Core Viewpoint - Recent announcements from China Europe Fund indicate a trend of limiting large purchases for several high-performing funds, including the China Europe Medical Innovation Fund managed by Ge Lan, which has a daily purchase limit of 100,000 yuan per account [1][3][14]. Fund Purchase Restrictions - Starting from August 11, 2025, the China Europe Medical Innovation Fund will suspend large purchases, conversions, and regular investment plans, with a limit of 100,000 yuan per account [3][5]. - This follows a similar restriction placed on another fund managed by Ge Lan, the China Europe Medical Health Fund, which has maintained a 100,000 yuan limit since January 2021 [1][3]. Fund Performance and Holdings - As of mid-2023, the China Europe Medical Innovation Fund has a total net asset value exceeding 8.2 billion yuan, with significant investments in the healthcare sector, accounting for 46.41% of its portfolio [6][7]. - The top ten holdings of the fund include notable companies such as 3SBio, with a year-to-date increase of nearly 400%, and all top ten stocks have shown an average increase of over 100% this year [6][8][9]. Market Trends and Fund Management - The recent surge in the innovative drug sector has led to a continuous rise in the unit net value of the China Europe Medical Innovation Fund, which recently surpassed 1.7 yuan, compared to a low of 0.9 yuan a year ago [9]. - The trend of limiting purchases is seen across the industry, with approximately 50 actively managed equity funds announcing similar restrictions since July, reflecting a cautious approach by fund managers to maintain investment strategy effectiveness and protect existing investors [14][15].

Core Viewpoint - Recent announcements from multiple high-performing funds under China Europe Fund indicate a trend of limiting large purchases to ensure stable fund operations and protect the interests of existing fund holders [1][3][15]. Fund Purchase Limitations - On August 9, China Europe Fund announced that starting from August 11, the China Europe Medical Innovation Fund would limit single-day purchases to 100,000 yuan per account [3][5]. - This is not the first instance; a similar limit was imposed on another medical fund managed by the same manager, Guo Lan, since January 2021 [1][2]. Fund Performance and Holdings - As of mid-2023, the China Europe Medical Innovation Fund had a total net asset value exceeding 8.2 billion yuan, with major investments in healthcare and manufacturing sectors, accounting for 46.41% and 41.99% of the portfolio, respectively [6][7]. - The top ten holdings of the fund include notable companies such as Sanofi Pharmaceutical and WuXi AppTec, with significant year-to-date price increases, including a nearly 400% rise for the largest holding, Sanofi Pharmaceutical [6][8]. Market Trends and Reactions - The recent surge in the innovative drug sector has led to substantial gains for the fund's holdings, with an average increase of over 100% for the top ten stocks this year [7][8]. - The fund's unit net value has also risen significantly, reaching 1.6874 yuan, compared to a low of below 0.9 yuan a year ago [9]. Broader Industry Context - The trend of limiting fund purchases is not isolated; approximately 50 actively managed equity funds have announced similar restrictions since July, reflecting a broader industry response to rapid inflows and the need to maintain investment strategy effectiveness [14][15]. - Industry experts suggest that these measures are aimed at controlling fund size to enhance investment efficiency and protect existing investors from potential losses due to market volatility [15][16].

大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故事，比如《三十几岁，财务自由》、《如何读一本 书》、《战胜拖延症》等等。 还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理芒格和指数基金之父约翰博格。分享了他们的人生经历、投资生涯和投资的理 念。 大家可以点击下面链接查看部分螺丝钉带你读书合集： 《 世界读书日，螺丝钉送你121本私藏经典好书 》 达里奥的 全天候投资策略 2025 年 8 月出来了一个新闻，桥水基金的创始人达里奥，出售了自己在桥水基金的剩余股份，退出了公司董事会。 逐渐完成了退休过程。 达里奥是全球最大的对冲基金公司的创始人，也是全天候投资策略的创始人。 在之前的螺丝钉带你读书栏目中，咱们介绍过 达里奥的代表书籍《原则》。 例如巴菲特的老师格雷厄姆，经历了美国 1929 年大股灾，之后对风险就非常谨慎，养成了低估值投资的思想。 达里奥成长的过程中，刚好是二战之后，美国各行各业高速发展。 在 50-60 年代，美股大幅上涨，出现了漂亮 50 牛市。 达里奥 1966 年从高中毕业，将自己很多资金投入 ...

