市场火热，绩优基金却批量限购，所为何因？

Core Viewpoint - The article discusses the recent trend of high-performing funds implementing purchase restrictions despite a strong market, indicating a shift from a scale-oriented approach to a focus on investor returns [2][5][7]. Group 1: Market Performance and Fund Trends - The market has been performing well, with major indices strengthening and sectors like artificial intelligence, innovative pharmaceuticals, military industry, and financial technology driving fund net values up [1]. - Several high-performing funds have announced purchase restrictions, including quantitative funds and actively managed equity funds focused on hot sectors like AI and innovative pharmaceuticals [2][3]. Group 2: Reasons for Purchase Restrictions - Fund companies are increasingly opting for purchase limits to mitigate the impact of scale on performance, prioritizing long-term investment results over short-term capital inflows [2][5]. - The trend reflects a transition in the fund industry from a scale-driven model to one that emphasizes investor returns, aiming to protect existing investors from the adverse effects of new capital inflows at high net asset values [5][6]. Group 3: Specific Fund Actions - On August 14, 2023, 招商基金 announced restrictions on large purchases for its 招商成长量化选股 fund, reducing the limit from 200,000 to 20,000 yuan, highlighting the strong demand for the fund, which had a year-to-date return of 26.16% [3]. - Other funds, such as 中欧数字经济混合 and 长信国防军工量化混合, also implemented similar restrictions, with year-to-date returns of 75.44% and 37%, respectively [4]. Group 4: Industry Shift and Regulatory Support - The shift towards limiting fund sizes is supported by regulatory guidance, such as the directive from the Central Financial Office and the CSRC, which encourages fund companies to focus on long-term investor returns rather than just scale [7]. - The article emphasizes that the recent purchase restrictions signal a significant change in the operational philosophy of fund companies, moving towards a model centered on investor interests [7].