Core Insights - CITIC Prudential Fund announced the appointment of Wang Ying and Jiang Feng to co-manage the CITIC Prudential Prosperity Preferred Mixed Fund, while Wang Ying, Chen Lan, and Jiang Feng will co-manage the CITIC Prudential Anxin Return Bond Fund [1] - Jiang Feng, currently an assistant director in the equity investment department, has achieved a return rate of 128.24% since taking over the CITIC Prudential Multi-Strategy Flexible Allocation Mixed Fund on April 14, 2020, with an annualized return of 16.40% [3] - The recent trend of co-management among fund managers is noted, with Liu Peng from CCB Principal Asset Management also losing sole management of his funds [3] Industry Trends - The number of fund managers who have left their positions in the public fund industry has reached 299 this year, while 418 new fund managers have been appointed [3] - The changes in fund management personnel reflect the competitive landscape of the public fund industry, emphasizing the importance of building a sustainable research and investment system for companies [3]

Core Viewpoint - The recent trend of high-performing funds implementing purchase limits reflects a shift from a scale-oriented approach to a focus on investor returns, aiming to optimize long-term investment performance while protecting existing investors' interests [1][4][6]. Group 1: Fund Purchase Limits - Multiple high-performing funds have announced purchase limits, including the招商成长量化选股, which reduced its maximum single purchase amount from 200,000 to 20,000 yuan within a month due to high demand, achieving a year-to-date return of 26.16% as of August 14 [2]. - 中欧数字经济混合 and 长信国防军工量化混合 also implemented limits, with year-to-date returns of 75.44% and 37% respectively, indicating a broader trend among funds to restrict large inflows [3]. - As of mid-August, 31 funds with over 50% year-to-date returns were fully closed to new investments, while 69 funds had suspended large purchases [3]. Group 2: Reasons for Purchase Limits - Industry experts suggest that the limits are primarily to protect existing investors from the adverse effects of new capital inflows, which could force fund managers to invest at high net asset values, potentially diluting returns [4][5]. - The shift in strategy is also influenced by the capacity constraints of small-cap funds, which can suffer from increased trading costs and reduced excess returns when inflows exceed optimal levels [4][5]. Group 3: Industry Transformation - The trend of limiting purchases signals a transformation in the fund industry from a focus on scale to prioritizing investor returns, as emphasized by recent regulatory guidance aimed at promoting long-term stable returns for investors [6]. - Fund companies are increasingly recognizing the importance of maintaining performance stability and strategy effectiveness, which can be compromised by rapid growth in fund size [5][6].