这一指数创新高！主题基金却“闭门谢客”，什么情况？

Core Viewpoint - The recent performance of small and micro-cap stocks has been strong, driven by favorable fundamentals and liquidity easing, leading to significant gains in related indices [1][3]. Group 1: Market Performance - Small and micro-cap stocks have outperformed larger indices, with the CSI 2000 and Guozheng 2000 indices rising by 18.55% and 15.28% respectively since April 7, significantly exceeding the gains of the Shanghai and Shenzhen indices [3]. - The North Star 50 index, which focuses on "specialized, refined, unique, and innovative" companies, has surged over 36% during the same period, while the Wind micro-cap index has reached a historical high [3]. Group 2: Fund Dynamics - Several thematic funds have seen rapid increases in net asset value, leading to limited capacity for new investments, prompting some funds to restrict new subscriptions [2][5]. - The China Securities Regulatory Commission (CSRC) has issued a plan to enhance the performance benchmarks for public funds, which may influence fund managers to favor indices like CSI 800 or CSI 1000 over the CSI 2000, impacting small-cap stock allocations [2][7]. Group 3: Investment Strategies - Fund managers are increasingly focusing on small-cap stocks, identifying opportunities in sectors such as new energy and innovative pharmaceuticals, which are expected to outperform larger companies during economic recovery [4]. - The current market environment, characterized by liquidity easing and a rebound in risk appetite, is seen as favorable for small-cap stocks, with expectations of continued support from monetary policy [4][6]. Group 4: Fund Management Challenges - The rapid inflow of funds into small-cap focused strategies has led to some funds reducing their positions due to capacity constraints, as seen with the reduction of subscription limits for certain funds [5][6]. - Fund managers are cautious about maintaining optimal strategies amidst rising stock prices, which may lead to a decrease in portfolio allocations even with new inflows [6][8].