智通财经记者 | 杜萌 距离2025年结束还有不足一个月的时间，这是往年公募基金"冲规模"的关键节点，今年却有了一些新变化。 12月2日，易方达科翔混合宣布暂停机构客户的申购、转换转入和定投业务。智通财经记者了解到，这是基金分红前的"例行动作"，防止机构投资者大额申 购摊薄原有持有人的利益。12月4日，该基金公告进行权益登记和除息，每10份基金份额分红3元。易方达科翔已经在11月做了一次分红，每10份分红1.6 元，分红金额为1.05亿元。 智通财经记者了解到，基金实施分红需要同时满足三个条件：一是基金当年收益弥补以前年度亏损后方可进行分配；二是基金进行收益分配后，单位净值不 能低于面值；三是基金投资当期出现净亏损不能进行收益分配。也就是说，分红的前提是基金得是成立以来盈利状态。 "分红有两种形式，一种是现金分红，一种是红利再投资。现金分红后，基金的单位净值会降低，规模也会变小。从本质上来看，分红都是基金业绩盈利的 直接兑现。现金分红可灵活补充现金流，红利再投资则能免申购费增加份额，叠加长期持有的税收优惠，进一步提升实际收益。"华夏基金表示。 Wind数据显示，截至12月4日，今年以来有3364只基金（不同份 ...

Group 1 - Multiple high-performing funds have recently reduced their subscription limits, indicating a new wave of "purchase restrictions" aimed at managing inflows and protecting existing investors' interests [1][2] - For example, funds managed by Lan Xiaokang, including China Europe Dividend Enjoyment A, have lowered their daily subscription limit to 10,000 yuan, following previous reductions from 1 million yuan to 500,000 yuan [1] - The strong performance of these funds, with year-to-date returns of 42.93%, 32.18%, and 45.79%, has attracted significant investor interest, prompting fund companies to balance scale management with investment stability [1] Group 2 - The trend of imposing purchase limits is not isolated, as other funds like Guangfa Carbon Neutrality and E Fund Kexiang have also suspended large subscriptions due to their impressive year-to-date returns of 65.03% and 61.49%, respectively [2] - In the QDII sector, Guangfa Global Select has set a subscription limit of 10,000 yuan for institutional investors, reflecting a broader trend of limiting large inflows in high-performing products [2] - This phenomenon highlights a shift in the public fund industry towards prioritizing refined operations over mere scale expansion, as evidenced by multiple funds implementing purchase restrictions [3] Group 3 - The recent wave of purchase restrictions reflects several industry trends, including the tendency for high-performing funds to attract significant capital, which can pressure fund managers' strategies and increase costs [3] - Fund managers are seeking to control the pace of capital inflows to avoid forced adjustments in their portfolios due to sudden surges in subscriptions [3] - This shift indicates a transition in the public fund industry from a focus on scale-driven growth to a more quality-oriented approach centered on risk control, investment discipline, and long-term returns [3]

反映出公募机构竞争理念从"拼规模"向"护收益"的显著转变 临近年末，多家基金公司开始对部分产品实施限购。据《证券日报》记者统计，截至11月27日，月内已 有96家基金管理人发布限购公告，涉及340余只产品，涵盖98只权益类基金(股票型+混合型)与136只债 券型基金。 从类型看，主要以债券型基金与权益类产品为主，此外也包括QDII(合格境内机构投资者)、FOF(基金中 的基金)等品种。从业绩看，月内实施限购的产品中，有72只净值增长超20%，且均为权益类基金或 QDII基金。 基金密集限购的背后，是管理人对持有人利益的主动维护与市场风险的理性应对。曾方芳分析，直接动 因是资金追捧推升基金规模快速扩张，限购有助于控制规模、降低交易难度与成本，防止持有人收益被 摊薄，并确保中小盘、红利等策略的有效性不受冲击。深层来看，在优质资产稀缺的背景下，此举也反 映基金经理在估值高位更倾向于求稳运作、锁定收益，暗示其对短期过热风险的警惕。总体而言，这是 基金业从追求规模扩张转向重视投资者实际回报的积极信号，属于理性调控行为。 11月27日，有两只绩优权益基金同步开启限购：金鹰基金对旗下金鹰碳中和混合发起式A/C机构客户实 施 ...

