短期净值涨幅过大！公募再出手：限购！

Core Viewpoint - The public fund industry is taking measures to cool down the overheated market for popular thematic funds, particularly in technology and healthcare sectors, by implementing purchase limits on these funds [1][2][4]. Group 1: Fund Purchase Limits - Multiple public funds have announced purchase limits on their products, particularly targeting the hottest thematic funds, including top-performing technology funds [2][3]. - For instance, Yongying Technology Smart Fund announced a limit of 1 million yuan for daily purchases starting August 27, with a year-to-date return of 138% as of August 26 [3]. - Other funds, such as Hongli Fund and Huatai Bairui Fund, have also set similar limits, with some as low as 100,000 yuan for daily purchases [3]. Group 2: Market Dynamics - The surge in purchase limits is closely related to the current "money-grabbing" atmosphere in the fund market, where investors are shifting from conservative funds to high-volatility funds due to rising return expectations [4]. - As of August 26, healthcare thematic funds have seen returns exceeding 150%, while technology funds focused on AI chips have also doubled in value [4]. - The trading volume of the Sci-Tech 50 Index reached a record high of 130 billion yuan on August 25, indicating strong market activity [4]. Group 3: Bond Fund Challenges - In contrast, bond funds are facing difficulties, with several public funds announcing the liquidation of their bond products due to significant redemptions [5]. - For example, Huisheng Fund reported large redemptions in its bond fund on August 11, leading to adjustments in net asset value [5]. Group 4: Valuation Considerations - Fund companies emphasize the importance of valuation in the current bullish market for equity funds, advising investors to remain rational and avoid blindly chasing high returns [6][7]. - Morgan Stanley Fund analysts note that while technology stocks have led the market, there is a need for caution as the market is primarily driven by liquidity and undergoing a systematic valuation recovery [6][7]. Group 5: Investment Strategies - Investment strategies should focus on sectors like technology growth, Chinese manufacturing, and new consumption, with an emphasis on high-quality companies [7]. - There is a growing consensus that technology is a core driver of high-quality development, although traditional views still prioritize performance metrics [7][8].