长假临近 基金公司为何纷纷限购低风险固收类产品？

Core Viewpoint - Many fund companies are adjusting their subscription policies for certain products ahead of the upcoming double holiday, with a focus on limiting subscriptions for low-risk funds [1][2][3] Group 1: Subscription Policy Adjustments - Multiple fund companies, including Southern Fund, Huatai-PB Fund, and Huitianfu Fund, announced subscription limits for various products, primarily targeting low-risk funds such as bond and money market funds [1][2] - Subscription limits will generally take effect on September 29 and will be lifted on October 9, allowing for normal subscriptions to resume [1][3] - Specific limits include a cap of 50 million yuan for individual accounts and a daily subscription limit of 1,000 yuan for certain equity funds [3][5] Group 2: Rationale Behind Limitations - The adjustments are aimed at managing fund inflows during peak periods before holidays, which can lead to significant fluctuations in fund sizes and impact existing investors' returns [3][4] - Analysts suggest that limiting subscriptions helps to stabilize fund operations and protect the interests of existing fund holders, preventing dilution of shares for long-term investors [3][4] Group 3: Types of Affected Funds - The subscription limits primarily affect low-risk products, including money market funds, short-term bond funds, and index funds based on interbank certificates of deposit [3][5] - Some equity funds are also implementing subscription limits, which is less common compared to previous years where primarily low-risk products were restricted [5][6] Group 4: Market Context and Investor Behavior - The equity market has shown signs of recovery, leading to a shift in investor preference towards stock funds, but there remains a strong demand for low-risk products during the holiday period [6] - Investors are advised to prepare for potential large inflows and outflows around the holiday, which could impact fund managers' asset allocation decisions [6]