2025.08.12 本文字数：2662，阅读时长大约4分钟 以主动权益基金（包括灵活配置型、偏股混合型、平衡混合型、普通股票型；仅计算初始基金，下同） 为例，目前处于限购状态的主动权益基金共有214只，其中211只产品近一年斩获正收益，超过四成近一 年的累计回报超过30%。 具体来看，中欧数字经济A以146.87%的同期回报领跑同类限购产品，同时该产品已于8月6日起暂停100 万元以上的大额申购。此外，广发成长领航一年持有A、诺安多策略A、中银港股通医药A、信澳星奕 A、广发成长启航A等限购产品近一年的累计回报也实现翻倍。 作者 |第一财经 曹璐 "单日限购10万元！"近期，知名基金经理葛兰管理的产品再次迎来限购。这并非孤例，随着A股市场回 暖，上证指数站稳3600点并创年内新高，绩优产品通过限购抑制资金涌入的情况再次密集出现。 据第一财经初步统计，截至8月11日，近一个月来有上百只基金接连发布暂停大额申购的相关公告，其 中多数是年内业绩亮眼、规模快速扩张的产品。以当日处于限购的主动权益基金为例，超四成回报率超 30%。 亮眼业绩引发资金狂热追逐，多只产品的年内规模出现数倍甚至几十倍的增长。在业内人士看来， ...

2025.08. 12 绩优 产品 密集限购 日前，中欧基金公告称，中欧医疗创新自8月11日起限制申购、转换转入及定期定额投资业务的金额，单日单个基金账户限购10万元。该产品是 由知名医药基金经理葛兰管理，其上一轮限购还要追溯至2019年10月，当时单日限购金额为500万元。 发出类似"限购令"的情况并非个例。据第一财经初步统计，截至8月11日，近一个月至少有133只基金发布相关暂停大额申购公告，其中多数为 年内业绩表现突出、规模快速扩张的产品。 以主动权益基金（包括灵活配置型、偏股混合型、平衡混合型、普通股票型；仅计算初始基金，下同）为例，目前处于限购状态的主动权益基金 共有214只，其中211只产品近一年斩获正收益，超过四成近一年的累计回报超过30%。 本文字数：2662，阅读时长大约4分钟 作者 | 第一财经 曹璐 "单日限购10万元！"近期，知名基金经理葛兰管理的产品再次迎来限购。这并非孤例，随着A股市场回暖，上证指数站稳3600点并创年内新 高，绩优产品通过限购抑制资金涌入的情况再次密集出现。 据第一财经初步统计，截至8月11日，近一个月来有上百只基金接连发布暂停大额申购的相关公告，其中多数是年内业 ...

Group 1 - The recent trend of limiting large subscriptions for high-performing funds is a response to the A-share market's recovery, with the Shanghai Composite Index stabilizing above 3600 points and reaching a year-to-date high [1][2] - As of August 11, over 133 funds have announced the suspension of large subscriptions, primarily those with outstanding performance and rapid growth in scale, with more than 40% of active equity funds achieving returns over 30% in the past year [2][3] - The proactive limitation of fund sizes is seen as a prudent measure to ensure the effectiveness of investment strategies and the stability of fund operations, while also cooling down excessive market enthusiasm [1][4] Group 2 - The fund "China Europe Medical Innovation," managed by renowned fund manager Ge Lan, has implemented a daily subscription limit of 100,000 yuan, marking a significant reduction from previous limits [2][3] - The rapid growth of fund sizes is evident, with some funds experiencing increases of over 10 times, such as Hai Fu Tong Quantitative Vanguard A and Guo Fu Zhao Rui You Xuan A, which had sizes below 60 million yuan at the end of last year [3][4] - The current market dynamics are supported by a surge in individual investor participation, with 14.56 million new accounts opened this year, a 36.9% increase year-on-year, and a significant rise in financing balances [6][7] Group 3 - The A-share market is expected to continue its upward trend, with liquidity support remaining strong, although there may be short-term adjustments due to market conditions [6][7] - The innovation drug sector is transitioning into a phase where actual performance will be tested, with companies that can secure good business development collaborations likely to stand out [8] - Attention is drawn to sectors with improving performance, such as orthopedic and innovative drug upstream companies, as well as medical devices, which may present investment opportunities [8]

