Analysis of the Impact of Concentrated Purchase Restrictions on Equity Funds on A-Share Market Capital Conditions and Investor Behavior

Since the start of 2026, the A-share market has recorded a strong opening, with equity funds rolling out concentrated purchase restrictions. According to statistics from Wind, nearly

since the beginning of the year, of which , accounting for over half of the total. On January 13 alone, collectively announced purchase restrictions[1][2].

This wave of purchase restrictions presents several notable characteristics:

Fund House	Restricted Products	Purchase Limit Amount	Effective Date of Restriction
Yongying Fund	Yongying High-End Equipment Smart Selection, Yongying Information Industry Smart Selection	RMB 1 million per trading day	Effective January 14
China Europe Fund	China Europe Small Cap Growth Fund	Suspend large-amount subscriptions	Effective January 13
E Fund	E Fund Kexiang, E Fund Strategic Growth	Suspend institutional subscriptions	Effective January 13
Debang Fund	Debang Steady Growth	RMB 100,000 for Class A / RMB 10,000 for Class C	Effective January 14
Xingzheng Global Fund	Xingquan Active Allocation Mixed, etc.	RMB 500,000 per trading day	Effective January 13

Market data shows that on January 13, the single-day turnover of the A-share market hit a new high, approaching

, surpassing the previous record of RMB 3.47 trillion set during the "September 24 Rally"[1]. According to Wind data, as of January 12, among the 14,800 products with available data, [2].

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Fund purchase restrictions have had a significant regulatory effect on market capital conditions, mainly reflected in the following aspects:

• The inflow speed of some capital has slowed significantly, avoiding market volatility caused by concentrated capital inflows
• After the Debang Steady Growth Fund saw a single-day net value increase of 8.32% on January 12, strict purchase restrictions were implemented on January 13[3]
• The capital diversion effect is obvious, as investors have begun to pay attention to other high-performing funds without purchase restrictions

According to market data estimates, as of January 13, in 2026, mainly from three channels:

Capital Channel	Scale (in RMB 100 million)	Proportion	Characteristics
Newly Launched Funds	43.52	6.2%	Equity products account for over 70% of the total
Position Building by Recent New Funds	453	64.7%	119 equity funds launched in December 2025
Net Inflow of Listed ETFs	212.42	30.4%	Popular theme ETFs are the main capital attractors
Total	708.94	100%	—

Among them,

, with a total net subscription amount of from January 9 to 13[4].

• In 2025, the scale of ETFs increased by RMB 254.6 billion, reaching
  RMB 6.27 trillion
• China Asset Management (ChinaAMC) has become the first company with ETF management scale exceeding RMB 1 trillion
• The scale of cross-border ETFs exceeded the RMB 1 trillion mark for the first time, reaching RMB 1.0008 trillion[5]

Fund Name	Scale at end of 2025 (in RMB 100 million)	Scale as of January 13, 2026 (in RMB 100 million)	Growth Rate
GF Media ETF	26.43	107.67	+307%
Yongying Satellite ETF	66.6	155.92	+134%
Harvest Software ETF	60.25	101.67	+69%

From January 9 to 13, capital was highly concentrated in popular themes:

• Net subscription amount of GF Media ETF:
  RMB 7.064 billion
• Net subscription amount of Yongying Satellite ETF:
  RMB 4.901 billion
• Net subscription amount of Southern CSI 1000 ETF:
  RMB 4.193 billion

• Avoided the risk of bubbles caused by excessive concentrated capital in the short term
• Provided fund managers with more time for unhurried position building and adjustment
• Helped maintain stable market operation, preventing a "fast bull market" from turning into a "frenzied bull market"

• Tracking errors of some ETF link funds have increased significantly
• For example, on January 13, the Yongying SZSE Commercial Satellite Communication Industry ETF Link Fund fell 1.99% in a single day, a large deviation from the ETF’s 4.5% drop on the same day[4]
• Rapid short-term capital inflows have left funds insufficient time to build positions

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The core purpose of fund purchase restrictions is to

and guide investors to invest rationally. Multiple fund houses stated that some sectors have risen too rapidly in the short term, and the purchase restriction measures are intended to cool overheated sentiment and prevent investors from blindly chasing up and selling down[1].

Behavioral Change	Degree of Impact	Manifestation Characteristics
Increased Risk Awareness	80%	Investors pay more attention to fund risk levels
Enhanced Rational Investment Awareness	75%	Reduced blind chasing of hot sectors
Increased Demand for Diversified Investment	68%	Investors begin to focus on diversified allocation
Increased Willingness for Long-Term Holding	55%	Focus on the long-term performance of funds
Reduced Chasing-Up Behavior	42%	Avoid concentrated entry at high points

Yang Delong, Chief Economist of Qianhai Kaiyuan Fund, pointed out that purchase restrictions can create a sense of tight supply of shares, and the "scarcity effect" will attract more investors to subscribe within the limit[3]. This psychological effect may intensify investors’ pursuit of high-performing funds in the short term, but it will help cultivate rational investment habits in the long run.

