随着市场热度持续升温，公募基金集中 " 闭门谢客 " 。 转型精细化运营 近日，易方达、华泰柏瑞、南方、华夏等多家基金公司纷纷官宣旗下部分基金开启限购模式，其中 多数基金为绩优产品。 实际上，自8月以来，市场上多只业绩领先的主动权益基金陆续宣布限购，市场已迎来"限购潮"。 Wind数据显示，8月1日至今，全市场共计已有409只基金发布暂停申购或大额申购相关公告（份额合并 计算）。 受访人士认为，限购带来的直接影响是大额申购受限，间接影响则可能促使投资者将目光转向其他 产品。面对这一变化，投资者应保持理性，科学看待基金收益中来自市场风格的贝塔收益和来自基金经 理能力的阿尔法收益，建立更加合理的资产配置框架，淡化对短期业绩的过度关注。 公募基金"限购潮" 在赚钱效应的驱动下，市场迎来了一波集中"限购潮"。 8月25日，华泰柏瑞基金发布公告称，自8月26日起对旗下中证2000指数增强产品实施限购，单日单 个基金账户申购金额不得超过10万元。该基金今年以来表现强劲，跟踪中证2000指数的相关基金涨幅在 宽基指数中居前。 无独有偶，易方达基金于8月26日公告称，旗下先锋成长混合型证券投资基金、瑞享灵活配置混合 型证券投 ...

"最近市场太火，渠道数据显示大量资金正在进场，限购是为了帮投资者降温。" 某实施限购的基金公 司产品部人士直言，大额限购可有效拦截"冲动型大额资金"，避免规模增速脱离策略承载能力。 一边是基金业绩持续走高，一边是"加仓通道"持续收窄，基民该如何应对？ 限购潮仍在持续 基民追高被"截胡"？ "明明涨得好，怎么突然不让买了？"最近不少基民打开账户发现，自己关注的绩优基金悄悄挂出"限购 令"。 最近三个月上涨126.34%的永赢科技智选A（022364.OF）暂停100万元以上申购，近一年回报翻倍的华 泰柏瑞中证2000指数增强A（019923.OF）单日限10万元，中欧数字经济A（018993.OF）更是一月内三 次收紧限购，甚至有产品将限额压至100元。 这种"越涨越限购"的情况不是个例。第一财经统计，本月以来超过150只基金暂停大额申购或甚至直 接"闭门谢客"，非债产品中，截至8月26日，超三成的年内收益超30%，14只近一年实现翻倍。 8月以来，A股市场整体持续上涨，上证指数一举突破3800点，最高上探至3888.6点，达到近十年新高。 公募基金产品的年内收益同步提升，资金涌入压力也随之增加。众多业绩领先的 ...

8月以来，A股市场持续上涨，上证指数突破3700点，创下自2021年12月13日以来的新高1。随着公募基 金年内收益不断增长，资金涌入压力也随之增加。 众多业绩领先的基金产品近期却纷纷宣布限制大额申购。仅8月1日至8月17日，全市场就有逾300只公募 基金产品公告限制大额申购，其中股票型和混合型基金占比近40%。 易方达、华泰柏瑞等多家公司发布限购公告，绩优产品成限购重点 易方达基金公告称，旗下先锋成长混合型证券投资基金、瑞享灵活配置混合型证券投资基金即日起暂停 大额申购及大额转换转入业务，下属分级基金的限制申购金额为100万元人民币。 华泰柏瑞基金自8月26日起对旗下中证2000指数增强产品实施限购，单日单个基金账户申购金额不得超 过10万元。该基金今年以来表现强劲，跟踪中证2000指数的相关基金涨幅在宽基指数中居前。 南方基金管理股份有限公司也宣布，自8月26日起暂停南方纯元债券型证券投资基金单日每个基金账户 累计超过500万元的大额申购、定投和转换转入业务。 华夏基金管理有限公司则公告，自8月29日起限制华夏鼎顺三个月定期开放债券型发起式证券投资基金 的申购及转换转入业务，限制金额为单日累计不超过10万 ...

