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 ...

值得关注的是，华宸未来稳健添利是华宸未来基金目前仅存的公募产品，最新规模为0.43亿元。该基金 此前因净值出现大幅异常波动，引发市场对其"踩雷"特定资产的猜测，一度成为舆论焦点。 某大型基金公司人士向第一财经表示，除公司合并等特殊情况外，公募产品变更管理人的案例在业内并 不常见。有知情人士透露，本次变更仅涉及该只产品，并不涉及公司股权等其他层面的变动。（第一财 经记者 曹璐） 责任编辑：宋雅芳 1月24日，华宸未来基金发布公告称，为更好地满足投资者需求、保护基金份额持有人利益，经与基金 托管人中国工商银行协商一致，拟依法召开基金份额持有人大会，将华宸未来稳健添利的基金管理人变 更为富国基金。 值得关注的是，华宸未来稳健添利是华宸未来基金目前仅存的公募产品，最新规模为0.43亿元。该基金 此前因净值出现大幅异常波动，引发市场对其"踩雷"特定资产的猜测，一度成为舆论焦点。 某大型基金公司人士向第一财经表示，除公司合并等特殊情况外，公募产品变更管理人的案例在业内并 不常见。有知情人士透露，本次变更仅涉及该只产品，并不涉及公司股权等其他层面的变动。（第一财 经记者 曹璐） 责任编辑：宋雅芳 1月24日，华宸未来基金发 ...

1月24日，华宸未来基金发布公告称，为更好地满足投资者需求、保护基金份额持有人利益，经与基金 托管人中国工商银行协商一致，拟依法召开基金份额持有人大会，将华宸未来稳健添利的基金管理人变 更为富国基金。 记者｜曹璐 编辑 ｜瑜见 值得关注的是，华宸未来稳健添利是华宸未来基金目前仅存的公募产品，最新规模为0.43亿元。该基 金此前因净值出现大幅异常波动，引发市场对其"踩雷"特定资产的猜测，一度成为舆论焦点。 某大型基金公司人士向第一财经表示，除公司合并等特殊情况外，公募产品变更管理人的案例在业内并 不常见。有知情人士透露，本次变更仅涉及该只产品，并不涉及公司股权等其他层面的变动。 ...

1月24日，华宸未来基金发布公告称，为更好地满足投资者需求、保护基金份额持有人利益，经与基金 托管人中国工商银行协商一致，拟依法召开基金份额持有人大会，将华宸未来稳健添利的基金管理人变 更为富国基金。 （文章来源：第一财经） 值得关注的是，华宸未来稳健添利是华宸未来基金目前仅存的公募产品，最新规模为0.43亿元。该基金 此前因净值出现大幅异常波动，引发市场对其"踩雷"特定资产的猜测，一度成为舆论焦点。 某大型基金公司人士向第一财经表示，除公司合并等特殊情况外，公募产品变更管理人的案例在业内并 不常见。有知情人士透露，本次变更仅涉及该只产品，并不涉及公司股权等其他层面的变动。 ...

Core Viewpoint - Recent significant declines in bond fund net values have caused psychological impacts on investors seeking stable returns, primarily due to market conditions affecting specific bonds held by the funds [1][2]. Group 1: Fund Performance and Market Impact - The bond fund "Hua Chen Future Steady Income" experienced a notable decline in net value, with a drop exceeding 3.5% on November 28 and an overall decrease of over 7.4% from November 27 to December 2, reverting to levels seen in Q3 2023 [2][3]. - The fund's net value drop was attributed to substantial adjustments in certain bonds due to market conditions, leading to increased volatility and large-scale redemptions [2][3]. Group 2: Characteristics of Small and Medium Fund Companies - Small and medium-sized fund companies are more susceptible to significant net value declines due to their limited research capabilities and smaller investment teams, which hinder comprehensive coverage of credit bonds [4][5]. - These companies often have weaker liquidity reserves, making them vulnerable to concentrated redemptions, which can force managers to sell bonds at lower prices to meet liquidity needs [4][5]. Group 3: Investor Considerations - Investors are advised to consider multiple factors when selecting fixed-income products, including the fund manager's capability, long-term performance sustainability, risk-return characteristics, and fee structures [1][6]. - It is recommended that investors prioritize funds managed by larger firms with mature research and risk control systems, and to avoid frequent changes in fund managers [6][7]. - Investors should also focus on the long-term performance of funds, assessing risk indicators like maximum drawdown and volatility, and align their choices with their risk tolerance [7].

