来源：证券时报 三季度的规模数据，再度给部分发起式基金的存续"命运"敲响了警钟。 此前低点成立的部分基金凭借优秀的业绩吸引了资金的加购，从而摆脱了清盘之虞；但多数产品依旧无 法走出规模之困，个别产品在"三年大考"之际被突击买入从而度过考核节点，但更多产品不得不到点清 盘。 当前，发起式基金离场有加速趋势，但发行端又有更多产品持续上新，有观察人士指出，发起式基金面 对的最大挑战是规模困境的恶性循环，需要警惕大量发起式基金清盘影响投资者信心的现象。 多只发起式基金即将"挥手作别" 11月8日，一家大型券商资管公告，旗下一只沪深300指数增强发起的《基金合同》生效满三年之日为 2025年11月17日。因"本基金长期以来规模较小，截至2025年11月17日日终，本基金的基金规模低于2亿 元，则本基金将触发《基金合同》中约定的基金终止情形，并于2025年11月18日起进入基金财产清算程 序"。 11月份以来，还有恒越均衡优选等其余四只发起式基金预告即将清盘。此外，据三季报数据，多只成立 于三年前的发起式基金也面临清盘风险，2亿元的规模门槛宛如悬在此类产品头上的"达摩克利斯之 剑"。 在部分发起式基金仍在生存线挣扎之际， ...

Core Viewpoint - The article highlights the increasing risk of fund liquidation for many initiated funds due to persistent scale challenges, despite some funds managing to attract additional investments and avoid closure [2][3][8]. Group 1: Fund Performance and Challenges - Several initiated funds are facing imminent liquidation, with a notable example being a fund that will terminate if its scale remains below 200 million yuan by November 2025 [3]. - As of the end of Q3, some funds, including certain pension FOFs, have scales of only a few million yuan, indicating a high risk of liquidation if no new investments are made [3]. - The phenomenon of "self-rescue" is observed in some funds, where temporary inflows allowed them to surpass the 200 million yuan threshold, thus avoiding liquidation [4]. Group 2: Successful Funds - Some initiated funds have become "star products," significantly increasing their scale and avoiding survival crises. For instance, the Yongying Technology Select fund has achieved a return of 246.27% and a scale of 11.52 billion yuan [5]. - Other funds, such as Yongying Advanced Manufacturing Select, have also surpassed 20 billion yuan in scale, demonstrating that strong performance can attract substantial investments [5]. Group 3: Market Dynamics and Fund Establishment - The timing of fund establishment plays a crucial role in performance, with many initiated funds launched during market downturns, allowing them to acquire undervalued assets that can appreciate when market sentiment improves [6]. - The lower establishment threshold for initiated funds enables quicker launches during market lows, with over 300 initiated products established in 2022 alone [6]. Group 4: Industry Competition and Fund Liquidation - The accelerated pace of initiated fund liquidations reflects intense competition within the fund industry, with resources concentrating on high-quality funds [8]. - The ongoing coexistence of fund liquidations and new fund launches indicates a challenging environment where only funds with strong performance and competitive advantages are likely to survive [8].

新经济e线调查发现，今年来主动权益基金"翻倍基"扎堆涌现背后，新锐基金经理领跑成为一道亮丽的风景线。从任职时间来看，时间普遍较短。在69 只"翻倍基"中，基金经理的平均任职年限仅约为2.58年。这当中，既有新任基金经理的首发产品，也有继任基金经理接管的产品。 主动权益基金又香了。 A股市场回暖大环境下，"翻倍基"数量也开始扎堆涌现。Wind数据显示，截至11月7日，全市场8484只主动权益基金（包括普通股票型、平衡混合型、偏 股混合型、灵活配置型，不同份额分列统计，下同）在年内的平均收益达到28.20%，表现明显好于上证指数和沪深300等主流指数。同期，上证指数、沪 深300指数等主流指数年内涨幅分别为19.27%、18.90%、 以最低仓位分别为60%和80%的偏股混合型基金和普通股票型基金为例，截至11月7日，今年以来万得偏股混合型基金和万得普通股票型基金平均单位净 值增长率分别为32.56%、32.42%，仅次于万得QDII混合型基金指数，在34只万得细分基金指数榜中分别位列第二和第三。可以说，今年来，主动权益基 金打了一个漂亮的翻身仗。 据新经济e线了解，若按主动权益基金年内回报率从高到低进行排序的话 ...

