Funds' "can't grow" dilemma sees a turning point; "breaking out" still depends on performance.

Title context: Text: The China Securities Regulatory Commission (CSRC) recently issued the Measures for the Administration of the Operation of Publicly Offered Securities Investment Funds, lowering the establishment threshold for equity funds and abolishing the "three-year" liquidation rule for sponsor-initiated funds, which brings a turning point for many fund products in solving the problem of "failing to grow." Data compiled by Securities Times reporters shows that since 2023, both the proportion of funds established "at the threshold" and the proportion of liquidated sponsor-initiated funds have risen significantly. In particular, since 2026, the proportion of equity ETFs established "at the threshold" has risen from less than 50% to more than 70%, and the proportion of liquidated sponsor-initiated funds has risen from less than 20% to more than 45%. Interviewees said that relaxing the constraints provides the necessary conditions for solving the "failing to grow" problem, but to scale up, fund companies must still return to their own ability to generate business, reasonably assess market demand, strengthen countercyclical product deployment, and make simultaneous efforts in areas such as maintaining style consistency. The Draft for Comment has given some sponsor-initiated funds on the survival line a chance to breathe. When the liquidation threshold is relaxed and operating costs are shifted, "saving the shell" is no longer the only goal; strengthening performance and expanding scale are the only direction for "breaking through."