今年以来，已有近220只主动权益基金发布暂停大额申购或暂停申购的公告。大部分宣布限购的主动权益基金业绩较 好，不少净值创出新高。 【导读】中欧小盘成长混合基金限购 11月5日，中欧基金发布公告称，即日起，中欧小盘成长混合基金暂停50万元以上的大额申购。这是年内第二次发布 限购公告。该产品近一年、近三年业绩均排名同类前5%。 数据显示，中欧小盘成长混合基金是一只以国证2000指数为主要基准的量化小盘基金。截至今年三季度末，该基金 规模为11.38亿元。近年来，该产品业绩表现出色，截至11月4日，该产品近一年收益率为67.55%，近三年收益率为 62.20%，均排名同类前5%。 多位业内人士表示，绩优基金限购，主要是为了控制基金规模，以保持投资策略的有效性。未来，A股市场仍有望呈 现较为明显的结构性特征，行业赛道以及风格类资产或具有一定的盈利机会。 中欧小盘成长混合基金限购 根据公告，中欧小盘成长混合基金自2025年11月5日起暂停50万元以上的大额申购。这是继今年8月14日该基金单日 限购1000万元之后的年内第二次限购。 中欧小盘成长混合基金经理钱亚婷、汤旻玮在三季报中表示，三季度，得益于组合相对基准在行业和 ...

【导读】 中欧小盘成长混合基金 限购 中国基金报记者 曹雯璟 11月5日，中欧基金发布公告称， 即日起 ，中欧小盘成长混合基金暂停50万元以上的大额申购 。 这是 年内第二次 发布 限购公告 。 该 产品近一年 、 近三年 业绩均排名 同类前5%。 今年以来，已有 近220 只 主动 权益基金发布暂停大额申购或暂停申购的公告。大部分宣布限购的主动权益基金业绩较好，不少净值创出 新高。 多位业内人士表示， 绩优基金限购，主要是为了控制基金规模，以保持投资策略的有效性 。 未来， A股市场仍 有望 呈现较为明显的结构 性特征，行业赛道以及风格类资产 或 具有一定的盈利机会。 中欧小盘成长混合基金 限购 根据 公告，中欧小盘成长混合基金 自 2025年11月5日起暂停50万元以上的大额申购。这是 继 今年8月14日 该基金 单日限购1000万元 之后的年内第二次限购。 中欧小盘成长混合基金 经理 钱亚婷 、 汤旻玮 在三季报中表示，三季度，得益于组合相对基准在行业和风格上的均衡配置，基金超额收益 稳健。四季度市场预计将延续结构性行情，在经济温和复苏与政策扶持并存的背景下，市场机会与风险并存，风格轮动可能加快。 今年 ...

【导读】范妍、苏俊杰掌舵，一日诞生两只"日光基" 沪指围绕4000点窄幅震荡之际，基金发行市场再度升温，一日诞生两只"日光基"。 11月4日，富国基金公告，由范妍掌舵的富国兴和基金昨日"一日售罄"，募集金额超过30亿元发行上 限，开启比例配售。同日，鹏华基金公告，苏俊杰管理的鹏华启航量化选股一日募超30亿元，提前结束 募集并开启比例配售。 最近一段时间，新基金发行热度回升明显，权益类新基金尤为突出。数据显示，截至11月3日，年内股 票型基金及混合型基金发行份额分别达到3600.65亿份、1230.83亿份，相比去年全年增长了43.86%、 76.04%。 一日诞生两只"日光基" 随着A股市场上攻4000点，绩优基金经理的新发基金明显受到投资者追捧。 11月4日，富国基金公告，由基金经理范妍管理、昨日首发的富国兴和基金当天募集金额突破30亿元募 集规模上限，基金公司决定提前结束募集并开启比例配售，将该基金的募集截止日由11月14日调整至11 月3日，自11月4日起不再接受认购申请。 当天"一日售罄"的还有由基金经理苏俊杰管理的鹏华启航量化选股混合基金。在该基金发行前两天，鹏 华基金紧急公告，为更好地保护基金份额 ...

