8月12日，上证指数报收于3665.92点，距离2024年"924"行情的高点3674.40点仅一步之遥。三市成交额 创近8个交易日新高，达到1.91万亿元，融资余额继续维持在2万亿元之上。 与此同时，债市表现却持续低迷，不仅是二级市场交投冷清，债券基金也频频出现大额赎回，甚至有不 少产品近期又在提示清盘风险。 沪指逼近去年"924"行情高点，债基却频现清盘危机 8月12日，交银臻选回报混合提示清盘风险，该基金已经连续40个工作日基金资产净值低于5000万元。 据了解，这是一只偏债混合型基金，今年二季度报告披露的总规模就已低至0.18亿元。 此外，此前还有多只纯债基金提示清盘风险，甚至一些兼顾量化策略的红利类基金也在近期出现清盘危 机。 比如，成立于2024年5月28日的申万菱信红利量化选股，二季度报告显示，总规模已降至0.51亿元。8月 12日，基金公司也在公告中指出，截至8月11日，该基金已连续30个工作日基金资产净值低于5000万 元。 无论是债券基金，还是红利类基金，都采用一些侧重防御的高分红、低波动选股及投资策略，在此前权 益行情欠佳时很有人气。不过，随着市场风险偏好的提升，这类基金的规模增速开始放 ...

Core Viewpoint - The article highlights the increasing number of mutual funds facing liquidation in June 2025, with 117 funds having exited the market year-to-date, primarily due to insufficient scale and performance issues [1][5]. Fund Liquidation Reasons - A total of 97 funds triggered contract termination clauses due to not meeting scale requirements, marking a 40% increase compared to the same period last year [1]. - Many funds are unable to grow in scale, leading to their closure, with some experiencing long-term poor performance while others saw capital withdrawal after outperforming benchmarks [1][3]. - Significant redemptions by single large investors have also contributed to the rapid decline in fund sizes, pushing them close to liquidation [1][7]. Performance vs. Scale - Some recently liquidated funds, such as the浦银安盛幸福回报定开债券, had stable returns but still could not maintain sufficient scale, with a net asset value below 50 million yuan [3]. - The金鹰品质 fund, which had a year-to-date increase of over 11%, also faced liquidation due to scale issues [3]. Current Market Landscape - As of June 16, 2025, there are 1,655 mutual funds with net asset values below 50 million yuan, with mixed funds being the most affected [7]. - The trend of increasing fund liquidations is attributed to market competition, poor performance, and the capabilities of fund managers and distribution channels [7]. ETF Liquidation Risks - Even in a strong market, some ETFs are facing liquidation risks, with 18 passive index funds having been liquidated this year [8]. - Specific ETFs, such as博时国证龙头家电ETF, are on the brink of liquidation due to consistently low asset values, despite temporary increases in scale [9][10].

Core Viewpoint - The article discusses the recent trend of mutual funds facing liquidation despite some having strong performance, highlighting a disconnect between fund performance and investor interest [1][4]. Group 1: Fund Performance and Liquidation - Several funds are at risk of liquidation due to low asset values, even as their net asset values reach new highs, indicating a paradox where strong performance does not attract sufficient investment [1][4]. - For instance, the Shenwan Lingxin Dividend Quantitative Stock Fund has seen its net asset value rise while its total assets fell below 50 million yuan, leading to liquidation warnings [4]. - Similarly, the Jiashi Ark One-Year Holding Fund has maintained a high net value but has also dropped below the 50 million yuan threshold for an extended period [4]. Group 2: Investor Behavior - Investors exhibit a "cash out" mentality, leading to a trend where they sell off shares even as fund values increase, resulting in a situation where funds experience "sell on the rise" behavior [2][6]. - The article notes that many investors prefer larger, well-known funds, which can lead to smaller funds struggling to attract capital despite good performance [6]. Group 3: Institutional Investors and Fund Dynamics - Some funds are facing liquidation due to significant redemptions by single large investors, which can drastically reduce fund size and push them below the liquidation threshold [3][7]. - The article highlights that certain funds, like the Nuode Anyuan Pure Bond Fund, have a high concentration of holdings by single investors, making them vulnerable to rapid outflows [7][8]. - Institutional investors often redeem their shares after achieving desired returns or reallocating their assets, which can lead to sudden drops in fund size [8].