首批浮动管理费基金获批，天弘基金率先布局

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the first batch of floating management fee products linked to performance, including Tianhong Fund's Tianhong Quality Value Mixed Securities Investment Fund, aiming to address the issue of "funds making money while investors do not" [1][2]. Group 1: Floating Management Fee Mechanism - The newly approved Tianhong Quality Value Mixed Fund is the industry's first fund with a "stepped floating management fee rate" linked to both holding period and fund performance, allowing management fees to decrease from a maximum of 1.5% per year to 0.6% per year [2]. - The CSRC's "High-Quality Development Action Plan" mandates that at least 60% of newly issued active equity funds by leading institutions must adopt floating fee rate products within a year [1][3]. Group 2: Fund Characteristics and Strategy - The Tianhong Quality Value Mixed Fund targets a performance benchmark of 60% of the CSI 300 Index return, 20% of the CSI Hong Kong Stock Connect Composite Index return (adjusted for exchange rates), and 20% of the China Bond Composite Index return, allowing investments in high-quality A-shares and Hong Kong stocks [2]. - The fund's investment strategy focuses on a quality value investment system that integrates cash flow research with AI quantitative technology, aiming for a balanced portfolio of high-quality assets with strong business models and competitive advantages [2]. Group 3: Management and Industry Position - The fund's proposed manager, Jia Teng, is an experienced balanced fund manager known for constructing diversified and balanced investment portfolios across various sectors [3]. - Tianhong Fund, managing over 1.2 trillion yuan, has been enhancing its investor-centric research and product matrix, significantly reducing management fees across its active equity funds to a range of 1.0% to 1.2%, reflecting a 16 basis points decrease from initial levels since the start of the public fund fee reform in 2023 [3].