Core Viewpoint - The first half of 2025 has seen significant performance in equity funds, particularly in technology sectors and innovative pharmaceuticals, with rapid market rotation creating both opportunities and challenges for funds [1] Group 1: Fund Performance - Several funds have outperformed the market indices, showcasing their resilience during market fluctuations and highlighting their investment value [1] - Notable funds include China Europe Fund's technology-themed funds, which have shown strong performance in the turbulent market, ranking high in long-term performance [1][3] Group 2: Specific Fund Highlights - China Europe Digital Economy A achieved a return of 34.48% in the first half of 2025, significantly outperforming its benchmark of 2.96% [3] - China Europe High-end Equipment A returned 27.96%, while China Europe Intelligent Manufacturing A returned 27.36%, both exceeding their respective benchmarks [3] - Over the past year, China Europe Digital Economy A has seen a return of 93.07%, ranking first in its category [4] Group 3: Investment Strategies - The investment strategy of China Europe Digital Economy A focuses on the entire AI industry chain, emphasizing short-term opportunities and long-term growth [6] - China Europe Intelligent Manufacturing A, managed by an expert in reverse investment, has concentrated on hard technology sectors, achieving a return of 27.36% against a benchmark of 1.44% [7] Group 4: Long-term Performance - Over a three-year period, China Europe Intelligent Manufacturing A has returned 37.05%, ranking in the top 1% of its category [9] - China Europe Electronic Information Industry has also performed well, with a three-year return of 24.22%, surpassing its benchmark [9] Group 5: Investment Framework - China Europe Fund has developed a robust investment framework termed "China Europe Manufacturing," which emphasizes professional division of labor, standardized processes, and intelligent platforms to enhance investment quality and efficiency [10][11] - This framework has established a comprehensive non-standardized database, facilitating the identification of competitive companies and fostering collaborative research [10][11]

Core Viewpoints - Global capital allocation is shifting from an over-concentration in US stocks to a more balanced approach, with Hong Kong stocks transitioning from value investment to growth investment [1][7] - The recent easing of US-China tariff tensions has led to a recovery in market risk appetite, with significant reductions in bilateral tariffs [3][17] Focused Commentary - The US and China have made substantial progress in trade negotiations, reducing tariffs by 91% on both sides, which has boosted market confidence and led to a rally in both US and Hong Kong stock markets [3][4] - The easing of tariffs is expected to benefit export-oriented companies, particularly in sectors like consumer electronics and automotive parts [5][6] Equity Market Insights - In the context of tariff reductions, export-oriented companies are likely to see improved performance, with a focus on sectors such as consumer electronics, components, machinery, and automotive parts [5] - The manufacturing sector's dominance in the economy is expected to continue, with a shift towards resource and utility dividend stocks, as well as banks and steel [6][7] - Hong Kong stocks are anticipated to attract more domestic investment, leading to a shift in investment logic towards growth stocks, particularly in the mid-cap and small-cap segments [7] Industry Research - The pharmaceutical sector is expected to experience a dual boost in performance and valuation due to policy optimization and technological innovation, with a focus on innovative drugs and medical devices [12] - The automotive industry is showing signs of recovery, with increased orders and strong performance in the new energy vehicle export sector [14] Macro and Fixed Income - The easing of US-China tariff tensions may lead to a cautious outlook for the bond market, with limited upward movement in long-term interest rates [17] - Continued monetary policy easing is anticipated, which may support the bond market despite a lack of effective financing demand in the real economy [18][19] Asset Allocation - A barbell strategy is recommended for asset allocation, balancing investments in technology and cyclical sectors with long-term dividend stocks, while also considering short-duration bonds due to potential declines in bond yields [21]