Core Viewpoint - The article discusses the recent trend of mutual funds implementing purchase restrictions to protect existing investors' interests and manage fund sizes as the year-end approaches [1][2] Group 1: Reasons for Purchase Restrictions - Protection of Investor Interests: Funds are limiting large inflows to prevent dilution of returns and maintain investment strategies, particularly in actively managed equity funds and popular QDII funds [1] - Operational Cycle Limitations: Certain funds, such as periodic open-end bond funds and holding period funds, are entering closed periods, necessitating the suspension of new subscriptions [1] - QDII Quota Constraints: Some QDII funds are unable to accept new subscriptions due to tight foreign exchange quotas, affecting funds linked to indices like the Nasdaq 100 and S&P 500 [1] - Scale Management Needs: Funds are controlling their sizes to remain within strategic capacity, particularly impacting small-cap quantitative funds and some actively managed equity funds [1] Group 2: Recent Purchase Restrictions - A total of 28 funds announced purchase restrictions in the week from November 20 to November 26, 2025, with various measures such as suspension of subscriptions or limits on large purchases [1] - Specific funds affected include: - 华夏信选A: Suspended subscriptions due to closed period operations [1] - 华安新兴动力A: Suspended subscriptions due to closed period operations [1] - 汇添富全球消费人民: Limited large purchases to 1,000 yuan to protect investor interests [1] - 鹏华香港美国互联网美元现汇: Limited large purchases to 20,000 yuan due to QDII quota restrictions [1] - 华夏标普500ETF发起式联接(QDII): Suspended subscriptions to protect investor interests and ensure stable fund operations [1] Group 3: Impacts on Investors - Subscription Restrictions: Some products have paused subscriptions or set very low limits, preventing investors from making new or large investments [1] - Liquidity Impact: With periodic open-end bond funds and closed-end funds suspending subscriptions, investors can only exit through redemptions or wait for the closure period to end [1] - Premium Risk: The limitation on QDII funds may lead to high premium rates for on-market ETFs, posing risks for investors who blindly buy into these shares [1] - Strategy Adjustment Limitations: Investment advisory products may struggle to allocate to restricted QDII funds, potentially affecting global asset allocation effectiveness [1]

Core Viewpoint - The recent trend of performance-driven funds implementing purchase limits is primarily aimed at controlling fund size to maintain the effectiveness of investment strategies, reflecting a cautious approach to managing potential market risks and ensuring stable growth for investors [2][10]. Group 1: Fund Purchase Limits - On November 22, China Europe Fund announced that starting November 24, the daily purchase limit for four funds managed by Lan Xiaokang will be reduced to 500,000 yuan [4]. - This year, over 230 active equity funds have announced the suspension of large purchases or general purchases, with many of these funds showing strong performance and reaching new net asset value highs [10]. - The recent limits on fund purchases are a response to the significant structural characteristics observed in the A-share market, which have led to concentrated investor interest in high-performing funds [10]. Group 2: Fund Performance - As of November 20, the one-year performance of several funds managed by Lan Xiaokang, including China Europe Dividend Enjoyment A and China Europe Value Return A, showed returns of 38.93%, 30.24%, and 41.68%, all exceeding their performance benchmarks [6]. - Other high-performing funds, such as China Europe Small Cap Growth A and China Europe Digital Economy A, reported one-year returns of 57.39% and 126.55%, respectively, placing them among the top tier of similar funds [7]. - The trend of limiting purchases among high-performing funds indicates a cautious stance from fund managers regarding the potential for market overheating and valuation bubbles in specific sectors [10]. Group 3: Investment Strategy Insights - Lan Xiaokang emphasizes the need to adjust investment strategies in light of global changes, advocating for a balanced allocation between precious metals and quality Chinese assets over the next 3 to 10 years [6]. - The cautious approach to fund management reflects a broader industry trend where fund managers are increasingly focused on the stability of net asset values and the long-term profitability of their investors [10].

