Investment Rating - The report maintains a recommendation to focus on NVIDIA and its supply chain opportunities, particularly in the server hardware sector [9]. Core Insights - NVIDIA's FY26Q1 revenue reached $44.062 billion, a year-on-year increase of 69.18% and a quarter-on-quarter increase of 12.03%, exceeding guidance expectations [1][16]. - The impact of the H20 export ban was less than anticipated, with a reported $4.5 billion in related costs, which was lower than the company's initial expectations [1][17]. - The data center segment showed strong growth, with revenue of $39 billion, up 73% year-on-year and 10% quarter-on-quarter, driven by demand for AI applications [2][17]. - The company expects a revenue guidance midpoint of $45 billion for FY26Q2, reflecting an anticipated loss of approximately $8 billion in H20 revenue [3][32]. Summary by Sections Financial Performance - FY26Q1 revenue was $44.062 billion, with a non-GAAP gross margin of 61% and a margin of 71.3% after excluding H20-related costs [1][31]. - The company reported a GAAP gross margin of 60.5% and a non-GAAP operating expense growth of 6% due to increased compensation and staffing [31]. Data Center and Product Segments - Data center revenue was $39 billion, with a significant contribution from Blackwell architecture products, which accounted for nearly 70% of data center computing revenue [2][18]. - The gaming and AI PC segment achieved record revenue of $3.8 billion, driven by the Blackwell architecture and new product launches [2][27]. - The automotive and robotics segment reported revenue of $567 million, a 72% year-on-year increase, primarily due to sales of autonomous driving platforms [2][29]. Market Outlook - The Chinese AI chip market is estimated to be around $50 billion, but the H20 export ban has significantly impacted NVIDIA's ability to capitalize on this market [4][34]. - The company anticipates a recovery in gross margins to 75% by the end of the year, driven by improved profitability from Blackwell products [3][32]. Strategic Developments - NVIDIA is expanding its manufacturing capabilities in the U.S., with significant investments in new facilities to support AI infrastructure [34][35]. - The company is exploring options to comply with new export regulations while maintaining its competitive edge in the AI market [34][47].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report combines policy understanding with overseas market experience to propose a methodology for reconstructing the performance comparison benchmarks of active equity funds. It aims to design more suitable benchmarks for different investment - style active equity funds, considering the impact on holders, fund managers, and fund companies, and evaluates the results of the benchmark reconstruction [1][3][61]. 3. Summary According to the Directory 3.1 Performance Comparison Benchmark Selection Rules - **Impact on Stakeholders**: The "Action Plan for Promoting the High - Quality Development of Public Offering Funds" strengthens the role of performance comparison benchmarks. For holders, it affects fund - selection and fee levels; for fund managers, it impacts strategy adaptability, operation boundaries, and compensation; for fund companies, it influences compensation fairness and long - term stability [6][9]. - **Benchmark Selection Rules**: The report proposes three rules: benchmarks should be investable and market - recognized, effectively reflect the fund's Beta, and provide room for active excess returns. It also refers to some standards from overseas literature but adapts them to the domestic situation [3][13]. 3.2 Performance Comparison Benchmark Selection Process - **Index Candidate Pool Construction**: As of Q1 2025, 168 indices were selected into the candidate pool, covering A - shares, Hong Kong stocks, and various index types such as broad - based, SmartBeta, industry, and theme indices, based on investability and market recognition [3][17]. - **Active Equity Fund Pool Construction**: The target is non - pre - defined industry - theme and non - quantitative all - market stock - picking equity funds, with 3474 samples. The report also distinguishes post - hoc track funds and all - market funds [3][21]. - **Performance Comparison Benchmark Adaptability Evaluation**: Six indicators are designed: position overlap, industry deviation, style deviation, market risk consistency, excess return standard deviation, and excess return independence [3][24]. - **Performance Comparison Benchmark Reconstruction Plan**: The industry and style deviations are used as constraints, market risk consistency, excess return standard deviation, and excess return independence are used as optimization goals after appropriate transformation, and position overlap is used as an auxiliary tool to build an optimization model [3][32]. 3.3 Performance Comparison Benchmark Reconstruction Results Display - **Adaptability Evaluation of Reconstructed Benchmarks**: In the preferred pool, the number of funds with single - index, double - index, and triple - index benchmarks increases. Most funds show good performance in the six adaptability indicators [35][36][40]. - **Fund Return Performance Relative to the New Benchmark**: From 2022/6/30 - 2025/5/18, the excess return of funds in the preferred pool slightly increased after benchmark reconstruction. The annual excess return is more stable, and the fund returns are closer to the benchmark returns [50]. - **Display of Some Fund Samples after Benchmark Reconstruction**: The new benchmarks cover a wider range of indices and reflect more specific risk characteristics compared to the old benchmarks [55]. 3.4 Summary and Outlook The report provides a complete methodology for reconstructing performance comparison benchmarks for active equity funds. The reconstruction results are positive, but the model needs adjustment according to future regulatory details and practical factors [59][61][62].

