01 高楠很强啊， 最近行情震荡回调，但高楠管的多只基金，在本周三依旧创了历史新高。 因为业绩好，基金规模也爆发式增长。 永赢稳健增强，这是一只"固收+"基金，今年规模从10亿元增至349亿元。前几天刚发了公告，暂停机构 通过第三方渠道的申购，4季度规模应该又增加了不少。 永赢睿信，这是高楠的代表基金，今年涨了86.93%，规模从13亿元增至144亿元。 我们去年系统写过高楠。 投资方法是自下而上，左侧操作，布局基本面改善+业绩爆发的机会，多次抓住拐点行情，持仓呈现出 行业轮动的特征。 另外，高楠选股能力强，还擅长交易，带动基金业绩增长的同时，也让基金呈现出"换手率高"的特征。 去永赢基金后，应该说高楠还是在用这套投资方法管基金。 换手率上， "永赢睿信"去年的换手率是780%，今年上半年是856%，和之前在国泰基金、恒越基金时相比，并没有 特别明显的下降。 行业配置上， 2024年上半年，重仓行业以电子（半导体）、轻工制造（新消费）、电力设备、有色金属、军工为主。 今年上半年，医药（创新药）成了第一大重仓行业，轻工制造（新消费）的仓位有所降低，通信（光模 块）后来居上，成了第三大重仓行业，对电子行业的持仓， ...

Core Viewpoint - The recent adjustment of risk factors by the financial regulatory authority is expected to benefit long-term investments in the A-share market, particularly for insurance companies [4][7]. Group 1: Risk Factor Adjustment - The risk factor for insurance companies holding stocks in the CSI 300 and the CSI Low Volatility 100 for over three years has been reduced from 0.3 to 0.27 [5]. - The risk factor for holding stocks in the STAR Market for over two years has been lowered from 0.4 to 0.36 [6]. - This reduction in risk factors allows insurance companies to allocate more capital for investments, potentially releasing over 100 billion yuan in additional funds into the market [11]. Group 2: Investment Implications - The adjustment is limited to specific indices, including the CSI 300, CSI Low Volatility 100, and STAR Market indices [12]. - Insurance companies must hold these assets for a minimum of two to three years to benefit from the reduced risk factors, promoting a long-term investment strategy [13]. - The regulatory focus on long-term investments aligns with the broader policy direction encouraging sustained capital inflow into the A-share market [14]. Group 3: Investment Strategy Recommendations - Investors are advised to maintain a long-term investment approach and avoid chasing short-term market trends, aligning with institutional investment strategies [14]. - A diversified investment strategy is recommended, balancing between value-oriented large-cap stocks and growth-oriented STAR Market stocks to enhance risk-return profiles [15]. - Specific investment examples include a 10% allocation to the CICC CSI Selected 300 Index and a 7% allocation to Yongying Ruixin, focusing on high-growth sectors [17].

Core Viewpoint - The recent trend of performance-driven funds implementing purchase limits is aimed at controlling fund size and maintaining investment strategy effectiveness, reflecting a cautious approach to potential market volatility and structural characteristics in the A-share market [1][6][7]. Group 1: Fund Management Actions - On December 2, 2023, China Europe Fund announced a further reduction of the daily purchase limit to 10,000 yuan for four funds managed by fund manager Lan Xiaokang [2][4]. - This follows previous adjustments where the daily limit was set at 500,000 yuan on November 24 and 1,000,000 yuan in August for the same funds [4]. - Over 250 active equity funds have announced suspensions of large purchases or general purchase suspensions this year, indicating a broader trend among high-performing funds [7]. Group 2: Performance Metrics - The funds managed by Lan Xiaokang, including China Europe Dividend Enjoyment A, China Europe Rongheng Balance A, and China Europe Value Return A, have shown impressive annual performances of 41.64%, 31.29%, and 44.42%, respectively, significantly exceeding their benchmarks [4]. - Other high-performing funds, such as China Europe Small Cap Growth A and China Europe Digital Economy A, reported annual returns of 58.11% and 129.06%, placing them among the top in their category [5]. Group 3: Market Insights - Industry experts suggest that the recent purchase limits are a response to the notable structural characteristics of the A-share market, which may present specific industry and style-related investment opportunities [1][7]. - The cautious stance of fund managers reflects a desire to avoid potential negative effects such as trading congestion or valuation bubbles that can arise from concentrated investor interest in high-performing sectors [7].

