不过，发起式基金还有一个进阶要求，即成立3年后规模要达到2亿元。对此，业内认为该要求存在优化 的空间。优化后，既可避免有潜力但短期规模未达标的基金"倒在黎明前"，也有助于培育养老FOF等长 周期产品。 业内热议发起式基金门槛优化方向 来源：中国基金报 2012年8月10日，国内首只发起式基金——天弘债券型发起式基金正式成立，公募基金迎来"利益绑定、 风险共担"的创新产品。 十多年来，发起式基金以相对较低的成立门槛以及管理人1000万元的跟投机制，为基金公司布局产品 线、培育新基金经理提供了土壤，在逆周期布局和细分赛道投资上扮演着"探路者"的角色。 十多年来，发起式基金不断发展壮大，总规模逼近3.4万亿元，成为公募基金重要组成部分。不过，发 起式基金分化明显，既有永赢先进制造智选这样规模突破200亿元的现象级产品，但同时，国泰海通科 技创新精选三个月持有、申万菱信养老目标日期2040三年持有等多只产品因成立3年规模仍不足两亿元 而自动终止合同。 对于发起式基金"3年2亿元"的持续运作门槛，业内一直在探讨，多位人士认为，这一指标或有值得优化 的空间。 一位业内人士直言，发起式基金"3年2亿元"的要求有其合理性，但 ...

【导读】践行长期投资，市场呼吁优化发起式基金生存门槛 中国基金报记者 陆慧婧 方丽 2012年8月10日，国内首只发起式基金——天弘债券型发起式基金正式成立，公募基金迎来"利益绑定、 风险共担"的创新产品。 十多年来，发起式基金以相对较低的成立门槛以及管理人1000万元的跟投机制，为基金公司布局产品 线、培育新基金经理提供了土壤，在逆周期布局和细分赛道投资上扮演着"探路者"的角色。 不过，发起式基金还有一个进阶要求，即成立3年后规模要达到2亿元。对此，业内认为该要求存在优化 的空间。优化后，既可避免有潜力但短期规模未达标的基金"倒在黎明前"，也有助于培育养老FOF等长 周期产品。 业内热议发起式基金门槛优化方向 十多年来，发起式基金不断发展壮大，总规模逼近3.4万亿元，成为公募基金重要组成部分。不过，发 起式基金分化明显，既有永赢先进制造智选这样规模突破200亿元的现象级产品，但同时，国泰海通科 技创新精选三个月持有、申万菱信养老目标日期2040三年持有等多只产品因成立3年规模仍不足两亿元 而自动终止合同。 对于发起式基金"3年2亿元"的持续运作门槛，业内一直在探讨，多位人士认为，这一指标或有值得优化 的空间 ...

【导读】 践行长期投资，市场呼吁优化发起式基金生存门槛 中国基金报记者 陆慧婧 方丽 2012年8月10日，国内首只发起式基金——天弘债券型发起式基金正式成立，公募基金迎 来"利益绑定、风险共担"的创新产品。 十多年来，发起式基金以相对较低的成立门槛以及管理人1000万元的跟投机制，为基金公司 布局产品线、培育新基金经理提供了土壤，在逆周期布局和细分赛道投资上扮演着"探路 者"的角色。 不过，发起式基金还有一个进阶要求，即成立3年后规模要达到2亿元。对此，业内认为该要 求存在优化的空间。优化后，既可避免有潜力但短期规模未达标的基金"倒在黎明前"，也有 助于培育养老FOF等长周期产品。 业内热议发起式基金门槛优化方向 十多年来，发起式基金不断发展壮大，总规模逼近3.4万亿元，成为公募基金重要组成部分。 不过，发起式基金分化明显，既有永赢先进制造智选这样规模突破200亿元的现象级产品，但 同时，国泰海通科技创新精选三个月持有、申万菱信养老目标日期2040三年持有等多只产品 因成立3年规模仍不足两亿元而自动终止合同。 对于发起式基金"3年2亿元"的持续运作门槛，业内一直在探讨，多位人士认为，这一指标或 有值得优化的 ...

Group 1 - The core point of the articles highlights the increasing trend of fund liquidations within Shenwan Hongyuan Fund, particularly focusing on the recent closures of Shenwan Hongyuan Carbon Neutrality Select and Shenwan Hongyuan Pension Target Date 2040 Three-Year Holding Fund due to insufficient asset sizes [1][2] - Shenwan Hongyuan Carbon Neutrality Select had a combined scale of 833.36 thousand yuan, while Shenwan Hongyuan Pension Target Date 2040 Three-Year Holding Fund had a scale of 2,525.83 thousand yuan, both significantly below the 20 million yuan threshold for automatic termination [1] - The company has seen multiple fund liquidations this year, including Shenwan Hongyuan Shuangxi Mixed Fund and Shenwan Hongyuan Xinxiang Stable Mixed Fund, both of which also faced liquidation due to not meeting the 20 million yuan minimum asset requirement [1] Group 2 - A significant number of Shenwan Hongyuan's non-initiated funds are at risk of liquidation, with several funds having scales below 5 million yuan, indicating a broader issue within the company's fund management strategy [2] - Among initiated funds, over 800 products are expected to face a critical evaluation in the coming year due to their asset sizes being below 20 million yuan, which could lead to further liquidations [2] - The overall market has seen 279 funds liquidated this year, with 61 of those being initiated funds, reflecting a concerning trend in the investment landscape, particularly for funds focused on sectors like renewable energy and pharmaceuticals [2]

Core Viewpoint - The article discusses the ongoing challenges faced by the fund management industry, particularly focusing on the performance and potential liquidation of certain funds managed by Shenwan Hongyuan Fund, highlighting the increasing trend of fund closures since 2025 due to underperformance and insufficient asset size [2][3][5]. Fund Performance and Liquidation Risks - As of July 23, 2023, a total of 144 funds have been liquidated this year, with over 45 being initiated funds [2]. - Shenwan Hongyuan Fund has announced that two of its funds, Shenwan Hongyuan Carbon Neutrality Select and Shenwan Hongyuan Pension Target Date 2040, may trigger contract termination if their net asset value falls below 200 million yuan by August 2, 2025 [3]. - The current asset sizes of these two funds are significantly below the required threshold, with Shenwan Hongyuan Carbon Neutrality Select at 8 million yuan and Shenwan Hongyuan Pension Target Date 2040 at 25 million yuan as of the second quarter of 2025 [3][4]. Fund Management Decisions - In response to the low asset sizes, Shenwan Hongyuan Fund has decided to suspend subscription and investment activities for the underperforming funds starting July 22, 2025 [3]. - The company has also seen a total of four funds terminate operations this year due to failing to meet the 200 million yuan threshold after three years of establishment [5]. Broader Industry Trends - The article notes a trend of "mini funds" struggling within the industry, with 17 funds under Shenwan Hongyuan having asset sizes below 50 million yuan as of the second quarter of 2025 [5]. - The performance of the funds has been mixed, with Shenwan Hongyuan Carbon Neutrality Select yielding returns of 7.12% this year but ranking in the bottom third among its peers [4]. - Shenwan Hongyuan Fund has launched five new funds in 2023, but the initial fundraising success has been limited, with one fund only reaching 40 million yuan by the second quarter of 2025 [6].