Core Viewpoint - The recent trend of performance-driven funds implementing purchase limits is primarily aimed at controlling fund size to maintain the effectiveness of investment strategies, reflecting a cautious approach to managing potential market risks and ensuring stable growth for investors [2][10]. Group 1: Fund Purchase Limits - On November 22, China Europe Fund announced that starting November 24, the daily purchase limit for four funds managed by Lan Xiaokang will be reduced to 500,000 yuan [4]. - This year, over 230 active equity funds have announced the suspension of large purchases or general purchases, with many of these funds showing strong performance and reaching new net asset value highs [10]. - The recent limits on fund purchases are a response to the significant structural characteristics observed in the A-share market, which have led to concentrated investor interest in high-performing funds [10]. Group 2: Fund Performance - As of November 20, the one-year performance of several funds managed by Lan Xiaokang, including China Europe Dividend Enjoyment A and China Europe Value Return A, showed returns of 38.93%, 30.24%, and 41.68%, all exceeding their performance benchmarks [6]. - Other high-performing funds, such as China Europe Small Cap Growth A and China Europe Digital Economy A, reported one-year returns of 57.39% and 126.55%, respectively, placing them among the top tier of similar funds [7]. - The trend of limiting purchases among high-performing funds indicates a cautious stance from fund managers regarding the potential for market overheating and valuation bubbles in specific sectors [10]. Group 3: Investment Strategy Insights - Lan Xiaokang emphasizes the need to adjust investment strategies in light of global changes, advocating for a balanced allocation between precious metals and quality Chinese assets over the next 3 to 10 years [6]. - The cautious approach to fund management reflects a broader industry trend where fund managers are increasingly focused on the stability of net asset values and the long-term profitability of their investors [10].

2025 年 10 月 31 日 中欧小盘成长: 广度优势+暴 控,打造高性价比小盘基 基金经理研究系列报告之八十五 申万宏源研究微信服务号 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 (8621)23297818× xijc@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 小盘风格投资价值分析：量化舒适区，当下估值分位数与盈利预期相对占优 ○ 0 多维成长、内涵丰富，相比大盘估值或具备盈利预期与估值上的双重优势：1）行业结构: 年内收益靠前的行业多具备成长属性，而小盘指数成长属性更为突出；年内收益表现靠后 的行业在小盘指数中占比较少，如银行、食品饮料等；2）年内热点主题反映小盘具备丰富 内涵：提取了规模增长的非宽基、非港股指数，三只指数成分股均普遍由中小盘股票构 ...

Core Insights - The public fund market in China has become active again, with the total scale of public funds exceeding 35 trillion yuan by July 2025, indicating a robust recovery compared to the previous year's market frenzy [2] - The current market rally shows a more stable and less volatile upward trend in A-shares and H-shares compared to the previous year [2] - There is a notable structural differentiation in the market, with high-growth sectors like technology and innovative pharmaceuticals performing well, while traditionally strong sectors like real estate and consumer goods are relatively weak [3] Company Strategy - China Europe Fund has introduced the "asset management industrialization" concept to fundamentally change the way funds are manufactured, aiming for clearer positioning and more stable styles in their products [4][5] - The fund's research and investment system upgrade focuses on three key aspects: specialization, industrialization, and digital intelligence, to enhance efficiency and decision-making [6][7] - The fund's approach includes a structured process involving design, production, assembly, and testing to ensure a comprehensive investment strategy that meets client needs [8][9] Performance Metrics - As of June 2025, the China Europe Convertible Bond A fund achieved a net value growth rate of 20.92%, outperforming its benchmark by 9.43 percentage points [7] - Other funds under China Europe Fund also showed strong performance, with the China Europe Digital Economy A fund growing by 93.07%, significantly exceeding its benchmark of 35.40% [12][13]