Core Viewpoint - The active equity fund industry is undergoing a transformation from focusing on scale to prioritizing investor returns, with many funds implementing measures to limit their size and enhance performance [1][4][6]. Fund Size Control - Numerous newly established and existing funds are adopting measures such as setting upper limits, restricting purchases, and closing fundraising early to control their scale [1][2]. - For instance, the newly launched 富国兴和混合基金 reached its 30 billion yuan cap within one day, while other funds like 易方达港股通科技 and 鹏华制造升级 also set 20 billion yuan limits and closed fundraising early [2][3]. - As of November 7, 39 out of 43 newly established funds with over 1 billion yuan in size had fundraising capped below 30 billion yuan [2]. Historical Lessons - The industry is learning from past experiences where excessive focus on scale led to poor long-term performance, with many funds established between 2020 and 2022 now showing significant losses despite recent gains [4][5]. - A notable example is a "成长先锋" fund that raised over 320 billion yuan but has since seen its net value drop significantly, highlighting the risks of prioritizing size over performance [5]. Shift in Investor Focus - Investors are shifting their focus from the allure of large fund sizes to the stability and sustainability of fund performance, prompting fund companies to prioritize effective management over sheer scale [6][8]. - The industry is moving towards a model where fund size is aligned with investment strategies, ensuring that funds can operate effectively without compromising on performance [8]. Optimal Fund Size - The ideal size for active equity funds is suggested to be between 3 billion and 5 billion yuan, balancing operational stability and flexibility in trading [7][8]. - Factors such as market liquidity and the number of available investment targets are critical in determining the appropriate fund size [7]. Positive Industry Changes - The industry is witnessing a shift towards refined management practices, with fund companies focusing on aligning fund size with the capabilities of fund managers and investment strategies [8]. - This evolution is fostering a healthier industry ecosystem, where the interests of fund companies, sales channels, and investors are increasingly aligned, promoting a transition from scale competition to value creation [8].