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布局发起式基金:中邮基金权益投资布局的深层逻辑
Xin Lang Ji Jin· 2025-09-30 02:18
Core Viewpoint - The article discusses the launch of a series of activities aimed at promoting the high-quality development of public funds in Beijing, emphasizing the importance of investor education and protection in line with the regulatory framework established by the China Securities Regulatory Commission [1] Group 1: Industry Transformation - The public fund industry is transitioning from a "scale-oriented" approach to a "value-oriented" one, with the emergence of initiated funds as a key vehicle for high-quality development [2] - Initiated funds have seen significant growth, with over 2,000 funds and a total scale exceeding 3.3 trillion yuan, of which equity initiated funds account for 49%, an increase of 38 percentage points since 2020 [2] Group 2: Zhongyou Fund's Initiated Fund Strategy - Zhongyou Fund has been exploring the initiated fund model since 2018, creating a matrix of equity initiated funds that focus on long-term value and investor needs [3] - The fund's strategy includes investing in sectors aligned with national priorities, such as new energy and high-end manufacturing, while also catering to diverse risk preferences among investors [3] Group 3: Value Creation Framework - Zhongyou Fund's approach to initiated funds is based on a threefold value creation framework: interest binding, long-term investment, and value creation [4] - The interest binding mechanism links the earnings of fund managers and research teams directly to investor returns, fostering trust and aligning interests [5] - Long-term investment strategies allow the fund to focus on the growth of quality companies, minimizing the impact of short-term market fluctuations [7] - A robust research and risk management system supports the fund's ability to create value, ensuring thorough industry analysis and stock selection [8] Group 4: Promoting Inclusive Finance and Investor Education - Zhongyou Fund actively promotes inclusive finance and investor education through various outreach initiatives, helping investors understand the significance of long-term investment and the mechanics of the initiated fund model [9] Group 5: Commitment to High-Quality Development - The ongoing development of initiated funds by Zhongyou Fund aligns with the regulatory emphasis on prioritizing investor interests and reflects a commitment to the core principles of public funds [10]
超3.2万亿,再创新高
Zhong Guo Ji Jin Bao· 2025-08-17 14:40
Core Insights - The scale of initiated funds in China has surpassed 3.2 trillion yuan, marking a significant growth in the past year, driven by policy support and market demand [2][4][5] - Index funds have emerged as the primary product type for initiated funds, accounting for 54% of newly established initiated funds this year [6][4] - Fund companies are increasingly focusing on "opportunity capture" in the current market environment, aiming to quickly enter the market and seize growth opportunities [9][8] Fund Growth and Market Dynamics - As of the end of Q2 this year, the number of initiated funds reached 2,268, reflecting a 20% year-on-year increase, while the total management scale grew by 12% [4] - The establishment of initiated funds is characterized by lower thresholds, allowing fund companies to experiment in new markets and respond to investor demand [5][6] - The current bullish A-share market, with the Shanghai Composite Index rising over 10% this year, has motivated fund companies to establish initiated funds to share in market gains [8][9] Performance and Investor Engagement - Over 80% of actively managed initiated funds have achieved positive returns, with an annualized return rate of 9.17% since inception [14][13] - The self-investment requirement for fund managers in initiated funds fosters a shared interest in long-term performance between managers and investors [14][10] - Fund companies are encouraged to enhance their research capabilities and product differentiation to ensure the sustainable development of initiated funds [12][18] Challenges and Recommendations - The industry faces challenges such as product homogenization and the prevalence of "mini funds," necessitating a focus on improving research and product design [12][18] - Fund companies should avoid blindly following market trends and instead conduct thorough market research to create attractive products [18][19] - Effective investor education is crucial to help investors understand the normalcy of fund liquidation and to ensure transparency in the process [19][18]
超3.2万亿,再创新高
中国基金报· 2025-08-17 14:34
Core Viewpoint - The scale of initiated funds in China has exceeded 3.2 trillion yuan, marking a significant growth in the number and size of these funds, which have become an important form for public offerings to innovate products [2][3][4]. Fund Growth and Market Dynamics - As of the end of Q2 this year, the number of initiated funds reached 2,268, a year-on-year increase of 20%, with a total management scale exceeding 3.2 trillion yuan, reflecting a 12% year-on-year growth [5]. - Initiated funds have been steadily growing since the establishment of the first initiated fund in 2012, becoming a key form for public offerings to innovate products [5]. - The current market environment has led fund companies to focus on "opportunity capture" when establishing initiated funds, aiming to quickly respond to market trends and enhance their product lines [11][12]. Product Structure and Index Funds - Index funds are the primary type of initiated funds, accounting for 54% of newly established initiated funds this year [7]. - The explosive growth of index-type initiated funds is driven by policy guidance and market demand, with regulatory bodies promoting an increase in index investment scale and proportion [8]. - The preference for lower-cost, transparent index funds has increased among investors, especially as the performance of actively managed equity products has declined [8][9]. Long-term Performance and Investor Engagement - Over 80% of actively managed initiated funds have achieved positive returns, with an annualized return rate of 9.17% since inception for 439 funds [15]. - The requirement for fund managers to invest their own capital and hold it for at least three years aligns their interests with those of investors, promoting a focus on long-term performance [16][12]. Challenges and Recommendations for Sustainable Development - The initiated fund model faces challenges such as performance differentiation and the prevalence of "mini funds," necessitating a multi-faceted approach to ensure sustainable development [14][19]. - Fund companies are advised to enhance their research capabilities, optimize product design, and strengthen marketing efforts to improve the attractiveness of initiated funds [20][21]. - It is recommended that fund managers exercise caution in launching initiated funds, avoiding trends that may lead to short-term gains and focusing on building a solid foundation for long-term success [20][21].
