Core Viewpoint - The recent wave of fund subscription limits is a strategic move to protect existing investors and manage liquidity, rather than a lack of investment opportunities [3][4]. Group 1: Reasons Behind Subscription Limits - The primary reason for the subscription limits is to prevent dilution of returns for existing investors, especially in high-performing funds like China Europe Digital Economy, which has surged 60% this year [3]. - Subscription limits are also implemented to avoid strategy collapse in quantitative funds, where rapid inflows can overwhelm existing models and lead to poor performance [3]. - Limited foreign exchange quotas are another factor, as seen with Huatai-PineBridge Hong Kong Stock QDII, which has gained 144% this year but faces capacity constraints [3]. Group 2: Types of Subscription Limits - There are three categories of subscription limits: protective limits for high-performing funds, such as China Europe Digital Economy and Yongying Ruixin, which aim to secure profits and prevent speculative inflows [4]. - Risky limits include those on funds with low assets under management, which may indicate impending liquidation, and those that limit certain share classes to prevent arbitrage [5]. - Subscription limits can also signal potential pitfalls for investors, particularly in funds with high premiums or those that are heavily reliant on dividends [5]. Group 3: Investment Strategies for Retail Investors - Retail investors are advised to target funds with strong order backlogs and limited capacity, such as China Europe Digital Economy and Yongying Ruixin, which have significant growth potential [6]. - Investors should avoid funds with low asset bases, as they have a high probability of liquidation, and those with low institutional ownership, which may be subject to speculative trading [7]. - Monitoring subscription limits and market conditions is crucial; for instance, if a fund's scale increases by more than 20% weekly, it may be wise to reduce exposure [8].

Fundraising and Market Trends - In July, new fund raising exceeded 100 billion RMB, totaling 104.87 billion RMB from 135 new funds, marking the second highest monthly fundraising this year and the third month with over 100 billion RMB raised [1] - Over 300 active equity funds established before 2021 have surpassed their net asset value peaks from 2021 as of the end of July [2] - Public fund participation in private placements has significantly increased, with 16 public funds investing over 4.5 billion RMB in the last three months, and the highest project seeing a price increase of 344% [3] Fund Manager Updates - Guikai has left his position as fund manager for two products at Jiashi Fund due to business adjustments, with Chen Tao and Meng Xia taking over management [4] - Yongying Fund announced a purchase limit for the fund managed by Chief Equity Investment Officer Gao Nan, effective August 4, with a cap of 1 million RMB per account per day [5] ETF Market Performance - The market opened lower but rebounded, with the Shanghai Composite Index rising by 0.66%, the Shenzhen Component Index by 0.46%, and the ChiNext Index by 0.5%. The total trading volume in both markets was 1.5 trillion RMB, a decrease of 99.8 billion RMB from the previous trading day [6] - Gold-related ETFs saw strong performance, with some rising by as much as 5.04% [7] ETF Specifics - The top-performing gold ETFs included: - Gold ETF 517400 with a price increase of 5.04% and a trading volume of 371,200 [8] - Gold ETF 159562 with a price increase of 4.49% and a trading volume of 446,900 [8] - Conversely, the S&P Oil & Gas ETF led declines with a drop of 2.94% [9] Upcoming Fund Launches - Yongying Fund is set to launch the Yongying Shanghai Stock Exchange Science and Technology Innovation Board Artificial Intelligence Index Fund, managed by Zhang Lu, with a performance benchmark linked to the index and a portion to bank deposit rates [10]

Core Viewpoint - Gao Nan's managed funds reported significant growth in the second quarter, with a total management scale of 15.326 billion yuan, an increase of nearly 30% from the previous quarter [1] Fund Performance - Gao Nan's flagship fund, Yongying Ruixin, saw an increase of nearly 1.6 billion yuan in scale during the second quarter, reaching 5.016 billion yuan [1] - The net asset value of Yongying Ruixin Mixed A Fund was 1.4545 yuan at the end of the reporting period, with a net value growth rate of 10.12%, compared to a benchmark return of 1.50% [1] Portfolio Composition - The top ten holdings of Yongying Ruixin as of the end of the second quarter included Pop Mart (09992), Zhongji Xuchuang (300308), Kangfang Biotech (09926), Xinyi Sheng (300502), Jiangxin Home (301061), Xinda Biotech (01801), Weichai Heavy Industry (000880), Baijie Shenzhou (688235), San Sheng Pharmaceutical (01530), and Zijin Mining (601899) [1] - New additions to the portfolio included Zhongji Xuchuang, Xinyi Sheng, Xinda Biotech, Weichai Heavy Industry, San Sheng Pharmaceutical, and Zijin Mining, while Kangfang Biotech and Baijie Shenzhou were increased [3] Macroeconomic Environment - The overall economic operation in China remained stable in the second quarter, with resilient industrial production and high levels of infrastructure and manufacturing investment [3] - The central bank implemented measures such as reserve requirement ratio cuts and interest rate reductions to stabilize the market and expectations [3] Market Analysis - The Shanghai Composite Index rose by 3.26% in the second quarter, despite experiencing significant volatility [3] - The market saw a notable differentiation in asset performance, with sectors like innovative pharmaceuticals, artificial intelligence, and finance showing significant excess returns [3] Investment Strategy - The investment strategy emphasized bottom-up stock selection, focusing on company growth potential and earnings realization [4] - The fund aims to diversify industry concentration while capturing growth opportunities, and it also considers stocks with a safety margin and potential for future improvement [4]