| 指数代码 | 行业 | | 今年以来涨跌幅(单位:%) | | --- | --- | --- | --- | | 801275.SI | 科技(TMT) | 40.54 | | | 801272.SI | 先进制造 | 29.00 | | | 801274.SI | 医药医疗 | 26.44 | | | 801271.SI | 周期 | 18.48 | | | 801276.SI | 金融地产 | 6.88 | | | 801273.SI | 消费 | 6.09 | | | | | | Q 数据来源：Wind, 2025.1.1-2025. | 本轮行情中，结构性分化特征也尤为显著。科技、创新药及新消费等高成长领域表现突出，而以往备受关注的地产、白酒、食品等板块则相对疲软。 在资管规模快速上升、上市公司数量多，且市场分化明显的趋势下，基金经理的行业研判、前瞻布局和调仓灵活性等面临更大的挑战，仅靠传统模式已难以 有效应对风险和争取长期稳健收益。 作为聚焦主动权益的基金公司，中欧基金早在2023年就首次提出"资管工业化"理念，希望从根本上改变基金的制造方式，通过统一的投资理念指导、专业化 分工和流程化协作， ...

敬请阅读末页的重要说明 科技赛道全业态研究，精准布局赋能投资 ——中欧基金科技团队分析 多重产业变革共振，带动科技板块上涨，投资者可通过投资科技主题基金捕捉 科技浪潮下的投资机会。中欧基金于 2013 年开始关注科技领域，目前旗下科 技团队投研人员超 20 人，形成"梯队化、专业化"配置，长期深耕科技领域 投研建设，团队成员分工明确，产品定位清晰，形成了覆盖产业链上下游的产 品矩阵，以满足不同投资者的需求。 ❑ 中欧基金科技产品谱系：AI 硬件与先进制造方面，以邵洁管理的中欧智能 制、中欧科创主题为代表，重点布局 AI 硬件、端侧芯片及推理产业链； 机器人与智能驾驶方面，钟鸣管理的中欧内需成长深度布局智能汽车与人 形机器人产业链中的相关公司；AI 应用与数字经济方面，冯炉丹管理的中 欧数字经济采取全产业链视角，动态配置于 AI Agent、大模型应用、国产 AI 生态等赛道；互联网与平台经济方面，王颖管理的中欧互联网先锋重点 配置于港股互联网公司，并会延伸至 AI 推理及相关科技消费产品；杜厚 良管理的中欧信息科技则体现了对产业前沿动态的快速反应；刘伟伟、代 云锋等人管理的基金则更多在科技全产业链范围内，寻找 ...

Group 1 - The core point of the article is that Yongying Fund has implemented a purchase limit of 10,000 yuan per day for individual fund accounts of Yongying Technology Smart Selection starting from September 5, 2023, to protect the interests of fund shareholders [1][3] - Yongying Technology Smart Selection has achieved a year-to-date return of 177.8%, ranking first among all funds in the market as of September 3, 2023 [2][3] - The fund's total assets reached 1.166 billion yuan by the end of the second quarter of 2025, with a cumulative increase of 215.03% since its establishment in October 2024 [3] Group 2 - The recent surge in the fund's performance, with a monthly increase of over 47%, has led to increased investor interest, prompting the fund to further tighten purchase limits from 1 million yuan to 10,000 yuan within a week [5] - The fund management emphasizes the importance of rational decision-making among investors, aiming to avoid impulsive large investments due to market emotions and to maintain the stability and effectiveness of investment strategies [3][6] - The industry is witnessing a trend where over a hundred funds have announced purchase limits since August, indicating a shift from scale-oriented strategies to investor return-oriented strategies [2][10]

Wind数据显示，截至9月3日，永赢科技智选今年以来收益率达177.8%，是全市场基金中的"榜首"。该基金成立于2024年10月底，成立以来上涨215.03%，截至2025 年二季度末，基金规模为11.66亿元。 关于限购原因，永赢基金表示，近期，伴随着科技板块上涨，永赢科技智选受到投资者广泛关注。在市场热度持续提升的背景下，实施大额限购主要出于两方面考 虑：一是引导投资者理性决策，避免因市场情绪冲动投入大额资金；二是合理控制基金规模增长，保持投资策略的稳定性和有效性，为持有人争取长期可持续的回 报。 年内涨超177%的"冠军基"再度加码限购！ 近期，市场回暖，Wind数据显示，8月以来，已有超百只基金公告限购。 对此，业内人士认为，基金主动实施限购，尤其是绩优基金的限购，一是保护现有持有人 利益；二是维护策略有效性；三是提升投资体验。这可以理解为当下基金公司正从规模导向向投资者回报导向转型的重要信号。 9月4日，永赢基金发布公告，为保障基金份额持有人的利益，永赢科技智选自9月5日起，将单日单个基金账户的申购（含定期定额投资及转换转入）金额上限设置 为1万元。就在一周之前，该基金曾发布公告8月27日起暂停大额 ...

