Familiar script, different intensity, active equity funds tooling to make a comeback.

On January 12, driven by the sharp rise in the AI application sector of A shares, the popularity of "internet celebrity concept funds" such as Debon Stabilized Growth soared, attracting a large number of subscriptions on internet fund sales platforms. The net asset value of the fund on that day significantly deviated from the performance of its heavily weighted stocks, sparking discussions. On January 13, considering that the influx of subscription funds may dilute the investment returns of the fund, Debon Fund issued two purchase restriction announcements, reducing the purchase limits of Debon Stabilized Growth Class A and Class C shares from 10 million yuan and 1 million yuan to 100,000 yuan and 10,000 yuan. In the past two years, with the strong performance of A-share technology stocks and the rise of tool-based investments, some public institutions have begun to explore the toolization of active equity funds, especially in emerging sectors where this "script" has appeared multiple times. Industry insiders warn that a large influx of funds in the short term will not only increase the difficulty of managing fund portfolios and dilute the returns of existing fund holders, but also pose high uncertainties and risks in emerging sectors. Once there are declines, it is easy to trigger capital flight and panic selling, leading to significant losses for investors.