Core Viewpoint - Guoshou Anbao Fund is facing dual challenges of new product issuance cooling and shrinking existing product scales, reflecting structural issues within its product line [2][12]. New Product Issuance - In 2023, Guoshou Anbao Fund has only launched 2 products, both of which required extended fundraising periods [2][9]. - The Guoshou Anbao Zunxing Enhanced Return Bond Fund, launched on May 26, extended its fundraising deadline from June 16 to July 16, but later announced it would stop accepting subscriptions on June 26 [4][5]. - The first product of the year, Guoshou Anbao Zunfu 30-Day Holding Period Bond Fund, raised only 468 million yuan after extending its fundraising period [2][9]. - The company has struggled in the new issuance market, with its new product scale ranking low compared to peers [10]. Existing Product Challenges - Guoshou Anbao Fund has convened holder meetings for three existing products due to their scales falling below warning lines, indicating a high proportion of mini-funds in its product line [2][12][14]. - As of the first quarter of 2025, 25 out of 104 existing public fund products had scales below 100 million yuan, accounting for 24.04% [14]. - The company is actively managing smaller fund products to protect the interests of fund holders [15]. Fund Management Scale - By the end of 2024, Guoshou Anbao Fund's public fund management scale reached a historical high of 346.347 billion yuan, but it decreased by 19.4 billion yuan to 326.983 billion yuan by the first quarter of 2025 [15]. - The fund's development is heavily reliant on money market and bond funds, which together account for over 95% of its total scale, indicating a significant imbalance in equity and bond fund offerings [15].

Core Viewpoint - Guoshou Anbao Fund, a public fund institution backed by insurance capital with a scale of 300 billion, is facing dual challenges of cold new product issuance and shrinking existing product scale [2][3]. New Product Issuance - Guoshou Anbao Fund has only launched two products this year, both of which required extended fundraising periods. The first product, Guoshou Anbao Zunfu 30-Day Holding Period Bond Fund, raised only 468 million yuan [2][4]. - The Guoshou Anbao Zunxing Enhanced Return Bond Fund, which started fundraising on May 26, extended its fundraising deadline from June 16 to July 16, and then announced it would stop accepting subscriptions on June 26 [4][5]. - The company has faced challenges in the new issuance market, with previous products encountering difficulties, such as the Guoshou Anbao High-End Equipment Fund, which raised only 1 million yuan, primarily from the company itself [5][6]. Existing Product Management - Guoshou Anbao Fund is experiencing pressure on existing products, with three funds recently convening holder meetings to discuss their future due to consistently low scales [3][7]. - As of the first quarter of 2025, 25 out of 104 existing public fund products had scales below 100 million yuan, accounting for 24.04% of the total [9]. - The company reported a decrease in public fund management scale by 19.4 billion yuan, down to 326.98 billion yuan as of the first quarter of this year [9]. Product Structure and Performance - The fund's development is heavily reliant on money market and bond funds, which together account for over 95% of its total scale, while equity and mixed funds are significantly underrepresented [9]. - The company has indicated that it will actively manage smaller funds to protect the interests of fund holders [9].