● 本报记者 万宇 近期市场热门主题快速上涨后，部分相关基金选择限购，其中不乏一些今年以来回报率超过100%的绩 优产品。与此同时，也有一些基金在此时"开门迎客"，恢复大额申购。 业内人士表示，绩优产品限购是管理人平衡"规模扩张"与"业绩稳定性"的举措，体现了精细化运营中 对"持有人长期利益"的优先考量。中长期来看，A股投资机会依然十分丰富，放开限购可能实现基金规 模与业绩的双赢。 部分绩优产品限购 9月4日永赢基金公告称，为保护基金份额持有人利益，自9月5日起，个人投资者办理永赢科技智选混合 发起（A类及C类份额合并计算）的申购（含定期定额投资）、转换转入业务时，如单日单个基金账户 单笔申请金额高于1万元（不含），基金管理人有权全部或部分确认该笔申请失败。机构投资者办理基 金的申购（含定期定额投资）、转换转入业务，不设限制金额。 事实上，近期采取限购措施的基金产品不在少数。8月以来，出于保证基金平稳运作，保护基金份额持 有人利益等原因，中欧基金、易方达基金、南方基金、华夏基金、华富基金等多家基金公司纷纷公告旗 下部分产品开启限购。不少限购的基金今年以来取得了较高的回报率，比如截至9月3日，中欧数字经济 今年 ...

事实上，近期采取限购措施的基金产品不在少数。8月以来，出于保证基金平稳运作，保护基金份额持 有人利益等原因，中欧基金、易方达基金、南方基金、华夏基金、华富基金等多家基金公司纷纷公告旗 下部分产品开启限购。不少限购的基金今年以来取得了较高的回报率，比如截至9月3日，中欧数字经济 今年以来的回报率达119.26%。 一些基金公司"开门迎客" 不过也有一些基金公司选择"开门迎客"。红塔红土基金9月4日公告称，基金管理人曾于8月27日发布公 告，自当日起，红塔红土盛丰混合暂停接受单日单个基金账户单笔或多笔累计超过20万元（不含20万 元）的申购、转换转入申请。为满足广大投资者的投资需求，决定自9月4日起恢复基金单日单个基金账 户单笔或多笔累计超过20万元（不含20万元）的大额申购、转换转入业务。 ● 本报记者 万宇 近期市场热门主题快速上涨后，部分相关基金选择限购，其中不乏一些今年以来回报率超过100%的绩 优产品。与此同时，也有一些基金在此时"开门迎客"，恢复大额申购。 业内人士表示，绩优产品限购是管理人平衡"规模扩张"与"业绩稳定性"的举措，体现了精细化运营中 对"持有人长期利益"的优先考量。中长期来看，A股投资 ...

Core Viewpoint - The recent trend of fund managers implementing subscription limits on high-performing funds reflects a shift from scale-oriented growth to investor return-oriented strategies in the public fund industry, indicating a move towards refined operations and team-based research systems [1][4]. Group 1: Fund Characteristics - Many of the funds that have implemented subscription limits share two core characteristics: outstanding performance and limited investment strategy capacity [2]. - For instance, the "Yongying Technology Smart Selection Mixed Fund A" achieved a net value growth rate of 146.23% this year, ranking second in the market, with a high concentration in sectors like communication, electronics, and artificial intelligence [2]. - The rapid expansion of fund size can lead to increased trading costs and reduced flexibility in portfolio adjustments due to liquidity constraints in niche sectors [2][3]. Group 2: Industry Trends - The public fund industry is transitioning from rapid scale expansion to a more meticulous operational approach, with fund companies using subscription limits as a strategy to balance growth and performance stability [4]. - This shift is characterized by a focus on long-term benefits for fund holders, as limiting subscriptions can prevent performance dilution from excessive inflows [4]. - Fund managers are increasingly prioritizing deep management of existing holdings and precise implementation of investment strategies, which is a typical manifestation of moving from a scale-driven model to one that maintains core competitiveness [4]. Group 3: Investor Considerations - The implementation of subscription limits is not a blanket closure of purchase channels; for example, the "Yinhe Junyao Mixed Fund A" allows a daily subscription limit of 1,000 yuan, balancing small inflows while avoiding large fund impacts [5]. - Investors are advised to adjust their traditional investment logic, moving away from impulsive purchases based solely on short-term performance and instead focusing on long-term value and the capabilities of fund managers [5]. - Diversifying investments across different fund products and avoiding concentration in a single product can help mitigate risks and enhance return stability [5].

Core Viewpoint - The recent trend of mutual funds adding new share classes reflects a shift towards refined operations and marketing strategies within the public fund industry, emphasizing the need for transparency and differentiation in fee structures to meet diverse investor needs [1][2][4]. Group 1: New Share Classes - Public funds are increasingly announcing the addition of new share classes, such as E, D, F, and I classes, alongside the more common B and C classes, particularly for fixed-income and index products [2][3]. - The introduction of these "niche" share classes is aimed at lowering operational costs and catering to diverse investor preferences regarding investment duration, liquidity, and cost [2][3]. Group 2: Fee Structures and Investor Considerations - Different share classes often have varying fee structures, including differences in subscription fees, redemption fees, and service fees, which can lead to confusion among investors [2][5]. - Investors are advised to carefully evaluate the fee structures and rules associated with different share classes, considering their own investment goals and preferences to avoid being misled by lower fees alone [8][9]. Group 3: Market Dynamics and Compliance - The addition of share classes tailored for specific channels or clients can enhance cooperation with particular platforms and help avoid fee conflicts across channels, while also addressing the needs of institutional investors [4][6]. - There is a growing concern regarding the transparency of fee structures and the potential for "channel discrimination," which could disadvantage ordinary investors relying on third-party platforms for information [6][7]. Group 4: Operational Efficiency - The shift from launching new funds to adding share classes is seen as a cost-effective strategy for fund companies, as it requires less regulatory burden and can be implemented more swiftly [3][4]. - Fund companies are encouraged to improve information transparency and performance attribution to alleviate investor anxiety stemming from information asymmetry [7].