Recently, a news story about a small public fund institution in Beijing being caught up in a salary arrears crisis has sparked discussion. The protagonist of the story, Beixin RuiFeng Fund, has been pushed into the spotlight, with the company publicly responding that it is only adjusting the timing of salary payments. This is just a microcosm of the obvious pressure that the public fund industry has been under in recent years, and the difficulties that small and medium-sized institutions face in surviving. In recent years, small and medium-sized public funds have had a hard time surviving, but there are also examples of successful turnarounds. Insiders in the public fund industry have said that factors such as frequent changes in management are bottlenecks that restrict the development of small and medium-sized public funds, while problems such as weak growth in scale, lack of competitiveness, unsatisfactory new product launches, and even constraints imposed by major shareholders have become multiple shackles around the necks of small and medium-sized public funds. If small and medium-sized public funds want to "survive" or stand out, they must work hard to explore their own unique products and advantages.