8月9日，中欧基金发布公告称，基金经理葛兰管理的中欧医疗创新股票型证券投资基金（简称"中欧医 疗创新"），单日单账户限购10万元；基金经理邵洁管理的中欧科创主题混合型证券投资基金（简称"中 欧科创主题"），单日单账户限购100万元。 据不完全统计，7月以来，已有约50只主动权益基金发布限购公告，其中不乏最近一年涨幅居前的绩优 产品。 业内人士表示，从中长期维度来看，A股中枢有望震荡抬升。随着国内后续潜在催化因素增多，市场风 险偏好或持续回升。 知名基金经理旗下产品限购 一位公募人士向中国证券报记者表示，在公募行业高质量发展的要求下，基金公司在行情较好阶段主动 限购，科学控制规模，一定程度上能保证投资策略的有效性，让基金运作更加稳定，有助于切实保护持 有人利益。 三季度市场或维持向上趋势 业内人士表示，从中长期维度来看，A股中枢有望震荡抬升。随着国内后续潜在催化因素增多，市场风 险偏好或持续回升，预计后续A股将呈现更为明显的结构性特征。 中欧基金8月9日公告显示，为进一步保证基金稳定运作，保护基金份额持有人利益，由基金经理葛兰管 理的中欧医疗创新单日单账户限购10万元。Choice数据显示，截至8月8日，中欧医 ...

- The weekly performance of public quantitative funds shows that the average excess return of CSI 300 index-enhanced funds was 0.17%, with 82.61% of funds achieving positive excess returns[1][9]. - The monthly performance indicates that the average excess return of CSI 300 index-enhanced funds was 0.32%, with 84.06% of funds achieving positive excess returns[2][9]. - Year-to-date (YTD) performance reveals that the average excess return of CSI 300 index-enhanced funds was 1.03%, with 77.05% of funds achieving positive excess returns[3][9]. - The weekly average excess return of CSI A500 index-enhanced funds was 0.20%, with 73.81% of funds achieving positive excess returns[1][9]. - The monthly average excess return of CSI A500 index-enhanced funds was 0.40%, with 82.93% of funds achieving positive excess returns[2][9]. - YTD performance shows that the average excess return of CSI A500 index-enhanced funds was 3.32%, with 87.50% of funds achieving positive excess returns[3][9]. - The weekly average excess return of CSI 500 index-enhanced funds was 0.01%, with 55.71% of funds achieving positive excess returns[1][9]. - The monthly average excess return of CSI 500 index-enhanced funds was 0.27%, with 81.43% of funds achieving positive excess returns[2][9]. - YTD performance indicates that the average excess return of CSI 500 index-enhanced funds was 2.42%, with 81.82% of funds achieving positive excess returns[3][9]. - The weekly average excess return of CSI 1000 index-enhanced funds was -0.16%, with 39.13% of funds achieving positive excess returns[1][9]. - The monthly average excess return of CSI 1000 index-enhanced funds was 0.05%, with 54.35% of funds achieving positive excess returns[2][9]. - YTD performance shows that the average excess return of CSI 1000 index-enhanced funds was 5.81%, with 95.65% of funds achieving positive excess returns[3][9]. - The weekly average return of active quantitative funds was 1.90%, with 96.13% of funds achieving positive returns[1][9]. - The monthly average return of active quantitative funds was 1.88%, with 94.19% of funds achieving positive returns[2][9]. - YTD performance reveals that the average return of active quantitative funds was 14.99%, with 97.91% of funds achieving positive returns[3][9]. - The weekly average return of market-neutral funds was 0.29%, with 82.61% of funds achieving positive returns[1][9]. - The monthly average return of market-neutral funds was 0.33%, with 82.61% of funds achieving positive returns[2][9]. - YTD performance indicates that the average return of market-neutral funds was 1.38%, with 78.26% of funds achieving positive returns[3][9].

Core Viewpoint - The article discusses the recent trend of fund subscription limits imposed by various fund companies, particularly focusing on the actions taken by China Europe Fund to ensure stable fund operations and protect the interests of existing fund holders [1][2][3]. Group 1: Fund Subscription Limits - China Europe Fund announced subscription limits for several of its products, including a limit of 100,000 yuan for the China Europe Medical Innovation Fund and 1,000,000 yuan for the China Europe Science and Technology Theme Fund, effective from August 11 [1][2][7]. - Since July, nearly 50 actively managed equity funds have issued subscription limit announcements, reflecting a broader trend in the industry to manage fund inflows amid a strong market [2][8]. - The reasons for these limits include ensuring stable fund operations and protecting the interests of existing investors, as well as a growing restraint on fund size by management companies [2][10]. Group 2: Market Sentiment and Fund Management - Despite the subscription limits, many fund companies maintain a positive outlook for the market, suggesting that these measures do not indicate pessimism about future performance [10]. - Analysts suggest that the current market sentiment is at a high level, and they recommend a balanced allocation strategy to navigate potential volatility and rapid rotations in the market [2][10]. - The article highlights that fund managers are cautious about the short-term risks associated with market overheating, emphasizing the importance of focusing on industry trends and company values rather than getting lost in short-term market fluctuations [8][10].

