Core Viewpoint - The recent liquidation of six funds by Shenwan Hongyuan Fund indicates potential issues in product strategy management and research capabilities within the company, raising concerns about its investment management abilities [3][4]. Fund Liquidation - Shenwan Hongyuan Fund announced the termination and liquidation of the Shenwan Hongyuan Carbon Neutrality Mixed Fund due to its asset size falling below 200 million yuan three years after its establishment [3]. - The Shenwan Hongyuan Pension Target Date 2040 Fund also faced liquidation under similar circumstances, marking a total of six fund liquidations this year, all of which were initiated funds [3][4]. - Other funds that have been liquidated include Shenwan Hongyuan Xinxiang Stable Mixed Fund, Shenwan Hongyuan Shuangxi Mixed Fund, and Shenwan Hongyuan Specialized and New Theme Mixed Fund [3]. Company Performance - As of the end of Q2 2025, Shenwan Hongyuan Fund's total assets reached 82.679 billion yuan, reflecting a quarter-on-quarter growth of 12.24% but a year-on-year decrease of 5.29% [5]. - The company ranks 66th among all public funds in terms of total assets, with its non-money market fund management size at 70.446 billion yuan, placing it 59th [5]. - Despite the recent fund liquidations, 45 out of 49 active equity funds reported positive returns, with 27 funds achieving returns exceeding 10% [6]. Strategic Recommendations - To maintain stable growth, the company should focus on improving governance structures, ensuring product strategy stability, and enhancing research capabilities [7]. - Strengthening marketing efforts for smaller existing products and improving the brand influence of its research capabilities are essential to reduce future fund liquidations [7].