Core Insights - The third quarter data has raised alarms for many initiated funds, with a significant number facing liquidation due to scale challenges, despite some funds managing to attract additional investments and avoid closure [1][2][6] - The trend of initiated funds exiting the market is accelerating, while new products continue to be launched, indicating a competitive environment where only a few funds are able to thrive [2][6][7] Fund Liquidation Risks - Several initiated funds, including Huatai Asset Management's fund, are at risk of liquidation if their scale remains below 200 million yuan by November 2025, highlighting the stringent scale requirements [2] - As of the end of the third quarter, some pension FOF funds have scales as low as several million yuan, indicating a high likelihood of liquidation without new investments [2] - The third quarter saw total subscription shares for these funds reach 291 million, suggesting a potential short-term influx of capital to meet scale thresholds, but also a significant amount of redemptions, indicating a "quick in and out" strategy by investors [3] Successful Fund Growth - Despite the challenges, some initiated funds have successfully increased their scale, with funds like Yongying Technology Smart Selection achieving a cumulative growth of 246.27% and a scale of 11.52 billion yuan [4] - Other funds, such as Yongying Advanced Manufacturing Smart Selection, have also surpassed 20 billion yuan in scale, demonstrating that strong performance can attract significant investments [4] Market Dynamics - Initiated funds often emerge during market downturns, allowing them to capitalize on undervalued assets when market sentiment improves, leading to substantial returns [5] - The design of initiated funds allows for diverse and personalized investment strategies, which can enhance their appeal and growth potential [5] - The competitive landscape is intensifying, with nearly 20 new active equity initiated funds announced since October, reflecting ongoing interest despite the liquidation risks faced by many [7] Challenges and Industry Outlook - The accelerated pace of fund liquidations indicates a survival of the fittest scenario, where only funds with strong performance and market recognition will thrive [6][7] - The reliance on institutional funding and high operational costs for smaller funds can hinder their growth and attractiveness to new investors [6] - The ongoing trend of fund liquidations may lead to increased caution among investors, who will likely demand higher performance and management standards from funds [7]

Core Viewpoint - The article highlights the significant growth of C-class fund shares in the third quarter, driven by short-term investors favoring frequent trading, while A-class shares have seen limited growth despite strong fund performance [1][3][5]. Fund Performance and Share Growth - Several high-performing funds have experienced substantial growth in C-class shares, with the Yongying Technology Select fund's C-class shares increasing by 21.6 billion units in the third quarter, while A-class shares only grew by 6 billion units [3]. - The average growth of A-class shares in actively managed equity funds with over 80% gains was only 0.84 million units, compared to an average increase of 5.54 million units for C-class shares [4]. Investor Behavior and Market Trends - The surge in C-class shares indicates a shift towards short-term trading among investors, with many preferring the fee structure that allows for no upfront purchase fees and lower redemption fees after a holding period [5][6]. - The trend of increased trading frequency is attributed to younger investors who are more inclined towards high-frequency, short-term trading strategies, especially in a bullish market [5][7]. Sales Channel Dynamics - Sales channels play a crucial role in the growth of C-class shares, as online platforms are more effective in promoting these shares compared to traditional bank channels that favor A-class shares [7]. - The commission structure for C-class shares, where sales service fees go to the distribution channels, incentivizes these channels to promote C-class shares more aggressively [7]. Fund Company Strategies - Many fund companies are increasingly introducing C-class shares to meet diverse investor needs and adapt to market changes, enhancing competitiveness and attracting more investors [8]. - The introduction of C-class shares is seen as a cost-effective marketing strategy for fund companies, allowing them to leverage existing products' reputations without incurring the costs associated with launching new funds [8].

