转自：经济参考报 近日，弘毅远方基金管理有限公司发布公告，公司股东弘毅投资（北京）有限公司再次"输血"，向其增 加出资2900万元，成为今年首家实施增资的公募基金；此前被大股东挂牌"清仓"股权的华宸未来基金管 理有限公司，则发布了旗下基金华宸未来价值先锋的清算报告。 无论是增资"输血"，还是挂牌"清仓"，都凸显出了中小型基金管理机构时下的生存危机。记者梳理同花 顺iFinD数据发现，截至2025年末，全市场167家公募基金管理机构当中，基金管理规模不足1000亿元的 有101家、占比超六成，规模合计2.75万亿元，占市场总规模比重约7.60%。 记者注意到，随着公募基金行业竞争日趋激烈，像弘毅远方基金这样增资自救的中小型基金公司并不少 见。据不完全统计，2025年，湘财基金、红土创新基金、南华基金、先锋基金、汇泉基金、恒越基金、 联博基金等多家机构获股东"输血"，股东频繁"输血"的背后是中小机构普遍面临的生存危机。 今年1月，华宸未来基金正式迎来"生死劫"。因触及规模红线，华宸未来价值先锋宣布清盘，2025年年 底时该基金规模只有0.03亿元；不久之后，华宸未来基金公告称，经中国证监会许可，华宸未来稳健添 利 ...

（来源：经济参考报） 近日，弘毅远方基金管理有限公司发布公告，公司股东弘毅投资（北京）有限公司再次"输血"，向其增 加出资2900万元，成为今年首家实施增资的公募基金；此前被大股东挂牌"清仓"股权的华宸未来基金管 理有限公司，则发布了旗下基金华宸未来价值先锋的清算报告。 无论是增资"输血"，还是挂牌"清仓"，都凸显出了中小型基金管理机构时下的生存危机。记者梳理同花 顺iFinD数据发现，截至2025年末，全市场167家公募基金管理机构当中，基金管理规模不足1000亿元的 有101家、占比超六成，规模合计2.75万亿元，占市场总规模比重约7.60%。 中小型公募基金危机频现 2018年成立的弘毅远方基金，在成立当年便进行了首次增资，2020年、2021年、2023年、2024年、2025 年各进行了一轮增资，2025年3月，弘毅远方基金在第六次增资后资本金增至3.8亿元。此次增资完成 后，公司注册资本由人民币3.8亿元增加至人民币4.09亿元。 监会可以暂停受理及审核其基金产品募集申请或者其他业务申请，并限期要求改善财务流动性。 在频繁的"输血"之下，弘毅远方基金管理规模却不见起色。2021年6月底，弘毅远方基 ...

旗下唯一一只产品或将易主，叠加股东股权的"大降价甩卖"，让尾部基金公司华宸未来基金陷入舆论中 心。 成为"独苗"尚不足半个月的华宸未来稳健添利，其管理人变更引发了市场诸多疑问。 近年来，华宸未来基金的公募业务版图近年来持续收缩，自2021年四季度起，公司长期维持3只公募基 金在管规模。其中华宸未来稳健添盈在2024年四季度连续60个工作日规模不足5000万元，2025年2月通 过持有人大会表决终止并清盘。 类似的场景再次上演，另一只产品华宸未来价值先锋同样因2025年四季度连续60个工作日规模不达标， 于2026年1月通过持有人大会表决终止运作。至此，华宸未来稳健添利成为华宸未来基金仅剩的公募基 金产品。 将唯一的产品管理权移交同业，在业内实属罕见。"非合并背景下，单产品变更管理人极为罕见。"有头 部基金公司人士告诉第一财经，正常情况下，如果基金产品运营不下去了可以选择清盘处理，此次调整 有可能是化解风险产品的主动选择。 这只"独苗基"此前曾因净值异常暴跌陷入舆论焦点。Wind数据显示，2025年11月27日至12月2日的4个 交易日内，该基金A份额区间跌幅达7.41%，在全市场债券型基金（仅计算初始基金，下 ...

