不过，发起式基金还有一个进阶要求，即成立3年后规模要达到2亿元。对此，业内认为该要求存在优化 的空间。优化后，既可避免有潜力但短期规模未达标的基金"倒在黎明前"，也有助于培育养老FOF等长 周期产品。 业内热议发起式基金门槛优化方向 来源：中国基金报 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正式成立，公募基金迎来"利益绑定、 风险共担"的创新产品。 十多年来，发起式基金以相对较低的成立门槛以及管理人1000万元的跟投机制，为基金公司布局产品 线、培育新基金经理提供了土壤，在逆周期布局和细分赛道投资上扮演着"探路者"的角色。 十多年来，发起式基金不断发展壮大，总规模逼近3.4万亿元，成为公募基金重要组成部分。不过，发 起式基金分化明显，既有永赢先进制造智选这样规模突破200亿元的现象级产品，但同时，国泰海通科 技创新精选三个月持有、申万菱信养老目标日期2040三年持有等多只产品因成立3年规模仍不足两亿元 而自动终止合同。 对于发起式基金"3年2亿元"的持续运作门槛，业内一直在探讨，多位人士认为，这一指标或有值得优化 的空间。 一位业内人士直言，发起式基金"3年2亿元"的要求有其合理性，但 ...

【导读】践行长期投资，市场呼吁优化发起式基金生存门槛 中国基金报记者 陆慧婧 方丽 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正式成立，公募基金迎来"利益绑定、 风险共担"的创新产品。 十多年来，发起式基金以相对较低的成立门槛以及管理人1000万元的跟投机制，为基金公司布局产品 线、培育新基金经理提供了土壤，在逆周期布局和细分赛道投资上扮演着"探路者"的角色。 不过，发起式基金还有一个进阶要求，即成立3年后规模要达到2亿元。对此，业内认为该要求存在优化 的空间。优化后，既可避免有潜力但短期规模未达标的基金"倒在黎明前"，也有助于培育养老FOF等长 周期产品。 业内热议发起式基金门槛优化方向 十多年来，发起式基金不断发展壮大，总规模逼近3.4万亿元，成为公募基金重要组成部分。不过，发 起式基金分化明显，既有永赢先进制造智选这样规模突破200亿元的现象级产品，但同时，国泰海通科 技创新精选三个月持有、申万菱信养老目标日期2040三年持有等多只产品因成立3年规模仍不足两亿元 而自动终止合同。 对于发起式基金"3年2亿元"的持续运作门槛，业内一直在探讨，多位人士认为，这一指标或有值得优化 的空间 ...

【导读】 践行长期投资，市场呼吁优化发起式基金生存门槛 中国基金报记者 陆慧婧 方丽 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正式成立，公募基金迎 来"利益绑定、风险共担"的创新产品。 十多年来，发起式基金以相对较低的成立门槛以及管理人1000万元的跟投机制，为基金公司 布局产品线、培育新基金经理提供了土壤，在逆周期布局和细分赛道投资上扮演着"探路 者"的角色。 不过，发起式基金还有一个进阶要求，即成立3年后规模要达到2亿元。对此，业内认为该要 求存在优化的空间。优化后，既可避免有潜力但短期规模未达标的基金"倒在黎明前"，也有 助于培育养老FOF等长周期产品。 业内热议发起式基金门槛优化方向 十多年来，发起式基金不断发展壮大，总规模逼近3.4万亿元，成为公募基金重要组成部分。 不过，发起式基金分化明显，既有永赢先进制造智选这样规模突破200亿元的现象级产品，但 同时，国泰海通科技创新精选三个月持有、申万菱信养老目标日期2040三年持有等多只产品 因成立3年规模仍不足两亿元而自动终止合同。 对于发起式基金"3年2亿元"的持续运作门槛，业内一直在探讨，多位人士认为，这一指标或 有值得优化的 ...

