急刹车！北证50单日跌超6%，主题基金还能买吗？

Core Viewpoint - The North Exchange experienced significant volatility on May 22, with the North Certificate 50 Index plunging 6.15% in a single day, contrasting sharply with its previous historical high of 1500 points [1][3]. Market Performance - The North Certificate 50 Index had a year-to-date increase of 42.03% before the sudden drop, outperforming major indices like the CSI 300 [3]. - On the day of the drop, only 17 stocks rose, while over 134 stocks fell by more than 5%, with Jinbo Biological leading the decline at 14.55% [3]. - Despite the volatility, some actively managed funds performed well, with the Huaxia North Exchange Innovation Small and Medium Enterprises Select Fund achieving a year-to-date return of 78.57% [3]. Fund Management Responses - In response to the rapid market rise, several fund companies, including E Fund and GF Fund, implemented purchase limits on North Exchange-themed products, with daily subscription limits as low as 3000 yuan [2][5]. - The average price-to-earnings ratio for North Exchange stocks reached 46.46, indicating a high valuation level, prompting fund managers to limit purchases to mitigate risks [7]. Fund Performance - Leading passive funds, such as GF North Certificate 50 Component A, reported year-to-date returns exceeding 40%, with a one-year return of 103.62% [4]. - The North Certificate 50 Index fund scale grew by 22.63% year-on-year, reflecting significant inflows of passive funds [5]. Investor Behavior - Retail investors accounted for over 96% of individual investments in certain funds, indicating a strong retail presence in the North Exchange market [5]. - The current market sentiment is shifting from a broad-based rally to a more selective stock-picking approach, as investors become more cautious amid declining risk appetite [7].