Group 1 - The report focuses on the performance of actively managed equity funds in relation to their performance benchmarks, highlighting a significant underperformance with an average excess return of -7.17% over the past three years, and 48% of funds lagging their benchmarks by more than 10 percentage points [4][12][15] - A strong correlation exists between most funds and their benchmarks, with over 80% of funds having a correlation coefficient above 0.7, indicating a high degree of alignment in performance [4][20][22] - The report identifies 35 funds with a correlation coefficient below 0.1, suggesting a significant mismatch between the funds' investment strategies and their chosen benchmarks, often using fixed deposit rates as benchmarks [4][24][23] Group 2 - The report analyzes the difficulty of enhancing performance benchmarks for actively managed equity funds, utilizing a multi-factor and portfolio optimization model to assess various indices [25][36] - The results indicate that broad market indices like CSI 500 and CSI 1000 are easier to enhance for excess returns, while sector-specific indices show limited enhancement potential [4][36][38] - A comprehensive list of 19 stock selection factors is provided, covering various dimensions such as valuation, quality, growth, and momentum, which are used to construct enhanced portfolios [25][26][30]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for the sector's fundamentals and expected performance exceeding benchmark indices [4]. Core Insights - The company reported a significant reduction in losses for Q1 2025, with a GAAP net loss of -0.18 billion yuan, down from -1.07 billion yuan in Q1 2024, reflecting improved operational efficiency and cost control [1][30]. - Revenue for Q1 2025 reached 5.25 billion yuan, representing a year-over-year increase of 46.27%, aligning with the company's guidance [1][29]. - The company achieved a Non-GAAP net profit of 0.09 billion yuan, marking its second consecutive quarter of profitability [1]. - The gross margin for Q1 2025 was reported at 41.74%, an increase of 2.97 percentage points year-over-year, attributed to strict operational discipline [1][30]. Revenue and Profitability Outlook - For Q2 2025, the company expects revenue to be in the range of 6.8 billion to 7.2 billion yuan, reflecting a year-over-year growth of 48% to 57% [1][33]. - The full-year revenue guidance for 2025 remains at 30 billion to 35 billion yuan, with a GAAP net profit forecast of 2 billion to 3.5 billion yuan [1][31]. - The company anticipates maintaining a gross margin of around 40% for the year [1][31]. Laser Radar Delivery and Market Expansion - In Q1 2025, the total delivery of laser radars reached 195,800 units, a year-over-year increase of 231.33%, with strong growth in the ADAS and robotics sectors [2][29]. - The company delivered 146,100 units in the ADAS sector and 49,700 units in the robotics sector during the same period [2]. - For Q2 2025, the company projects total deliveries to exceed 300,000 units, with ATX products expected to account for 50% to 60% of total deliveries [2][33]. Strategic Partnerships and Product Development - The company has established partnerships with major domestic and international automotive manufacturers, enhancing its market presence [3][23]. - New product launches include the AT1440, ETX, and FTX laser radar products, aimed at L2-L4 scenarios, with positive feedback from OEMs [3][39]. - The company is also expanding its JT series products, with a strategic agreement to supply 300,000 units to a leading robotics manufacturer over the next 12 months [28]. Supply Chain and Production Capacity - The company plans to enhance its supply chain resilience through new production lines and an overseas factory in Southeast Asia, expected to be operational by late 2026 or early 2027 [8][35]. - The projected capital expenditure for 2025 is between 30 million to 50 million USD, with an annual production capacity expected to reach 2 million units by the end of the year [8][35]. Market Position and Competitive Landscape - The company holds a leading position in the global LiDAR market, with a 33% share in the automotive LiDAR market and a 61% share in the Robotaxi LiDAR market [23][28]. - The shift from traditional mechanical radars to more cost-effective ADAS LiDAR solutions is expected to drive revenue growth in the Robotaxi sector [45][46].

