Core Viewpoint - Recent announcements of fund subscription limits are aimed at controlling product scale to protect the interests of existing investors and improve annual performance rankings [1][5]. Fund Subscription Limits - Numerous funds have recently announced subscription limits, with some suspending subscriptions entirely to maintain stability and protect investor interests [2][4]. - For instance, Hengyue Fund suspended subscriptions for its Hengyue Balanced Preferred Mixed Fund starting November 5, citing the need to protect fund shareholders [2]. - Citic Prudential Fund adjusted its large subscription limits to 10 million yuan to ensure stable fund operations [2]. - Other funds, such as Yongying Fund and Fuguo Fund, have also set daily subscription limits of 500,000 yuan and 1 million yuan respectively [2]. Performance and Market Trends - Several funds that have implemented subscription limits have shown impressive performance this year, with returns such as 51.24% for Hengyue Balanced Preferred Mixed Fund A and 106.39% for Yongying Ruiheng A [4]. - The A-share market's continuous rise has attracted more funds, leading to rapid scale expansion, prompting fund companies to limit subscriptions to maintain smooth operations [4][5]. Industry Insights - Industry insiders suggest that limiting subscriptions is a common practice to maintain fund performance and protect existing investors, especially as year-end approaches [5]. - The trend of subscription limits is not solely driven by year-end performance rankings but is also a response to the long-term assessment rules in the fund industry [5]. Future Investment Outlook - According to招商基金, the A-share market is expected to continue its upward trend, with recommendations for balanced allocation and increased investment in low-position sectors [7]. - Minsheng Jianyin Fund anticipates a sustained upward trend in the market, with a focus on value styles and sector differentiation in the fourth quarter [7][8]. - Jin Ying Fund advises a balanced approach to industry allocation, focusing on technology and value sectors with strong performance expectations [8].

Core Viewpoint - Recent announcements of fund subscription limits are aimed at controlling product scale to avoid dilution of returns and to achieve better annual rankings [1][3][4] Fund Subscription Limits - Many funds have announced subscription limits or suspensions, including Hengyue Fund and CITIC Prudential Fund, to protect the interests of existing shareholders [1][2] - Hengyue Fund suspended subscription and related activities starting November 5, while CITIC Prudential Fund set a limit of 10 million yuan for large subscriptions [1][2] - Other funds like Yongying Fund and Fuguo Fund have also implemented similar measures, with some funds like E Fund lifting restrictions [2][3] Performance and Strategy - Several funds that have announced subscription limits have shown strong performance, with returns such as 51.24% for Hengyue Fund and 106.39% for Yongying Fund this year [2][3] - Fund managers indicate that limiting subscriptions helps maintain stable operations and protects existing investors from the adverse effects of rapid scale expansion [3][4] Market Outlook - The A-share market is expected to continue its upward trend, supported by structural improvements in the domestic economy and declining risk-free rates [4][5] - Investment strategies suggest a balanced allocation with a focus on low-position sectors and core technology themes, while value styles may dominate due to upcoming earnings forecasts [4][5]

8月26日，易方达基金发布公告称，旗下两只混合型基金——易方达先锋成长混合和易方达瑞享混合， 自即日起暂停大额申购及大额转换转入业务。两类基金下属分级基金的单日单个基金账户累计申购（含 转换转入）金额均不得超过100万元人民币。 | 基金名称 易方达先锋成长混合型证券投资基金 | | | --- | --- | | 基金间称 易方达先锋成长混合 | | | 基金主代码 011891 | | | 易方达基金管理有限公司 基金管理人名称 | | | 公告依据 | 《易方达先锋成长混合型证券投资基金基金合同》《易方达先锋成 | | 长混合型证券投资基金更新的招募说明书》 | | | 暂停大额申购起始日 暂停相关业务的 | 2025年8月26日 | | 暂停大额转换转入起始 起始日、金额及 | 2025年8月26日 | | H 原因说明 | | | 暫停大额申购、大额转换 | 为了基金的平稳运作,保护基金份额持 | | 转入的原因说明 | 有人利益 | | 下属分级基金的基金简称 | 易方达先锋成长 易方达先锋成长混 | | | 混合 A 合 C | | 下属分级基金的交易代码 | 011891 011892 | | ...