绩优权益基金密集“限流”

Core Viewpoint - Recent market recovery has led some high-performing equity funds to implement measures such as suspending or limiting subscriptions to manage scale and ensure stable operations [1][3]. Group 1: Fund Management Actions - Some funds with strong performance and rapid scale expansion have chosen to "close their doors" to control size and ensure operational stability [2][3]. - For instance, China Europe Fund announced the suspension of subscriptions for its small-cap growth fund starting January 13, 2026, due to exceeding its scale control limit of 2 billion yuan [3]. - E Fund has also restricted subscriptions for its high-performing products, including E Fund Kexiang and E Fund Strategy Growth, effective January 13, 2026 [3][4]. Group 2: Performance Metrics - As of September 2025, E Fund Kexiang had a management scale of 4.209 billion yuan and a return of 72.33% for the year, while E Fund Strategy Growth had a management scale of 1.149 billion yuan with an 86.75% return, exceeding its benchmark by 14.00% [4]. - The China Europe small-cap growth fund achieved a return of 64.32% in 2025, outperforming its benchmark by 33.99% [3]. Group 3: Thematic Market Trends - The recent surge in thematic markets, particularly in AI applications and commercial aerospace, has influenced some funds to implement temporary subscription limits to manage the influx of capital [5][6]. - For example, Yongying Information Industry Smart Selection Fund, focused on AI applications, reported a return of 35.00% since the beginning of 2026 and announced a subscription limit starting January 14, 2026 [5]. - Similarly, the Debon Stable Growth Fund achieved a return of 29.48% in the same period and also imposed subscription limits [5]. Group 4: Market Outlook - Analysts suggest that AI applications are at a critical turning point from "valuation-driven" to "performance-driven" growth, with expectations for significant breakthroughs in 2026 [6]. - The commercial aerospace sector is viewed as a core strategic area with substantial long-term growth potential, marking a historical transition from technology validation to large-scale commercial application [6].