坑爹啊，收益被稀释了100倍...

Core Viewpoint - The "Debang Stable Growth" fund, focused on AI applications, has attracted significant attention due to its heavy holdings in stocks that surged, leading to an estimated net value increase of 5%. However, the actual return was only 0.05%, indicating severe dilution of returns for existing shareholders [1][8]. Fund Performance and Market Dynamics - The fund reportedly attracted 12 billion yuan in a single day, raising questions about its net asset value and share dilution effects [2][8]. - The calculation of fund net value is based on the formula: Fund Net Value = Fund Net Assets / Fund Shares, which can be affected by large inflows of new subscriptions [3]. - A scenario was presented where a significant inflow of cash (2 billion yuan) could dilute the returns for existing shareholders if the fund holds a large amount of cash instead of stocks during market fluctuations [4][3]. Historical Context and Comparisons - On October 8, 2024, a similar situation occurred where a financial technology ETF rose by 15.89%, but its corresponding fund only increased by 4.24%, highlighting the dilution effect [5][6]. - The performance of "Debang Stable Growth" on January 12 showed that while its heavy holdings rose by over 16%, the fund's net value only increased by 8.32%, indicating a significant dilution due to large inflows [6][11]. Fund Management Response - In response to the influx of capital and the resulting dilution, "Debang Stable Growth" announced purchase limits for new subscriptions, with specific caps on single accounts [11][12]. - Other AI-focused funds have also begun to implement similar purchase limits, although many remain unrestricted [11]. Comparative Analysis of Other Funds - Other funds in the AI application sector have shown varying degrees of performance, with some experiencing less impact from large inflows compared to "Debang Stable Growth" [11]. - The media ETF linked fund on January 13 demonstrated a disparity in performance, with the ETF rising by 1.6% while the linked fund only increased by 0.7%, further illustrating the dilution issue [11].