国内发起式基金规模达3.1万亿元
Shen Zhen Shang Bao· 2025-08-08 07:17
深圳商报讯(记者 詹钰叶)我国首只发起式基金将在今年8月迎来设立13周年,经过多年发展,伴 随公募机构加速布局,国内发起式基金的规模达到了3.1万亿元。多只发起式基金今年以来收益喜人, 业内人士建议投资者结合自身风险偏好,重点关注管理人能力与产品长期业绩。 2012年8月10日,国内首只发起式基金——天弘债券型发起式基金宣布成立,开启了基金公司与投 资者利益捆绑的新时代,也拉开了发起式基金大发展的帷幕。 根据发起式基金合同,无论是否有外部投资者对发起式基金进行认购,基金公司与其他发起资金提 供方如公司的股东、高管、基金经理等,都已确定要对自己发行的产品进行认购。 有业内人士表示,发起式基金既是市场低迷期的"应急工具",也是布局未来赛道的"创新试验 田"。"其核心价值在于利益捆绑机制与灵活策略,但投资者需理性权衡清盘风险与业绩分化。"在选择 时,投资者应结合自身风险偏好,重点关注管理人能力与产品长期业绩。 (责任编辑:康博) 经过近13年发展,我国发起式基金规模明显增长。同花顺(300033)数据显示,目前国内发起式基 金数量超过2200只,总管理规模为3.1万亿元,约占同期公募基金总规模的10%。单只产品方面 ...
年内50只主动权益基金清算 发起式基金清盘压力凸显
Huan Qiu Wang· 2025-07-18 02:59
Group 1 - The overall A-share market is experiencing a fluctuating upward trend, yet some public equity funds are facing continuous shrinkage in scale, triggering liquidation conditions [1] - As of July 16, 50 active equity funds have entered liquidation procedures this year, with initiated funds being particularly affected [1][3] - The case of Zhongyin Securities Huize Jinqi 3-Month Holding Fund highlights the challenges faced by small and medium-sized fund companies in the FOF product layout, as its net asset value was only 0.28 billion yuan, significantly below the 2 billion yuan safety line [3][4] Group 2 - The "three-year test" for initiated funds has become a primary reason for liquidation, as funds must maintain a net asset value of at least 2 billion yuan after three years to avoid termination [4] - The increase in the number of liquidated equity funds is attributed to structural market conditions, where capital is concentrated in top funds and track-type products, diminishing the appeal of smaller funds [4] - Analysts suggest that the liquidation of initiated funds should not be viewed merely as failure but as a reflection of market competition, urging fund companies to carefully assess product strategies and resource alignment [4]
43只发起式基金未过三年之坎,清盘高发为何反成布局热土?
