2025.09.29 本文字数：2547，阅读时长大约5分钟 作者 |第一财经 曹璐 封图 |AI生成 "本想趁长假前买点短债基金赚点利息，结果打开APP一看，好几个产品都'限大额'了！" 近期，不少持有货币基金、短债基金的投资者发现，多只低风险产品陆续挂出"大额限购令"。Wind数 据显示，截至9月29日，近十天里已有超百只基金密集启动大额限购，且部分产品将恢复时间精准卡在 长假后首交易日。 双节假期前夕，公募基金市场迎来一波密集的限购潮。 9月29日，国寿安保添利发布公告称，自当日起暂停机构投资者的大额申购、转换转入及定期定额投资 业务，单日机构投资者的单个账户申购金额不得超过10万元，并将在10月9日恢复，与长假后首个交易 日衔接。 此之前，长江乐享也同样表示将于9月25日起暂停办理该基金A、B、D类份额在代销机构的大额申购 （含定期定额投资）业务，上限为100万元，恢复时间同样定于10月9日。长江资管在公告中说明，此举 是根据国务院节假日安排及交易所休市安排，为保护份额持有人利益。 为何限制大额申购？业内人士直指两大关键：一是假期债券票息、存款利息照常生钱，大额资金短期涌 入若未及时配置，易摊薄老持有 ...

9月下旬以来，景顺长城基金、银华基金、汇安基金、中金基金等多家公募机构陆续发布公告，对旗下 货币基金、中短债基金、同业存单指数基金等低风险产品实施国庆节、中秋节假期前限购或暂停申购， 并明确节后恢复申购。 资讯数据显示，截至记者发稿时统计，9月29日有3111只基金（统计全部份额）实施限购，环比8月29日 的2950只增加161只。对比来看，目前10月9日预计实施单日限购的基金产品数量回落至2963只。 从产品类型看，本次节前限购覆盖货币市场型、中短债型、同业存单指数型及纯债型基金，均属于风险 等级较低、资金进出频次高的品类，是普通投资者假期闲置资金配置的主要选择。 多家公募机构在公告中均强调，此举是"为保证基金平稳运作，保护基金份额持有人利益"。 兼顾资金需求与策略稳定性 为何基金管理人会在节前集中启动限购？从运作逻辑看，核心是降低"假期资产无法交易"与"资金频繁 波动"的风险，兼顾流动性安全与投资者收益公平。 业内人士称，这种"节前关闸、节后开门"的操作，体现了基金管理人对流动性风险的精准把控，更重要 的是通过平滑资金波动，保护存量投资者收益，彰显公募行业以投资者利益为核心的专业运作逻辑。 多类低风险基金 ...

具体来看，中短债基金赛道，汇安基金公告称，自9月24日起对汇安中短债债券单个账户单日累计申购金额超过10 万元的部分实施限购，恢复日期为10月9日。湘财基金旗下湘财久盈中短债自9月26日起限制单日单个账户单笔申 购金额不超过1万元，10月13日恢复。 货币基金同样发布"限购令。如长江资管旗下的长江乐享货币自9月25日起对单日单个账户申购金额超过100万元的 部分不再受理，并将在10月9日恢复，以防范节前大额资金集中涌入、节后迅速赎回所带来的流动性冲击。而同业 存单基金方面，汇丰晋信基金发布公告称，旗下汇丰晋信中证同业存单AAA指数7天持有期自9月29日起暂停申 购，10月9日恢复。 值得注意的是，今年以来，权益市场行情有所回暖，部分资金重新流向股票型基金，风险偏好出现修复。不过， 短期避险与资金管理需求依然存在，特别是在长假背景下，投资者仍倾向于将闲置资金短期停放在低风险产品 中，寻求稳健收益。而业内人士指出，基金公司限购细则虽存在差异，但核心目标一致：通过节前进行规模，节 后再恢复正常，以此平滑资金曲线、稳定运作环境。（南木） 【环球网财经综合报道】国 庆中秋长假临近，多家基金公司陆续发布公告称，对旗下货币 ...