Core Viewpoint - Recent significant declines in bond fund net values have caused psychological impacts on investors seeking stable returns, primarily due to market conditions affecting specific bonds held by funds [1][2][3] Group 1: Fund Performance and Market Impact - The bond fund "Hua Chen Future Steady Income" experienced a notable decline, with its A share net value dropping over 3.5% on November 28 and a cumulative decline exceeding 7.4% from November 27 to December 2, reverting to levels seen in Q3 2023 [2][3] - The fund's significant drop in net value is attributed to adjustments in certain bonds influenced by market conditions, leading to increased redemption pressures and further volatility [3][4] Group 2: Characteristics of Small and Medium Fund Companies - Small and medium-sized fund companies are more susceptible to such events due to limited research capabilities and weaker risk management systems compared to larger firms, which can lead to delayed responses to market fluctuations [4][5] - The smaller scale of these funds often results in inadequate liquidity reserves, making them vulnerable to concentrated redemptions that force managers to sell bonds at lower prices [4][5] Group 3: Investor Considerations - Investors are advised to consider multiple factors when selecting fixed-income products, including the fund manager's capabilities, long-term performance sustainability, risk-return characteristics, and fee structures [1][6][7] - It is recommended that investors prioritize funds managed by larger firms with established research and risk management frameworks, and to assess the stability of the investment team through regular reports [6][7]

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 bond market has experienced significant volatility, particularly affecting Vanke's domestic bonds, leading to a sharp decline in the net value of the Huachen Future Stable Income Fund, which has seen a cumulative drop of 6.76% over three trading days, erasing nearly two years of gains [1][5]. Fund Performance - The Huachen Future Stable Income Fund's net value has shown continuous negative returns since November 25, with daily declines of -0.06%, -0.08%, -1.77%, -3.56%, -1.48%, and -0.80% [1][3]. - From November 27 to December 2, the fund's performance ranked last in the market with a return of -7.41% [3]. - The fund's historical performance from November 26, 2023, to November 26, 2025, indicated a total return of 6.53%, which was completely wiped out in just four days due to recent declines [4]. Investment Strategy and Holdings - The fund's benchmark is the China Bond Composite Full Price Index, with a year-to-date return of -1.483%, which has dropped to -6.64% following recent market turmoil [5]. - As of September 30, 2025, the fund's bond holdings reached 115.29%, with corporate bonds making up 56.34%, government bonds 32.73%, and financial bonds 10.93% [6]. - Speculation arose regarding the fund's potential exposure to Vanke's bonds, which have faced significant price drops, coinciding with the fund's net value decline [5][6]. Company Background and Challenges - Huachen Future Fund has a low management scale, ranking among the bottom ten in the market, with total assets under management insufficient to support its operations [9]. - The fund's major shareholder, Huachen Trust, is in the process of transferring 40% of its shares, raising concerns about the fund's stability [9]. - The fund reported a net profit of -1140.35 million yuan for the first three quarters of 2025, with total assets of 7875.2 million yuan and total liabilities of 8263.83 million yuan, leading to questions about its ongoing viability [11].

Core Viewpoint - The article discusses the performance of various bond funds in 2023, highlighting significant losses in certain categories, particularly in government bond funds and long-term bond funds, due to rising yields and market conditions. Group 1: Index Bond Funds - The 30-year government bond ETF has declined by approximately 4%, while the benchmark market-making government bond ETF has dropped by 0.65% [2] - The main contributors to the decline are the rising yields of government bonds, with the 5-year government bond yield increasing from 1.41% to 1.61%, a rise of 19 basis points, and the national development bond yield increasing from 1.47% to 1.79%, a rise of 32 basis points [2] - The "Dacheng Interbank Certificate of Deposit Index 7-Day Holding" has a small scale of only 4 million yuan, leading to losses as investment returns do not cover fund expenses [2] Group 2: Short-term Bond Funds - Short-term bond funds have averaged a return of 1.4%, with two funds reporting losses and 16 funds yielding less than 0.5% [3] - The two funds that lost money are small in scale, and their low size has led to high expense ratios eating into profits [3] Group 3: Long-term Bond Funds - Among 2019 long-term bond funds, 257 have reported losses, accounting for 12.7% of the total [4] - Long-term bond funds have averaged a return of 0.97%, which is about 0.4% lower than short-term bond funds [4] - The primary reason for the losses is the heavy investment in long-duration government bonds and policy financial bonds [5] Group 4: Market Conditions - The yield on 30-year government bonds is currently at 2.2%, with a low of 1.8% earlier this year, resulting in an average annual coupon yield of around 2% [6] - The maximum drawdown for the 30-year government bond index has been 16.75%, with a maximum drawdown of 6.41% this year, indicating a low investment value for long-duration government bonds [6] - Fund managers have been increasing the duration of their bond funds, which is seen as a risky move given the current yield environment [6] Group 5: Overall Market Sentiment - The overall market is still in an adjustment phase, with recent weak rebounds not indicating an end to the adjustment [11] - There is a lack of excitement in the market, with many sectors experiencing declines after previous rebounds, suggesting a cooling of market sentiment [11] - Despite the potential for further declines, there may be limited downside due to external funds eyeing investment opportunities [12]

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].