本报记者 彭衍菘 孙珩进一步表示，这一现象更反映出公募行业的转型——从过往单纯追求规模扩张，转向重视投资者回报的精细化运营模 式，长远来看有助于提升行业口碑与投资者信任度。 对于普通投资者而言，面对高波动的绩优基金，如何理性参与？对此，深圳市前海排排网基金销售有限责任公司公募产品 运营曾方芳对《证券日报》记者表示，第一，采取定期定额的投资方式，例如每月投入固定金额，这样可以在市场下跌时买入 更多份额，从而摊薄成本、平滑波动。同时，在市场上涨时，定投也能发挥显著优势。当市场处于上升趋势时定投，随着时间 的推移，投资者能够持续积累基金份额，分享市场上涨带来的收益。第二，设置合理的目标收益率，一旦达成及时止盈；也可 设定最大回撤阈值，触及即止损。此外，可参考指数估值分位水平，在市场高估时择机退出。第三，通过"核心—卫星策略"进 行组合配置，分散投资以降低整体组合的波动风险。 事实上，上述基金此前已多次提示风险。其2025年中期报告明确提出，产品聚焦新质生产力相关行业，高成长性伴随高波 动，投资者需先厘清三大问题：是否已经通过底层资产了解清楚产品的特性、能否承受历史最大回撤、是否匹配投资期限与收 益预期，越是市场热度 ...

● 本报记者 万宇 近期市场热门主题快速上涨后，部分相关基金选择限购，其中不乏一些今年以来回报率超过100%的绩 优产品。与此同时，也有一些基金在此时"开门迎客"，恢复大额申购。 业内人士表示，绩优产品限购是管理人平衡"规模扩张"与"业绩稳定性"的举措，体现了精细化运营中 对"持有人长期利益"的优先考量。中长期来看，A股投资机会依然十分丰富，放开限购可能实现基金规 模与业绩的双赢。 部分绩优产品限购 9月4日永赢基金公告称，为保护基金份额持有人利益，自9月5日起，个人投资者办理永赢科技智选混合 发起（A类及C类份额合并计算）的申购（含定期定额投资）、转换转入业务时，如单日单个基金账户 单笔申请金额高于1万元（不含），基金管理人有权全部或部分确认该笔申请失败。机构投资者办理基 金的申购（含定期定额投资）、转换转入业务，不设限制金额。 事实上，近期采取限购措施的基金产品不在少数。8月以来，出于保证基金平稳运作，保护基金份额持 有人利益等原因，中欧基金、易方达基金、南方基金、华夏基金、华富基金等多家基金公司纷纷公告旗 下部分产品开启限购。不少限购的基金今年以来取得了较高的回报率，比如截至9月3日，中欧数字经济 今年 ...

事实上，近期采取限购措施的基金产品不在少数。8月以来，出于保证基金平稳运作，保护基金份额持 有人利益等原因，中欧基金、易方达基金、南方基金、华夏基金、华富基金等多家基金公司纷纷公告旗 下部分产品开启限购。不少限购的基金今年以来取得了较高的回报率，比如截至9月3日，中欧数字经济 今年以来的回报率达119.26%。 一些基金公司"开门迎客" 不过也有一些基金公司选择"开门迎客"。红塔红土基金9月4日公告称，基金管理人曾于8月27日发布公 告，自当日起，红塔红土盛丰混合暂停接受单日单个基金账户单笔或多笔累计超过20万元（不含20万 元）的申购、转换转入申请。为满足广大投资者的投资需求，决定自9月4日起恢复基金单日单个基金账 户单笔或多笔累计超过20万元（不含20万元）的大额申购、转换转入业务。 ● 本报记者 万宇 近期市场热门主题快速上涨后，部分相关基金选择限购，其中不乏一些今年以来回报率超过100%的绩 优产品。与此同时，也有一些基金在此时"开门迎客"，恢复大额申购。 业内人士表示，绩优产品限购是管理人平衡"规模扩张"与"业绩稳定性"的举措，体现了精细化运营中 对"持有人长期利益"的优先考量。中长期来看，A股投资 ...