8月26日，永赢基金发布公告称，永赢科技智选于8月27日起暂停大额申购，单日限制申购金额为100万 元。一周之后，该基金再度加码限购。 截至9月3日，任桀管理的永赢科技智选今年以来业绩超177%，成为全部基金的领跑者。这只成立于 2024年10月底的"次新基金"抓住了2025年云计算市场的机遇，尤其近一个月单位净值涨幅超46%。 前8月"冠军基"再度加码限购。 9月4日，永赢科技智选宣布，单日单账户限购1万元。一周之前，该基金已经宣布，单日单账户限购100 万元。 永赢基金表示，实施大额限购主要出于两方面考虑：一是引导投资者理性决策，避免因市场情绪冲动投 入大额资金；二是合理控制基金规模增长，保持投资策略的稳定性和有效性，为持有人争取长期可持续 的回报。 前8月"冠军基"加码限购 9月4日，永赢基金发布公告称，为保障基金份额持有人的利益，永赢科技智选自9月5日起，将单日单个 基金账户的申购(含定期定额投资及转换转入)金额上限设置为1万元。 Wind数据显示，8月，伴随着市场回暖，超百只基金出手限购"闭门谢客"。 宏利基金发布公告称，旗下中证500指数增强型自2025年8月27日起，暂停接受单日每个基金账户的申 ...

Group 1 - The core viewpoint of the article is that the "champion funds" are implementing stricter purchase limits to manage fund size and protect investor interests [2][3][5] - Yongying Technology Smart Selection Fund has set a daily purchase limit of 10,000 yuan per account starting September 5, after previously allowing a limit of 1 million yuan [2][3] - The fund's performance has been outstanding, with a year-to-date return exceeding 177%, making it a leader among all funds [5][6] Group 2 - The fund management emphasizes the importance of rational decision-making among investors to avoid impulsive large investments due to market emotions [2][6] - The recent trend of fund purchase limits is seen across the industry, with over a hundred funds implementing similar restrictions in August to control fund size and maintain investment strategy effectiveness [6][7] - The limits are also intended to protect existing investors from potential losses due to market volatility when new funds enter at high valuations [7]

Core Viewpoint - The article discusses the recent increase in purchase limits for the "Champion Fund," specifically the Yongying Technology Select Fund, aimed at protecting investors and maintaining investment strategy effectiveness [2][4][6]. Group 1: Fund Purchase Limits - On September 4, Yongying Fund announced a new purchase limit of 10,000 yuan per day per account for the Yongying Technology Select Fund, effective from September 5 [4][6]. - This follows a previous limit of 1 million yuan per day per account that was set just a week earlier [2][6]. - The fund management cites two main reasons for these limits: to guide investors towards rational decision-making and to control the growth of the fund's scale [2][6]. Group 2: Fund Performance and Strategy - As of September 3, the Yongying Technology Select Fund has achieved a performance of over 177% year-to-date, making it a leader among all funds [6]. - The fund, established in late October 2024, capitalized on opportunities in the cloud computing market, with a net asset value increase of over 46% in the past month [6]. - The fund's strategy for the second half of the year includes focusing on global cutting-edge models, emerging applications, and the operational status of key companies in the cloud computing sector [6]. Group 3: Industry Trends - The article notes a broader trend of purchase limits being implemented across over a hundred funds in August, as the market began to recover [8]. - Various funds, including those managed by Manulife and Huatai-PB, have set limits as low as 10,000 yuan to manage fund size and protect existing investors [8]. - Industry insiders suggest that these limits are necessary to maintain investment strategy effectiveness and to prevent new investors from entering at high market levels, which could lead to losses [8].

