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 initiation funds are facing unprecedented survival challenges, with 279 funds entering liquidation this year, of which 61 are initiation funds [1] Group 1: Fund Liquidation Cases - Shenwan Hongyuan Fund has become a typical case in this wave of liquidation, with two of its products, Shenwan Hongyuan Carbon Neutrality and Shenwan Hongyuan Target Date 2040, officially liquidated on August 2, having only 8.33 million and 25.26 million yuan in assets, respectively, far below the 200 million yuan survival standard [3] - Shenwan Hongyuan Fund has already seen multiple products exit the market this year, including Shenwan Hongyuan Shuangxi Mixed Initiation and Shenwan Hongyuan Xinxiang Stable Mixed Initiation [3] - The Shenwan Hongyuan Tianli Six-Month Holding Mixed Fund entered liquidation due to its net asset value being below 50 million yuan for 50 consecutive working days [3] Group 2: Causes of Liquidation - The establishment of initiation funds aimed to create a mechanism of shared interests through the fund manager's own capital participation, requiring managers and executives to subscribe for at least 10 million yuan and hold for no less than three years [4] - However, many initiation funds have encountered significant setbacks, such as the Shenwan Hongyuan Carbon Neutrality product, which has dropped nearly 42% since inception, underperforming its benchmark by 11 percentage points [4] - The Shangyin New Energy Industry Selected Fund experienced a 53.43% loss by the time of its liquidation in May, with a remaining net asset value of only 26.7 million yuan [4] Group 3: Industry Challenges - Over 800 initiation funds are facing the three-year assessment with insufficient scale of 200 million yuan, with about 80 funds reaching critical points this year [5] - Shenwan Hongyuan Fund has several initiation products in jeopardy, including the Shenwan Hongyuan Green Pure Bond Fund, which will face assessment at the end of the month [5] - The phenomenon of initiation fund liquidation reflects deeper challenges in the fund industry, with some companies viewing initiation products as tools for rapid expansion, lacking in research and team development [5]

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].