Group 1 - The core viewpoint of the articles highlights the increasing challenges faced by small and medium-sized public funds in launching new funds, with four funds failing to issue this year alone [1][2][3] - The failed fund "Guorong Tianli 6-Month Holding Period Bond Fund" could not meet the registration conditions by the end of the fundraising period, marking it as the fourth fund to fail this year [1] - A total of 736 new funds were established by 121 public funds this year, with a combined issuance scale of 557.937 billion yuan, indicating a competitive market landscape [2] Group 2 - Smaller public funds are struggling due to factors such as fund manager qualifications, company size, and brand influence, leading to a disparity in new fund issuance compared to larger public funds [2][3] - The recent volatility in the equity market has dampened investor enthusiasm for subscribing to newly issued funds, prompting smaller public funds to consider long-term planning and differentiation strategies [3] - Industry insiders suggest that instead of blindly issuing new funds, smaller public funds should focus on their unique advantages and brand building to create a competitive edge [3]