Frequent warnings of liquidation, styles "morphing" to survive, balanced funds face a dilemma.

On one hand, there are frequent warnings about liquidation, and on the other hand, funds are "morphing" in style to survive, with balanced funds that focus on "controlling drawdowns and diversified allocations" facing an unprecedented survival dilemma. Recently, reporters from the Securities Times interviewed several public funds and industry insiders, who indicated that in a market characterized by extreme structured shifts and rapid capital rotation around industrial prosperity, the "smoothing volatility" advantage of balanced strategies has ironically become a disadvantage that contributes to capital outflow. Many products have been forced to adjust their investment frameworks due to ongoing survival pressures. However, as the market gradually shifts from "broad-based gains" to structural differentiation, multiple public funds believe that the attractiveness of balanced strategies is gradually returning. Balanced approaches like the barbell strategy, which are suitable for high-volatility environments, may become significant options for capital in the next stage.