Core Viewpoint - The public fund industry is experiencing a wave of purchase restrictions, signaling a shift from "scale expansion" to "quality first" as major fund companies like E Fund, Huatai-PB, and China Universal implement limits on high-performing products [1][4]. Group 1: Market Performance - The A-share market has been on a continuous rise since August, with the Shanghai Composite Index surpassing 3700 points, reaching its highest level since December 13, 2021 [1]. - Over 300 public fund products announced restrictions on large purchases from August 1 to August 17, with nearly 40% being equity and mixed funds [1]. Group 2: Fund Companies' Actions - E Fund announced the suspension of large purchases for its Vanguard Growth Mixed Securities Investment Fund and Rui Xiang Flexible Allocation Mixed Securities Investment Fund, with a limit of 1 million RMB for its subordinate funds [2]. - Huatai-PB will implement purchase limits on its CSI 2000 Index Enhanced Product starting August 26, capping daily purchases at 100,000 RMB per fund account [2]. - Southern Fund Management announced a limit of 5 million RMB for its Southern Pure Yuan Bond Fund starting August 26 [2]. - China Universal Fund will restrict purchases for its China Universal Ding Shun Three-Month Regular Open Bond Fund starting August 29, with a limit of 10,000 RMB per day [2]. Group 3: Reasons for Purchase Restrictions - The primary reason for fund purchase restrictions is to ensure the effectiveness of investment strategies, particularly for funds focused on small and mid-cap stocks, which may face liquidity challenges with rapid scale expansion [3]. - Protecting the interests of existing investors is a core consideration, as large inflows during a hot market can lead to poor investment decisions and diluted returns for existing investors [3]. - Liquidity management is also a critical factor, especially for QDII funds and those with poorly liquid heavy stocks [3]. Group 4: Industry Transformation - The purchase restrictions reflect a profound transformation in the public fund industry from "scale-driven" to "quality-driven" [4]. - The China Securities Regulatory Commission's action plan for promoting high-quality development in public funds emphasizes the establishment of a dynamic balance mechanism between scale and performance [4]. - As of August 26, 634 funds have announced the suspension of purchases or large purchase restrictions this month [4]. Group 5: Investor Perspective - The trend of purchase restrictions indicates a shift from individual star fund managers to a more team-oriented and platform-based research and investment system [5]. - For investors, understanding the underlying signals of these restrictions is crucial, as it encourages maintaining a long-term value focus amidst market enthusiasm [5].

Group 1: Market Overview - The Shanghai Composite Index has recently surged, breaking a nearly 10-year high, with total market turnover reaching 2.8 trillion yuan [2] - As the A-share market continues to rise, some public funds have initiated purchase restrictions [2] Group 2: Fund Purchase Restrictions - As of August 13, 303 funds have suspended purchases or large-scale subscriptions, including various types such as bond, mixed, stock, and international funds [2] - Notable funds like China Europe Innovation and China Europe Medical Innovation have announced daily purchase limits of 1 million and 100,000 yuan respectively, effective from August 11 [3] - China Europe Digital Economy had already suspended large subscriptions over 1 million yuan starting August 6 [3] Group 3: Performance of Restricted Funds - Many of the funds implementing purchase restrictions are high-performing products, with China Europe Digital Economy achieving a 149.64% return over the past year, ranking first in its category [4] - Other notable funds include China Europe Medical Innovation with an 84.49% return, and China Europe Value Discovery with a 36.95% return [4] Group 4: Industry Trends and Changes - The asset management industry is undergoing "industrialization," with 457 funds experiencing manager changes since July [6] - The trend includes both dismissals and new hires, with companies increasingly adopting a team management approach to enhance performance [7] - The China Securities Regulatory Commission has encouraged the development of a "platform-based, integrated, multi-strategy" research and investment system [8] Group 5: China Europe Fund's Industrialization Strategy - China Europe Fund is implementing an "industrialized" research and investment system to improve efficiency and product stability [9] - The goal is to create a unified investment philosophy and standardized processes to enhance communication and decision-making within teams [10] - This approach aims to build a sustainable competitive advantage in the increasingly competitive public fund market [10]

Group 1 - Multiple high-performing products from China Europe Fund have announced purchase limits, with the limit for the China Europe Digital Economy fund being reduced to 100,000 yuan and then further down to 10,000 yuan [1] - The China Europe Medical Innovation fund and the China Europe Sci-Tech Innovation fund have also set purchase limits of 100,000 yuan and 10,000 yuan respectively [1] - Notable one-year returns for various funds include 149.64% for the China Europe Digital Economy fund, 86.19% for the China Europe Sci-Tech Innovation fund, and 84.49% for the China Europe Medical Innovation fund [1] Group 2 - Analysts suggest that limiting purchases during favorable market conditions can help maintain the effectiveness of investment strategies and protect the interests of fund holders [1] - The market outlook includes potential risks from short-term speculation, with a focus on the speed and effectiveness of AI model applications [2] - Key investment directions identified include AI infrastructure, AI applications, domestic AI supply chains, smart robotics, and intelligent driving [2] - The company remains optimistic about undervalued assets in both Hong Kong and A-shares, while highlighting risks from Western debt and geopolitical conflicts [2] - Specific sectors of interest include banking, non-banking financials, metals, engineering machinery, heavy trucks, construction, building materials, steel, aviation, textiles, and dining [2]