据彭博社报道，由于回报疲软和投资者赎回，中国公募基金正以八年来的最快速度清盘，导致数百只产品规模过小而难以存续。
China’s mutual funds are closing at the fastest pace in eight years as weak returns and investor redemptions leave hundreds of products too small to survive.
根据彭博社汇总的数据，今年已有约256只公开募集的基金被清算，另有46只基金向投资者发出警告，称其可能很快清盘。这意味着到年底，清盘的产品数量可能超过300只，为2018年行业全面改革引发大规模关闭以来的最高年度纪录。
About 256 publicly offered funds have been liquidated this year, with another 46 warning investors they may soon close, according to Bloomberg-compiled data. That means potentially more than 300 products closing doors by year-end, the highest annual tally since a record in 2018, when sweeping industry reforms triggered shutdowns.
多年来，在中国官方推动将居民储蓄引导至资本市场的政策下，新基金发行数量持续增加。然而，随着市场回报长期低迷，投资者热情也逐步减退，导致许多产品面临大规模赎回和资金流入不足的问题。
China has seen a steady increase in new fund launches over the years, driven by an official push to channel household savings into the capital market. Yet investor enthusiasm has waned alongside languishing market returns, resulting in many products suffering from waves of redemptions and lack of inflows.
此次清盘潮的激增，也是2023年一项行业举措的“反作用”：该举措曾鼓励基金公司投资自身产品，但根据规定，若产品资产在三年后低于设定阈值，则必须清盘。
The latest spike in liquidations is also the full-circle impact of a 2023 industry initiative, which encouraged fund companies to invest in their own products but was subject to a rule mandating closure after three years if assets fall below a set threshold.
广东基金投资有限公司的基金经理陈尊德表示：“规模过小、投资者过少或持续跑输基准指数的产品，维持成本高昂，且越来越难以继续存在。近几个月的市场回调也抑制了投资者的风险偏好。”根据中国证券法规，若基金净资产连续60个交易日低于5000万元（约合750万美元），基金经理必须向监管机构提交包括清盘在内的解决方案。彭博社汇总的数据显示，今年清盘的大多数基金都属于这一类别。
“Products that are too small, have too few investors, or consistently lag their benchmarks are costly to maintain and increasingly difficult to justify,” said Chen Zunde, fund manager at Guangdong Fund Investment Co. “Market pullbacks in recent months have dampened risk appetite.”China’s securities rules require fund managers to report remedy proposals, such as liquidation, to regulators if their net assets remain below 50 million yuan ($7.5 million) for 60 consecutive sessions. A majority of the funds that are closing this year fell into that category, according to Bloomberg-compiled data.
回报波动导致许多基金难以获得维持运营所需的新资金，而新产品仍在不断推出。中国证券指数公司（China Securities Index Co.）的主动股票基金指数五年年化回报率为-0.8%，尽管今年已上涨3.6%。
Inconsistent returns have left many funds short of the inflows needed to keep them operating, while new products continue to hit the market. China Securities Index Co.’s index of of active stock funds have posted a five-year annualized return of -0.8%, though they are up 3.6% this year.
中国股市今年开局强劲，复苏希望与全球人工智能热潮共同推动了市场上涨。然而，由于科技行业国内竞争加剧以及消费持续疲软，市场动能在下半年逐渐减弱。
Chinese stocks started the year on a high note, lifted by recovery hopes and the global AI boom. However, momentum faded in the second half due to intense domestic competition in the tech sector and persistent weakness in consumer spending.
2026年，更广泛的基准指数CSI 300下跌了约6%，而芯片股占比较高的Star 50指数涨幅则收窄至约14%。由于国庆假期，中国内地市场将一直休市至周三。
The broader benchmark CSI 300 has fallen about 6% in 2026, while the chip-heavy Star 50 trimmed its advance to about 14%. Onshore Chinese markets are closed through Wednesday for a national holiday.
“行业需要摆脱对新产品发布和爆款产品驱动增长的依赖，”晨星中国基金研究中心分析师王山表示。“低效产品的退出，是行业从追求规模转向追求质量的健康演变过程。”即便是表现尚可的基金，投资者热情的消退也可能迅速带来负面影响。长城SSE科技创新板复合指数基金专注于半导体及其他北京重点扶持的战略产业，该基金于一年多前推出，在关闭运作前曾实现23%的回报。
“The industry needs to shift away from relying on new launches and blockbuster products to drive growth” said Wang Shan, an analyst at Morningstar’s fund research center in China. “The exit of inefficient products is a healthy part of the industry’s evolution to pursuing quality over scale.”Even for decently-performing funds, dwindling investor enthusiasm can quickly take a toll. The Great Wall SSE Science and Technology Innovation Board Composite Index Fund, which focuses on semiconductor and other strategic industries championed by Beijing, debuted just over a year ago and delivered a 23% gain before shutting down operations.
“许多散户投资者并不会长期持有公募基金，”FOF99基金研究院分析师张景忠表示。“他们往往在基金已经取得良好表现后才买入，而不是在周期中持续投资，这反而损害了他们的收益。”供应过剩的问题并未缓解。尽管多家基金持续关闭，截至8月底，公开募集的基金产品总数仍达到14,585只，较一年前增长超过10%。
“Many retail investors don’t hold mutual funds for the long term,” Zhang Jingzhong, analyst at FOF99 Fund Research Institute, said. “They tend to buy after a fund has already performed well, rather than stay invested through cycles, hence hurting their returns.”The issue of oversupply isn’t going away. Despite ongoing closures, the number of publicly offered fund products totaled 14,585 as of end-August, up more than 10% from a year ago.
市场饱和可能也让其他机构望而却步。据《证券时报》报道，近期一些新基金的发行因需求疲软而推迟了募资截止日期。
The market saturation may be giving others pause. Some new fund launches delayed fundraising deadlines recently due to lukewarm demand, according to a Securities Times report.
2023年的市场崩盘同样对资产管理行业造成了严重冲击，但今年的情况因“发起人支持型”基金大规模关闭而更加严峻。
A market meltdown in 2023 similarly wreaked havoc on the asset management sector, but this year’s wave is exacerbated by a surge in “sponsor-backed” fund closures.
这些基金是在2023年政府刺激政策提振信心的背景下推出的，最初免除了发行时资产规模不得低于2亿元人民币的要求。然而，若发行三年后资产规模未能达到5000万元门槛，将面临强制清盘。据晨星的王姓人士透露，这一规则正推动近100只基金在今年清盘。
Launched amid the 2023 government stimulus push to shore up confidence, these funds were initially exempt from the requirement of having at least 200 million yuan of asset at launch. However, they face mandatory termination if assets fail to reach the 50 million threshold three years after the launch. That rule is driving nearly 100 liquidations this year, according to Morningstar’s Wang.
“公募基金发行时往往缺乏与现有产品的差异化，”FOF99基金的张姓人士表示。“市场上同质化产品实在太多了。”
“Mutual funds are often launched with little to distinguish them from existing products,” FOF99 Fund’s Zhang said. “There are simply too many similar offerings on the market.”