Core Viewpoint - Multiple public fund institutions have announced restrictions on subscriptions for their high-performing products, reflecting a shift from scale-oriented strategies to investor return-oriented strategies in the industry [1][9]. Group 1: Fund Performance and Restrictions - As of September 4, 2023, Yongying Technology Smart Mixed Fund has achieved a year-to-date return of 161.37%, making it the top-performing fund in the market [2]. - Other funds, such as the China Europe Digital Economy Mixed Fund, have also seen significant performance, with a year-to-date return of 103.75% [2]. - Fund companies like Zhongou Fund, Yifangda Fund, and Southern Fund have implemented subscription restrictions on several products that have returned over 100% this year [1]. Group 2: Reasons for Subscription Restrictions - Yongying Fund stated that the restrictions aim to protect existing investors by guiding rational decision-making and controlling fund size growth to maintain investment strategy stability [4][5]. - Rapid growth in fund size can complicate asset allocation and dilute returns for existing investors, especially in a market with scarce quality assets [5]. - Fund companies are also responding to potential market risks by controlling inflows during periods of high volatility or elevated valuations [6]. Group 3: Market Trends and Investor Guidance - Sectors such as innovative pharmaceuticals, technology, and small-cap growth stocks are experiencing significant inflows, leading to potential asset price inflation and increased risks of market corrections [7]. - Investors are advised to focus on long-term investment logic rather than short-term subscription behaviors, as restrictions do not indicate issues with the funds themselves [8]. - Diversifying investments into other complementary funds is recommended for investors who are unable to subscribe to restricted products [8]. Group 4: Industry Implications - The current wave of fund subscription restrictions can be seen as a microcosm of the industry's commitment to high-quality development, as outlined in the CSRC's action plan for promoting high-quality development in public funds [9]. - The proactive subscription limits by high-performing products signal a departure from scale-driven approaches, prioritizing the interests of existing investors and returning to the core of asset management [9].

Group 1 - The core viewpoint of the articles indicates that new funds are being established and invested at a faster pace this year, with many funds ending their fundraising early and actively building positions in equity assets due to a stable economic environment and ample liquidity in the A-share market [1][6][7] Group 2 - Several funds, including those from Guotai Fund and others, have announced early closure of fundraising, reflecting strong investor interest and confidence in the market [2][4] - New funds launched in the last quarter have shown impressive performance, with some achieving returns exceeding 30% since their inception [3][5] - Many newly established equity funds have quickly built positions, with some reporting changes in net asset value just days after their launch, indicating a proactive investment strategy [4][5] Group 3 - Fund companies are optimistic about the future of A-shares, expecting a potential upward trend in the market, supported by stable economic conditions and liquidity [6][7] - The investment focus is shifting towards sectors such as technology, consumer demand, and safety-related assets, with expectations of improved corporate earnings in the upcoming quarters [8]

【环球网财经综合报道】2025年以来，新基金发行和建仓步伐明显加快，多只基金更是提前结束募集，展现出对后市的积极预期。同时，不少权益类新基金 大胆建仓，部分产品甚至在成立次日便出现净值变化，显示出对市场机会的敏锐捕捉。 5月14日，国泰基金宣布旗下中债优选投资级信用债指数发起式证券投资基金提前结束募集，将原定7月24日的募集截止日提前至5月13日。进入5月以来，还 有多只基金宣布提前结募，包括广发中证800指数增强型证券投资基金、景顺长城养老目标日期2055五年持有期混合型FOF、人保核心智选混合型证券投资 基金、民生加银恒悦债券型证券投资基金等。此前，安信中证A500指数增强型证券投资基金、富达创新驱动混合型发起式证券投资基金、华安半导体产业 股票型发起式证券投资基金等多只权益类基金也提前结束募集。 去年四季度至今成立的新基金中，不少已取得亮眼业绩。Wind数据显示，截至5月13日，长城医药产业精选A自去年10月22日成立以来收益率高达38.04%， 华安医药生物A、财通资管先进制造A、中航优选领航A、招商资管北证50成份指数A等收益率也均超过30%。 新基金快速建仓尤为明显。5月7日成立的易方达高股息量化 ...

Core Viewpoint - The establishment and investment pace of new funds has accelerated this year, with many funds closing their fundraising early and making bold investments in equity assets, indicating a positive outlook for A-shares in a stable economic environment with ample liquidity [1][4]. Fundraising and Investment Trends - Several funds, including Guotai Fund and GF Fund, have announced early closure of fundraising, reflecting strong investor interest and confidence in the market [1]. - Notable funds that closed early include the Guotai Zhongdai Preferred Investment Grade Credit Bond Index Fund and the GF CSI 800 Index Enhanced Fund, among others [1]. - The trend of early fundraising closures is prevalent among equity funds, suggesting a robust demand for equity investments [1]. Performance of Newly Established Funds - New funds established in the last quarter have shown impressive performance, with the highest return being 38.04% for the Great Wall Medical Industry Select A fund since its inception [2]. - Funds like Huashan Medical Biology A and Caitong Asset Advanced Manufacturing A have also reported returns exceeding 30% since their establishment [2]. Rapid Deployment of Capital - Newly established equity funds are quickly deploying capital, with some funds like E Fund High Dividend Quantitative Stock A showing changes in net value just two days after establishment [2]. - The Yongying Information Industry Select Mixed A fund achieved a 54.54% equity investment ratio shortly after its establishment, indicating aggressive investment strategies [3]. Market Outlook for A-shares - Multiple fund companies express optimism about the future of A-shares, predicting a potential upward trend in the market [4]. - Factors contributing to this positive outlook include stable economic conditions, ample liquidity, and expected improvements in corporate earnings growth [4]. - The market is anticipated to favor sectors with improving performance, particularly in technology and innovation [4][5].