1. Report Industry Investment Rating The report does not mention the industry investment rating. 2. Core View of the Report The report anticipates that the convertible bond market will generally trend upward in the future. The equity market is expected to strengthen with fluctuations, and since May, the implementation of counter - cyclical financial policies and the easing of Sino - US tariff frictions have boosted market risk appetite, supporting the convertible bond market. In terms of supply and demand, the recent supply of convertible bonds is limited, while the demand remains strong in a low - interest - rate environment. Regarding valuation, the current valuation of convertible bonds is below the historical median since 2021, offering relative value and limited motivation for active valuation compression [1][2][4]. 3. Summary According to the Directory 3.1 Convertible Bond Overview - **Basic Concepts and Terms**: Convertible bonds are special corporate bonds that can be converted into common stocks. Their issuance terms include basic elements, conversion terms, pure - bond terms, and additional terms. Key basic elements to focus on are the underlying stock information, issuance scale, and credit rating. Since 2020, most newly - issued convertible bonds have been small - scale and medium - to - low - rated. The conversion terms determine the conversion value, the pure - bond terms determine the pure - bond value, and the additional terms include call, put, and downward - adjustment clauses [1][8][10]. - **Characteristics**: Convertible bonds combine equity and bond features, resulting in a unique asymmetric price pattern. The pure - bond value limits the downside risk, while the equity feature provides upward potential as the underlying stock price rises [1][25]. 3.2 Convertible Bond Market Overview - **Historical Evolution and Current Status**: The Chinese convertible bond market originated in 1992 with the issuance of "Ba'an Convertible Bond" but remained small until 2017. After 2017, due to tightened private placements and rising credit - bond default risks, the market expanded rapidly. As of May 14, 2025, there are 495 convertible bonds with a total outstanding balance of 687.186 billion yuan [1][26][30]. - **Issuance, Listing, and Exit**: The issuance and listing process involves multiple steps, with an average cycle of about one year. Most convertible bonds are redeemed and converted into stocks upon exit [1][46][49]. - **Supply and Demand**: Since 2024, the supply of convertible bonds has contracted, with negative net financing. It is estimated that there will be about 120.8 billion yuan of new supply in the next year. The main institutional investors are funds, enterprise annuities, and insurance institutions. Although investors' holdings have slightly decreased this year, demand remains strong compared to the supply decline. Among them, public funds are more active, preferring large - scale and high - rated convertible bonds, mainly in the banking, power equipment, and non - ferrous metals industries [1][51][59]. - **Secondary - Market Performance**: Since September 2024, convertible bond prices have been rising, and as of May 14, 2025, they have outperformed both the equity and bond markets. Valuation is below the historical median since 2021. Trading has been active, with increasing monthly turnover and rising turnover rates. The risk - return profile of convertible bonds lies between pure bonds and equities [2][83][89]. 3.3 Driving Factors of Convertible Bond Prices The rise in the underlying stock price is the key driver of convertible bond price increases, but its impact varies depending on the bond's equity and bond characteristics. For equity - biased convertible bonds, the underlying stock price and conversion premium rate are important determinants, with the underlying stock price being the core variable. For bond - biased convertible bonds, the bond floor provides strong support, and price increases come from significant rises in the underlying stock price and clause - related games [3][93][96]. 3.4 Outlook for Convertible Bonds The report expects the convertible bond market to trend upward. The equity market is expected to strengthen with fluctuations, and the supply - demand imbalance and relatively low valuation will support the market's upward movement [4][99].

