景顺长城新兴成长近三年跌23%收近14亿管理费，刘彦春一季度规模缩水17亿元，或面临浮动费改大考

Core Viewpoint - The China Securities Regulatory Commission (CSRC) aims to address the issue of high management fees in public funds despite poor performance through a floating management fee mechanism, highlighting the industry's pain points [1] Group 1: Fund Performance and Management Fees - The fund "Guangfa High-end Manufacturing A" has the lowest three-year return at -53.01% but has collected management fees totaling 456 million yuan over the past three years [3] - "China Europe Medical Health A," with a scale of 31.179 billion yuan, has seen a decline of 32.55% in three-year performance while collecting 2.2 billion yuan in management fees [3] - Other large funds like "Jingshun Longcheng Emerging Growth A" and "Ruiyuan Growth Value A" also exhibit a pattern of larger scale, greater losses, and higher fees [3] Group 2: Fund Manager Performance - Fund manager Liu Yanchun has a three-year return index of -24.44%, significantly underperforming the CSI 300 index, with total managed assets of 41.020 billion yuan as of Q1 2024 [4] - Despite poor performance, Liu remains optimistic about future economic conditions and potential policy adjustments that could benefit the market [13] Group 3: Industry Trends and Future Outlook - The implementation of the floating management fee reform is expected to shift the focus of fund companies from merely pursuing scale to emphasizing investment returns, marking a significant industry transition [13] - The public fund industry may see a trend where stronger firms thrive while smaller institutions face accelerated elimination, making investment research capabilities and risk control systems increasingly critical [13]