Core Viewpoint - Recent trend in the fund industry shows a shift from aggressive expansion to limiting purchases and controlling scale, reflecting a more cautious approach by fund companies in response to market dynamics [1][5][8] Group 1: Fund Limitation Trends - In the past two weeks, 255 funds have suspended large purchases, with 57 funds halting subscriptions, indicating a widespread adoption of purchase limits across various fund types [1][5] - The current wave of fund limitations is driven by a diverse range of factors, including fund capacity, strategy sustainability, and client structure stability, rather than solely performance-driven reasons [1][5][8] Group 2: Performance-Driven Limitations - High-performing funds such as Yongying Ruixin Mixed and GF Growth Navigator have announced large purchase limits due to significant year-to-date gains, with some funds seeing net value increases of over 60% [2][3] - The Hong Kong Advantage Selection Fund (QDII) has achieved a return rate of 144.41% this year and has limited subscriptions to prevent irrational inflows that could dilute existing investors' interests [3][7] Group 3: Risk Management and Strategy - Fund companies are implementing purchase limits as a risk control measure to maintain strategy effectiveness and protect existing investors, rather than simply responding to liquidity issues [4][8] - The trend of limiting purchases is also influenced by regulatory changes, shifting the focus from scale-driven incentives to performance-driven strategies among fund managers [6][8] Group 4: Market Dynamics and Investor Behavior - The current market environment reflects a sensitive period of style rotation, with small-cap stocks outperforming and fund companies adopting defensive strategies through purchase limits [7][8] - The limitations are not only a response to high demand but also a strategic choice to ensure a stable and manageable investor base, moving away from the perception of limits as a signal of "hot products" [8]

8月6日，中欧基金发布公告称，为保证基金的稳定运作，保护基金份额持有人利益，公司决定自8月6日 （含）起，限制中欧数字经济混合发起的申购、转换转入及定期定额投资业务的金额，单日单个基金账 户对该基金任一类别基金份额的单笔或多笔累计申购、转换转入及定期定额投资业务的金额超过100万 元（不含），公司有权拒绝。数据显示，该基金由基金经理冯炉丹管理，截至8月5日，该基金近一年的 收益率超150%。 有业内人士指出，不少主动管理型基金选择限购，主要是为控制产品规模，避免短期内过快扩张。限购 有利于化解基金"船大难掉头"问题，还能限制部分资金借道基金买入停牌个股的套利行为，从而保护原 有基金份额持有人的利益。 展望后续行情，安联基金研究部总经理程彧认为，短期震荡不会改变市场向上的趋势。我国股票已进入 新一轮价值重估周期，背后驱动因素将在未来数年持续发挥作用。此外，维持优质科技资产在三季度或 有显著超额收益的判断。 8月1日，广发基金发布公告称，广发成长领航一年持有混合于8月4日起暂停5万元以上的大额申购。截 至8月5日，该基金近一年的回报率超147%。 除了上述主动权益基金以外，诺安多策略混合、中信保诚多策略混合（LO ...

Core Viewpoint - Recent changes in investment strategies among several technology-themed funds indicate a shift from domestic to overseas computing power investments, with some managers reducing exposure to humanoid robot stocks due to a lack of decisive technological breakthroughs [3][4][6]. Group 1: Investment Strategy Changes - Fund manager Jin Zicai from Caitong Fund has significantly adjusted the top ten holdings of his funds, moving from a heavy allocation in domestic computing power to an increased focus on overseas computing power, driven by the ongoing investment from global tech giants [3]. - The Caitong Growth Preferred Mixed Fund reported a net value growth rate of 11.23% in Q2, outperforming its benchmark by a substantial margin [3]. - Fund manager Feng Ludan from China Europe Digital Economy Mixed Fund echoed similar strategies, emphasizing investment in AI infrastructure related to overseas demand, with a Q2 net value growth rate of 12.69% [4]. Group 2: Sector-Specific Adjustments - Feng Ludan has reduced exposure to the humanoid robot sector, citing the need for a decisive technological breakthrough before increasing investments again [6]. - Conversely, fund manager Mo Haibo from Wan Jia Fund believes the humanoid robot sector is entering a golden development period and plans to gradually increase holdings if stock prices decline [6]. - Mo Haibo's funds have increased positions in several internet stocks, highlighting the significant investments by domestic tech giants in AI applications [6]. Group 3: AI and Computing Power Demand - Fund managers Lu Yang and Lei Tao noted that the global push for AI is just beginning, with significant commercial growth expected this year, particularly in overseas markets [7]. - The demand for computing power is anticipated to rise as large model and cloud service providers experience increased token demand and revenue, further driving investment in computing resources [7].