Wind数据显示，截至9月3日，永赢科技智选今年以来收益率达177.8%，是全市场基金中的"榜首"。该基金成立于2024年10月底，成立以来上涨215.03%，截至2025 年二季度末，基金规模为11.66亿元。 关于限购原因，永赢基金表示，近期，伴随着科技板块上涨，永赢科技智选受到投资者广泛关注。在市场热度持续提升的背景下，实施大额限购主要出于两方面考 虑：一是引导投资者理性决策，避免因市场情绪冲动投入大额资金；二是合理控制基金规模增长，保持投资策略的稳定性和有效性，为持有人争取长期可持续的回 报。 年内涨超177%的"冠军基"再度加码限购！ 近期，市场回暖，Wind数据显示，8月以来，已有超百只基金公告限购。 对此，业内人士认为，基金主动实施限购，尤其是绩优基金的限购，一是保护现有持有人 利益；二是维护策略有效性；三是提升投资体验。这可以理解为当下基金公司正从规模导向向投资者回报导向转型的重要信号。 9月4日，永赢基金发布公告，为保障基金份额持有人的利益，永赢科技智选自9月5日起，将单日单个基金账户的申购（含定期定额投资及转换转入）金额上限设置 为1万元。就在一周之前，该基金曾发布公告8月27日起暂停大额 ...

【导读】前 8 月 " 冠军基 " 再度加码限购 | | | | 基金名称 | 永赢科技智选混合型发起式证券投资基金 | | | --- | --- | --- | | 基金简称 | 永赢科技智选混合发起 | | | 基金主代码 | 022364 | | | 基金管理人名称 | 永赢基金管理有限公司 | | | 公告依据 | | 《公开募集证券投资基金信息披露管理办法》、《永赢科技智选混 | | | | 合型发起式 IIIF 残货基金基金合同》、《承属科技智选混合型发 | | | | 扫十江半地次世公打算活用式 李妇子守州的研宁 | | 暂停大额申购(含定期定额投资)起始 | 2025年9月5日 2025年9月5日 | | | 日 | | | | 暂停大额转换转入起始日 暂停相关业务 | | | | 限制申购(含定期定额投资)金额(单 的起始日、金 位:人民币元) | 10.000.00 | | | 额及原因说明 | | | | 限制转换转人金额(单位:人民币元) | 10.000.00 | | | 暂停大额申购(含定期定额投资)、转换 | 为保护基金份额持有人利益。 | | | 转人的原因说明 | | | ...

Core Viewpoint - The performance of actively managed equity funds in the A-share market has rebounded significantly, with over 90% of products achieving net value growth this year, indicating a strong wealth effect and potential for a virtuous cycle in the market [1][4]. Group 1: Fund Performance - As of August 7, 2023, 4,598 actively managed equity funds were tracked, with 4,347 (94.54%) achieving net value growth this year [2]. - Notably, 127 funds recorded a net value growth rate exceeding 50%, and 6 funds surpassed 100% [2]. - A total of 1,126 funds reached new net value highs since their inception this year [2]. Group 2: Key Investment Themes - Innovation in pharmaceuticals and technology are identified as the two main drivers of net value growth for actively managed equity funds [2]. - The Changcheng Medical Industry Selected Mixed Fund led with a 129.97% net value growth rate, focusing heavily on innovative pharmaceuticals [2][3]. - The Yongying Technology Smart Selection Mixed Fund achieved a 91.23% net value growth rate, concentrating on the global cloud computing industry [3]. Group 3: Market Sentiment and Fund Flows - The recovery in actively managed equity fund performance is expected to enhance investor confidence, leading to increased fund subscriptions and market stability [4][5]. - The Yongying Advanced Manufacturing Smart Selection Mixed Fund's size grew from 1.762 billion to 13.845 billion yuan, while the Penghua Carbon Neutrality Theme Mixed Fund expanded from 1.035 billion to 10.863 billion yuan this year [4]. - Fund sales personnel reported a noticeable increase in investor interest and purchase intentions, with many public institutions accelerating the issuance of new funds, particularly in equity [5].