Core Viewpoint - The recent significant decline in the net value of Huachen Future Fund's bond fund has raised concerns among investors and industry professionals, highlighting the challenges faced by small public fund management companies [1][3][9] Group 1: Fund Performance - Huachen Future Stable Income Bond Fund experienced a cumulative decline of 7.75% from November 25 to December 2, with a notable drop of 7.61% over four trading days from November 27 to December 2 [3] - The fund's net value had previously shown stability, but recent performance has been likened to a "waterfall" drop, with the latest net value recorded at 1.1921 yuan as of December 4 [3] - The fund's net value decline has surpassed the annual gains of previous years, with 2023 and 2024 gains recorded at 4.59% [3] Group 2: Fund Management and Strategy - The fund's investment strategy includes a focus on short-term and long-term government bonds, with a 36.55% allocation to these securities as of the third quarter [4] - The fund management team has been actively adjusting the investment portfolio in response to market changes, aiming to optimize performance and control credit risk [4][6] Group 3: Company Background - Huachen Future Fund, established in 2012, has struggled with a small public fund management scale, with assets dropping from a peak of 13.18 billion yuan in early 2024 to just 1.95 billion yuan by the end of the third quarter [9] - The fund company currently manages only two public funds, with the other being a mixed fund that has also underperformed significantly [9]

Core Viewpoint - The bond fund "Huachen Future Steady Income" has experienced significant net value decline, raising concerns among investors due to its performance compared to similar products [1][4]. Market Performance - From November 27 to December 2, the A share of the fund fell by 7.61%, while the C share dropped by 7.68% [1]. - In the same period, the average decline for 419 similar mixed bond funds was only 0.06%, with the second-largest decline being 0.74% for "Jiangxin One-Year Open" [1]. Fund Holdings and Management - The fund's net value drop was attributed to significant price adjustments in certain held bonds, primarily government bonds, which constitute 56.34% of its portfolio [3]. - The fund's overall leverage is at 115.29%, well below the 140% limit [3]. - The top five holdings are all government bonds, with corporate bonds and financial bonds making up 32.73% and 10.93% of the portfolio, respectively [3]. Fund History and Performance - Huachen Future has struggled with growth since its establishment in June 2012, with a peak management scale of less than 1.5 billion yuan [5]. - As of the end of Q3 this year, the fund's total management scale was only 1.95 million yuan, ranking 186 out of 192 in the industry [5]. - The fund has only issued three funds, with the second fund, Huachen Future Steady Income, being the longest-running since its inception in August 2013 [6]. Shareholder Actions - The largest shareholder, Huachen Trust, is attempting to divest its 40% stake in the fund, with a minimum listing price of 17.2 million yuan [7]. - The assessed value of this stake is significantly lower at 4.5229 million yuan, raising concerns about the fund's ongoing viability [8].

Core Viewpoint - The trust industry is accelerating its return to core business, with a wave of divestitures of non-core financial equity continuing to emerge [1][7]. Group 1: Trust Company Actions - Huachen Trust plans to transfer 40% equity of Huachen Future Fund for 17.2 million yuan, with the transfer period from November 24 to December 19 [1]. - Other trust companies, including Baorui Trust and Zhonghai Trust, have also sold stakes in subsidiaries like funds and futures, indicating a trend of concentrated divestiture [1][4]. - Huachen Future Fund has reported poor financial performance, with a net profit of -2 million yuan in 2024 and -1.14 million yuan by Q3 2025, leading to negative equity of -388.63 million yuan [2][3]. Group 2: Industry Trends - The trend of divesting non-core financial equity is not random but a collective response to common pressures, including regulatory requirements and the need for cash flow [7][9]. - Regulatory changes since 2021 have mandated trust companies to divest assets that are not aligned with their core business, contributing to the current wave of divestitures [7][8]. - The industry is experiencing a shift from a "financial supermarket" model to focusing on core trust services, optimizing asset structures, and enhancing competitive advantages [8][9]. Group 3: Financial Performance and Market Outlook - The return on equity (ROE) for trust companies has declined from 14% in 2017 to around 4% in 2023, indicating a need for companies to streamline operations and focus on high-value, low-capital businesses [8]. - The divestiture of non-core assets is expected to free up capital for higher-value services, with the potential for increased concentration in the fund and futures sectors [9]. - Future focus will be on whether divestitures will expand into more areas and how to balance the separation of non-core businesses with collaborative development [9].