Investment Rating - The report maintains a recommendation to focus on NVIDIA and its supply chain, highlighting investment opportunities in server hardware components and domestic GPU/CPU manufacturers [4][9]. Core Insights - NVIDIA's FY26Q1 revenue reached $44.062 billion, a year-over-year increase of 69.18% and a quarter-over-quarter increase of 12.03%, exceeding guidance expectations [1][16]. - The impact of the H20 export ban was less severe than anticipated, with a reported $4.5 billion in related costs, which was lower than the company's initial expectations [1][17]. - The data center segment showed strong growth, with revenue of $39 billion, up 73% year-over-year and 10% quarter-over-quarter, driven by demand for AI applications [2][17]. - The company expects a revenue guidance midpoint of $45 billion for FY26Q2, reflecting an anticipated loss of approximately $8 billion in H20 revenue [3][32]. Summary by Sections Financial Performance - FY26Q1 revenue was $44.062 billion, with a non-GAAP gross margin of 61% and a margin of 71.3% after excluding H20-related costs [1][31]. - The company reported a 6% increase in non-GAAP operating expenses due to rising compensation and employee numbers [1][31]. Data Center and AI Growth - Data center revenue was $39 billion, with a significant contribution from Blackwell architecture products, which accounted for nearly 70% of data center computing revenue [2][18]. - The demand for AI applications, particularly in large language models and generative AI, is driving the growth of NVIDIA's data center segment [2][20]. Market Outlook - The Chinese AI chip market is estimated to be around $50 billion, but the H20 export ban has significantly impacted NVIDIA's ability to capitalize on this market [4][34]. - The company anticipates a recovery in gross margins to 75% by the end of the year, driven by improved profitability from Blackwell products [3][32]. Product Developments - The GB300 system is expected to begin shipping to commercial customers later this quarter, featuring enhancements over the previous GB200 architecture [2][19]. - NVIDIA's new AI models and infrastructure are being adopted across various industries, indicating a robust demand for AI-driven solutions [22][23]. Strategic Initiatives - NVIDIA is investing heavily in domestic manufacturing capabilities, including partnerships with TSMC and Foxconn to build advanced semiconductor facilities in the U.S. [34][35]. - The company is also focusing on expanding its AI infrastructure globally, with numerous AI factories under construction [22][46].

