Group 1 - The core point of the news is that the "Guangfa Shenzhen 100 ETF Linked Fund" has triggered a termination clause due to its net asset value being below 50 million yuan for 30 consecutive working days, indicating a potential for liquidation or transformation if the situation does not improve [1][4]. - ETF linked funds are designed to invest directly or indirectly in target ETFs to achieve index tracking, allowing investors to participate in the market with a lower threshold. However, these funds require a certain scale to operate, and falling below the regulatory threshold of 50 million yuan makes liquidation or merger almost inevitable [4]. - The number of "mini funds" in the public offering market has been high in recent years, with over a hundred funds terminating operations this year, primarily due to insufficient scale triggering contract termination clauses [4]. Group 2 - Guangfa Fund currently has 31 funds with net asset values below 50 million yuan, including "Guangfa Jusheng Mixed A" with a combined scale of only 6.11 million yuan and "Guangfa Xinyu Mixed A" with 10.26 million yuan [5]. - The proportion of institutional holders in these two mixed funds has remained above 95%, but with institutional redemptions, they have become mini funds. If they cannot achieve "rebirth" through mergers or transformations, they face significant liquidation risks [5]. - The company has a large product line across equities, fixed income, and ETFs, but some products have long lacked market interest, reflecting a "long-tail dilemma" in market competition. Retaining these mini funds incurs high operational costs and may drag down the overall product structure, leading to a potential future cleanup of inefficient products as regulatory tolerance decreases [5].