Core Insights - The public fund industry in China has seen its total assets exceed 34 trillion yuan by the end of Q2 2025, marking a historical high, with both equity and bond funds experiencing growth [1][4] - The increase in fund size reflects a growing trust from investors, but it also brings greater responsibility for fund managers [4] Fund Size Changes - As of the end of Q2 2025, approximately 12,000 funds had a combined size of 34.05 trillion yuan, an increase of 2.24 trillion yuan from the end of Q1 2025 [1][5] - Bond funds have rebounded, surpassing 10 trillion yuan, with an increase of 865.3 billion yuan (8.74%) from Q1 2025 [1][6] - Money market funds also saw a significant increase, growing by 950.5 billion yuan (7.32%) [1][6] Equity Fund Performance - By the end of Q2 2025, the size of pure index equity funds reached 4.02 trillion yuan, up 7.41% from Q1 2025 [1][5] - Despite a recovery in performance, ordinary equity funds experienced a decrease in size by 107 million yuan [1][5] Specialized Fund Growth - Commodity funds and Funds of Funds (FOF) led the market in growth rates, increasing by 48% and 10% respectively, reaching sizes of 268.3 billion yuan and 165 billion yuan [2] - Notable growth was observed in specific ETFs, particularly those linked to the CSI 300 index, which saw increases exceeding 30 billion yuan [3] High-Performing Funds - Actively managed equity funds that performed well in Q2 2025, such as Changcheng Pharmaceutical Industry Select Mixed Fund and Yongying Technology Smart Select Mixed Fund, saw significant growth in size, increasing by 304.7% and 364% respectively [3]

Group 1 - The recent surge in technology stocks, particularly in CPO (Optical Modules) and PCB (Printed Circuit Boards), has been driven by both market sentiment and economic conditions, leading to significant inflows into related thematic funds [1][2] - As of July 16, multiple technology-themed funds have seen gains exceeding 20% over the past month, with several funds reaching historical net asset value highs, such as Yongying Technology Select Mixed Fund and Caitong Integrated Circuit Industry Stock Fund [1] - Several technology-themed ETFs have also experienced substantial growth, with some ETFs rising over 15% in the same period, and significant net subscriptions reported for various ETFs, including Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 ETF [1] Group 2 - The increasing interest in technology themes has led to new funds being launched rapidly, with some funds, like Penghua Shanghai Stock Exchange Sci-Tech Innovation Board Chip ETF, completing their fundraising in just five days [2] - Institutional investors are actively exploring opportunities within the AI industry chain, with companies like New Yisheng receiving attention from nearly 180 institutions, indicating a strong focus on performance and expansion plans [2] - According to fund managers, the AI sector in China, particularly in optical communication and PCB, is expected to continue benefiting from global demand expansion and long-term growth in the AI industry [2]

Core Viewpoint - The article highlights the active repositioning of high-performing funds in the second quarter, with a focus on technology and healthcare sectors for future investments [2][6]. Fund Performance and Adjustments - Several high-performing funds have significantly increased their scale in the second quarter. For instance, the scale of Yongying Technology Select Mixed Fund reached 1.166 billion yuan, an increase of 910 million yuan, representing a growth of 364% [3]. - After attracting substantial capital, fund managers quickly adjusted their portfolios. By the end of the second quarter, Yongying Technology Select Mixed Fund had a stock investment ratio of 94.67%, up from 77.62% at the end of the first quarter, with a focus on the A-share market [3]. - The top ten holdings of Yongying Technology Select Mixed Fund underwent significant changes, with new stocks like Xin Yisheng and Zhongji Xuchuang becoming prominent [3]. Sector Focus and Investment Strategies - The Longcheng Pharmaceutical Technology Six-Month Holding Mixed Fund also saw a slight increase in scale, with a year-to-date net value increase of over 50%. Its stock investment ratio grew by nearly 10 percentage points in the second quarter [4][5]. - The fund managers are focusing on policy beneficiaries and innovative drugs that exceed expectations in overseas business development [5]. - Many equity funds increased their stock positions in the second quarter, with Yongying Medical Health Stock Fund's stock investment ratio reaching 92.35%, up by 2.79 percentage points from the previous quarter [5]. Market Outlook and Future Opportunities - Public funds generally remain optimistic about future equity investment opportunities, particularly in technology and healthcare sectors [7]. - The manager of Yin Hua Tai Li Mixed Fund believes that the risk-reward ratio for equity assets has improved, maintaining a positive outlook [7]. - The AI sector continues to attract attention, with expectations for advancements in models and applications, particularly in the context of global cloud computing opportunities [7].