葛兰医疗基金时隔四年再限购，3600点后机构“恐高”情绪隐现？

Core Insights - A number of actively managed equity funds have recently suspended large subscriptions, indicating a trend in the market as the Shanghai Composite Index surpasses 3600 points [2][3] - The suspension of large subscriptions is primarily driven by the strong performance of these funds, with several achieving significant year-to-date returns [3][4] Fund Suspension Details - Notable funds that have suspended large subscriptions include those managed by well-known fund managers, such as the China Europe Medical Innovation Stock and the China Europe Science and Technology Theme Mixed Fund, with daily limits set at 100,000 and 1,000,000 respectively [2] - Over 100 actively managed equity funds have suspended large subscriptions in the past month, many of which are top performers in the market [2][3] Performance Metrics - The China Europe Medical Innovation Stock A/C shares have year-to-date returns of 62.21% and 61.40%, ranking in the top three among similar funds [3] - The China Europe Science and Technology Theme Mixed Fund has seen a net asset value growth rate exceeding 90% over the past year, showcasing the strong momentum in the technology sector [3] Strategic Considerations - Fund managers are implementing subscription limits to balance asset growth and performance stability, as rapid growth can negatively impact investment strategies and existing investors [3][4] - The phenomenon of "scale curse" is highlighted, where exceeding a certain fund size can restrict investment flexibility and reduce the ability to generate excess returns [5][6] Market Implications - The recent trend of suspending large subscriptions may signal a protective mechanism for fund performance rather than a pessimistic market outlook [6][7] - Historical data suggests that previous subscription suspensions by prominent fund managers occurred at critical market junctures, raising questions about the sustainability of the current market rally [6][7] Future Outlook - Fund managers remain focused on sectors such as innovative pharmaceuticals, which are gaining global recognition and support from domestic policies aimed at enhancing research and development [7] - Some fund managers may also be leveraging market sentiment through subscription limits as a marketing strategy to attract investor attention during bullish phases [7]