Active management has surpassed passive investment in terms of return rate and has become a hot topic in the industry. In just a month and a half, active management funds have seen gains of over 50%, once again attracting attention. This time, there is a clear change in active management, as they are now showing restraint in terms of scale. On February 13, the runner-up fund Yongying Advanced Manufacturing Intelligent Selection announced a limit on purchases, with a maximum purchase amount of 1 million yuan per person per day. As of February 12, Yongying Advanced Manufacturing Intelligent Selection had a return rate of 47.59% this year, second only to the Penghua Carbon Neutral Theme managed by Yan Siqian (50.75%). Subsequently, Yongying Advanced Manufacturing Intelligent Selection fund manager Zhang Lu wrote a letter to investors, expressing that limiting large purchases is to protect the interests of existing fund holders and also to encourage diversification in investments for a more rational and long-term asset allocation, rather than focusing all funds on a single track. Active performance has returned, and funds have also quickly returned. According to Caixin reporters, there are now fund products with daily inflows exceeding 100 million yuan. While the current market heat is still in technology, the restriction on active purchases will undoubtedly have an impact on the growth of fund companies, but from the perspective of investor protection, cooling down through restrictions and encouraging systematic investment participation is more prudent. Runner-up fund restricted! Daily limit of 1 million yuan On February 13, Yongying Fund announced that to protect the interests of holders, its Yongying Advanced Manufacturing Intelligent Selection fund has suspended large purchases, with a maximum purchase amount of 1 million yuan per person per day. Yongying Advanced Manufacturing Intelligent Selection is one of the series of intelligent selection products under Yongying Fund. A company spokesperson told Caixin reporters that the series has been strategically positioned to identify industries with great potential and scarcity that are in line with the country's strategic development direction, helping the development of related industries and providing investors with useful and professional tools to grasp investment opportunities in the industrial chain. When humanoid robots appeared on the Spring Festival Gala, Yongying Advanced Manufacturing Intelligent Selection had already heavily invested in the robotics sector; when DeepSeek gained attention, Yongying Digital Economy Intelligent Selection had long been invested in AI applications; while the low-altitude economy was still in its early stages, Yongying Low Carbon Environmental Protection had already heavily invested in concept stocks related to low-altitude economy. These products had been somewhat hidden from view, but with institutions early on understanding the intelligent selection series and relatively more allocations, they had already entered many investment advisers' portfolios. With the market momentum, more individual investors are beginning to pay attention to these products. Fund managers write lengthy letters about purchase limits As active management products return to the forefront, fund managers have also begun to communicate through lengthy letters. Along with the announcement of purchase restrictions, Zhang Lu, the fund manager of Yongying Advanced Manufacturing Intelligent Selection, wrote a long letter to investors, thanking them for their trust and providing detailed explanations for the purchase limits and the latest market outlook. Zhang Lu expressed that with increasing attention, as a fund manager, he felt a great sense of pride and responsibility. For the sake of protecting the interests of existing fund holders, we have decided to temporarily suspend large purchases of Yongying Advanced Manufacturing starting from February 13, with a maximum purchase amount of 1 million yuan per person per day after 3 pm on February 12. Furthermore, Zhang Lu mentioned that limiting large purchases is not only to protect the interests of existing fund holders, but also to encourage proper diversification of investments and to make sound asset allocations from a more rational and long-term perspective, rather than betting all funds on a single track. "The widespread exposure of robots is a recent event, but we have been focusing on the robotics sector since the establishment of the product in 2023. At that time, there was little discussion about robots in the market, and we faced some doubts as well. Going against the market trend is not easy, but I firmly believe in the future development potential of Chinese robots," Zhang Lu explained. During times when the sector experienced significant fluctuations, to truly stand with the holders, he began purchasing through systematic investments. Initially, the sector was quite sluggish, but by persistently investing at low levels and witnessing the continuous development of the industry, he gained a good investment experience. Regarding the reasons for the purchase limit, Zhang Lu firmly believes that humanoid robots present a big opportunity in the next ten years. However, as a high-growth sector, there will inevitably be significant market volatility. Faced with such a sector that has a long-term positive logic, the more optimal strategy might not be to blindly chase highs or panic sell, but to include it on the watchlist. If one is optimistic about the future development of the sector, they can consider steadily participating through systematic investments. By entering the market in regular batches, one can effectively smooth out the short-term fluctuations and strive for a better cost layout during market corrections. Will the restrictions on active funds prompt follow-ups? On the same day that Yongying restricted purchases, February 13th, the Hang Seng Tech Index experienced a technical retreat after entering a bull market, DeepSeek speculation decreased, and AI and other short-term hot sectors experienced a pullback, leading to a return of funds to consumer and safe investments in A-share technology. Institutions have differing views on the current stage. Similar to Yongying's perspective, JP Morgan Asset Management believes in maintaining an optimistic outlook on the current market environment. They see the spring offensive entering a good phase, with high-growth assets at high levels potentially experiencing short-term volatility, but the trend of growth diffusion is clear. They believe that the current market resembles the period from 2013-2015 when the explosion of iPhones and domestic smartphones drove the mobile internet wave, and the rise of domestic films corresponded to the present shift from ChatGPT to domestic DeepSeek, driving the artificial intelligence wave, as well as continuous surprises in cultural exports. They recommend maintaining high sensitivity to industrial developments and actively seizing structural investment opportunities. Meanwhile, Yingyi International believes that the recent two-week rise in the Hang Seng Index has been driven by valuation, and its current position has largely recovered from the low in early January, with a fast rise in the short term. The Hang Seng Index has entered the overbought zone, indicating a potential risk of adjustment in the short term. At this moment, it seems that the timing of the purchase restrictions was spot-on. Being able to proactively restrict purchases during a hot market, from a company's perspective, is to some extent sacrificing scale, but when sector markets hit high levels, it is from a customer protection perspective.The initiation of reasonable purchase limits should not necessarily become inevitable, which has also triggered market discussions about the time nodes for limiting fund purchases.Industry insiders believe that this year is a good year for active management. Active management may outperform passive management in terms of performance. However, active management should not repeat the mistakes of star fund managers in the past. Apart from fund management, the company and fund manager's companionship with clients, providing timely risk reminders, are important links in regaining investor trust. In the future, there may be more active products that make judgments and adjust subscription and redemption pace to protect investors. It is worth noting that limited purchase of active management products is still niche. Currently, there are 1,370 funds in the market that have suspended large subscriptions, with QDII funds and fixed income products such as bonds being the mainstream of limited purchases. In terms of equity funds, there are only 278, with only 226 active equity funds, accounting for only 16.5% of all limited purchase products. Indeed, limited purchase should not be used as a form of "moral coercion", and products without restrictions should not be labeled as overly pursuing scale. Fund restrictions mean that some investors or a portion of their funds are kept out, as different companies have different market judgments. In the long run, most institutions are optimistic about the continuation of this AI trend. This article is reproduced from CaiLian Press, edited by GMTEight: Chen Wenfang.