证券研究报告：金融工程报告 发布时间：2025-10-27 研究所 《上证强于双创调整空间不大，ETF 资 金持续配置金融地产与 TMT 方向——行 业轮动周报 20251019》 - 2025.10.20 《融资资金持续净流入电子，主板趋势 上行前需耐住寂寞——行业轮动周报 20250928》 - 2025.09.28 《融资资金净流入电力设备及新能源， 光通信概念趋势未破——行业轮动周报 20250907》 - 2025.09.08 《苹果推出 Xcode 26 Beta 7，英伟达 开源 Jet-Nemotron 高性能语言模型— — AI 动 态 汇 总 20250901 》 - 2025.09.03 《双创涨速明显提升，ETF 资金配置思 路偏补涨——行业轮动周报 20250831》 - 2025.09.01 分析师:黄子崟 SAC 登记编号:S1340523090002 Email:huangziyin@cnpsec.com 研究助理:冯昱文 SAC 登记编号:S1340124100011 Email:fengyuwen@cnpsec.com 《微盘股触发看多信号，看好微盘 10 月 后续表现 — ...

盛丰衍在担任西部利得中证500指数增强(LOF)A（502000）基金经理的任职期间累计任职回报113.43%，平均年化收益率为8.86%。期间重仓股调 仓次数共有249次，其中盈利次数为154次，胜率为61.85%；翻倍级别收益有4次，翻倍率为1.61%。 证券之星消息，截止2025年三季度末，基金经理盛丰衍旗下共管理7只基金，本季度表现最佳的为西部利得中证500指数增强(LOF)Y（022937）， 季度净值涨21.42%。 | 在任基金 | 规模(亿元) | 年化回报 2025年三季度涨幅 | | 第一重合股 | 白净值比 | | --- | --- | --- | --- | --- | --- | | 500増強LOF | 14.00 | 2.87% | 21.23% | 胜宏科技 | 1.76% | | 502000 | | | | 300476.SZ | | | 西部利得中证500指数增强(LOF)C | 3.88 | 14.06% | 21.10% | 肝宏科技 | 1.76% | | 009300 | | | | 300476.SZ | | | 西部利得国企红利指数增强C | 3.53 | ...

Core Insights - A number of actively managed equity funds have recently suspended large subscriptions, indicating a trend in the market as the Shanghai Composite Index surpasses 3600 points [2][3] - The suspension of large subscriptions is primarily driven by the strong performance of these funds, with several achieving significant year-to-date returns [3][4] Fund Suspension Details - Notable funds that have suspended large subscriptions include those managed by well-known fund managers, such as the China Europe Medical Innovation Stock and the China Europe Science and Technology Theme Mixed Fund, with daily limits set at 100,000 and 1,000,000 respectively [2] - Over 100 actively managed equity funds have suspended large subscriptions in the past month, many of which are top performers in the market [2][3] Performance Metrics - The China Europe Medical Innovation Stock A/C shares have year-to-date returns of 62.21% and 61.40%, ranking in the top three among similar funds [3] - The China Europe Science and Technology Theme Mixed Fund has seen a net asset value growth rate exceeding 90% over the past year, showcasing the strong momentum in the technology sector [3] Strategic Considerations - Fund managers are implementing subscription limits to balance asset growth and performance stability, as rapid growth can negatively impact investment strategies and existing investors [3][4] - The phenomenon of "scale curse" is highlighted, where exceeding a certain fund size can restrict investment flexibility and reduce the ability to generate excess returns [5][6] Market Implications - The recent trend of suspending large subscriptions may signal a protective mechanism for fund performance rather than a pessimistic market outlook [6][7] - Historical data suggests that previous subscription suspensions by prominent fund managers occurred at critical market junctures, raising questions about the sustainability of the current market rally [6][7] Future Outlook - Fund managers remain focused on sectors such as innovative pharmaceuticals, which are gaining global recognition and support from domestic policies aimed at enhancing research and development [7] - Some fund managers may also be leveraging market sentiment through subscription limits as a marketing strategy to attract investor attention during bullish phases [7]