今年以来，在全市场清盘的125只基金中，有多达35只为发起 式基金，其中6只发起式基金在清算时规模不足千万元。 作者：洪小棠 封图：图虫创意 近期，发起式基金市场正演绎着截然不同的景象：一方面，清盘压力如影随形，一些发起式基金 在"三年大考"面前败下阵来，无奈走向终止；另一方面，新的发起式基金在不断发行，公募机构仍 在积极布局。 这种发行与清盘的强烈反差，正是发起式基金在当前市场环境下的身处的分化"窘境"。 "生死劫" 今年以来，越来越多的发起式基金面临着严峻的清盘危机。 根据Wind数据，今年以来，在全市场清盘的125只基金中，有多达35只为发起式基金，其中6只发 起式基金在清算时规模不足千万元。一些发起式基金在成立三年后，因规模未能达到2亿元，触发 了基金合同自动终止的条款。 根据规定，发起式基金在成立时需使用管理人自有资金认购不少于1000万元，并持有满三年便可 成立，但发起式基金的退出机制较为严格，若成立满三年时规模仍低于2亿元，基金合同将自动终 止，且无法通过持有人大会延续。 这一"刚性条款"如同悬在头顶的"达摩克利斯之剑"，使得部分发起式基金在三年后面临生死考验。 晨星（中国）基金研究中心高级分析 ...

Core Viewpoint - The market for initiated funds is experiencing a stark contrast, with increasing liquidation pressures on some funds while new initiated funds continue to be launched by public institutions [1][2] Group 1: Liquidation Pressure - A significant number of initiated funds are facing severe liquidation crises, with 35 out of 125 funds liquidated this year being initiated funds, and 6 of these having a scale of less than 10 million yuan at the time of liquidation [2] - Initiated funds must reach a minimum scale of 200 million yuan after three years to avoid automatic termination of their contracts, which has led to many funds facing existential threats [2][6] - Some initiated funds, despite having positive net values, are still forced to liquidate due to insufficient scale, highlighting the strict exit mechanisms in place [2][6] Group 2: Market Dynamics - The initiated funds are often focused on niche sectors such as Hong Kong Stock Connect and quantitative strategies, but face challenges in attracting attention and capital due to poor marketing and investor education [3][7] - The high operational costs associated with smaller fund sizes hinder the ability to attract new investments, leading to a reliance on institutional funds that can influence investment strategies [3][7] Group 3: New Opportunities - Despite the liquidation pressures, the issuance of initiated funds remains robust, with 146 new funds launched this year, totaling 32.481 billion yuan, which is an increase from the previous year's 5.34% to 6.45% of total public fund issuance [4] - The flexibility of initiated funds allows public institutions to launch products even in a sluggish market, providing opportunities for counter-cyclical investments [4][5] Group 4: Growth Challenges - The simultaneous occurrence of liquidation and issuance reflects the unique "growth dilemma" faced by initiated funds, where low entry barriers lead to smaller fund sizes, while strict exit mechanisms create significant scale pressures [6][7] - The competitive landscape and channel pressures further exacerbate the challenges for initiated funds, as they struggle to gain traction in a market saturated with nearly 13,000 funds [7]

近期，又一只新能源主题基金宣布清盘。年内清盘的基金中，名称中含有"新能源"的产品已有4只，且 这部分产品均为发起式基金，成立三年后因业绩亏损，未能通过规模大考，只能"退场"。 6月23日，宝盈基金公告，宝盈新能源产业混合型发起式基金自5月28日起进入清算程序，基金管理人组 织基金托管人中信银行、容诚会计师事务所（特殊普通合伙）和上海源泰律师事务所成立基金财产清算 小组，对基金财产进行了清算。截至6月23日，该基金财产清算完毕，与市场"挥手作别"。 该基金成立于2022年5月末，经历三年的新能源下滑行情，跌幅超过了54%。在此期间，基金经理持续 高仓位运作，并通过对持仓的辗转腾挪以期取得超额收益，在去年"9·24"行情中一度取得了37%的反 弹，但作为一只主题基金，在同期中证新能源指数跌超50%的背景下，整体业绩同样难有起色。截至今 年一季度末，该基金重仓股中包含了宁德时代、阳光电源、盛弘股份、亿纬锂能和恒立液压等个股。 基金经理曾在一季报中表示，2024年以来，新能源产业周期已经进入新阶段，价格从单边下跌进入底部 震荡阶段。虽然行业已经见底，但企业业绩仍在阵痛期，这个时期也是竞争力低下的落后产能出清的艰 难时 ...