Core Insights - The surge in C-class shares of high-performing funds indicates a growing preference for short-term trading among investors [1][4][5] - C-class shares have outperformed A-class shares in terms of net subscriptions, highlighting a shift in investor behavior towards more frequent trading [2][3] Fund Performance - Many high-performing funds saw significant growth in their C-class shares, with examples like Yongying Technology Select Fund, which increased from 700 million shares to 3.466 billion shares in Q3, driven largely by C-class subscriptions [2][6] - C-class shares of various funds, including Zhonghang Opportunity Navigator and Debang Xinxing Value C, also experienced substantial net subscriptions exceeding 10 billion shares in Q3 [2][3] Investor Behavior - The increase in C-class shares reflects a trend towards short-term investment strategies, with investors favoring quick entry and exit, as evidenced by over 92 billion shares being purchased and more than 70 billion shares redeemed in Q3 [2][4] - The fee structure of C-class shares, which does not charge a subscription fee and allows for flexible redemption, appeals to younger investors who prefer high-frequency trading [4][5] Distribution Channels - The growth of C-class shares is partly attributed to the preference of online distribution channels, which are more adept at promoting C-class shares compared to traditional banks that favor A-class shares [5][6] - The sales service fee structure of C-class shares incentivizes distribution channels to promote these shares more aggressively [5][6] Fund Management Strategies - Fund companies are increasingly introducing C-class shares to meet diverse investor needs and adapt to market changes, enhancing product competitiveness [6] - The addition of C-class shares is seen as a cost-effective marketing strategy for fund companies, allowing them to leverage existing products and their performance history without incurring the costs associated with launching new funds [6]

Core Insights - The significant increase in C-class shares of high-performing funds indicates a growing trend of short-term investors in the market [1][4][5] - C-class shares have gained popularity due to their fee structure advantages and the changing behavior of investors towards more frequent trading [4][6] Fund Performance - In Q3, many high-performing funds saw substantial growth, with C-class shares being the main driver of this increase [2][3] - For instance, the Yongying Technology Select Fund experienced a remarkable 99.45% increase in Q3, with its C-class shares growing from 700 million to 3.466 billion shares [2] - C-class shares were purchased over 9.2 billion and redeemed over 7 billion in Q3, highlighting a clear trend of "quick in and out" trading behavior among investors [2] Investor Behavior - The surge in C-class shares reflects a shift towards short-term trading strategies among investors, particularly younger ones who prefer high-frequency, short-cycle investments [4][5] - The fee structure of C-class shares, which does not charge a subscription fee and allows for fee waivers after a certain holding period, caters to this trading style [4][6] Sales Channel Dynamics - The growth of C-class shares is also attributed to the preferences of sales channels, with online platforms favoring C-class shares over A-class shares [5] - C-class shares generate sales service fees that are retained by the distribution channels, providing them with a stronger incentive to promote these shares [5] Fund Management Strategies - Many fund companies are increasingly adding C-class shares to their offerings to meet diverse investor needs and adapt to market changes [6] - This strategy allows fund companies to enhance their competitiveness and attract more investors without incurring the costs associated with launching new funds [6]

Core Insights - In Q3, a stark contrast emerged in the fund industry, with large funds experiencing significant share shrinkage while smaller funds enjoyed substantial growth in both performance and share size [1][2][4] Group 1: Large Funds Performance - Many large funds, despite showing improved performance, faced significant redemptions, with examples like E Fund Blue Chip Select seeing a net value increase of 16.37% but a reduction of over 2 billion shares, a decline of more than 10% [2][3] - Other large funds, such as Xingquan Helun and Ruifeng Growth Value, also reported net value increases of over 35% and 50% respectively, yet their A-class shares decreased by over 2 billion shares [2][3] - The trend of redemption for large funds began after the market downturn in September 2022, with significant year-on-year share reductions noted [3] Group 2: Small Funds Performance - Smaller funds experienced a "highlight moment" in Q3, with significant increases in both net value and share size, such as Yongying Technology Selection achieving nearly 100% net value growth and a scale increase of over 10 billion [4] - Other small funds like Zhonghang Opportunity Navigator and Zhongou Digital Economy also saw net value increases of nearly 90% and 80%, respectively, with substantial share growth [4] - The performance of smaller funds is attributed to their ability to focus on high-growth sectors without the historical burdens faced by larger funds [7] Group 3: Investor Behavior - The contrasting performance of large and small funds reflects a shift in investor sentiment from "star chasing" to a more pragmatic approach, focusing on strategies and sectors rather than just fund managers [5][7] - Investors are currently in a transitional phase, with some opting to redeem for safety while others may re-enter the market if the upward trend continues [6][7] Group 4: Market Outlook - The outlook for the A-share market remains positive, with expectations of a "slow bull" market driven by factors such as improved macroeconomic conditions and liquidity, alongside strong performance in sectors like AI and semiconductors [8][9] - Analysts predict that as the market stabilizes, there will be a gradual return of long-term capital, enhancing market activity [8][9]