Investment Rating - The report gives a "Strong Buy" investment rating for the company [3]. Core Viewpoints - The company is a leading provider of digital transformation services with a comprehensive stack of capabilities, including consulting, R&D, delivery, integration, operation, decision-making, and service [12][8]. - The company has a significant market share in the telecom BOSS software market, holding 35.5% domestically and ranking second globally [8]. - The AI large model delivery business is gaining momentum, with over 30 signed orders for 2024, showcasing the company's ability to leverage AI in high-value scenarios [8]. - The company is focusing on enhancing its digital operation capabilities, which have shown significant growth in various sectors, including automotive, consumer, and finance [8]. - The company aims to strengthen its AI capabilities to address fluctuations in BSS business and expand its OSS market share, with a positive outlook for future growth [8]. Financial Data and Valuation - The projected total revenue for 2023 is 7,913 million, with a year-on-year growth of 2% [2]. - The expected net profit for 2025 is 4,530 million, with a corresponding PE ratio of 17.5 [2][8]. - The company’s total market capitalization is approximately 8.6 billion HKD, with a current share price of 9.19 HKD [3]. Business Overview - The company operates in various sectors, including telecommunications, government, finance, energy, and transportation, providing end-to-end digital transformation services [12][13]. - The BSS business accounts for 60.9% of the revenue, while OSS and digital operation businesses contribute 12.3% and 16.6%, respectively [13]. - The company has a strong focus on vertical industry digitalization, particularly in finance, energy, and transportation [13][14]. Historical Development - The company has evolved from a telecom software leader to a digital transformation pioneer since its establishment in 1993 [23]. - Significant milestones include its listing on the Hong Kong Stock Exchange in 2018 and the acquisition of iResearch Consulting in 2022, enhancing its digital capabilities [24][23]. Governance Structure - The company has a stable and concentrated shareholding structure, with AsiaInfo Security becoming the largest shareholder, holding approximately 29.92% of the shares [25]. - The company emphasizes shareholder returns, with a high dividend payout ratio, reaching 158.28% in 2023 [26].

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report The report presents a comprehensive analysis of China's economic situation through various high - frequency indicators, showing a mixed picture of economic trends with some sectors declining and others recovering [1][2][3]. 3. Summary by Relevant Catalogs 3.1 Weekly Economic Index - The China Weekly Economic Index (WEI) remained flat at 5.0%. The WEI production sub - index was 4.6%, down 0.1 percentage points from the previous value, and the WEI demand sub - index was 5.7%, unchanged from the previous value. The supply - demand gap was 1.2%, up 0.2 percentage points from the previous value [1]. 3.2 Production - The 4 - week moving average year - on - year of rebar production was - 1.2%, down 1.1 percentage points from the previous value. The blast furnace operating rate was 83.7%, down 0.4 percentage points. The automobile semi - steel tire operating rate was 78.2%, down 0.1 percentage points. The 4 - week moving average year - on - year of the average daily coal consumption of major coastal power plants was 1.4%, up 0.5 percentage points [1]. 3.3 Infrastructure - The cement shipping rate was 40.5%, down 1.0 percentage point from the previous value. The cement mill operating rate was 41.8%, down 0.2 percentage points. The petroleum asphalt plant operating rate was 30.8%, down 3.6 percentage points [1]. 3.4 Real Estate - The 4 - week moving average year - on - year of the commercial housing sales area in 30 large and medium - sized cities was - 0.8%, up 5.1 percentage points from the previous value. The 4 - week moving average year - on - year of the land acquisition area of 100 large - and medium - sized cities was - 5.5%, down 4.9 percentage points from the previous value [2]. 3.5 Consumption - The year - on - year of the average daily retail sales of passenger cars was 14.0%, down 16.0 percentage points from the previous value. The 4 - week moving average year - on - year of movie box office was - 47.2%, down 3.8 percentage points. The 4 - week moving average year - on - year of the subway passenger volume in Beijing, Shanghai, Guangzhou, and Shenzhen was 1.8%, down 1.2 percentage points [2]. 3.6 Export - South Korea's export year - on - year in mid - May was 20.3%, up 44.1 percentage points from the previous period. The 4 - week moving average year - on - year of the Shanghai Export Container Freight Index (SCFI) was - 40.4%, down 2.4 percentage points from the previous value. The 4 - week moving average year - on - year of the Baltic Dry Index (BDI) remained unchanged [2]. 3.7 CPI - The 4 - week moving average year - on - year of the agricultural product wholesale price 200 index was - 3.3%, down 0.4 percentage points from the previous value. The 4 - week moving average year - on - year of the average wholesale price of pork was 1.4%, down 0.5 percentage points. The 4 - week moving average year - on - year of the average wholesale price of 28 key monitored vegetables was - 9.0%, down 1.2 percentage points [3]. 3.8 PPI - The 4 - week moving average year - on - year of the Nanhua Composite Index was - 10.7%, down 1.2 percentage points from the previous value. The 4 - week moving average year - on - year of the Brent crude oil spot price was - 22.6%, up 1.1 percentage points. The 4 - week moving average year - on - year of the rebar price was - 13.3%, down 0.6 percentage points. The 4 - week moving average year - on - year of the Qinhuangdao Port steam coal closing price was - 26.2%, down 2.7 percentage points. The 4 - week moving average year - on - year of the cement price index was 12.0%, down 2.5 percentage points [3].

