市场火热，葛兰时隔四年再限购

Core Viewpoint - The recent trend of fund subscription limits in China is aimed at ensuring stable fund operations and protecting the interests of existing fund holders, with nearly 50 active equity funds implementing subscription limits since July 2023 [2][11]. Fund Subscription Limits - On August 9, 2023, China Europe Fund announced subscription limits for two of its products: the China Europe Medical Innovation Fund with a limit of 100,000 yuan per single account and the China Europe Science and Technology Innovation Fund with a limit of 1,000,000 yuan, effective from August 11, 2023 [2][3]. - Prior to this, the China Europe Digital Economy Fund had already suspended large subscriptions over 1,000,000 yuan starting August 6, 2023 [2][11]. - The limits are seen as a response to the hot market conditions, with fund companies aiming to protect existing investors from dilution of returns due to large inflows [2][11]. Market Sentiment and Fund Management - Industry experts interpret the subscription limits as a cautious approach to the current high market levels, suggesting that fund companies are not necessarily pessimistic about the market but are focusing on stable fund management [2][11]. - The sentiment in the market is at a high level, and experts recommend maintaining a balanced allocation to manage potential volatility and rapid rotations in the market [11]. Performance and Strategy Insights - Fund manager Ge Lan expressed a long-term optimistic view on the innovative drug sector, highlighting the increasing global competitiveness of domestic companies in areas like ADC and dual antibodies [7]. - The China Europe Science and Technology Innovation Fund, managed by Shao Jie, focuses on the technology innovation sector, which has seen explosive growth this year due to advancements in AI [7][9]. - The subscription limits reflect a broader trend in the industry, with many funds adopting strict limits on daily subscriptions to ensure effective investment strategies and stable operations [9][11].