Core Viewpoint - The Longcheng Fund's "Changcheng Youxuan Zhaoyi One-Year Holding Mixed Fund" is facing a potential forced liquidation due to its net asset value falling below 50 million yuan for 30 consecutive working days, leaving only 20 working days as a buffer period before liquidation occurs [1][3]. Fund Performance Summary - The fund has shown poor performance since its inception, with a year-to-date increase of only 1.14%, compared to the average of its peers at 1.78% and the CSI 300 index at 0.03% [3][4]. - Over the past year, the fund's performance is 2.76%, significantly lower than the peer average of 5.85% [3][4]. - The fund's ranking among peers has consistently declined, with a current ranking of 1411 out of 1218 funds since its inception [3][4]. Industry Context - The 50 million yuan liquidation threshold for public funds is deemed reasonable, as smaller funds struggle with operational costs and investment limitations, ultimately harming investors [5][6]. - The increasing number of "mini funds" in the market raises questions about whether fund companies should invest more effort in product design and maintenance [6]. - The situation of Longcheng Fund raises concerns about whether this is an isolated incident or indicative of a broader trend within the industry, prompting a need for more cautious issuance of new products by fund companies [6].