今年以来，已有近220只主动权益基金发布暂停大额申购或暂停申购的公告。大部分宣布限购的主动权益基金业绩较 好，不少净值创出新高。 【导读】中欧小盘成长混合基金限购 11月5日，中欧基金发布公告称，即日起，中欧小盘成长混合基金暂停50万元以上的大额申购。这是年内第二次发布 限购公告。该产品近一年、近三年业绩均排名同类前5%。 数据显示，中欧小盘成长混合基金是一只以国证2000指数为主要基准的量化小盘基金。截至今年三季度末，该基金 规模为11.38亿元。近年来，该产品业绩表现出色，截至11月4日，该产品近一年收益率为67.55%，近三年收益率为 62.20%，均排名同类前5%。 多位业内人士表示，绩优基金限购，主要是为了控制基金规模，以保持投资策略的有效性。未来，A股市场仍有望呈 现较为明显的结构性特征，行业赛道以及风格类资产或具有一定的盈利机会。 中欧小盘成长混合基金限购 根据公告，中欧小盘成长混合基金自2025年11月5日起暂停50万元以上的大额申购。这是继今年8月14日该基金单日 限购1000万元之后的年内第二次限购。 中欧小盘成长混合基金经理钱亚婷、汤旻玮在三季报中表示，三季度，得益于组合相对基准在行业和 ...

哪家基金公司抓住了这波"固收+"爆发的机会呢？ 还以二级债基金为样本，我也统计了下数据，TOP10基金公司规模增长都挺明显的，景顺长城、富国基金、汇添富规模翻倍，易方达、招商基金、广发 基金、南方基金规模增长也都超百亿。 这些都是老牌大厂，也有比较能打的基金经理坐镇，比如易方达的张清华、胡剑，富国基金的黄纪亮，广发基金的张芊，都是业内响当当的存在。果 然，对债基、"固收+"这类偏稳健的产品，大家还是优选大厂。 三季报发完了，梳理下主要类型基金的规模变化。 两个明显特征： 1）主动基金持续被净赎回。普通股票型、偏股混合型、灵活配置型、平衡混合型基金份额都是净减少，大概率是市场持续上涨，更多人选择了"保本 出"。 2）但"固收+"却成了新宠，二级债基金份额增长了3743亿份，增幅是56.7%。 这个也很好解释，债券收益率持续下降，不少原来买债基，或新入市的低风险偏好资金为了更高的收益，可能会选择"固收+"。也就是很多人说的资金 借道"固收+"入市，这个逻辑在三季报中得到了验证。 | 基金类型 | | 基金份额(亿份) | | | | --- | --- | --- | --- | --- | | | 2025Q2 ...

Core Viewpoint - The A-share market has shown unexpected enthusiasm since the beginning of the year, with many active equity funds recovering and achieving significant returns, while the newly established fund, Dachen Xingyuan Qihang, managed by Xu Yan, has remained inactive, leading to widespread controversy and questioning of its strategy [1][2][4]. Fund Performance - Dachen Xingyuan Qihang was established on March 11, 2025, but its net value has barely changed, with A-class shares at 0.9983 and C-class shares at 0.9953 as of September 9, 2025 [2][4]. - The fund has only invested in two stocks, Antu Biology and Meituan, with a stock position of just 0.73% and cash making up 84.95% of its net value [4]. Market Reaction - Since May, market skepticism has grown regarding the fund's "zero allocation" strategy, with investors expressing frustration over missed opportunities in a rising market [4][6]. - Xu Yan acknowledged the lack of systematic investment in the mid-year report, citing significant changes in market conditions and the need for caution due to rational valuation returns [4][5]. Comparison with Peers - In contrast to Dachen Xingyuan Qihang, many newly established active equity funds have quickly completed their allocations and participated in the market rally, with some achieving net value growth exceeding 20% [5][6]. - Funds like Anxin Balanced Growth, established on the same day as Dachen Xingyuan Qihang, have seen net value increases of 20.12% this year, highlighting the stark difference in performance [6]. Industry Trends - The performance of newly established funds this year has shown a clear dichotomy, with some achieving over 50% net value growth while others have recorded losses [7][9]. - The current market environment raises questions about the viability of value investing strategies that prioritize slow and steady approaches, especially in a rapidly changing market [9].

Core Viewpoint - The logic behind the establishment of initiator funds has shifted from being a "guaranteed establishment" option in a sluggish market to a "quick way" to seize market opportunities as the market heats up [1][5]. Group 1: Initiator Funds Overview - Initiator funds have become a primary focus for many fund companies in 2023, with 41 initiator funds established by March 8, covering various popular sectors [3][4]. - The establishment of initiator funds allows fund companies to successfully launch products even in low market participation periods, with a lower threshold for issuance [4][6]. Group 2: Market Performance and Strategy - Many fund companies are now using initiator funds to quickly establish positions in the market, with some funds achieving significant returns shortly after establishment, such as a 24.86% increase for the China Europe Hang Seng Technology Index fund [5][6]. - The rapid establishment of funds, such as the Kai Stone Yuanxin fund, which had a fundraising period of only two days, reflects the urgency to capitalize on market opportunities [3][5]. Group 3: Challenges and Risks - Despite the advantages, initiator funds face a "wide entry and strict exit" constraint, with many funds failing to meet the scale requirements and subsequently facing liquidation [2][6]. - A significant number of initiator funds established in previous years are at risk of liquidation if they do not reach the required scale of 200 million RMB by the end of their three-year evaluation period [6][7].