21世纪经济报道记者杨娜娜 上海报道 睿远基金陈光明旗下专户产品11月起"封盘"。 21世纪经济报道记者获悉，自10月中旬起，多家销售渠道陆续通知，睿远基金陈光明旗下的睿远洞见价 值系列专户产品，自11月起暂停新老客户申购。未来何时恢复开放，另待基金管理人通知。 也有部分渠道告诉21世纪经济报道记者，截至11月1日时自家还未收到封盘"通知，近两年该系列产品一 直在严控规模，份额增加仅开放给老客户，不接受新客户申购。 早在10月29日，由杨东执掌的宁泉资产也宣布了对新客户关闭申购之门。之后富国基金、永赢基金等公 募基金旗下多只业绩亮眼的产品亦纷纷公告限购。 但业内人士也提醒，封盘并不等于管理人看空市场，更可能是因为产品规模增长过快，需要"减负"，以 维持策略的有效性。今年7月，陈光明还在与霍华德·马克斯的对话中，再次表达了对中国企业创新能力 和中国长期经济竞争力的信心。 从王牌研究员到价值投资标杆：陈光明的行业征程 陈光明深耕中国资本市场已超25年，在资管行业拥有较大的号召力，被视为价值投资理念在中国本土化 践行的标志性人物，一举一动备受关注。 1999年硕士从上海交大工程热物理专业毕业前，他就已经参与筹建东方 ...

Core Viewpoints - The market consensus around the 4000-point index level may not represent a good entry point for investments, as indicated by market analysts [1][3] - Several private equity funds are "closing" to new investments due to rapid capital inflows and cautious market expectations, suggesting a potential market correction ahead [3][9] - The current index performance is better than in 2015, with lower valuation levels, indicating that excessive focus on index points may be unnecessary [6][8] Group 1: Market Trends - The market is expected to experience fluctuations, and investors should focus on selecting the right sectors to avoid losses [3] - Analysts predict that the market may enter a major upward phase influenced by policy and liquidity improvements in November and December [8] - The overall sentiment is that the bull market has not ended, despite potential short-term corrections [8][9] Group 2: Investment Opportunities - There is a focus on sectors such as traditional manufacturing upgrades, Chinese companies going overseas, and AI applications, which are expected to yield high returns [8] - The energy sector, particularly electric equipment and new energy, is highlighted as a promising area for investment [8] - The lithium battery market is showing strong demand, with prices for lithium hexafluorophosphate reaching 107,500 CNY per ton, indicating a positive outlook for leading companies in this sector [17] Group 3: Economic Indicators - Goldman Sachs has raised its 2025 GDP growth forecast for China to 5.0%, with an expected average annual growth rate of 4.5% over the next five years [9] - The Chinese stock market is projected to see a cumulative increase of 30% by the end of 2027, with the USD/CNY exchange rate expected to drop to 6.70 [9] Group 4: Company Developments - Notable donations and investments in companies like Kweichow Moutai reflect investor confidence in the market [14] - Companies in the AI and robotics sectors are actively preparing for IPOs, indicating a growing interest in these innovative fields [22][25] - The server market is experiencing strong demand, with companies like Super Fusion preparing for an IPO and achieving significant market positions [19][20]

Group 1 - The core point of the news is the announcement of "closure" by prominent investment figures, including Chen Guangming's Ruiyuan Insight Value series, which has suspended subscriptions for both new and existing clients, indicating a cautious approach to market conditions [1][2][3] - Chen Guangming, a leading figure in China's asset management industry, has a history of successful fund management, with his Ruiyuan Insight Value series attracting over 10 billion yuan in subscriptions despite high entry barriers [2][3] - The recent "closure" actions by investment leaders are interpreted by the market as signals of potential market trends, with investors speculating on whether these moves indicate a bearish outlook [3][4] Group 2 - The decision to "close" funds does not necessarily imply a negative market outlook; rather, it reflects a cautious stance in light of current market conditions and potential cyclical fluctuations [3][4] - "Closure" can benefit fund operations by allowing better management of larger fund sizes, as performance fees during market uptrends can significantly exceed management fees, making it a strategic choice for fund managers [4] - The perception of whether the market is at a high point, such as the Shanghai Composite Index nearing 4000 points, varies among industry professionals, indicating differing views on market valuation [4][5] Group 3 - The recent market performance highlights AI-related hardware companies as key players, with significant cash reserves supporting their capital expenditures, making it difficult to assess any bubble in the AI sector [5][6] - Traditional industries with strong cash positions are seen as having low downside risk, with attractive dividend yields, suggesting potential for recovery as market expectations are low [5][6] - Chen Guangming emphasizes the evolution of value investing, advocating for a long-term perspective and the importance of accurately assessing a company's intrinsic value in a changing economic landscape [6][7]