Core Viewpoint - The recent trend of performance-driven funds implementing purchase limits is primarily aimed at controlling fund size and maintaining the effectiveness of investment strategies, as the A-share market is expected to exhibit distinct structural characteristics in the future [2][9]. Group 1: Fund Purchase Limits - On December 2, China Europe Fund announced that the daily purchase limit for four funds managed by fund manager Lan Xiaokang has been reduced to 10,000 yuan [4]. - This year, over 250 active equity funds have announced the suspension of large purchases or have paused subscriptions, with most of these funds showing strong performance and many reaching new net asset value highs [9]. - The recent purchase limit adjustments reflect a cautious attitude from fund managers towards potential negative effects such as trading congestion or valuation bubbles in specific industry sectors or styles [9]. Group 2: Performance of Managed Funds - As of November 28, the one-year performance of the funds managed by Lan Xiaokang, including China Europe Dividend Preferred A, China Europe Rongheng Balanced A, and China Europe Value Return A, were 41.64%, 31.29%, and 44.42%, respectively, all achieving significant excess returns compared to their benchmarks [6]. - Other high-performing funds under China Europe Fund, such as those managed by Qian Yating and Tang Minwei, have also announced purchase limits, with one fund achieving a one-year performance of 58.11% and another at 129.06% [7].

据永赢基金披露的季报数据显示,截至2025年9月30日,近一年为持有人实现盈利383.15亿元,展现出较强的 持续盈利能力和产品韧性。亮眼数据的背后,是永赢基金坚持的"投资者利益至上"核心价值观与"长期主 义"企业文化的深厚积淀。 永赢基金与行业同频共振,推动公司高质量可持续发展迈向新高度。秉持"向下扎根、向内思考、向外探 寻"的理念,以投资者获得感为核心追求,在投研文化、产品布局、标准化管理等多维度升级迭代。 产品布局方面,永赢基金坚持广泛观察、深度分析客户需求,结合各类可投标的风格属性,提供多元化、综 合性的产品方案,并根据不同投资者定位,进行科学划分,力争实现投资能力与客户需求的高效匹配。多年 来,打造了丰富多元的产品线,全面覆盖不同类型、主题与风格,力争让每位客户都能寻找到匹配自己投资 目标的产品。 以上数据均截至2025/9/30。近1年利润数据来源:基金各季度报告,取所有产品24Q4/25Q1/25Q2/25Q3季报 披露的利润总和,单只产品利润为各份额合计。主动权益系列包含永赢基金旗下产品分类为偏股混合 型、灵活配置型、普通股票型的产品,近1年具体利润为231.04亿元。指数系列包含永赢基金旗下 ...

Core Viewpoint - The recent trend of performance-driven funds implementing purchase limits is primarily aimed at controlling fund size to maintain the effectiveness of investment strategies, reflecting a cautious approach to managing potential market risks and ensuring stable growth for investors [2][10]. Group 1: Fund Purchase Limits - On November 22, China Europe Fund announced that starting November 24, the daily purchase limit for four funds managed by Lan Xiaokang will be reduced to 500,000 yuan [4]. - This year, over 230 active equity funds have announced the suspension of large purchases or general purchases, with many of these funds showing strong performance and reaching new net asset value highs [10]. - The recent limits on fund purchases are a response to the significant structural characteristics observed in the A-share market, which have led to concentrated investor interest in high-performing funds [10]. Group 2: Fund Performance - As of November 20, the one-year performance of several funds managed by Lan Xiaokang, including China Europe Dividend Enjoyment A and China Europe Value Return A, showed returns of 38.93%, 30.24%, and 41.68%, all exceeding their performance benchmarks [6]. - Other high-performing funds, such as China Europe Small Cap Growth A and China Europe Digital Economy A, reported one-year returns of 57.39% and 126.55%, respectively, placing them among the top tier of similar funds [7]. - The trend of limiting purchases among high-performing funds indicates a cautious stance from fund managers regarding the potential for market overheating and valuation bubbles in specific sectors [10]. Group 3: Investment Strategy Insights - Lan Xiaokang emphasizes the need to adjust investment strategies in light of global changes, advocating for a balanced allocation between precious metals and quality Chinese assets over the next 3 to 10 years [6]. - The cautious approach to fund management reflects a broader industry trend where fund managers are increasingly focused on the stability of net asset values and the long-term profitability of their investors [10].