Investment Rating - The report maintains a rating of "Add" for the company [3]. Core Views - The company is experiencing new growth momentum through international expansion and the development of new energy sectors [1]. - The revenue growth is primarily driven by mergers and acquisitions, with a notable increase in automotive parts business [7]. - The air conditioning blade business shows steady growth, supported by strong partnerships with major domestic and international brands [7]. - The automotive parts segment is rapidly expanding, with significant contributions from new energy vehicle components and international operations [7]. - The company is expected to achieve revenues of 32.57 billion, 34.80 billion, and 37.18 billion yuan for the years 2025 to 2027, with corresponding net profits of 800 million, 1.05 billion, and 1.12 billion yuan [7]. Financial Data and Valuation - Total revenue for 2023 is reported at 2,267 million yuan, with projections of 2,697 million yuan for 2024 and 3,257 million yuan for 2025, reflecting a year-on-year growth of 8%, 19%, and 21% respectively [2][14]. - The company's net profit for 2023 is 35 million yuan, expected to rise to 54 million yuan in 2024 and 80 million yuan in 2025, indicating a year-on-year growth of -17%, 54%, and 48% respectively [2][14]. - The price-to-earnings (PE) ratio is projected to decrease from 118.6 in 2023 to 52.0 in 2025, and further to 39.9 in 2026 [2][15]. Key Financial Metrics - The company’s return on equity (ROE) is expected to improve from 3.0% in 2023 to 6.3% in 2025 [15]. - The debt-to-asset ratio is projected to increase from 53.2% in 2023 to 66.0% in 2025, indicating a rising leverage [15]. - The company’s earnings per share (EPS) is expected to grow from 0.05 yuan in 2023 to 0.11 yuan in 2025 [15].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The first batch of floating - management - fee funds in 2025 focuses on investors' returns, encourages long - term holding, strengthens the binding mechanism between fund companies, fund managers and investors, protects investors' interests, emphasizes the role of performance benchmarks, and promotes a shift from β to α in product evaluation and screening logic [1][5]. - These funds' non - symmetric floating mechanism and comprehensive consideration of absolute and relative returns have positive impacts on the market, such as promoting long - term investment and stable investment behavior of fund managers [5]. 3. Summary According to the Table of Contents 3.1 2025 First Batch of Floating - Management - Fee Funds' Management Fee Mode 3.1.1 Product Introduction and Mechanism Analysis - On May 7, 2025, the CSRC issued the "Action Plan for Promoting the High - Quality Development of Public Funds", promoting the transformation from focusing on scale to focusing on investors' returns and establishing a floating - management - fee collection mechanism [8]. - After the release of the plan, 26 floating - management - fee funds were collectively declared on May 16, 2025, and approved on May 23. Most of them are hybrid funds, and the managers cover a wide range [9]. - The first - batch products are mainly active equity funds, with no holding period or fixed - opening period, and relatively complex performance comparison benchmarks [10]. - The management fee collection mode is the same for all products. It includes fixed, contingent, and excess management fees. The annual management fee is calculated at 1.2% (fixed 0.6%+contingent 0.6%) daily [14]. - The management fee varies according to investors' holding period and return rate. For those holding less than one year, the annual management fee is 1.2%. For those holding for one year or more, if the annualized return lags behind the benchmark by 3%, the management fee is 0.6%; if it outperforms the benchmark by 6% and has a positive return, the management fee is 1.5%; otherwise, it is 1.2% [15]. 3.1.2 Effect Calculation of the Fee Mode - By simulating the management fee rates of active stock - hybrid funds with the CSI 300 as the main benchmark from 2010 - 2025, it is found that the management fee rate distribution is significantly differentiated [18]. - In years when it is difficult to obtain excess returns, the proportion of low - grade fees is high; in years when both absolute and excess returns are good, the proportion of high - grade fees is high [19]. 