Core Viewpoint - The recent trend of high-performing funds implementing "purchase limits" reflects a shift from scale-oriented strategies to investor return-oriented strategies, aimed at protecting existing fund holders' interests amidst a hot market [1][3]. Group 1: Fund Purchase Limits - Several high-performing funds have recently announced limits on large purchases, including the Caizhong Securities Asset Management's Digital Economy Mixed Fund, which has a return rate of 56.37% year-to-date as of August 18 [1]. - The Great Wall Pharmaceutical Industry Selected Mixed Fund and the CCB Flexible Allocation Mixed Fund have also set purchase limits, with year-to-date return rates of 135.09% and 49.74%, respectively [2]. - The招商成长量化选股 fund has implemented its second purchase limit this year, with a return rate of 29.55% as of August 18 [2]. Group 2: Reasons for Purchase Limits - Fund managers indicate that limiting purchases is necessary to protect performance, as large inflows at high net asset values can dilute returns and lead to inefficient cash management [2][3]. - Controlling fund size is crucial to avoid operational constraints on portfolio adjustments, especially when the fund size exceeds the manager's capability, which could lead to significant net asset value fluctuations [3]. Group 3: Market Focus and Alternatives - The limited funds primarily focus on popular sectors such as innovative pharmaceuticals, technology, and military industries, which are currently crowded, suggesting that now may not be the optimal time to invest [3]. - Fund companies are exploring other niche sectors and offering products like "fixed income plus" and FOFs to provide investors with a balanced selection [3][4]. - There is a growing interest in "fixed income plus" products and FOFs, with over 90% of FOFs achieving positive returns this year, making them an attractive option for investors seeking stable returns [4].

Core Viewpoint - The public fund industry is experiencing a shift from a focus on scale to performance, with a new emphasis on platform-based and team-oriented investment research strategies, moving away from reliance on star fund managers [2][19][21]. Group 1: Market Trends - The Shanghai Composite Index has surpassed 3700 points, leading to a surge in investor enthusiasm for fund subscriptions, yet many high-performing funds are implementing purchase limits [4][19]. - Over 100 fund companies have engaged in self-purchase of their equity funds this year, with self-purchase amounts doubling year-on-year, reflecting a significant shift in industry behavior [2][8]. - The trend of limiting subscriptions is a response to the influx of capital, aimed at maintaining fund performance and protecting existing investors from dilution [5][6][21]. Group 2: Fund Management Strategies - Fund companies are prioritizing long-term brand value over short-term management fee income by implementing subscription limits, which may impact immediate revenue but are seen as a strategic investment in trust and sustainability [6][9]. - The self-purchase of funds is increasingly focused on equity funds, with over 137 fund companies participating and total self-purchase amounts nearing 5 billion yuan, indicating a strong market confidence [8][10]. - The shift towards team-based investment strategies is seen as a response to the diminishing influence of star fund managers, with firms emphasizing collaborative research and a robust investment framework [14][16][21]. Group 3: Investor Behavior - Investors are shifting their focus from individual star fund managers to the overall strength and sustainability of fund companies, reflecting a maturation in investment decision-making [21][22]. - Subscription limits and self-purchase actions are now viewed as indicators of fund quality, enhancing investor trust and encouraging a long-term investment perspective [21][22]. - The industry is moving towards a more rational investment approach, where the emphasis is placed on the comprehensive capabilities of fund companies rather than the performance of individual managers [19][21]. Group 4: Future Outlook - As the market evolves, fund companies are expected to adapt their strategies dynamically, particularly in response to market fluctuations, with platform-based models providing a robust framework for navigating complex market conditions [24][26]. - The ongoing competition in the fund industry is anticipated to increasingly focus on research capabilities, product innovation, and investor service, leading to a more mature investment landscape [27][28].

Core Viewpoint - The public fund industry is experiencing a shift from a focus on scale to performance, with a growing emphasis on platform-based and team-oriented investment research strategies, moving away from reliance on star fund managers [2][3][21]. Group 1: Performance Over Scale - In the current bull market, many high-performing funds are implementing purchase limits to manage inflows and protect existing investors' interests, contrasting with the previous bull market where scale was prioritized [5][6][7]. - As of August 15, 2023, approximately 31 out of 190 actively managed equity funds with over 50% net asset growth have suspended or limited large purchases, indicating a strategic shift towards sustainable performance [6][7]. - Fund companies are recognizing the need to balance short-term returns with long-term strategy sustainability, leading to a more cautious approach to fund inflows [6][7][8]. Group 2: Fund Company Self-Purchases - A notable trend in 2023 is the increase in self-purchases by public fund companies, with 137 firms participating and a total self-purchase amount exceeding 5 billion yuan, nearing 80% of last year's total [10][11]. - Self-purchases are primarily focused on equity funds, with over half of the net purchases in this category, reflecting a commitment to aligning the interests of fund companies with those of investors [10][11]. - The timing of self-purchases this year, occurring during market uptrends rather than downturns, signals a strong confidence in market valuations and overall economic conditions [12][13]. Group 3: Diminishing Star Manager Influence - The reliance on star fund managers is decreasing, with a shift towards a more collaborative and systematic investment research approach within fund companies [15][16][21]. - Fund companies are increasingly focusing on building robust, team-based investment research platforms rather than depending on individual managers, which enhances the sustainability of investment performance [17][18]. - This transition is driven by regulatory guidance and market changes, emphasizing long-term performance and team collaboration over individual accolades [18][19]. Group 4: Changing Investor Decision Logic - The combination of purchase limits, self-purchases, and the move away from star managers is reshaping investor decision-making, leading to a focus on the overall strength and sustainability of fund companies rather than individual fund managers [21][23]. - Investors are becoming more discerning, recognizing that sustainable returns are more likely to come from a company's comprehensive investment capabilities rather than from individual star performances [24][28]. - This evolution in investor behavior reflects a maturation of the industry and a shift towards long-term value investing principles [28].

