Group 1 - The core issue highlighted is the automatic termination of two initiated funds if their net asset value falls below 200 million yuan after three years, reflecting a design flaw in the fund structure [5] - The carbon neutrality fund has seen a reduction of over 90% in size since its inception, with a cumulative loss of 43.14%, trailing its performance benchmark by 10.24 percentage points [5] - The pension target fund has returned -0.15% since its establishment, lagging behind its benchmark by 5.3 percentage points, with its size now less than a quarter of its initial value [5] Group 2 - The recent fund liquidations are not isolated incidents, as six initiated funds from the company have been closed this year due to insufficient scale [6] - Currently, 12 out of 16 initiated funds under the company have a combined size below 200 million yuan, indicating a significant issue in product strategy and market performance [6] - Industry experts point out that the limitations of the initiated fund system are evident, emphasizing the need for sustained research support and market cultivation to avoid products becoming "mini funds" [6]

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].

6只发起式基金相继退场 这家公募同日发布2只产品清盘公告。8月4日，申万菱信基金宣布旗下申万菱信碳中和智选混合发起式、申万菱信养老目标日期2040三年持有期混合 发起式（FOF）合同终止并进行财产清算。至此，年内该公募已有6只基金相继清盘，且全部为发起式基金。有业内人士指出，多只基金相继清盘或 将给公司带来一定的负面影响，市场可能对该公司投研管理能力产生质疑。对于规模相对偏小的存量产品，公司可以通过强化渠道营销，投入更多资 源来减少基金清盘情形。同时也应该进一步提升公司投研品牌的影响力。 整体来看，申万菱信基金旗下仍有不少"迷你"产品。Wind数据显示，截至2025年二季度末，申万菱信基金旗下数据可取得的81只产品中（份额合并 计算，下同），17只产品规模不足5000万元，其中包括11只发起式基金。具体到产品类型来看，申万菱信竞争优势混合、申万菱信价值精选混合等4 只主动权益类基金已规模迷你。债基方面，申万菱信稳鑫90天滚动持有中短债规模甚至已不足1000万元。 需多角度着手减少基金清盘情形 公开信息显示，"老牌"公募申万菱信基金成立于2004年1月，距今已有21年。股东方面，中央汇金公司控股的申万宏源证券持 ...