Core Viewpoint - The article discusses the contrasting trends in the initiated fund market, highlighting the simultaneous occurrence of fund liquidations and new fund issuances, indicating a "dilemma" faced by initiated funds in the current market environment [2][3]. Fund Liquidation - A total of 125 funds have been liquidated this year, with 35 being initiated funds, and 6 of these had a liquidation scale of less than 10 million yuan [5][6]. - Initiated funds face strict exit mechanisms; if they do not reach a scale of 200 million yuan after three years, their contracts automatically terminate [6][7]. - Many initiated funds have performed poorly, with some, like the Shangyin New Energy Industry Selected Fund, losing over 50% since inception [8]. Fund Issuance - Despite liquidation pressures, the issuance of initiated funds remains robust, with 146 new initiated funds launched this year, totaling 32.481 billion yuan, which is an increase from 5.34% to 6.45% of the total public fund issuance compared to the previous year [10]. - The flexibility of initiated funds allows public institutions to launch products more quickly, especially in niche markets, despite market downturns [10][11]. Growth Challenges - Initiated funds face a "growth dilemma" due to low establishment thresholds leading to small scales, combined with strict exit mechanisms that create significant pressure for growth [13][14]. - The competitive landscape is intense, with nearly 13,000 funds in the market, leading to homogenization and making it difficult for initiated funds to stand out [17]. - Initiated funds often struggle to attract retail channels due to their small size and performance volatility, which makes them less appealing compared to more stable fund products [17].

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]

Group 1 - A total of four new energy-themed funds have been liquidated this year, all of which are initiated funds that failed to pass the scale test after three years due to performance losses [1][2] - The recently liquidated fund, Baoying New Energy Industry Mixed Fund, was established in May 2022 and experienced a decline of over 54% during the three-year downturn in the new energy sector [1] - As of the end of the first quarter this year, the fund's heavy holdings included stocks such as CATL, Sungrow Power Supply, and EVE Energy [1] Group 2 - The funds that have been liquidated this year, including Changcheng New Energy and Wanji New Energy Theme Fund, triggered liquidation clauses due to their asset scale falling below 200 million yuan after three years [2] - Currently, there are 45 actively managed equity funds with "new energy" in their names, of which only 22 have positive performance since inception, many established before 2020 [2] - Some new energy-themed funds have seen significant declines, with several products dropping over 40%, primarily those launched at market highs in 2021 [2] Group 3 - Multiple public funds believe that solid-state batteries may present investment opportunities, driven by positive policy attitudes and market demand since the introduction of new national standards for power batteries [3] - EV Tank projects that by 2030, the global shipment of solid-state batteries will reach 614.1 GWh, with a market size exceeding 250 billion yuan [3] - The demand for lithium batteries is expanding into various fields, including energy storage and AI, with solid-state batteries seen as a key technology upgrade for the future [3]