节前基金操作现反差：固收“闭门”权益“纳新”

Group 1 - The public fund market is experiencing a rare divergence in subscription and redemption patterns as the Spring Festival approaches, with low-risk products like money market and bond funds closing to new investments while some equity funds are still accepting new subscriptions [1] - As of February 11, 64 fund managers announced adjustments to nearly 200 funds, with 150 bond and money market funds, accounting for 75% of the total, implementing subscription limits or suspending subscriptions until after the holiday [1] - The strategy of limiting subscriptions for fixed-income products is a defensive measure to protect existing investors from potential dilution of returns due to large inflows and subsequent outflows during the holiday period [3] Group 2 - In contrast to the tightening of fixed-income products, some equity funds are lifting subscription limits, indicating a more aggressive stance from fund managers regarding the post-holiday liquidity environment and long-term market value [2][3] - Historical data shows a subtle change in the subscription limits for equity funds, with the number of funds imposing large subscription limits decreasing from 614 to 605, and the median limit increasing from 200,000 to 500,000 [2] - The differing subscription strategies between fixed-income and equity products reflect the operational logic and market expectations of these asset classes, guiding investors towards more rational asset allocation [3]