Group 1 - The core issue is that despite some products performing well, many initiated funds are facing automatic termination due to insufficient scale, with 44 out of over 100 funds that were liquidated this year being initiated funds, some with assets below 10 million yuan [1][3] - Initiated funds require a minimum investment of 10 million yuan from the fund manager at inception and must maintain this for three years, but if the fund's scale is below 200 million yuan after three years, it will automatically terminate, highlighting the stringent exit mechanism [3][4] - Some funds, despite having impressive performance, such as a nearly 22% increase in net value for one fund, still could not meet the 200 million yuan threshold, indicating a disconnect between performance and market acceptance [3][4] Group 2 - The number of initiated funds has been increasing, but the pressure for liquidation under the "three-year rule" is becoming more evident, with hundreds of funds still below the 200 million yuan mark facing potential liquidation risks [4] - Industry experts suggest that fund managers need to carefully assess product positioning to avoid blindly launching funds just to meet establishment requirements, and regulatory bodies may need to consider optimizing rules to provide a buffer for funds with strong long-term performance but currently low scale [4]