Core Viewpoint - The public fund industry is experiencing a shift from a focus on scale to performance, with a new emphasis on platform-based and team-oriented investment research strategies, moving away from reliance on star fund managers [2][19][21]. Group 1: Market Trends - The Shanghai Composite Index has surpassed 3700 points, leading to a surge in investor enthusiasm for fund subscriptions, yet many high-performing funds are implementing purchase limits [4][19]. - Over 100 fund companies have engaged in self-purchase of their equity funds this year, with self-purchase amounts doubling year-on-year, reflecting a significant shift in industry behavior [2][8]. - The trend of limiting subscriptions is a response to the influx of capital, aimed at maintaining fund performance and protecting existing investors from dilution [5][6][21]. Group 2: Fund Management Strategies - Fund companies are prioritizing long-term brand value over short-term management fee income by implementing subscription limits, which may impact immediate revenue but are seen as a strategic investment in trust and sustainability [6][9]. - The self-purchase of funds is increasingly focused on equity funds, with over 137 fund companies participating and total self-purchase amounts nearing 5 billion yuan, indicating a strong market confidence [8][10]. - The shift towards team-based investment strategies is seen as a response to the diminishing influence of star fund managers, with firms emphasizing collaborative research and a robust investment framework [14][16][21]. Group 3: Investor Behavior - Investors are shifting their focus from individual star fund managers to the overall strength and sustainability of fund companies, reflecting a maturation in investment decision-making [21][22]. - Subscription limits and self-purchase actions are now viewed as indicators of fund quality, enhancing investor trust and encouraging a long-term investment perspective [21][22]. - The industry is moving towards a more rational investment approach, where the emphasis is placed on the comprehensive capabilities of fund companies rather than the performance of individual managers [19][21]. Group 4: Future Outlook - As the market evolves, fund companies are expected to adapt their strategies dynamically, particularly in response to market fluctuations, with platform-based models providing a robust framework for navigating complex market conditions [24][26]. - The ongoing competition in the fund industry is anticipated to increasingly focus on research capabilities, product innovation, and investor service, leading to a more mature investment landscape [27][28].

Core Viewpoint - The public fund industry is experiencing a shift from a focus on scale to performance, with a growing emphasis on platform-based and team-oriented investment research strategies, moving away from reliance on star fund managers [2][3][21]. Group 1: Performance Over Scale - In the current bull market, many high-performing funds are implementing purchase limits to manage inflows and protect existing investors' interests, contrasting with the previous bull market where scale was prioritized [5][6][7]. - As of August 15, 2023, approximately 31 out of 190 actively managed equity funds with over 50% net asset growth have suspended or limited large purchases, indicating a strategic shift towards sustainable performance [6][7]. - Fund companies are recognizing the need to balance short-term returns with long-term strategy sustainability, leading to a more cautious approach to fund inflows [6][7][8]. Group 2: Fund Company Self-Purchases - A notable trend in 2023 is the increase in self-purchases by public fund companies, with 137 firms participating and a total self-purchase amount exceeding 5 billion yuan, nearing 80% of last year's total [10][11]. - Self-purchases are primarily focused on equity funds, with over half of the net purchases in this category, reflecting a commitment to aligning the interests of fund companies with those of investors [10][11]. - The timing of self-purchases this year, occurring during market uptrends rather than downturns, signals a strong confidence in market valuations and overall economic conditions [12][13]. Group 3: Diminishing Star Manager Influence - The reliance on star fund managers is decreasing, with a shift towards a more collaborative and systematic investment research approach within fund companies [15][16][21]. - Fund companies are increasingly focusing on building robust, team-based investment research platforms rather than depending on individual managers, which enhances the sustainability of investment performance [17][18]. - This transition is driven by regulatory guidance and market changes, emphasizing long-term performance and team collaboration over individual accolades [18][19]. Group 4: Changing Investor Decision Logic - The combination of purchase limits, self-purchases, and the move away from star managers is reshaping investor decision-making, leading to a focus on the overall strength and sustainability of fund companies rather than individual fund managers [21][23]. - Investors are becoming more discerning, recognizing that sustainable returns are more likely to come from a company's comprehensive investment capabilities rather than from individual star performances [24][28]. - This evolution in investor behavior reflects a maturation of the industry and a shift towards long-term value investing principles [28].

Group 1 - The equity market has been heating up recently, with strong performance across multiple indices, particularly in sectors like artificial intelligence, innovative pharmaceuticals, and military industry, leading to a rapid increase in fund net values [1] - Many high-performing funds have chosen to implement purchase limits despite the bullish market, attracting market attention [1] Group 2 - Since mid-August, several high-performing funds have announced purchase limit measures, including the China Europe Medical Innovation Fund, which has raised its daily subscription limit to 100,000 yuan, having achieved a year-to-date increase of over 75% [3] - The Zhaoshang Growth Quantitative Selection Fund has tightened its purchase limits twice in a short period, first to 200,000 yuan and then to 20,000 yuan, reflecting the intense demand for subscriptions [3] - The Yongying Ruixin Mixed Fund has also joined the limit purchase ranks, setting a daily subscription cap of 1 million yuan, with a year-to-date return exceeding 47% and its scale increasing from less than 1.4 billion yuan to over 5 billion yuan [3] Group 3 - Fund companies are implementing purchase limits primarily due to two considerations: strategy capacity constraints and the protection of existing holders' interests [4] - Small-cap style funds have performed well this year, with the CSI 2000 index rising approximately 30%, but these strategies often face capacity bottlenecks that can impact investment efficiency [4] - The limits on quantitative funds are largely due to the characteristics of the strategy, as small-cap stocks have relatively poor liquidity, and a large influx of funds can increase trading costs [4] Group 4 - Protecting the interests of existing holders is another significant consideration, as large inflows at high net asset values can force fund managers to build positions at unfavorable times, increasing trading costs and potentially diluting existing holders' returns [4] - Some funds' purchase limits are also related to specific investment areas, such as medical innovation and artificial intelligence, where high-quality targets are relatively scarce, and rapid scale growth may lead fund managers to invest in suboptimal targets, affecting overall returns [4]