Core Viewpoint - The rapid growth of net subscriptions for public QDII funds is driven by profit effects, leading to various QDII funds implementing purchase limits to manage inflows [1][2]. Summary by Sections QDII Subscription Growth - As of the end of Q3 this year, QDII funds achieved a net subscription of 109.8 billion units, making it the fastest-growing fund category in terms of share growth [2][3]. - The total share scale of public QDII reached 680.968 billion units by the end of Q3, up from approximately 571.125 billion units at the end of Q2, indicating a significant inflow of funds [3]. Performance and Fund Manager Insights - High-performance elasticity in QDII products has attracted substantial capital inflows, with overseas stock selection becoming a key strategy for fund managers to achieve good performance [3]. - The top ten QDII funds have shown impressive annual performance, with the best achieving a return of 121.70% as of November 12 [3]. - Notable fund managers, such as Zhang Kun and Shi Bo, manage both A-share and overseas investment funds, with their QDII products outperforming A-share funds significantly, highlighting the appeal of overseas investments [4]. Purchase Limits and Fund Management - The rapid growth in QDII subscriptions has led to many fund companies focusing on the experience of existing holders rather than merely increasing their capital scale [5]. - Several QDII funds, including the招商纳斯达克100ETF and 浦银安盛全球智能科技QDII, have announced limits on large subscriptions to protect the interests of existing investors [6]. Differences Between QDII Types - While QDII overall has become a popular subscription target, the core focus remains on US stock-themed products due to the high substitutability of Hong Kong stock QDIIs [7][8]. - Many Hong Kong stock QDII products have seen limited inflows, while US stock QDII products have experienced significant growth, indicating a preference for the latter among investors [7][8].

Core Insights - The rapid growth of public QDII funds is driven by increasing global asset allocation demand and the profitability of the US stock market [1][2] Fund Growth - As of the end of Q3 this year, the total QDII fund shares reached 6,809.68 million, up from approximately 5,711.25 million at the end of Q2, marking a net subscription of 1,098 million shares [2] - QDII funds have become a popular investment choice due to their high returns, with the highest annual return reaching 121.70% as of November 12 [2] Fund Manager Performance - Notable fund managers like Zhang Kun from E Fund and Pi Jinsong from Chuangjin Hexin have seen their QDII funds outperform their A-share funds significantly, with performance differences reaching 26 percentage points and 46 percentage points, respectively [2][3] - The performance gap between QDII and A-share funds may encourage investors to shift their focus towards QDII products, especially those managed by well-known fund managers [3] Subscription Limitations - The rapid increase in QDII fund shares has led to recent announcements of subscription limits by several funds to ensure stable operations and protect the interests of existing shareholders [4][5] - For instance, the招商纳斯达克100ETF has suspended large subscriptions and limited regular investment amounts to 100 yuan, while the浦银安盛全球智能科技QDII has set a daily purchase limit of 10,000 yuan [4] Market Trends - QDII products focused on US stocks are attracting more investment compared to those focused on Hong Kong stocks, indicating a preference for US market exposure [6][7] - The growth in QDII fund sizes is closely linked to their US stock holdings, with funds that have a higher allocation to US stocks experiencing significant inflows [7]

