Core Viewpoint - The recent surge in trading activity in the A-share market has led to frequent subscription limits on equity funds, raising concerns among investors [1][2]. Fund Management Actions - Yongying Fund announced that starting August 4, it would limit single-day subscription amounts for the Yongying Ruixin Mixed Fund to below 1 million yuan, following a significant inflow of funds [1]. - The Yongying Ruixin Mixed Fund, established in December 2023, reached a scale of 5.016 billion yuan by the end of Q2, with a net value growth rate of 66.14% since inception [1]. - This is the second time in 2023 that Yongying Fund has implemented subscription limits on popular products, previously doing so in February due to high demand in the robotics sector [1]. Characteristics of Subscription Limits - Recent subscription limits have been predominantly observed in quantitative small-cap strategy funds and dividend-themed funds [1][2]. - For instance, Guojin Fund reduced the subscription limit for its quantitative multi-factor fund from 10 million yuan to 10,000 yuan, while Citic Prudential Fund has lowered its subscription limit for its multi-strategy fund multiple times this year [2]. Market Dynamics and Investor Behavior - The subscription limits for quantitative small-cap funds are closely related to strategy capacity, with 2 billion yuan seen as a comfortable scale, beyond which trading slippage and strategy effectiveness may decline [2]. - The demand for dividend-themed funds has increased due to rising risk aversion among investors, influenced by geopolitical events and monetary policy adjustments [2][3]. Defensive Measures and Strategy Maintenance - The imposition of subscription limits is viewed as a defensive measure to protect long-term investors from the dilution of returns caused by short-term capital inflows [3]. - It also aims to prevent fund sizes from exceeding the liquidity capacity of the underlying index components, ensuring the purity of the investment strategy [3]. Future Investment Focus - The focus for future investments includes opportunities in the consumer sector, industries benefiting from stable growth expectations, national security and domestic substitution, and high-tech manufacturing related to new productivity [4]. - The bond yield curve is expected to maintain a bullish trend, highlighting the value of risk-free asset allocation amid complex geopolitical conditions [4].