Core Viewpoint - The recent surge in market activity has led several high-performing funds to implement "purchase limits" to protect existing investors' returns and transition from a scale-oriented approach to a return-oriented strategy [1][4]. Group 1: Fund Purchase Limits - Multiple high-performing funds have recently announced purchase limits, including Caizhong Securities' digital economy mixed fund, which has a return rate of 56.37% year-to-date as of August 18 [2]. - Longcheng Pharmaceutical Industry Selected Mixed Fund and Jianxin Flexible Allocation Mixed Fund have also suspended large purchases, with return rates of 135.09% and 49.74% respectively [2]. - The招商成长量化选股 fund has limited single or cumulative applications to 20,000 yuan, with a year-to-date return of 29.55% [3]. Group 2: Reasons for Purchase Limits - Fund managers indicate that limiting purchases is primarily to protect performance, as new inflows at high net asset values can dilute returns and lead to inefficient cash management [4]. - Controlling fund size is crucial to avoid operational constraints on portfolio adjustments, especially when the fund size exceeds the manager's capability [4]. - The current trend reflects a shift from a scale-driven approach to one focused on investor returns, as evidenced by the limited purchases of high-performing products [4]. Group 3: Focus on Popular Sectors - The funds implementing purchase limits are primarily concentrated in popular sectors such as innovative pharmaceuticals, technology, and military industries, which are currently crowded trading areas [5]. - Fund companies are exploring other niche sectors and offering "fixed income plus" and FOF products to provide investors with a balanced selection [6]. - There is a growing interest in FOF products, with over 90% achieving positive returns this year, making them a new direction for asset allocation [6].

Core Viewpoint - The recent trend of high-performing funds implementing "purchase limits" reflects a shift from scale-oriented strategies to investor return-oriented strategies, aimed at protecting existing fund holders' interests amidst a hot market [1][3]. Group 1: Fund Purchase Limits - Several high-performing funds have recently announced limits on large purchases, including the Caizhong Securities Asset Management's Digital Economy Mixed Fund, which has a return rate of 56.37% year-to-date as of August 18 [1]. - The Great Wall Pharmaceutical Industry Selected Mixed Fund and the CCB Flexible Allocation Mixed Fund have also set purchase limits, with year-to-date return rates of 135.09% and 49.74%, respectively [2]. - The招商成长量化选股 fund has implemented its second purchase limit this year, with a return rate of 29.55% as of August 18 [2]. Group 2: Reasons for Purchase Limits - Fund managers indicate that limiting purchases is necessary to protect performance, as large inflows at high net asset values can dilute returns and lead to inefficient cash management [2][3]. - Controlling fund size is crucial to avoid operational constraints on portfolio adjustments, especially when the fund size exceeds the manager's capability, which could lead to significant net asset value fluctuations [3]. Group 3: Market Focus and Alternatives - The limited funds primarily focus on popular sectors such as innovative pharmaceuticals, technology, and military industries, which are currently crowded, suggesting that now may not be the optimal time to invest [3]. - Fund companies are exploring other niche sectors and offering products like "fixed income plus" and FOFs to provide investors with a balanced selection [3][4]. - There is a growing interest in "fixed income plus" products and FOFs, with over 90% of FOFs achieving positive returns this year, making them an attractive option for investors seeking stable returns [4].

Core Viewpoint - The public fund industry is experiencing a shift from a focus on scale to performance, with a new emphasis on platform-based and team-oriented investment research strategies, moving away from reliance on star fund managers [2][19][21]. Group 1: Market Trends - The Shanghai Composite Index has surpassed 3700 points, leading to a surge in investor enthusiasm for fund subscriptions, yet many high-performing funds are implementing purchase limits [4][19]. - Over 100 fund companies have engaged in self-purchase of their equity funds this year, with self-purchase amounts doubling year-on-year, reflecting a significant shift in industry behavior [2][8]. - The trend of limiting subscriptions is a response to the influx of capital, aimed at maintaining fund performance and protecting existing investors from dilution [5][6][21]. Group 2: Fund Management Strategies - Fund companies are prioritizing long-term brand value over short-term management fee income by implementing subscription limits, which may impact immediate revenue but are seen as a strategic investment in trust and sustainability [6][9]. - The self-purchase of funds is increasingly focused on equity funds, with over 137 fund companies participating and total self-purchase amounts nearing 5 billion yuan, indicating a strong market confidence [8][10]. - The shift towards team-based investment strategies is seen as a response to the diminishing influence of star fund managers, with firms emphasizing collaborative research and a robust investment framework [14][16][21]. Group 3: Investor Behavior - Investors are shifting their focus from individual star fund managers to the overall strength and sustainability of fund companies, reflecting a maturation in investment decision-making [21][22]. - Subscription limits and self-purchase actions are now viewed as indicators of fund quality, enhancing investor trust and encouraging a long-term investment perspective [21][22]. - The industry is moving towards a more rational investment approach, where the emphasis is placed on the comprehensive capabilities of fund companies rather than the performance of individual managers [19][21]. Group 4: Future Outlook - As the market evolves, fund companies are expected to adapt their strategies dynamically, particularly in response to market fluctuations, with platform-based models providing a robust framework for navigating complex market conditions [24][26]. - The ongoing competition in the fund industry is anticipated to increasingly focus on research capabilities, product innovation, and investor service, leading to a more mature investment landscape [27][28].

Core Viewpoint - The public fund industry is experiencing a shift from a focus on scale to performance, with a growing emphasis on platform-based and team-oriented investment research strategies, moving away from reliance on star fund managers [2][3][21]. Group 1: Performance Over Scale - In the current bull market, many high-performing funds are implementing purchase limits to manage inflows and protect existing investors' interests, contrasting with the previous bull market where scale was prioritized [5][6][7]. - As of August 15, 2023, approximately 31 out of 190 actively managed equity funds with over 50% net asset growth have suspended or limited large purchases, indicating a strategic shift towards sustainable performance [6][7]. - Fund companies are recognizing the need to balance short-term returns with long-term strategy sustainability, leading to a more cautious approach to fund inflows [6][7][8]. Group 2: Fund Company Self-Purchases - A notable trend in 2023 is the increase in self-purchases by public fund companies, with 137 firms participating and a total self-purchase amount exceeding 5 billion yuan, nearing 80% of last year's total [10][11]. - Self-purchases are primarily focused on equity funds, with over half of the net purchases in this category, reflecting a commitment to aligning the interests of fund companies with those of investors [10][11]. - The timing of self-purchases this year, occurring during market uptrends rather than downturns, signals a strong confidence in market valuations and overall economic conditions [12][13]. Group 3: Diminishing Star Manager Influence - The reliance on star fund managers is decreasing, with a shift towards a more collaborative and systematic investment research approach within fund companies [15][16][21]. - Fund companies are increasingly focusing on building robust, team-based investment research platforms rather than depending on individual managers, which enhances the sustainability of investment performance [17][18]. - This transition is driven by regulatory guidance and market changes, emphasizing long-term performance and team collaboration over individual accolades [18][19]. Group 4: Changing Investor Decision Logic - The combination of purchase limits, self-purchases, and the move away from star managers is reshaping investor decision-making, leading to a focus on the overall strength and sustainability of fund companies rather than individual fund managers [21][23]. - Investors are becoming more discerning, recognizing that sustainable returns are more likely to come from a company's comprehensive investment capabilities rather than from individual star performances [24][28]. - This evolution in investor behavior reflects a maturation of the industry and a shift towards long-term value investing principles [28].