Core Viewpoint - Recent announcements of fund subscription limits are aimed at controlling product scale to protect the interests of existing investors and improve annual performance rankings [1][5]. Fund Subscription Limits - Numerous funds have recently announced subscription limits, with some suspending subscriptions entirely to maintain stability and protect investor interests [2][4]. - For instance, Hengyue Fund suspended subscriptions for its Hengyue Balanced Preferred Mixed Fund starting November 5, citing the need to protect fund shareholders [2]. - Citic Prudential Fund adjusted its large subscription limits to 10 million yuan to ensure stable fund operations [2]. - Other funds, such as Yongying Fund and Fuguo Fund, have also set daily subscription limits of 500,000 yuan and 1 million yuan respectively [2]. Performance and Market Trends - Several funds that have implemented subscription limits have shown impressive performance this year, with returns such as 51.24% for Hengyue Balanced Preferred Mixed Fund A and 106.39% for Yongying Ruiheng A [4]. - The A-share market's continuous rise has attracted more funds, leading to rapid scale expansion, prompting fund companies to limit subscriptions to maintain smooth operations [4][5]. Industry Insights - Industry insiders suggest that limiting subscriptions is a common practice to maintain fund performance and protect existing investors, especially as year-end approaches [5]. - The trend of subscription limits is not solely driven by year-end performance rankings but is also a response to the long-term assessment rules in the fund industry [5]. Future Investment Outlook - According to招商基金, the A-share market is expected to continue its upward trend, with recommendations for balanced allocation and increased investment in low-position sectors [7]. - Minsheng Jianyin Fund anticipates a sustained upward trend in the market, with a focus on value styles and sector differentiation in the fourth quarter [7][8]. - Jin Ying Fund advises a balanced approach to industry allocation, focusing on technology and value sectors with strong performance expectations [8].

Core Viewpoint - Recent announcements of fund subscription limits are aimed at controlling product scale to avoid dilution of returns and to achieve better annual rankings [1][3][4] Fund Subscription Limits - Many funds have announced subscription limits or suspensions, including Hengyue Fund and CITIC Prudential Fund, to protect the interests of existing shareholders [1][2] - Hengyue Fund suspended subscription and related activities starting November 5, while CITIC Prudential Fund set a limit of 10 million yuan for large subscriptions [1][2] - Other funds like Yongying Fund and Fuguo Fund have also implemented similar measures, with some funds like E Fund lifting restrictions [2][3] Performance and Strategy - Several funds that have announced subscription limits have shown strong performance, with returns such as 51.24% for Hengyue Fund and 106.39% for Yongying Fund this year [2][3] - Fund managers indicate that limiting subscriptions helps maintain stable operations and protects existing investors from the adverse effects of rapid scale expansion [3][4] Market Outlook - The A-share market is expected to continue its upward trend, supported by structural improvements in the domestic economy and declining risk-free rates [4][5] - Investment strategies suggest a balanced allocation with a focus on low-position sectors and core technology themes, while value styles may dominate due to upcoming earnings forecasts [4][5]

Core Insights - The China Europe Small Cap Growth Mixed Fund has announced a suspension of large subscriptions over 500,000 yuan, marking the second such announcement this year, following a previous limit of 10 million yuan in August [1][2][4] - The fund has demonstrated strong performance, ranking in the top 5% of its peers over the past year and three years, with returns of 67.55% and 62.20% respectively [4] - A total of approximately 220 actively managed equity funds have announced suspensions of large subscriptions or general subscriptions this year, indicating a trend among high-performing funds to limit inflows to maintain investment strategy effectiveness [1][6] Fund Performance - As of the end of Q3, the China Europe Small Cap Growth Mixed Fund had a total size of 1.138 billion yuan [4] - The fund's managers attribute its strong performance to balanced sector and style allocation, with expectations for a continuation of structural market trends in Q4 [4] Market Trends - The trend of high-performing funds announcing subscription suspensions reflects a cautious approach by fund managers in response to the structural characteristics of the A-share market this year [6] - Notable funds, including those managed by well-known investors, have also suspended new subscriptions, indicating a broader industry trend towards managing inflows more conservatively [6]