近日，申万菱信旗下两只发起式基金一同披露基金合同终止公告，再度引发业内对发起式基金"三年大考"的关注。这两只基金——申 万菱信碳中和智选混合发起式与申万菱信养老目标日期2040三年持有期混合发起式（FOF）——均成立于2022年8月2日，恰在满三年当 日触发合同终止条款，因资产净值分别仅为833万元和2526万元，远低于2亿元的存续红线。 清盘背后折射出市场环境与产品策略的深层矛盾。2022年成立时，碳中和概念正值政策红利期，养老目标基金也因个人养老金制度落 地备受关注。但此后新能源板块经历深度调整，申万菱信碳中和智选持仓的电力设备、公用事业等行业指数三年累计下跌超30%，导致 基金净值长期低于面值。养老目标基金则受权益市场波动影响，尽管采用FOF形式分散风险，仍难以抵消股市下行压力，其持仓的偏股 型基金回撤明显。 值得注意的是，此次清盘并非孤立事件。申万菱信今年已有6只发起式基金退场，包括双禧混合、鑫享稳健混合等产品，清盘原因均 为"三年后规模不足2亿元"。目前，申万菱信旗下16只发起式基金中12只产品规模合并值低于2亿元，其中申万菱信绿色纯债债券型发 起式即将于8月30日迎来"大考"。这种集中清盘现象暴露 ...

Core Viewpoint - The performance of renowned fund manager Jia Chengdong at Shenwan Hongyuan Fund has raised concerns among investors, as his recent funds have underperformed significantly in a rising market [1][5]. Group 1: Fund Performance - Since Jia Chengdong joined Shenwan Hongyuan Fund in March 2025, the Shenwan Hongyuan New Power Fund has lost over 7%, underperforming its benchmark by 12 percentage points [2][3]. - Another fund managed by Jia, the Shenwan Hongyuan Industry Selection Fund, has also lost over 5%, trailing its benchmark by more than 9% [2][3]. - The A-share market has seen a strong rally, with the Shanghai Composite Index rising over 7% since June 2025, highlighting the stark contrast in performance [2]. Group 2: Fund Holdings and Market Trends - The Shenwan Hongyuan New Power Fund heavily invested in pet economy stocks, which have collectively plummeted since June, despite being marketed as essential due to aging and single-person demographics [3]. - The price-to-earnings ratio of the pet stock "Guibao Pet" reached 50 times, significantly exceeding the industry average, indicating a disconnect between growth expectations and actual performance [3]. Group 3: Company Challenges - Shenwan Hongyuan Fund has faced multiple fund liquidations in 2025, with two funds recently announced for termination due to struggling below the regulatory threshold of 200 million yuan [5][6]. - This marks the fifth and sixth funds facing liquidation this year, with previous funds also having exited the market due to similar issues [6]. Group 4: Management and Structural Issues - The company's reform efforts under Chairman Chen Xiaosheng, aimed at creating a robust investment research system, have not translated into improved performance, revealing a significant gap between vision and reality [7]. - The talent pool within the company is concerning, with 7 out of 27 fund managers having less than 3 years of experience, and 5 managers overseeing 6 or more funds, leading to potential overextension [8]. - As of June 2025, the company's asset management scale was 82.679 billion yuan, ranking 66th in the industry, a decline from its peak of 102.492 billion yuan in June 2015 [8].