3.2 Differences from Existing Floating - Management - Fee Fund Modes 3.2.1 Products with Management Fees Graded According to Investors' Holding - Period Returns - As of the end of the first quarter of 2025, there are two such products, Anxin Value Selection and Xinhua Steady Return, with a total scale of 16.79 billion yuan. They have no holding period and their management fees are graded based on absolute returns [27][28]. - The estimated actual management fees of the two funds are different. Anxin Value Selection's management fee fluctuates between 1% - 1.8%, while Xinhua Steady Return's is basically stable at 1% [31]. - The existing products only focus on absolute returns and have a performance - incentive - oriented floating mechanism with some fees still linked to performance. The 2025 first - batch products consider both absolute and relative returns, with "incentive" and "punishment" mechanisms and fixed - grade fees [34][35]. 3.2.2 Pilot Floating - Management - Fee Products from 2019 - 2020 - In 2019 - 2020, 10 pilot floating - management - fee products were issued, all of which are partial - stock hybrid funds with a holding period of 1 - 3 years. They adopt the "fixed management fee+performance reward" model [36][37]. - The estimated management fees of these products are relatively differentiated. The management fees are affected by investors' holding time and redemption points [41]. - Compared with the 2025 first - batch products, the 2019 - 2020 pilot products have a mandatory holding period, a different management fee calculation method, a single - incentive mechanism without a "punishment" mechanism, and only focus on absolute returns [48]. 3.2.3 Pilot Floating - Management - Fee Products Linked to Performance in 2023 - In 2023, 8 pilot floating - management - fee products linked to performance were issued, all of which are partial - stock hybrid funds with a three - year fixed - opening cycle [49][50]. - Their management fees are composed of a basic management fee and performance rewards, which are calculated based on the absolute and excess returns during the closed - operation period [52]. - Compared with the 2025 first - batch products, the 2023 pilot products have a fixed - opening cycle, a different management fee calculation and accounting period, a lower basic fee, a different fee structure, and a different focus on performance evaluation [54][57]. 3.2.4 Floating - Management - Fee Products Linked to Holding Period - As of the end of March 2025, there are 9 such products, all of which are partial - stock hybrid funds. Their scale has been decreasing since their establishment, and the floating - fee mechanism has limited attractiveness to investors [57][58]. - The management fees of these products are graded according to the holding period. The average capital retention rate is relatively low, and most funds still mainly consist of A1 shares (holding period less than one year) [61][63]. - The 2025 first - batch products integrate the holding - period - linked mechanism to some extent and are more concerned about the performance over one year, encouraging long - term investment [68]. 3.3 Impact and Significance on the Market - Encourage investors to hold for the long term: The products have no holding period, and the fee - optimization mechanism guides long - term investment [69]. - Strengthen the binding mechanism between fund companies, fund managers and investors: Management fees are linked to investors' holding - period returns, deepening the binding degree [69]. - Protect investors' interests and focus on actual return experience: The management fee is determined by the holding period of a single share, and the asymmetric fee structure protects investors' interests [69]. - Emphasize the excess return performance relative to the benchmark: The benchmark setting needs to be more cautious, promoting the transformation of product evaluation and screening logic from β to α [69][70]. - Focus on the stability of fund managers' investment behavior: The management fee is determined by the long - term, rolling, and continuous assessment of fund performance, encouraging stable investment behavior [70].