Risk assessments of popular funds by different sales platforms have diverged:

• Some platforms have upgraded the risk level of Debang Steady Growth to "High Risk"
• Removed and optimized the position increase ranking function
• The weekly page views of this product exceeded 2.1 million[2]

• Investors have begun to pay more attention to the strategy capacity and investment boundaries of funds
• Emphasize the matching degree between fund managers’ investment styles and the market environment
• Focus on fund scale management and performance stability

• Purchase restrictions have prompted investors to diversify their investments into different products
• Pay attention to diversified options such as index funds and "Fixed Income Plus" products
• Emphasize the rationality of asset allocation

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Industry insiders generally believe that purchase restrictions on high-performing funds are mainly to

in order to maintain the effectiveness of investment strategies[3]. Zhu Runkang, Public Fund Product Manager of PaiPaiWang Wealth, analyzed that:

• High-performing funds continue to receive capital favor, and timely purchase restrictions can prevent the risk of strategy failure caused by surging scale
• Effectively protect the investment returns of existing holders
• Some products are constrained by the capacity limits of specific investment strategies

1. Return Dilution
   : A large influx of capital in the short term will dilute the returns of existing fund holders
2. Increased Operational Difficulty
   : Excessive fund scale leads to higher costs for position adjustment and stock replacement
3. Strategy Failure
   : Some quantitative strategies are highly sensitive to scale
4. Increased Net Value Volatility
   : Forced frequent position adjustments lead to net value fluctuations

Different from the industry’s pursuit of scale expansion in previous bull markets,

[3]. This trend reflects that under the orientation of high-quality development, the fund industry is shifting from scale expansion to prioritizing investor interests.

Recently, hot thematic market trends have mainly concentrated on

and and other directions:

• Since the start of 2026 up to January 13, the return rate of Yongying Information Industry Smart Selection has reached
  35.00%
• Boosted by the listing expectations of domestic large model enterprises
• Institutions predict that AI applications are expected to achieve dual breakthroughs in the C-end and B-end in 2026

• Since the start of 2026, the return rate of Ping An CSI Satellite Industry Index Fund has reached
  18.53%
• Guolian Minsheng Securities predicts that 2026 will be the first year of commercial aerospace industrialization
• A trillion-level blue ocean market has already opened

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Capital Source	Scale Expectation	Driving Factors
Household Deposit Migration	RMB 2-4 trillion	Low interest rate environment, maturity of time deposits
Increased Allocation by Insurance Capital	Continuous Inflow	"Start-of-Year Surge" effect, increased preference for equities
Private Equity Quantitative Capital	High Activity	Trading opportunities brought by thematic rotation
Household Savings Transfer	Marginal Increase	Profit-making effect of funds becomes evident

• Reasonably control scale to maintain strategy effectiveness
• Dynamically adjust purchase restriction policies to optimize capital inflow rhythm
• Strengthen investor education and guide long-term investment

• View purchase restrictions rationally, and do not blindly chase "one-day sold-out funds"
• Focus on the long-term performance and risk control of funds
• Adopt a "barbell strategy" to balance technology and dividend assets
• Emphasize diversification of asset allocation

• Overheated market sentiment may lead to short-term corrections
• Thematic sectors have large volatility
• Be vigilant against the risk of chasing high prices

• The technology market is expected to expand from computing infrastructure to applications
• The first year of commercial aerospace industrialization has begun
• The valuation center of the Hong Kong stock technology sector is expected to move upward

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Concentrated purchase restrictions on equity funds have had a far-reaching impact on A-share market capital conditions and investor behavior:

1. Impact on Capital Conditions
   : Effectively adjusted the rhythm of capital inflows, avoided volatility risks caused by excessive concentrated capital in the short term, and promoted the stable entry of capital and optimized structural allocation.

2. Impact on Investor Behavior
   : Guided investors to shift from chasing short-term returns to focusing on long-term value, enhanced awareness of rational investment, and promoted the maturation of investment behavior.

3. Impact on Industry Development
   : Promoted the transformation of the fund industry from scale expansion to high-quality development, forming a new industry consensus of "protecting the interests of holders".

Looking ahead, with the continuous entry of incremental capital such as household deposit migration and increased allocation by insurance capital, the liquidity of the A-share market is expected to remain abundant. Against the background of regulators advocating "long-term capital entry and a slow bull market pattern", fund purchase restriction measures will help the market develop steadily and achieve sustainable and healthy development.

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[1] Sina Finance - "7 Billion Funds Suddenly Hit by ‘Capital Torrent’, Spring Market and Purchase Restriction Wave Unfold Simultaneously" (https://finance.sina.com.cn/roll/2026-01-13/doc-inhhecrv4900996.shtml)

[2] Securities Times Network - "High-Performing Equity Funds Implement Concentrated ‘Flow Restrictions’" (https://www.stcn.com/article/detail/3593768.html)

[3] Southern Plus - "Purchase Restrictions Right at the Start of the Year? Debang Fund Adjusts Caps Twice in 24 Hours" (https://www.nfnews.com/content/Kyll8XMGyD.html)

[4] Shanghai Securities News - "Over RMB 10 Billion in Capital Enters the Market via ETFs, Off-Fund Popularity Also Rises Significantly" (http://fund.eastmoney.com/news/11794,202601143619353327.html)

[5] Phoenix Net Finance - "Trillion-Yuan ‘Milestone’, Scale Doubled in a Year, ‘Purchase Restrictions’ and ‘Premium’ Become Key Words" (https://finance.ifeng.com/c/8pu357ji70k)