Core Insights - The article discusses a significant trend in the mutual fund market where investors are redeeming their funds despite record profits, indicating a shift towards a more cautious investment approach among retail investors [1][2][5]. Fund Performance - In Q3, actively managed equity funds reported profits exceeding 8789 billion yuan, marking a quarterly record high, with total profits for the first three quarters reaching 1.07 trillion yuan, more than five times the amount from the previous year [2][5]. - Over 97% of the 8391 actively managed equity funds achieved positive returns, with 600 funds seeing gains over 50%, and an average return of 23.7%, a significant increase from the previous quarter's 2.8% [2][3]. Redemption Trends - Despite the strong performance, there was a net redemption of 2179.23 billion units in Q3, doubling the 1058.13 billion units redeemed in Q2 [2][3]. - Nearly 70% of actively managed equity funds experienced varying degrees of net redemptions, with 1028 funds redeeming over 100 million units, and nearly 60% of these funds had gains exceeding 20% during the same period [2][3]. Investor Behavior - Many investors, particularly those who entered the market in early 2021, are opting to redeem their funds as they finally see returns, reflecting a growing awareness of profit-taking among retail investors [1][5][6]. - The article notes that the current redemption trend is driven by a "break-even" mentality, as many funds are still recovering from previous losses, with over half of the actively managed equity funds showing negative cumulative returns over the past four years [5][6]. Market Sentiment - Investor sentiment appears cautious, with many expressing skepticism about the sustainability of recent profits, leading to a preference for "locking in" gains rather than reinvesting [6][7]. - The article suggests that the market may be transitioning between different phases of investor behavior, with potential for increased inflows if market conditions remain favorable [6][7].

Core Insights - The article highlights the significant role of technology, particularly AI, in driving the current bull market, with a focus on the performance of tech stocks and funds [1][2]. Group 1: Market Performance - The third quarter exhibited a "slow bull" market characteristic, with a few tech leaders driving substantial gains while other stocks contributed modestly [3]. - The CSI 300 index rose approximately 18% in Q3, with the top 10 stocks accounting for nearly half of the index's gains, predominantly from the tech sector [3]. - As of the end of Q3, 53 funds had a net value increase exceeding 100% for the year, with 35 of these heavily invested in technology [4]. Group 2: Fund Performance - Notable funds achieving "double hundred" growth in both returns and scale include Yongying Technology Selection and China Europe Digital Economy, with returns of 194.49% and 140.86% respectively [4][5]. - The top-performing funds in Q3 were primarily tech-themed, indicating a strong correlation between tech investments and fund performance [4]. Group 3: Manager Perspectives - Some fund managers expressed self-reflection on missed opportunities in tech investments, acknowledging their portfolios lagged behind the market's tech-driven gains [6][7]. - Others maintained a cautious optimism, recognizing the potential of AI while emphasizing the importance of fundamental analysis and historical lessons [9][10]. Group 4: Diverging Views on AI Sustainability - Some managers remain optimistic about the sustainability of AI growth, citing underestimation of the overseas computing power sector's performance and the early stages of AI industrialization [12][14]. - Conversely, others express caution regarding the sustainability of demand growth and the physical constraints on data center construction, which may limit hardware demand in the coming years [16][17]. Group 5: Risk Awareness - There is a recognition of the risks associated with high valuations in the AI sector, with some managers advising diversification to mitigate potential volatility [17][18].