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]

Core Insights - The issuance of new funds has surged, with two "sunshine funds" launched on the same day, reflecting strong investor demand amid the A-share market's rise towards 4000 points [1][2] Fund Issuance Trends - On November 4, both the Fuquan Xinghe Fund and the Penghua Qihang Quantitative Stock Fund raised over 30 billion yuan each, reaching their fundraising limits and prompting early closure and proportional allocation [2] - As of November 3, the total issuance of stock and mixed funds for the year reached 3,600.65 billion units and 1,230.83 billion units, representing year-on-year increases of 43.86% and 76.04% respectively [3] Market Dynamics - The trend of "sunshine funds" has been prevalent, with several funds achieving significant fundraising in a single day, indicating a robust market environment [2] - In October, the average issuance of mixed funds reached 75.7 million units, the highest since November 2022 [3] Fund Management Strategies - Several high-performing funds have announced a halt to new subscriptions to protect existing investors' interests and manage fund size effectively [4][7] - A total of 215 equity funds have announced suspensions of large subscriptions or new subscriptions this year, primarily those with strong performance [8] Industry Implications - The recent trend of limiting subscriptions reflects a shift in the industry towards prioritizing performance over scale, aiming for sustainable growth and stability [8]

Core Viewpoint - The recent decision by Ruiyuan Fund to "freeze" its specialized products has raised significant market attention, reflecting a broader trend among various funds to limit new subscriptions amid rapid growth in assets under management [1][12]. Group 1: Ruiyuan Fund's Actions - Ruiyuan Fund, led by Chen Guangming, will suspend subscriptions for its Ruiyuan Insight Value series starting in November, with no specified date for reopening [1]. - The fund has been controlling its scale for the past two years, only allowing existing clients to increase their shares while not accepting new clients [1][12]. - Other funds, such as Ningquan Asset and several public funds, have also announced subscription limits, indicating a collective response to market conditions [12][13]. Group 2: Chen Guangming's Background - Chen Guangming has over 25 years of experience in the Chinese capital market and is recognized as a key figure in the localization of value investing in China [2]. - He previously led the asset management division at Dongfang Securities, achieving significant returns and establishing a strong reputation for the "Dongfang Hong" brand [2][4]. - In 2018, he co-founded Ruiyuan Fund, which quickly gained traction with its specialized products, attracting substantial investments despite high entry barriers [3][11]. Group 3: Investment Strategy and Performance - Ruiyuan Fund emphasizes a value investment strategy, focusing on valuation, quality companies, and responding to market cycles rather than predicting them [5][6]. - The Ruiyuan Insight Value series has shown a concentrated investment approach, with significant allocations in sectors like power equipment, media, and electronics [6]. - The fund's performance has been strong, with its flagship Ruiyuan Growth Value fund achieving nearly 60% returns year-to-date, driven by the excellent performance of its top holdings [9][10]. Group 4: Market Context and Implications - The trend of limiting subscriptions is seen as a protective measure for existing investors, ensuring that rapid inflows do not dilute returns or force fund managers to invest outside their expertise [12][13]. - Chen Guangming has expressed optimism about China's long-term economic competitiveness, suggesting that the capital market will eventually reflect this strength [7][8].