炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月14日，中欧基金发布《中欧小盘成长混合型证券投资基金申购申请确认比例的公告》。公告显示， 截至2026年1月12日，中欧小盘成长混合的基金资产净值已超过规模控制上限20亿元，根据规模控制公 告的规定，管理人将对2026年1月12日当日的有效申购申请采用比例确认的原则给予部分确认，确认比 例为47.843581%。 一般来说，比例配售通常发生在新发基金首募规模超上限时，而此次触发配售的中欧小盘成长混合，却 是一只成立于2022年6月28日、运作时间超过三年半的"老基金"。 中欧基金在公告中解释道，2025年11月6日，公司发布了《中欧基金管理有限公司关于中欧小盘成长混 合型证券投资基金规模控制的公告》，将该基金在存续过程中的基金资产净值上限设定为20亿元人民币 （但因基金份额净值波动导致基金资产净值超过该金额的除外），对基金的规模进行控制。若基金存续 过程中某日的净申购全部确认后将导致基金资产净值超过20亿元人民币，则该日所有满足销售对象限制 和额度限制等其他限制的情况下的有效申购申请，将采用比例确认的原则给予部分确认。 有业内人士分 ...

Core Viewpoint - The recent scale control announcement by China Europe Fund for its high-performing fund, China Europe Small Cap Growth Mixed Fund, highlights a shift in the industry towards prioritizing performance and long-term value over mere scale expansion [1][2]. Group 1: Scale Control Measures - China Europe Fund has set a scale limit of 2 billion yuan for the China Europe Small Cap Growth Mixed Fund, employing a "proportional confirmation" method to manage subscriptions [1]. - Similar scale control actions have been observed in other high-performing funds, such as Hengyue Balanced Optimal Mixed Fund and CITIC Prudential Prosperity Optimal Mixed Fund, which have also announced subscription limits or suspensions [1]. - The "proportional confirmation" principle allows for a uniform reduction in subscription amounts when total subscriptions approach the set limit, ensuring that only a portion of the applications are confirmed if the limit is exceeded [1]. Group 2: Industry Trends - The scale control initiative signals a transition in the industry from a "scale competition" model to a "quality competition" model, emphasizing the importance of managing fund capacity to maintain performance [2]. - This refined operational model is seen as beneficial for maintaining stable fund operations, allowing fund managers to adhere to established investment strategies without being forced to adjust portfolios due to excessive scale [2]. - As market conditions evolve and investor demands diversify, reliance solely on scale expansion is becoming insufficient; enhancing investment management capabilities and optimizing strategies are essential for competitiveness [3].