Core Insights - The rapid growth of initiated funds in the public offering industry is driven by flexible regulatory designs and the management's co-investment mechanism [1][2] - Initiated funds are becoming key vehicles for public institutions to invest in thematic sectors aligned with national strategic directions, particularly in technology innovation and green energy [1][2] - There is a clear competitive landscape among public institutions, with leading firms leveraging comprehensive advantages to build product barriers, while smaller firms adopt niche strategies to thrive [2][3] Summary by Categories Fund Growth and Structure - As of November 23, 338 initiated funds have been established in 2023, with a total issuance scale of 47.31 billion yuan [1] - Over 50% of the newly established initiated funds are passive index and enhanced index funds, indicating a shift towards low-cost and transparent investment tools [1] Thematic Focus - The thematic layout of initiated funds closely aligns with national strategies, focusing on high-end manufacturing, green energy, and digital economy, with a notable increase in AI-themed funds from about 10 to 26 [1] - Among the new initiated funds, 148 are tagged with "Wind ESG concept theme," reflecting the growing influence of ESG principles [1] Competitive Landscape - Leading public institutions, such as Huaxia Fund, have issued 38 initiated funds this year, including various themes like the ChiNext and AI, creating a comprehensive product matrix [2] - Smaller public institutions are adopting a "small but beautiful" strategy, focusing on high-growth technology sectors and innovative drug industries to carve out a niche in a homogenized market [3]

Core Insights - The number of new funds issued this year has reached 1,371 as of November 11, marking a three-year high and surpassing the total for both 2023 and 2024, with only 2022's total of 1,424 funds remaining slightly higher [1][2] - Despite the high number of new fund issuances, the total fundraising scale is relatively low, with a total of approximately 965.3 billion yuan, the lowest since 2019, and an average fundraising scale of only 782 million yuan [1][5] - The prevalence of initiator funds this year, with 334 new funds launched in this format, indicates a trend towards smaller, more numerous fund offerings, aligning with the "small but many" characteristic [1][4] Fund Issuance Characteristics - The surge in stock fund issuance, with 761 new stock funds launched, represents a historical record, significantly higher than the 470 funds issued in 2024, with passive index funds dominating this category [2][4] - The majority of stock funds issued this year are index funds, with 735 out of 761 being either passive or enhanced index funds, accounting for 97% of the total stock fund issuance [2] Market Dynamics - The current fund issuance trend reflects a rational approach, as evidenced by the smaller average fund sizes and the absence of "hot" funds, indicating a lack of investor frenzy [4][5] - The low fundraising scale is attributed to two main factors: the predominance of index funds, which do not showcase star fund managers, and the absence of a significant profit effect in the market, leading to low participation from retail investors [5]

Core Viewpoint - The recent data from the third quarter has raised alarms regarding the survival of several initiated funds, highlighting a trend of accelerated exits from the market due to persistent scale challenges [1][2]. Group 1: Fund Performance and Challenges - Many initiated funds are facing imminent liquidation, with some funds, like a certain enhanced index fund, at risk of termination if their scale remains below 200 million yuan by November 2025 [2]. - As of the end of the third quarter, several initiated funds established in 2022 are struggling with scales only in the millions, indicating a high risk of liquidation without new capital inflow [2]. - Some funds have managed to survive the "three-year test" by temporarily boosting their scales through short-term inflows, but this is not a sustainable solution [3]. Group 2: Successful Funds - A few initiated funds have emerged as "star products," achieving significant growth and avoiding liquidation risks, such as the Yongying Technology Smart Selection fund, which has seen a 246.27% increase since its inception [4]. - The success of these funds is attributed to their establishment during market downturns, allowing them to capitalize on undervalued assets when market sentiment improves [5]. Group 3: Market Dynamics and Trends - The initiated funds are experiencing a rapid exit trend, with nearly 20 new active equity initiated funds announced since October, despite the overall pessimism regarding their market performance [7]. - The competition within the fund industry is intensifying, leading to a concentration of resources towards high-performing funds, while underperforming funds face the risk of being eliminated [8]. - The operational costs associated with smaller fund sizes can erode returns, making it difficult for these funds to attract new investments and grow their scales [7].

