基金拆分，低净值背后的数字游戏与投资逻辑

Core Viewpoint - Fund splitting is a strategic adjustment by fund companies that does not inherently increase investor returns, but rather alters the perception of fund value and accessibility [1][3]. Group 1: Definition and Purpose of Fund Splitting - Fund splitting refers to the process of changing the relationship between the net asset value (NAV) and the total number of shares while keeping the total asset value for investors unchanged [3]. - The primary objectives of fund splitting are to lower the NAV to attract more investors and to adjust investment strategies and management needs when the fund size becomes too large, affecting operational efficiency [3][5]. Group 2: Impact on Investors - For investors, fund splitting does not create actual gains; the total value of their holdings and their proportion of the fund remains constant before and after the split [5]. - Although the NAV decreases and the number of shares increases post-split, this is merely a numerical adjustment, similar to exchanging a 100 yuan note for ten 10 yuan notes, with no change in total value [5]. - Fund splitting may indirectly influence investor decisions, as a lower NAV can lead to a "low-price psychology," prompting some investors to purchase or add to their investments, potentially affecting fund performance if not managed properly [5][7]. Group 3: Long-term Focus for Investors - The act of fund splitting does not alter the fund's profitability; the true determinants of returns are the investment targets, the capabilities of the management team, and market conditions [7]. - Investors should prioritize long-term performance, stability of investment strategies, and the management quality of the fund company rather than being misled by the superficial low NAV following a split [7].