Ruohui, a reporter from China** Daily, announced on December 1 that from December 4, it will suspend the large-scale subscription of more than 100,000 yuan for its Golden Eagle Science and Technology Innovation and Golden Eagle Core Resources Mix. As of the end of November, Golden Eagle Technology Innovation has won 3599% of the performance, temporarily ranked as the first year performance champion;The Golden Eagle core resource mix is also helmed by the same ** manager - Chen Ying, which has risen by 34 during the year35%, currently ranking first in the annual performance list of partial stock mixed **. In fact, as the time approached the end of the year, many "top students" with annual performance, including Huaxia New Splendor, CITIC Prudential Multi-Strategy, Oriental Quantitative Growth, and Guojin Quantitative Selection, have increased their purchase restrictions. A number of industry insiders said that the purchase restriction is mainly based on factors such as the capacity of the investment strategy, the speed of change in the scale and the concentration of customers, and at the same time, maintaining the stability of the scale is also conducive to the best managers to better carry out the year-end performance sprint. In the first 11 months, the first partial stock ** performance championBoth open purchase restrictionsIn the first 11 months of this year, the champions of *** and partial stock mixed ** both opened the purchase restriction mode. On December 1, Golden Eagle announced that from December 4, it will suspend the large-scale subscription of more than 100,000 yuan for its Golden Eagle Science and Technology Innovation and Golden Eagle Core Resources Mix. 
Golden Eagle Technology Innovation and Golden Eagle Core Resources Mix are currently managed by the same manager - Chen Ying. Wind data shows that as of the end of November, the annual revenue of Golden Eagle Technology Innovation reached 3599%, temporarily ranked as the champion of ordinary **type** annual performance;Golden Eagle's core resources mixed income reached 34 percent for the year35%, won the champion of partial stock mixed ** annual performance. 
Driven by performance, the scale of the above two ** has grown steadily in the past year. As of the end of the third quarter, the mixed scale of Golden Eagle Science and Technology Innovation ** and Golden Eagle core resources reached 21 respectively1.4 billion yuan, 68.9 billion yuan, an increase of 694 times, 143 times. According to public information, Chen Ying is currently the chief investment officer of the equity investment department of Golden Eagle**, he graduated from Peking University with a major in electronics, and his career started in Guangdong Telecom Planning and Design Institute, and then worked in industrial companies such as Hewlett-Packard in China for nearly 8 years, and then switched to finance, joined a private equity **, and began to engage in investment research. In September 2012, he entered the field of public offering, joined Golden Eagle, started as a researcher, and successively covered the research work of the automobile, electronics, and computer industries, and became a manager step by step. In addition to the above two**, Chen Ying is currently managing the Golden Eagle Dividend Value Mix and the Golden Eagle Small and Mid-Cap Mix, and at the end of the third quarter, its personal management scale was close to 6 billion yuan. The fourth quarter was dominated by investment in technology stocksand dividends** as a supplement.
Recently, Chen Ying also reviewed her investment ideas this year on the Internet platform and talked about the investment strategy in the fourth quarter. He said that since the end of the third quarter of last year, he has been focusing on the computer and media fields. Around the end of March this year, it reduced its investment in the computer sector and focused more on the media sector. Then, at the end of April and the beginning of May, it sensed that there was a considerable bubble in the market, and made a rotation of assets, increasing investment in sectors such as **, insurance and shipping. Then, in July, the above sectors began to gradually lower the **, and by mid-to-late August, all attention had basically been focused on the computer, electronics, and automobile sectors, and a small amount of media and ** were allocated. He believes that the A** field is currently at the bottom, but investors need to wait patiently for the domestic macroeconomic data to exceed expectations and the signal of warming market sentiment. In terms of investment direction in the fourth quarter, he may still focus on technology stocks, supplemented by dividends. At the same time, he judged that after 3-5 months of adjustment, some companies squeezed out of the bubble, and there was a strong investment value, with the decline of ChatGPT to multimodal development and computing power, AI applications are in the early stage of outbreak, which will also drive consumer electronics, automotive electronics, computers and media and other industries and companies into a period of rapid development. When talking about the consumer electronics sector, which has attracted high market attention recently, Chen Ying believes that consumer electronics is an industry that creates demand for supply. In the past few years, consumers have been reluctant to change their phones mainly because of the lack of new features. If there is a built-in smart secretary in the mobile phone next year, there are more powerful and intelligent functions like Siri, which can stimulate consumers' desire to change phones. He said that he has been optimistic about the field of automotive electronics and consumer electronics since the end of August and September, and the corresponding configuration can also be seen in the three quarterly reports of his management products. "This year's car sales performance is acceptable, and cars are gradually being replaced by localization. Consumer electronics is a long-cycle field, which is currently bottoming out, and the performance growth rate in the next year or two is also relatively impressive, superimposed on factors such as Huawei's new equipment and upward cycle next year. ”
Many of them have performed well during the year**Restrictions on large subscriptions
In fact, since November, many of the year's top performers** have been receiving news of purchase restrictions. On November 24, CITIC Prudential multi-strategy ** announcement, in order to maintain the stable operation of **, from now on suspend the large subscription of more than 20,000 yuan, in recent times, the ** purchase limit has been continuously increased, since November has been issued 3 consecutive announcements restricting large subscriptions, the large subscription limit has also been reduced from 1 million yuan to 100,000 yuan, and then to 20,000 yuan. On November 14, Dongfang Quantitative Growth** announced that it would suspend large-scale subscriptions of more than 100,000 yuan from November 15. Since November, Huaxia New Splendid ** has also issued two purchase restriction announcements, and the purchase limit amount has first dropped to 20,000 yuan, and then to 100 yuan. 
Wind data statistics show that as of December 1, 20 of the 106 active equity** with a performance of more than 11% this year have restricted large-scale subscriptions and 1 has suspended subscriptions. Talking about the reasons for restricting large-scale subscriptions, a company source revealed that the company's high-performance quantitative ** institutional funds have recently subscribed, and the scale has increased, considering the capacity of the investment strategy and the stability of the strategy, it was decided to suspend large-scale subscriptions. Another person from the company also said that the overall performance of the product this year has been good, and the restriction of large-scale subscriptions at the end of the year is also to ensure the smooth operation of the first and the first manager's year-end performance sprint and other multiple demands, at the same time, the restriction of subscription is also to protect the interests of existing holders. A person from a leading company in Beijing also said that the recent restriction of large limits is due to factors such as the capacity of investment strategies, the speed of change in scale and customer concentration. "Since the beginning of this year, the performance of small-cap strategies has been better, but the strategic capacity of such products is not large, and the company needs to control the rapid increase in short-term scale to avoid affecting the holding experience of investors. "Edit: Captain Review: Muyu.