。 回溯过往，2021年恒大深陷流动性危机，恒大财富于当年9月爆雷，多名购买了恒大理财的员工向媒体爆 料称，恒大理财产品遇到了逾期无法兑付的情况。2021年9月10日，许家印曾在恒大财富专题会上明确表 示，要确保所有到期的财富产品尽早全部兑付，一分钱都不能少。 后续，恒大财富出具了三种兑付方案，以及艰难的维持了一段时间的兑付，直到"弹尽粮绝"。2023年8月 31日，恒大财富官方微信公众号发布公告称，因该公司资产处置进度不及预期，未获得资产处置资金，该 公司无法开展兑付，后续兑付安排将另行公告。此后，该微信公众号未有更新。 2023年9月16日，深圳市公安局南山分局发布案情通报，近期，公安机关依法对恒大金融财富管理（深 圳）有限公司杜某等涉嫌犯罪人员采取刑事强制措施。投资人可通过线上报案、电话 ...

话说这年头，基金清盘已经不是什么新鲜事了，但同泰同欣混合这次的遭遇还真是让人唏嘘。这只成立 时间不算太长的混合型基金，如今正面临着生死存亡的关键时刻——连续45个工作日基金资产净值低于 5000万元，距离基金合同规定的50个工作日"死亡线"只剩下5天。 丽却经不起风浪。 最后，叨姐抛个问题：如果你是同泰同欣的持有人，在这最后的5天里，你会选择坚守到底，还是果断 赎回另寻出路？ 来源:金融界 从行业角度看，这种优胜劣汰的机制其实是健康的。它倒逼基金公司必须拿出真本事，推出真正符合市 场需求的产品，而不是为了完成发行任务而盲目铺摊子。近年来，监管层也在引导行业回归本源，注重 产品质量而非数量，这种清盘机制正是市场化选择的体现。 当然，我们也要为那些仍然坚守的基民点个赞。在基金净值持续低迷的情况下，他们选择不离不弃，这 份坚持值得尊敬。但同时也要提醒大家，投资需要理性，该止损时就要果断止损，不要因为一时的情感 因素而错失更好的投资机会。 现在的问题是，在剩下的5个工作日里，同泰同欣还有翻盘的可能吗？理论上说，只要有大资金进入， 让基金规模重新站上5000万元，就能暂时化解危机。但现实往往比理论更残酷，在基金即将清盘 ...

Core Viewpoint - The Guotou Ruijin and Jia Bond Fund is facing imminent liquidation due to its net asset value falling below 50 million yuan for 30 consecutive working days, with only 20 working days left to recover before mandatory liquidation occurs [2][3]. Group 1: Fund Performance and Market Conditions - The bond fund, traditionally seen as a stable investment with lower risk and steady returns, is struggling in the current complex market environment, highlighting the harsh realities of the market [3]. - The situation reflects several issues from the investor's perspective, including severe product homogeneity, inadequate marketing and innovation capabilities of fund companies, and a loss of investor confidence due to changing market conditions [3]. Group 2: Implications for Investors - Fund liquidation does not equate to total loss for investors, as assets will be distributed according to net value during the liquidation process, although it may involve complications such as tax fees and time costs [3]. - Investors are cautioned to consider fund size in addition to returns, as smaller funds have weaker risk resistance and are more susceptible to adverse conditions, with a recommended minimum size of 200 million yuan for relative safety [3].

一只基金的"生死时速"正在上演！长城基金旗下的长城优选招益一年持有期混合基金，连续30个工作日净值跌破 5000万元大关，距离"被迫清盘"只剩下20个工作日的缓冲期。 名字中的"优选"加"招益"，抵不过业绩的持续"一般"和"不佳"。而这也让长城优选招益成立至今规模持续走低。 长城优选招益一年持有混合A (012685) | | 今年来 | 近1周 | 近1月 | 近3月 | 近6月 | 近1年 | 近2年 | 近3年 | 近5年 | 成立来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 涨幅 | 1.14% | 0.05% | 0.45% | 0.64% | 1.14% | 2.76% | 2.56% | 0.39% | --- | 0.96% | | 同类平均� | 1.78% | 0.55% | 0.96% | 0.86% | 1.60% | 5.85% | 5.17% | 3.55% | 18.16% | -- | | 沪深300 | 0.03% | 2.03% | 2.50% | 1.25% | 0.03 ...

Core Viewpoint - The announcement from Fuanda Fund indicates that the Fuanda Advanced Manufacturing Mixed Fund may trigger a termination of its contract if its net asset value falls below 200 million yuan by June 28, 2025 [2][4]. Fund Contract Details - The fund contract states that if the net asset value is below 200 million yuan three years after the contract takes effect, the contract will automatically terminate without the need for a shareholder meeting [4]. - The fund was established on June 28, 2022, and the critical date for potential termination is June 28, 2025 [4]. - If the termination condition is met, the fund will cease all redemption and conversion activities starting June 29, 2025 [4]. Fund Performance and Holdings - The initial net subscription amount for the fund was approximately 11.34 million yuan, with a total of about 11.35 million shares issued, of which Fuanda Fund subscribed for about 10.01 million shares, accounting for 88.23% [4]. - As of the end of Q1 2025, the fund's net asset value was approximately 8.03 million yuan, with 79.96% of its holdings in stocks and no bonds [4]. - The top ten holdings include companies such as Luxshare Precision, Haiguang Information, and Great Wall Military Industry [4]. Fund Performance Metrics - As of June 26, 2025, the unit net value of the fund's A class shares has decreased by 24.71% since inception, while it has increased by 14.70% over the past year [5]. - The fund's scale was reported at 0.08 billion yuan as of March 31, 2025 [5]. Investment Strategy - The fund's Q1 report indicates a primary focus on technology investments, with a balanced allocation considering market uncertainties and potential performance volatility [6]. - The fund has reduced exposure to certain technology and robotics sectors while increasing allocations in military and cyclical sectors as the market has continued to rise [6].