Core Points - The Shangyin New Energy Industry Selected Mixed Fund will automatically terminate on April 20, 2025, due to its fund size falling below 200 million RMB, as stipulated in the fund contract [1] - The fund's last operating day is set for April 20, 2025, and it will enter the liquidation process starting April 21, 2025 [1] - As of the liquidation end date on April 28, 2025, the remaining assets of the fund amount to 26,696,746.98 RMB after asset disposal and debt settlement [1] Fund Performance - The fund's net asset value on the last operating day is reported at 27,227,171.87 RMB, with a net income of 324,763.54 RMB during the liquidation period [2] - The fund experienced a net redemption of 855,188.43 RMB on April 21, 2025, leading to a decrease in net assets [2] - Year-to-date returns for the fund's classes A and C are -8.15% and -8.32%, respectively, with one-year, two-year, and three-year returns significantly underperforming compared to the CSI 300 index [2] Top Holdings - As of the end of Q1 2023, the fund's top ten holdings include Guodian NARI Technology (600406), CATL (300750), Sungrow Power Supply (300274), and others, indicating a focus on key players in the new energy sector [2]

Core Viewpoint - The Shangyin New Energy Industry Selected Mixed Fund has completed its liquidation process due to significant losses, with a cumulative loss of 53.43% since its inception in April 2022, leading to a net asset value of approximately 26.7 million RMB to be distributed to investors [1][3]. Group 1: Fund Performance and Liquidation - The fund was launched during a favorable market environment for the new energy sector but faced severe challenges shortly after its establishment, including oversupply in the photovoltaic sector and intensified price wars in the energy storage field [3]. - The fund's net asset value fell to 0.507 RMB by the end of 2024, with an annual loss of 1.09%, ranking 2784 out of 4112 in its category [3][6]. - The fund's scale shrank from 200 million RMB at inception to 41 million RMB by the first quarter of 2025, triggering automatic termination due to falling below the 200 million RMB threshold [6]. Group 2: Market Context and Industry Trends - The liquidation of the Shangyin New Energy Fund is part of a broader trend, with 90 funds liquidated since 2025, over 30% of which are in the new energy and pharmaceutical sectors [8]. - The new energy sector is experiencing a downturn, with the photovoltaic industry still facing challenges and lithium battery material prices nearing cost levels, leading to continuous downward revisions of profit expectations [8]. - The fund's management structure is heavily weighted towards fixed-income products, with equity products making up only 1.16% of its total management scale, indicating a potential mismatch in investment strategy [8][9].