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].

Core Insights - The number of newly issued public funds in the market has reached 1,371 as of November 11, marking a three-year high, while the average fundraising scale has decreased to 782 million yuan, indicating a significant shift in the public fund issuance market towards a "tool-oriented, segmented, and institutionalized" approach by 2025 [1][2][4]. Fund Issuance Trends - The public fund issuance has rebounded this year, surpassing previous years' totals, with 1,371 new funds issued, exceeding the total for 2023 (1,266) and 2024 (1,143) [2]. - The trend of "quantity increase and average scale decrease" is evident, with the total fundraising amount for new funds at approximately 9,653 billion yuan, the lowest since 2019, and an average fundraising scale of 782 million yuan, significantly lower than previous years [4][5]. Fund Structure Changes - There is a notable shift in the structure of newly issued funds, with a strong increase in equity funds and a decline in bond funds. As of November 11, 761 equity funds were issued, a record high, representing 37% of total new fund issuance [6][8]. - The majority of new equity funds are passive index funds, with 568 being issued, accounting for 97% of the equity fund issuance [6]. Market Dynamics - The rise in equity fund issuance is attributed to the recovery of the A-share market, with several equity funds experiencing rapid sales. However, fund companies are cautious, limiting the initial fundraising cap for these popular funds to below 3 billion yuan [7]. - In contrast, bond fund issuance has dropped significantly, with only 247 bond funds issued this year, the lowest in nearly a decade, reflecting a lack of investor interest due to market volatility and low yield attractiveness [8][9]. Future Outlook - The market is expected to maintain a structure dominated by equity funds, particularly index funds, while bond fund issuance is anticipated to remain stable [11].

Core Insights - The number of newly issued funds has significantly increased due to a recovering market sentiment, with 1,371 funds launched in 2023, the highest in three years [1] Fund Issuance Trends - The pace of fund issuance has accelerated, reflecting both improved market sentiment and proactive industry positioning [1] - A total of 1,235 funds have been established this year, with notable characteristics observed in the new offerings [2] Index Funds Dominance - Index funds continue to lead the market, with 727 index funds launched this year, accounting for 58.87% of total new funds [3] - The total fundraising for all established funds this year is 9,653.34 billion yuan, with index funds contributing 5,289.86 billion yuan [3] Breakdown of Index Funds - Passive index equity funds are the mainstream, with 526 funds launched and a total issuance of 2,682.66 billion yuan [4] - Passive index bond funds have emerged as "blockbuster makers," with 57 funds launched and a total issuance of 1,804.88 billion yuan, including 47 funds exceeding 2 billion yuan [5] - Enhanced index funds have also seen significant growth, with 144 funds launched and a total issuance of 802.32 billion yuan [5] Market Dynamics - The number of "one-day sold-out" funds has increased, with 96 funds achieving this status, including 39 with a fundraising scale exceeding 1 billion yuan [6] - The emergence of "mini funds" is notable, with 254 funds having an issuance scale of less than 200 million yuan, representing 20.57% of total new funds [6][7] Strategic Marketing - The rise of "initiated funds" is a marketing strategy for fund companies to quickly establish products in popular sectors, enhancing brand visibility [8] Competitive Landscape - The competition among leading fund companies remains intense, with the top firms dominating the number of new fund launches [9] - In terms of fundraising scale, the top ten fund companies each raised over 20 billion yuan this year [10] - Southern Fund leads in total issuance with 478.57 billion yuan, followed by Huaxia Fund and E Fund [11][12] Industry Polarization - A significant disparity exists in the market, with 59 out of 188 public fund managers not launching any new funds this year [12] - The top 30 fund companies captured 70.2% of the total fundraising, indicating a trend of resource concentration among leading firms [12]

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]