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their once-ambitious ambitions now seem somewhat pale. the high initial investment and operating costs make it difficult for them to compete with large-scale funds. the limited profitability of public offerings makes it difficult for them to achieve their ideal of sustainable development. although debt investment as a survival strategy has achieved certain success in the short term, it is not sustainable in the long run and there are huge risks.

changes in the market environment have exacerbated the plight of small and medium-sized mutual funds. tighter regulation and increased debt issuance, as well as concerns about a recession, have increased volatility in the bond market, posing greater challenges to them. the dominance of institutional investors has also made it difficult for them to break away from the dependency model, making them more vulnerable to changes in market dynamics and investor sentiment.

however, while the dragon is sleeping, some new forces are rising. some funds that focus on debt investment, such as dongxing, hefei, and xinyuan, have achieved significant growth in the market, reflecting the market's preference for high-risk, high-return debt investment. this seems to indicate that there may be new directions in the future, bringing new opportunities for small and medium-sized public funds.

at the same time, we also need to be alert to the risks of market panic and liquidity crisis. large-scale fund redemptions, especially when combined with increased regulatory scrutiny, may lead to liquidity problems and even trigger broader economic instability.

while the giant dragon is sleeping, small and medium-sized public funds need to re-examine their own positioning and explore new directions so that they can find a way to survive in the ever-changing financial environment and revitalize themselves again.