2025.06. 17 本文字数：2075，阅读时长大约3分钟 作者 | 第一财经 齐琦 6月以来，又一批公募基金面临清盘。 第一财经据Wind统计，6月份刚过半，已有9只基金触发合同终止条款。 截至6月16日，年内已有 117只基金退场，其中因规模不达标而触发合同终止条款的基金达97只，较去年同期的69只，同比 增加约40%。 从清盘原因看，多数产品因规模增长难而遗憾谢幕，其中有业绩长期低迷的，也有跑赢基准后资金撤 离止盈的，还有部分基金因单一持有人大额赎回，规模骤降至濒临清盘。 沪上一位公募基金人士告诉记者，长期以来监管严控"迷你基"数量，基于此头部公司加速出清低效产 品，而中小机构投研实力和渠道优势相对较弱，清盘产品对其经营业绩有一定影响。未来行业仅在存 量产品运营上按规定退出远远不够，供给端也明确审慎申报，避免跟风上报新基金却疏于管理运营。 资金止盈离场，多只基金净值增长规模反降 该基金因为资产净值持续低于5000万元，而触发合同终止。但从业绩看，该基金收益相对稳定，近 一年、近三年以及成立以来的涨幅分别为2.14%、6.68%、66.21%。 行业人士分析称，当前市场不确定性大，尽管部分基金业绩相对 ...

Group 1 - A wave of public fund liquidations continues, with 117 funds having exited the market this year as of June 16, 2023, marking a 40% increase from the same period last year [1][4] - The majority of the liquidated funds were due to insufficient scale, with 97 funds triggering termination clauses for this reason [1][4] - The trend is attributed to regulatory pressure on "mini funds," leading larger firms to eliminate inefficient products while smaller firms struggle with research and distribution capabilities [1][3] Group 2 - Despite some funds showing stable performance, many have seen a decline in scale as investors opt to take profits, leading to liquidations [2][3] - For instance, the recently liquidated fund,浦银安盛幸福回报定开债券, had a stable return of 66.21% since inception but still fell below the 50 million yuan threshold [2] - The market uncertainty has made smaller funds less competitive, resulting in a preference for larger, more stable investments [3][7] Group 3 - As of June 16, 2023, there are 1,655 public funds with asset values below 50 million yuan, with mixed funds being the most affected [5] - The largest number of liquidated funds this year comes from博时基金, which has seen six funds exit, followed by淳厚基金,华安基金, and南方基金, each with five [4][5] - The trend of liquidations is not limited to traditional funds; 18 passive index funds have also faced liquidation risks this year [7][8] Group 4 - The phenomenon of "helping funds" has been noted, where funds receive temporary inflows to avoid liquidation but then see those funds withdrawn shortly after [8] - Several ETFs, including博时国证龙头家电ETF, are on the brink of liquidation, with asset values hovering around the 50 million yuan threshold [7][8] - The overall market environment has led to increased scrutiny on fund performance and sustainability, emphasizing the need for long-term alignment between scale and performance [8]

近期面临清盘的基金中，即将离场的原因多种多样，其中不乏绩优产品却缺乏资金追捧从而导致一边提示 清盘风险、另一边却净值持续创新高的状态。 有公募人士指出，这或与基民"落袋为安"的心态有关，近期行情震荡，即使基金经理操作得当，基民止盈心态 依旧明显，多只基金甚至出现"越涨越卖"的情况。 此外，还有个别债基亦在多个季度稳健上涨后，因单一持有人大额赎回沦为迷你基金，使得这些机构定制产品 在"完成任务"后主动离场。 基民或"落袋为安" 6月12日，申万菱信基金公告，截至6月11日，旗下申万菱信红利量化选股已连续40 个工作日基金资产净值低 于5000万元。 作为一只红利主题的量化产品，该基金截至一季度末前十大重仓股中囊括了厦门银行、邮储银行、工商银行等 六只银行股，且股票组合与今年上半年银行股行情特征较为一致，因此该基金虽然屡屡公告提示清盘风险，但 净值却持续走高，并在近期创下了历史新高，该基金成立于去年6月份，虽建仓后有所回撤，但在去 年"9·24"行情中净值得以迅速回升，然而资金却并不买账，合计份额从3.01亿份逐季下滑至今年一季度的2500 万份。 类似情况还有嘉实方舟一年持有，截至6月6日，该基金已连续30个工 ...