晚上好，一起看看本周发生了哪些大事吧～ 希望我们的解读，能让你收获有用又易懂的理财知识，逐渐培养经济敏感度。 01 时隔十年，两融重回2万亿 本周，A股市场的融资融券余额突破2万亿，十年来首次突破这一数字。 这意味着什么呢？ 先说说什么是融资融券。 简单理解，就是向券商「借钱买股票」（融资）或者「借股票来卖」（融券）。就像买房可以贷款一样，炒股也可以加杠杆。 不过在咱们A股市场，融券比较难操作（券源稀缺），所以融资是绝对主力，占了两融余额的大头。 而且，公募基金这些机构投资者通常不允许使用杠杆，所以融资余额其实是观察散户行为的一扇重要窗口，这2万亿基本反映了散户的激情程 度。 不过，还是要提醒一句：融资这种放大收益的操作，反过来也会放大亏损。特别是在趋势反转的时候，跌起来很猛，就像2015年那一波。 单看融资的绝对值数据，现在的融资余额已经超过了去年9.24行情时的高点。 但如果我们看融资余额占A股流通市值的比例，目前这个比例其实还没有达到去年9月的水平。 图源：东财choice 就好比虽然大家在超市花的钱多了，但超市也扩张了，而且更快。 这有什么影响呢？ 融资作为一种杠杆工具，可以作为咱们「逃顶」的参考指标 ...

This ETF might now have the highest yield, but it would be a mistake to ignore it.With a roughly 1.7% yield as of this writing, the Vanguard Dividend Appreciation ETF (VIG 0.56%) isn't exactly the highest-paying dividend ETF. Far from it.However, the point of this ETF isn't to generate current income. Instead, it invests in an index of stocks that are likely to consistently raise their dividends over time, creating a growing income stream.Why long-term investors should consider the Vanguard Dividend Appreci ...

8.9【★★★★★】 明星基金经理 知名基金经理翟相栋官宣离任>>> 招商基金最新发布公告官宣，招商基金投资管理四部资深专业副总监兼招商优势企业混合基金经理翟相 栋因个人原因于8月9日离任，不再转任公司其他岗位。这位重量级基金经理备受市场关注，近期也频频 传出其要离任的消息，而今终于尘埃落定。市场传出消息称，翟相栋下一站或是私募基金。 8.9【★★★★★】 公募高管动向 薛臻履新东吴基金迎来新任董事长>>> 8月8日晚间，东吴基金发布公告称，董事长马震亚因到龄转任公司高级督导，任命薛臻为公司新董事 长。Wind数据显示，东吴基金成立于2004年9月2日，截至今年二季度末，公司旗下管理的非货基金规 模为263亿元，行业排名第95名。 8.8【★★★★】 公募REITs 首批数据中心公募REITs上市，双双上演"30%涨停秀">>> 公募REITs市场持续火热，又有两只REITs产品上市双双涨停。8月8日，首批两只数据中心公募REITs在 沪深交易所上市，全天大涨30%，达到首日上市涨幅上限。截至收盘，首日成交金额合计逼近7亿元， 稳居全市场公募REITs成交金额榜第一、第二位。 今年以来，公募REITs市场表现 ...

【导读】华安证券（600909）资管旗下多只大集合产品变更管理人至华富基金 又见批量变更产品管理人！ 为维护份额持有人利益及集合计划的长远发展，华安证券资产管理有限公司（以下简称华安证券资管） 最新公告，旗下多只公募大集合进行注册变更，管理人将由华安证券资管变更为华富基金，产品名称也 同步进行变更。 华安证券资管旗下大集合产品变更管理人 8月9日，华安证券资管发布公告称，旗下多只公募大集合进行注册变更。其中涉及5只债券型、1只灵活 配置型产品。 根据公告，上述大集合产品最初均由华安证券设立，其间根据有关规定进行了公募化改造，在全资子公 司华安资管获批并正式展业后，管理人相应由华安证券变更为华安证券资管。 公告同时表示，根据《证券公司大集合资产管理业务适用〈关于规范金融机构资产管理业务的指导意 见〉操作指引》及资产管理合同的约定，上述集合计划将于2025年11月30日到期。 综合考虑份额持有人需求及集合计划的长远发展，按照有关规定，公司向中国证监会提交上述集合计划 变更注册的申请，并收到批复，履行相关程序后将集合计划管理人由华安证券资管变更为华富基金。 同时，产品名称也进行了相应变更。比如，华安证券合赢九个月持 ...