知名基金经理葛兰旗下产品时隔四年再次限购。近日，中欧基金宣布，旗下中欧医疗创新股票、中欧科 创主题混合均自8月11日起暂停大额申购、转换转入及定期定额投资业务。值得一提的是，近一个月也 有超60只主动权益类基金限制大额申购等业务，其中不乏年内甚至近一年业绩突出的绩优基金。在业内 人士看来，部分基金暂停大额申购可能是基金管理人担心规模过大增加基金运作难度，也可能是出于对 近期市场走势强劲或面临回调风险的考虑。 时隔四年葛兰再限购 8月9日，中欧基金公告称，中欧医疗创新股票自8月11日起，暂停大额申购、转换转入及定期定额投资 业务，限额均为10万元。 值得关注的是，葛兰在管产品上一次限购已是2021年8月。彼时，中欧明睿新起点混合限制大额申购等 业务，限额为500万元。同年1月，中欧医疗健康混合也曾将代销渠道大额申购、转换转入和定期定额投 资限额调整为10万元。 8月9日，中欧基金也宣布，由邵洁管理的中欧科创主题混合同样自8月11日起暂停大额申购、转换转入 及定期定额投资业务，限额均为100万元。 从业绩来看，Wind数据显示，截至8月10日，中欧医疗创新股票A/C的年内收益率分别为62.28%、 61.48%， ...

知名基金经理葛兰旗下产品时隔四年再次限购。近日，中欧基金宣布，旗下中欧医疗创新股票、中欧科创主 题混合均自8月11日起暂停大额申购、转换转入及定期定额投资业务。值得一提的是，近一个月也有超60只 主动权益类基金限制大额申购等业务，其中不乏年内甚至近一年业绩突出的绩优基金。在业内人士看来，部 分基金暂停大额申购可能是基金管理人担心规模过大增加基金运作难度，也可能是出于对近期市场走势强劲 或面临回调风险的考虑。 从市场走势来看，当前沪指站上3600点，限购的主动权益类基金也越来越多。Wind数据显示，截至8月10 日，近一个月已有65只主动权益类基金（份额分开计算）限制大额申购，其中不乏绩优基金。 例如，由张明烨管理的信澳匠心回报混合自8月7日起暂停大额申购等业务，限额为100万元。业绩方面，截 至8月10日，该基金A/C份额年内收益率达66.97%、66.39%，在同期混合型产品中排名前2%，近一年收益率 也达91.83%、90.73%。 另外，由吴远怡在管的广发成长领航一年持有混合也自8月4日起将大额申购等业务限额调整为5万元。同 期，该基金A/C的年内收益率高达92.06%、91.3%，在同类产品中排名前1 ...

Core Viewpoint - The announcement from China Europe Fund indicates a move to limit large subscriptions and investments in the China Europe Medical Innovation Equity Fund to ensure stable fund operations and protect the interests of fund shareholders [5][6]. Fund Details - The China Europe Medical Innovation Equity Fund, managed by fund manager Ge Lan, will suspend large subscriptions, conversions, and regular investment starting from August 11, 2025, with a daily purchase limit of 100,000 yuan per account [5][6]. - This is the first time since the fund's establishment in 2019 that a full-channel large subscription limit has been implemented, following previous restrictions in direct sales channels [5][6]. Fund Performance - As of the end of Q2 this year, the China Europe Medical Innovation Fund had a scale of 8.114 billion yuan, with an annual return of 62.28%, ranking 29th among 983 similar funds [6]. - The China Europe Medical Health Fund, another fund managed by Ge Lan, had a scale of 30.801 billion yuan and an annual return of 21.81%, ranking 1078th out of 4525 funds [6]. Market Trends - Several high-performing funds have recently joined the trend of limiting subscriptions, with 22 out of 153 funds that have achieved over 50% annual returns implementing subscription limits, accounting for 14.38% [7]. - Among actively managed equity funds with over 40% annual returns, 28 out of 216 funds have also suspended subscriptions, representing 12.96% [7]. Industry Insights - Industry experts suggest that subscription limits are not indicative of a bearish market but rather a proactive measure to maintain the effectiveness of investment strategies and manage the inflow of funds [8].

Core Viewpoint - The technology and pharmaceutical sectors have shown significant performance in the first half of the year, with several thematic funds reporting substantial growth in both performance and scale [1][2]. Fund Performance and Scale Growth - The China Europe Digital Economy Mixed Fund saw its scale increase from less than 8 million shares at the end of Q1 to over 900 million shares by the end of Q2, representing a growth of over 10 times [2][4]. - The total subscription for the A and C classes of the China Europe Digital Economy Mixed Fund exceeded 800 million shares in Q2 [2][3]. - The China Europe Information Technology Mixed Fund also experienced significant growth, with total subscriptions exceeding 900 million shares and total scale surpassing 1 billion shares by the end of Q2, marking an increase of over 8 times from approximately 110 million shares at the end of Q1 [3][4]. - The China Europe Sci-Tech Theme Mixed Fund had total subscriptions exceeding 1.1 billion shares in Q2, with total scale exceeding 1.8 billion shares, more than doubling from the previous quarter [5][6]. Changes in Holdings - The substantial growth in fund scale is attributed to strong performance throughout the year, with notable changes in the top ten holdings of several funds [7]. - The China Europe Digital Economy Mixed Fund made significant changes to its top ten holdings, notably increasing its position in Xinyi Technology, which saw a surge in stock price following its half-year earnings forecast [7][9]. - The China Europe Information Technology Mixed Fund also saw Xinyi Technology become its second-largest holding [9][10]. Investment Focus - The fund manager of the China Europe Digital Economy Mixed Fund emphasized a focus on five core investment areas: AI infrastructure, AI applications, domestic AI supply chain, intelligent robotics, and intelligent driving [8]. - The manager indicated a systematic reduction in exposure to the robotics sector, awaiting a decisive breakthrough in technology before increasing positions again [8]. - The manager of the China Europe Sci-Tech Theme Mixed Fund highlighted the importance of understanding industry trends and company value amidst the volatility of technology investments [12].