Core Viewpoint - The recent trend of high-performing funds implementing purchase limits reflects a shift from a scale-oriented approach to a focus on investor returns, aiming to optimize long-term investment performance while protecting existing investors' interests [1][4][6]. Group 1: Fund Purchase Limits - Multiple high-performing funds have announced purchase limits, including the招商成长量化选股, which reduced its maximum single purchase amount from 200,000 to 20,000 yuan within a month due to high demand, achieving a year-to-date return of 26.16% as of August 14 [2]. - 中欧数字经济混合 and 长信国防军工量化混合 also implemented limits, with year-to-date returns of 75.44% and 37% respectively, indicating a broader trend among funds to restrict large inflows [3]. - As of mid-August, 31 funds with over 50% year-to-date returns were fully closed to new investments, while 69 funds had suspended large purchases [3]. Group 2: Reasons for Purchase Limits - Industry experts suggest that the limits are primarily to protect existing investors from the adverse effects of new capital inflows, which could force fund managers to invest at high net asset values, potentially diluting returns [4][5]. - The shift in strategy is also influenced by the capacity constraints of small-cap funds, which can suffer from increased trading costs and reduced excess returns when inflows exceed optimal levels [4][5]. Group 3: Industry Transformation - The trend of limiting purchases signals a transformation in the fund industry from a focus on scale to prioritizing investor returns, as emphasized by recent regulatory guidance aimed at promoting long-term stable returns for investors [6]. - Fund companies are increasingly recognizing the importance of maintaining performance stability and strategy effectiveness, which can be compromised by rapid growth in fund size [5][6].

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].

Group 1: Securities Firms' Financing Progress - Multiple listed securities firms are advancing refinancing efforts, indicating a pressing need for capital replenishment in the industry [1] - Tianfeng Securities has completed a private placement of 1.476 billion shares, increasing its registered capital from 8.666 billion yuan to 10.142 billion yuan [1] - Other firms like Guotai Junan, Haitong Securities, and Guolian Minsheng have also raised significant funds through private placements, totaling 10 billion yuan, 4 billion yuan, and 2 billion yuan respectively [1] Group 2: Fund Purchase Restrictions - High-performing funds are collectively imposing purchase limits, with notable fund manager Ge Lan's fund suspending large subscriptions to stabilize operations [2] - Over 30 actively managed equity funds have announced purchase restrictions since July, reflecting a cautious approach to the market's high valuation [2] - This trend may lead to a shift in capital flow within the pharmaceutical sector, as fund managers seek to cool down the market after a strong rebound in innovative drug stocks [2] Group 3: Performance of Equity Funds - The equity market has seen structural opportunities, with 99% of equity funds reporting positive returns over the past year, averaging a return of 34.06% [3] - Notably, several funds focused on the Beijing Stock Exchange have achieved exceptional returns, with some funds doubling their net value [3] - This performance indicates a robust market sentiment towards innovative small and medium enterprises, potentially attracting more capital into the equity market [3] Group 4: Leadership Changes in East Wu Securities - Xue Zhen, the president of East Wu Securities, has been appointed as the chairman of East Wu Fund, reflecting the strategic importance of fund operations within the securities firm [4][5] - This leadership change is expected to enhance business synergy between East Wu Securities and East Wu Fund, optimizing the governance structure [5] - The integration of resources may improve the comprehensive financial service capabilities of East Wu Securities, aligning with the trend of convergence between securities asset management and public funds [5]

Group 1 - Since August 1, a total of 261 funds have announced restrictions on large subscriptions, with 158 funds actively suspending large subscriptions after excluding 103 due to external market holidays and other reasons [1] - Various types of funds have different reasons for limiting subscriptions, with QDII funds primarily facing restrictions due to quota issues, as the total QDII quota reached 170.869 billion USD after a new batch of 30.8 billion USD was issued on June 30 [3] - Several actively managed equity funds are choosing to control their scale, such as the China Europe Medical Innovation Fund, which has a one-year return rate of 80.12% and is limiting subscriptions for the first time in four years [3] Group 2 - The Yongying Ruixin Mixed Fund suspended large subscriptions over 1 million RMB starting August 4, achieving a year-to-date return of 46.87% as of August 11 [4] - The Guangfa Growth Navigation One-Year Holding Mixed Fund also suspended large subscriptions over 50,000 RMB, with a year-to-date return of 96.37% [4] - The trend of high-performing funds actively limiting subscriptions reflects a shift in the public fund industry from focusing on scale to prioritizing returns, indicating a more rational approach by fund managers towards short-term performance and a focus on stable net asset value growth [4]