公募"二次首发"显著增多 今年8月，盛丰衍管理的西部利得央企优选股票在交通银行进行"二次首发"，并于近日结束募集，规模 较二季度末快速增长。资料显示，该基金是一只量化基金，成立于去年12月，今年二季度末规模为2.18 亿元。Choice数据显示，截至今年8月22日，该基金成立以来收益超过20%。 "今年7月以来市场上涨，许多绩优基金吸引客户自发申购。我们积极抓住时间窗口，推动西部利得央企 优选基金成为交行'二次首发'的重点产品。"西部利得基金人士说。 无独有偶，8月4日起，孙蒙管理的华夏智胜优选混合发起式在招商银行进行了"二次首发"。彼时，该基 金发布公告称，基金A类份额参与招商银行申购及定期定额申购费率优惠活动。数据显示，该基金去年 8月成立至今的收益超过50%。 业内人士表示，相较于同质化程度较高的新基金发行，对优秀存量基金产品进行"二次首发"，既能缩短 资金入市周期、提升募资效率，又能通过有业绩验证的产品吸引更多理性资金，实现公募募资市场的提 速与提质 ◎记者 朱妍 随着A股行情好转，公募募资市场也迎来了新变化。近期，华夏基金、西部利得基金、圆信永丰基金等 公司，纷纷携手招商银行、工商银行等核心银行渠道 ...

Group 1 - Multiple dividend funds, including Haitong Dividend Preferred, have announced restrictions on large subscriptions and conversions, with limits set at 10,000 yuan and above to ensure stable operation and protect investors' interests [2][3][4] - The trend of restricting large subscriptions is observed across several funds, with amounts varying from 100,000 to 1,000,000 yuan, indicating a broader market response to changing investor sentiment and risk aversion [2][5][6] - Analysts suggest that the surge in demand for dividend funds is linked to increased market uncertainty, leading investors to seek more stable and lower-volatility assets [2][7] Group 2 - As of the end of Q1, the total scale of dividend funds reached 2,513.67 billion yuan, an increase of approximately 27 billion yuan from the previous quarter, marking a new high [7] - The growth in dividend fund scale is attributed to heightened risk aversion, increased institutional demand, and favorable policy developments that encourage dividend payouts [7][8] - Dividend funds are characterized by stable cash flow returns and lower volatility, making them attractive during periods of market fluctuation [7][8] Group 3 - The recent restrictions on large subscriptions reflect fund managers' proactive measures to manage potential risks and protect existing investors, indicating a shift towards more cautious investment strategies [6][9] - Analysts emphasize the long-term value of dividend assets, which provide stable cash flow and defensive characteristics, making them suitable for long-term investment strategies [8][9] - The new regulatory environment encourages companies to increase dividend payouts, aligning with the long-term investment logic of dividend assets [8][9]

Core Viewpoint - The recent market volatility has led to a resurgence in the popularity of dividend assets, prompting several dividend-themed equity funds to announce subscription limits [1][2][4]. Group 1: Fund Subscription Limits - Multiple fund companies have announced the suspension of large subscriptions for their dividend-themed funds, with China Europe Fund limiting subscriptions to 500,000 yuan starting May 12, 2025, to ensure stable operation and protect the interests of fund shareholders [2][3]. - Western Li De Fund has also suspended subscriptions over 10 million yuan for its Central Enterprise Preferred Stock Fund, citing similar reasons for protecting fund holders' interests [4]. Group 2: Performance of Dividend Assets - The Central Enterprise Dividend Index has shown a 1.85% increase since the beginning of the second quarter, outperforming the Shanghai Composite Index and the CSI 300 Index, which increased by 1% and 0.09% respectively [4]. - Over the past year, the Central Enterprise Dividend Index has risen by 14.20%, significantly outperforming the broader market indices [5]. Group 3: Investment Opportunities - The total scale of dividend funds reached 251.367 billion yuan by the end of the first quarter, an increase of approximately 27 billion yuan from the previous quarter, marking a new high [5]. - The cost-effectiveness of dividend assets is currently at the 99th percentile of the past decade, indicating that they are among the most attractive investments in recent history [5]. - Recent monetary policy measures, including interest rate cuts, are expected to enhance the appeal of high-dividend assets, particularly in a low-interest-rate environment [5]. Group 4: Investment Strategies - For long-term holdings, the probability of dividend assets outperforming the CSI 300 and CSI 800 indices exceeds 70% after one year and approaches 90% after three to five years [6]. - Investment strategies suggest adjusting the amount of regular investments based on market conditions, such as reducing contributions during periods of excessive returns and increasing them during significant market corrections [6].