临近双节假期，许多基金公司开始调整旗下部分产品的申购政策。9月25日，又有南方基金、汇添富基 金、华泰柏瑞基金等多家机构公告了旗下部分产品的限购措施。 从产品类型来看，债券型、货币型等低风险基金的限购公告较多；从实施限购的时间来看，它们普遍定 于9月29日开始限购，并且于10月9日恢复日常申购。 公司将从9月29日开始，限制个人投资者单个账户申购基金上限为50万元，这一限制将在10月9日取消。 同一天，浦银安盛基金也发布公告称，将从9月29日开始，暂停浦银中短债A、C的申购业务，直到10月 9日恢复。此外，还有中海基金、财通基金、国联安基金、红土创新基金等多家公募基金机构针对节前 暂停申购的相关计划进行了说明。 值得注意的是，在此期间，还有一些权益类基金也将实施限购，如华泰柏瑞港股通量化，也将于9月29 日开始限制大额申购，单日申购上限为1000元，到10月9日恢复。 有分析指出，基金公司在节前资金流入高峰期进行规模调控，节后再恢复正常，以此平滑资金曲线、稳 定运作环境。 多只低风险产品节前限购 今年国庆、中秋双节假期共持续八天时间，近日，已经有不少基金公司陆续对旗下基金产品的申购政策 做出调整，普遍针对低风 ...

Group 1 - The upcoming National Day and Mid-Autumn Festival holiday will see the A-share market closed from October 1 to October 8, with trading resuming on October 9 [1] - Various financial institutions are promoting holiday investment strategies, suggesting options like daily interest-bearing financial products and notice deposits to optimize returns during the holiday [1][2] - The government bond reverse repurchase agreement is highlighted as a low-risk investment option, allowing investors to earn interest during the holiday period [2][4] Group 2 - The reverse repurchase agreement offers attractive interest rates, especially when executed before the holiday, with specific dates providing different interest benefits [2][3] - The liquidity in the market remains ample, with the People's Bank of China conducting operations to maintain this liquidity, impacting the rates of reverse repos [3][4] - The interest rates for reverse repos have seen slight declines, but they still provide returns above 1.55%, making them a preferred choice for conservative investors [4][5] Group 3 - Many fund companies are implementing subscription restrictions on fixed-income products ahead of the holiday to manage liquidity risks and protect existing investors [6][7] - The recent regulatory changes regarding fund fees may affect the performance of bond funds, particularly short-duration funds, leading to increased costs for institutional investors [8]

临近国庆长假，多家基金公司陆续发布公告，对旗下低风险产品实施限购或暂停申购，并明确将在节后恢复申购。 证券时报·券商中国记者注意到，限购基金类型涵盖货币基金、中短债、同业存单指数基金等。业内人士指出，这一做法已成为市场惯例。由于假期前后资金 进出高度集中，往往容易引发基金规模剧烈波动，进而影响存量投资者收益与产品运作稳定。 在此背景下，节前"关门"、节后"开门"逐渐成为基金公司常用的安排方式。这不仅体现了管理人对流动性风险的关注，也在一定程度上反映出其对存量投资者 利益的保护。 多类低风险基金提前"关门" 券商中国记者注意到，随着国庆假期临近，自9月下旬起，多类低风险产品已陆续披露节前限购安排。 中短债基金已经启动限购。汇安基金公告称，汇安中短债债券自9月24日起对单个账户单日累计申购金额超过10万元的部分实施限购，直至10月9日恢复。湘 财基金旗下湘财久盈中短债也自9月26日起限制申购，单日单个账户单笔金额不得超过1万元，至10月13日恢复。 货币基金同样发布"限购令"。例如，长江资管旗下的长江乐享货币自9月25日起对单日单个账户申购金额超过100万元的部分不再受理，并将在10月9日恢 复，以防范节前大额资 ...

Core Viewpoint - Multiple actively managed equity funds have announced purchase limits amid a rising market, aiming to guide rational investor decisions and control fund size growth [1][3][4] Group 1: Fund Purchase Limits - Several funds, including ICBC Credit Suisse and Bosera, will implement purchase limits starting September 8, with limits set at 50 million, 50 million, 100 million, and 500 million respectively [3] - The "champion fund" Yongying Technology Smart Mixed Fund has reduced its purchase limit to 10,000 from 1 million within a short span, indicating a trend of tightening limits among high-performing funds [5][6] Group 2: Fund Performance - As of September 5, the year-to-date returns for various funds are notable, with Bosera's Smart Quantitative Multi-Factor Stock Fund achieving a return of 37.67%, and Yongying Technology Smart Mixed Fund leading with a return of 171.99% [4][6] - A significant 98.24% of actively managed equity funds have reported positive returns this year, reflecting a strong market performance [4] Group 3: Reasons for Purchase Limits - Fund managers are limiting large purchases to maintain the original investment style and prevent dilution of existing holders' rights before dividend distributions [4][6] - The current hot market environment is a key factor driving the decision to impose purchase limits, as it encourages rational investment behavior [4][6]