Core Insights - Several investment firms, including Ruiyuan Fund, have announced "subscription freezes" for their products, indicating a trend towards limiting new investments to protect existing investors and enhance operational flexibility for fund managers [1][3]. Group 1: Subscription Freezes - Ruiyuan Fund's founder Chen Guangming announced that the Ruiyuan Insight Value series will "freeze subscriptions" starting in November, affecting both new and existing clients [1]. - Other firms, such as Ningquan Asset and Yongying Fund, have also implemented subscription limits, with Ningquan Asset halting new investor applications for all its funds starting October 30, 2025 [3]. - Yongying Fund and FuGuo Fund have set daily subscription limits for their funds, indicating a broader trend in the industry to manage fund sizes [3]. Group 2: Market Outlook - Chen Guangming expressed optimism about investment opportunities across various sectors in China, particularly in technology, AI, and innovative pharmaceuticals, citing the country's robust and efficient supply chains [2]. - He believes that China's long-term competitiveness will continue to rise, ultimately benefiting capital markets and providing good returns for shareholders [2].

Core Insights - Renowned private equity firm Ruiyuan Fund, led by Chen Guangming, has announced a "closure" of its Ruiyuan Insight Value series products starting in November, reflecting a trend among several funds to limit new investments due to market conditions and to protect existing investors [2][4][10]. Group 1: Fund Closures and Market Trends - Ruiyuan Fund's closure of its products follows a pattern where multiple private and public funds are implementing purchase limits to manage growth and protect investor interests amid a recovering market [2][10]. - The Ruiyuan Insight Value series has previously seen significant fundraising, with the first and second phases raising over 100 billion yuan and 116 billion yuan respectively, indicating strong demand from high-net-worth clients [5][6]. - Other notable funds, such as Ningquan Asset, have also announced similar measures, with Ningquan halting new investor applications for all its funds starting October 30, 2025, while allowing existing investors to add to their investments [7][9]. Group 2: Market Activity and Investment Strategies - The private equity market is experiencing a resurgence, with a notable increase in the number of newly registered private equity funds, reaching 806 in October, up from 721 in September [12]. - The number of billion-level private equity firms has risen to 108, an increase of 12 since September, indicating a robust growth in the sector [14]. - Industry experts suggest that the current market conditions, particularly above the 4000-point mark, require a cautious approach to investment, emphasizing the importance of valuation safety and balanced portfolio management [3][15]. Group 3: Investment Philosophy and Long-term Strategies - Chen Guangming advocates for a long-term value investment approach, likening it to farming, where patience and a focus on intrinsic value are essential for success [6]. - The investment community is encouraged to maintain a long-term perspective and to adapt strategies in response to market fluctuations, with a focus on sectors like technology and consumer goods that are expected to benefit from policy support [15][16].

又一位投资大佬官宣"封盘"。 据中国基金报记者了解，近期，多家销售渠道陆续通知，睿远基金陈光明旗下的睿远洞见价值系列专户 产品自11月起"封盘"。 据公开资料介绍，陈光明是睿远基金创始人及投资经理，深耕中国资本市场超过 25 年，可以说是价值 投资理念在中国本土化的实践者。他管理的睿远洞见价值一期及二期专户产品分别在2018年、2021年对 外发行，每次均在高净值客户人群中引发上百亿元销售狂潮，一举一动备受资管行业关注。 【导读】睿远基金陈光明宣布"封盘" 近期，除了陈光明旗下产品之外，多只公私募基金也相继发布"限购令"。业内人士表示，伴随着资本市 场持续向好，基金发行市场回暖，增量资金入市热情回升，限购可以控制产品规模、保护持有人利益， 同时有利于基金经理投资运作。 陈光明旗下专户产品 宣布"封盘" 据中国基金报记者从渠道处了解，近期，多家销售渠道陆续通知，睿远基金陈光明旗下的睿远洞见价值 系列专户产品自11月起"封盘"。未来何时恢复开放，另待基金管理人通知。 此外，据渠道人士透露，此前，睿远洞见价值一期、洞见价值二期系列专户产品已经很长一段时间严控 规模，不接受新客户申购，此次"封盘"是同时针对新、老客户 ...

Core Viewpoint - Several sales channels have announced that Ruiyuan Fund's Ruiyuan Insight Value series private placement products will be "closed" starting in November, indicating a trend of limited purchases across multiple public and private equity funds as the capital market continues to improve [1] Group 1 - The recent trend of "closing" funds is a response to the recovering fund issuance market and increasing enthusiasm for new capital entering the market [1] - The implementation of purchase limits is aimed at controlling product scale, protecting the interests of existing investors, and facilitating better investment operations by fund managers [1]