Group 1 - The recent adjustment in the bond market has led to significant declines in some bond funds, notably the Huachen Future Stable Income A fund, which saw a cumulative drop of 6.66% over three trading days, a rare occurrence in bond funds [1][4] - Market speculation suggests that the fund may have encountered issues with certain real estate credit bonds, although the company's customer service indicated that the decline was due to the impact of market conditions on specific bonds held [1][5] - The fund experienced a surge in redemptions in recent days, which further exacerbated the volatility of its net value, indicating that the negative effects will take time to fully absorb [5] Group 2 - As of November 27, 28, and December 1, the fund's net value decreased by 1.77%, 3.56%, and 1.48% respectively, resulting in a year-to-date decline of 5.89%, placing it at the bottom of the bond fund rankings [5] - The fund's third-quarter report revealed that its top five bond holdings were primarily government bonds, which accounted for 36.55% of the fund's net asset value, suggesting that the recent net value drop may not be directly linked to these holdings [5] - Huachen Trust announced plans to transfer 40% of its stake in Huachen Future Fund for a listing price of 17.2 million yuan, with the transfer period set from November 24 to December 19 [2][6] Group 3 - The Huachen Future Fund has a total scale of only 195 million yuan as of the third quarter, ranking low within the industry [2][6] - The fund's financial performance has been poor, with a reported operating income of 4.01 million yuan and a net loss of 20.01 million yuan last year, and a net loss of 11.40 million yuan for the first three quarters of this year [6] - The fund has struggled to grow, having only launched 11 funds since its establishment in 2012, with only four approved, and no new products approved since 2022 [3][6]

Core Viewpoint - Huachen Trust plans to transfer 40% equity of Huachen Future Fund at a listing price of 17.2 million yuan, indicating a "clearance-style" divestment by shareholders due to the fund's small scale and poor performance in the industry [1][3]. Group 1: Transfer Details - The transfer is set to occur from November 24, 2025, to December 19, 2025, with a total of 8 million shares involved [3]. - The transfer is approved by the Inner Mongolia Finance Department, and the ownership of the transfer target is confirmed to be clear and legally owned by the transferor [5][6]. Group 2: Fund Performance and Scale - Huachen Future Fund, established over 13 years ago, has a total scale of only 195 million yuan as of the end of Q3 this year, ranking at the bottom of the industry [1][10]. - The fund has reported a net loss of 20.01 million yuan for 2024 and a net loss of 11.4 million yuan for the first three quarters of 2025, with owner equity at -3.8863 million yuan [7]. - The fund's performance has been poor, with one bond fund ranking in the bottom 3% and a mixed fund performing at 21.21%, ranking in the top 45% [10]. Group 3: Historical Context - Since its establishment, Huachen Future Fund has only launched 11 funds, with only 4 approved for issuance, and no new products approved since 2022 [9]. - The fund's assets peaked at 1.318 billion yuan in Q1 2024 but have since declined significantly [10].

Core Insights - Hengmingda (002947.SZ) reported its Q3 2025 results, revealing that as of October 24, 2025, five institutional investors held a total of 26.5989 million A-shares, representing 10.38% of the company's total equity [1] Institutional Holdings - The total institutional holding percentage increased by 0.11 percentage points compared to the previous quarter [1] - The institutional investors include Shenzhen Hengshida Investment Co., Hong Kong Central Clearing Limited, National Social Security Fund 103 Portfolio, Tongling Hengshifeng Enterprise Management Partnership (Limited Partnership), and Huacheng Future Value Pioneer [1] Public Fund Holdings - One public fund, Huacheng Future Value Pioneer, reported a slight decrease in holdings compared to the previous quarter [1] - A total of 160 public funds did not disclose their holdings this quarter, including notable funds such as Southern CSI 1000 ETF, Guotai Golden Eagle Growth Flexible Allocation Mixed, Huabao Power Combination Mixed A, Southern Growth Pioneer Mixed A, and Guotai Research Advantage Mixed A [1] Social Security Fund - One new social security fund disclosed its holdings in Hengmingda, which is the National Social Security Fund 103 Portfolio [1] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings by 2.25% compared to the previous period [1]