Core Insights - The fund liquidation process is accelerating as the year-end approaches, with 270 funds having announced their exit this year, primarily due to insufficient scale or number of investors [2][5] - The trend of fund liquidation has become normalized, reflecting poor performance and loss of investor trust, pushing the industry towards a more refined product offering [2][5] Fund Liquidation Trends - As of December 18, 2023, the 17th fund of the month entered liquidation, with 47 additional funds issuing warnings about potential liquidation due to low asset values [3][4] - Equity funds are the most affected, with many newly established funds under a year old facing liquidation risks [4][5] Performance and Investor Trust - Over 60% of the funds that have exited this year are equity funds, attributed to poor performance and lack of investor confidence [5] - The market volatility has exacerbated the risks for "mini funds," which are funds with low asset values [5][9] Regulatory Changes and Fund Management - Fund companies are modifying automatic termination clauses to extend the liquidation period and provide more options for "mini funds," requiring investor input for decisions [6][8] - Failed attempts to hold shareholder meetings indicate low investor engagement, which complicates the decision-making process for fund companies [7][8] Market Dynamics - The current market environment has led to a significant number of funds struggling to maintain minimum asset values, with 2061 equity funds below 60 million yuan and 1586 below 50 million yuan [9]

2025.12. 17 临近年末，基金清盘步伐未见放缓。12月17日，海富通富利三个月持有发布基金份额持有人大会表 决结果暨决议生效的公告，该产品将在12月18日起进入清算程序。作为一只偏债混合型产品，该产 品成立于2021年7月，最新规模为0.11亿元；截至2025年12月16日，其A类份额的累计回报为 0.7%。这是12月以来退场的第17只基金产品（仅计算初始基金，下同）。 与此同时，清盘预警仍在密集发出。据第一财经初步统计，本月还有47只基金产品陆续发布关于基 金资产净值连续低于5000万元、或可能触发基金合同终止情形的清盘预警。若这些产品未能抓住市 场机会、规模实现有效增长，也面临着濒临清盘的窘境。 本文字数：2616，阅读时长大约4分钟 作者 | 第一财经 曹璐 临近年末，基金清盘步伐未见放缓。12月18日，本月第17只清盘基金正式进入清算程序。同时另有 47只产品密集拉响清盘警报。其中，不乏成立不足一年的次新基金，部分债券型产品也在债市调整 中面临压力。 Wind数据显示，今年以来已有270只基金宣告退场，超八成产品因规模或持有人数量不足而被迫出 局。值得关注的是，近来有多只"迷你基"借持有人大会 ...

Group 1 - The core viewpoint of the article highlights the ongoing trend of fund liquidations as the year-end approaches, with 270 funds having announced their exit this year, primarily due to insufficient scale or number of investors [1][3][4] - A total of 47 funds have issued liquidation warnings this month, indicating a significant number of products are at risk of being forced out of the market [2][3] - Equity funds are identified as the most affected category, with 171 out of the 270 liquidated funds being equity funds, representing over 60% of the total [3][4] Group 2 - The article notes that many newly established funds, including those less than a year old, are facing liquidation, reflecting a broader trend of underperformance and loss of investor confidence [1][2] - The bond market's continued adjustment in the fourth quarter has also led to several bond funds facing liquidation or warning signs, indicating a challenging environment for these products [3][4] - The industry is witnessing a shift towards a more selective approach, with resources likely concentrating on more competitive products as the number of funds exceeds ten thousand [1][5] Group 3 - Fund companies are modifying their automatic termination clauses to extend the liquidation period and provide more options for "mini funds," but the decision to liquidate or continue operations still requires investor input [5][6] - Instances of failed shareholder meetings to decide on fund continuance are becoming common, reflecting low investor engagement and interest in these products [6][7] - The article suggests that the decision to maintain or liquidate a fund often depends on the strategic positioning of the product within the company's portfolio, with some companies willing to retain funds that may have future potential [7][8]