Di Yi Cai Jing· 2025-07-15 12:07
Core Insights - The rise of "initiated funds" has led to a significant number of funds facing liquidation due to not meeting the 200 million yuan threshold after three years [1][2] - Despite the high rate of liquidation, initiated funds remain a key strategy for fund companies, raising questions about their sustainability and operational costs [4][5] Group 1: Fund Liquidation Trends - As of July 15, 2023, 43 initiated funds have been liquidated this year due to failing to reach the required 200 million yuan, marking a historical high [1][2] - The average decline in value for these funds over three years is 18.65%, with nearly half experiencing a drop of over 20% [3][4] - Specific sectors like renewable energy and healthcare have seen significant performance issues, with some funds reporting cumulative returns as low as -53.43% [2][3] Group 2: Fund Company Strategies - Fund companies continue to launch initiated funds despite the risks, with over 404 such funds issued in 2023 alone [4][5] - The relatively relaxed establishment conditions for initiated funds allow companies to quickly enter niche markets and develop new fund managers [6][7] - Initiated funds serve as a "incubation" platform for new strategies and managers, providing opportunities in less recognized sectors [6][7] Group 3: Future Outlook - As of mid-July 2023, 183 initiated funds are approaching their three-year mark, with 98 of them still below the 200 million yuan threshold, indicating potential future liquidations [7] - Some initiated funds have successfully surpassed the threshold, such as the Yongying Advanced Manufacturing Fund, which has achieved a cumulative return of 82.35% [7]
发起式基金,又现“清盘潮”
21世纪经济报道· 2025-07-02 11:47
Core Viewpoint - The phenomenon of fund liquidation, particularly among initiator-style funds, has become increasingly common in 2025, with a significant number of funds failing to meet the minimum asset threshold of 200 million yuan, leading to their closure [2][4][11]. Group 1: Fund Liquidation Trends - As of July 1, 2025, a total of 127 funds have been liquidated this year, with over 40 of these being initiator-style products [4]. - In June alone, at least 16 initiator-style funds announced liquidation or clearing reports, indicating a trend towards normalization of mini-fund liquidations in a challenging market environment [2][4][12]. - The average net asset value of the 16 funds that liquidated in June was only 0.81 yuan, with an average scale exceeding 20 million yuan [5]. Group 2: Performance and Market Conditions - The average decline of the 16 funds from inception to liquidation was over 28%, with seven funds experiencing declines of more than 20% [5][6]. - Many of the funds that liquidated were established in May and June 2022, focusing on sectors like medicine and new energy, which have seen significant downturns [6][9]. - The performance of some funds, such as the 富荣医药健康 mixed fund, showed fluctuations, with a 14.23% increase in 2025 but a 19.40% decline in 2024, highlighting the impact of market conditions and management strategies [8][7]. Group 3: New Fund Launches - Despite the liquidation trend, 378 new initiator-style funds have been launched in 2025, with a total issuance scale of 41.66 billion yuan, indicating ongoing interest in this fund type [13][14]. - The flexibility of initiator-style funds allows for easier establishment compared to traditional funds, making them an important tool for public fund institutions [11][14]. - The regulatory environment is encouraging fund managers to enhance long-term investment performance, further supporting the issuance of initiator-style funds [14].
如何看待发起式基金又现“清盘潮”
Core Insights - The phenomenon of fund liquidation, particularly among initiator-style funds, has become increasingly common in 2025, with at least 16 such funds announcing liquidation in June alone [1][2][3] - Despite the liquidation trend, new initiator-style funds continue to emerge, indicating a persistent interest in this fund type among public fund institutions [7][8][9] Fund Liquidation Trends - As of July 1, 2025, a total of 127 funds have been liquidated this year, with over 40 being initiator-style products [2] - The average net asset value of the 16 initiator-style funds liquidated in June was only 0.81 yuan, with an average scale exceeding 20 million yuan [2] - The majority of the liquidated funds were established between May and June 2022, focusing primarily on sectors like pharmaceuticals and renewable energy [3] Performance Issues - The average decline for the 16 funds from inception to liquidation was over 28%, with seven funds experiencing declines of more than 20% [3] - Specific funds, such as the Baoying New Energy Industry Fund, saw significant losses, with declines reaching 54% [3] - Fund managers' operational strategies have also contributed to capital outflows, with some funds exhibiting erratic investment styles [4][5] Market Dynamics - The overall market environment has been challenging, with many initiator-style funds struggling to meet the 200 million yuan threshold for continued operation [7] - As of the first quarter of 2025, nearly half of the 1,112 initiator-style funds had net asset values below 200 million yuan, with 574 funds below 50 million yuan [7] - The trend of "mini funds" being liquidated has become normalized as public fund institutions focus on cost reduction and efficiency [8] New Fund Launches - Despite the liquidation trend, 378 new initiator-style funds were launched in 2025, with a total issuance scale of 41.66 billion yuan [8] - The proportion of initiator-style funds in the total public fund issuance has increased compared to the previous year, indicating a growing acceptance of this fund type [8] - The regulatory environment is encouraging fund managers to adopt initiator-style funds as a means to align interests with investors and enhance long-term performance [9]
35只清盘、146只成立 发起式基金成长之“怪”现状
经济观察报· 2025-06-27 10:30
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].
发起式基金:在“生死劫”与“新机遇”之间的市场博弈
Jing Ji Guan Cha Wang· 2025-06-26 03:44
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]