Core Viewpoint - The public fund fee reform in China has reached a significant milestone with the release of the revised regulations by the China Securities Regulatory Commission (CSRC), marking the conclusion of a three-phase fee reform process in the public fund industry [3][4]. Fund Fee Reform - The recent reform includes a reduction in sales fees for public funds, full inclusion of redemption fees into fund assets, and the establishment of differentiated caps on trailing commission payments [4]. - This reform is seen as a critical step in enhancing the transparency and efficiency of the public fund market, aiming to benefit investors [3]. Fund Company Management Changes - A significant personnel change occurred in the public fund industry as Zhu Yongqiang, the general manager of Xinda Australia Fund, retired due to age, with Deputy General Manager Fang Jing temporarily taking over the role [5]. Regulatory Actions - In the first half of the year, nine fund companies received warnings or corrective orders from regulators, with some facing fines due to various compliance issues [6][7]. - Reasons for penalties included inappropriate candidates for leadership positions, violations of foreign exchange regulations, and inadequate internal controls [8]. Fund Performance - The public fund industry reported a total revenue of 113.156 billion yuan in management fees, trading commissions, custody fees, and sales service fees, reflecting a 20.52% increase year-on-year [11]. - Notable fund companies such as E Fund, ICBC Credit Suisse, and Southern Fund reported net profits exceeding 1 billion yuan in the first half of the year, with some companies experiencing significant profit growth [10]. Market Trends - The A-share market has shown strong performance, with public equity funds experiencing a resurgence in profitability, leading to a substantial increase in fund issuance and investment activity [12][15]. - The "champion funds" have implemented purchase limits to manage inflows and maintain investment strategy stability, reflecting a cautious approach to rapid market changes [14]. Fund Manager Activities - Prominent private equity manager Ge Weidong has been actively adjusting his portfolio, with significant investments in several companies, indicating a strategic shift in his investment approach [17].

Core Viewpoint - Multiple public fund institutions have announced restrictions on subscriptions for their high-performing products, reflecting a shift from scale-oriented strategies to investor return-oriented strategies in the industry [1][9]. Group 1: Fund Performance and Restrictions - As of September 4, 2023, Yongying Technology Smart Mixed Fund has achieved a year-to-date return of 161.37%, making it the top-performing fund in the market [2]. - Other funds, such as the China Europe Digital Economy Mixed Fund, have also seen significant performance, with a year-to-date return of 103.75% [2]. - Fund companies like Zhongou Fund, Yifangda Fund, and Southern Fund have implemented subscription restrictions on several products that have returned over 100% this year [1]. Group 2: Reasons for Subscription Restrictions - Yongying Fund stated that the restrictions aim to protect existing investors by guiding rational decision-making and controlling fund size growth to maintain investment strategy stability [4][5]. - Rapid growth in fund size can complicate asset allocation and dilute returns for existing investors, especially in a market with scarce quality assets [5]. - Fund companies are also responding to potential market risks by controlling inflows during periods of high volatility or elevated valuations [6]. Group 3: Market Trends and Investor Guidance - Sectors such as innovative pharmaceuticals, technology, and small-cap growth stocks are experiencing significant inflows, leading to potential asset price inflation and increased risks of market corrections [7]. - Investors are advised to focus on long-term investment logic rather than short-term subscription behaviors, as restrictions do not indicate issues with the funds themselves [8]. - Diversifying investments into other complementary funds is recommended for investors who are unable to subscribe to restricted products [8]. Group 4: Industry Implications - The current wave of fund subscription restrictions can be seen as a microcosm of the industry's commitment to high-quality development, as outlined in the CSRC's action plan for promoting high-quality development in public funds [9]. - The proactive subscription limits by high-performing products signal a departure from scale-driven approaches, prioritizing the interests of existing investors and returning to the core of asset management [9].

Group 1 - The core viewpoint of the articles is that Yongying Fund has implemented stricter purchase limits for its Yongying Technology Smart Fund to protect existing investors and manage fund size effectively [1][2][4] - As of September 4, 2023, the fund has set a daily purchase limit of 10,000 yuan per account, following a previous limit of 1 million yuan announced a week earlier [1][2][4] - The fund's performance has been exceptional, with a year-to-date return exceeding 177%, making it a leader among all funds [4] Group 2 - The fund's management emphasizes the importance of rational decision-making among investors, particularly in volatile market conditions [5] - The recent trend of limiting fund purchases is observed across the industry, with over a hundred funds implementing similar measures to control growth and maintain investment strategy effectiveness [6] - The rationale behind these limits includes preventing large inflows at high net asset values, which could dilute returns and complicate investment strategies for fund managers [6]