分档收取管理费！这类新基金获批，激励基金经理关注超额收益

Core Viewpoint - The approval of the first batch of 26 new floating management fee rate funds by the China Securities Regulatory Commission (CSRC) marks a significant step in the reform of fund fee structures, aiming to enhance the professional investment research capabilities of fund managers and reduce reliance on market beta returns [1][6][7]. Summary by Relevant Sections Fund Approval and Structure - The first batch of 26 new floating management fee rate funds has been officially registered by the CSRC, following their submission on May 16 [3][5]. - These funds are designed with three fee tiers based on performance relative to a benchmark, with rates set at 1.2% (base tier), 1.5% (up tier), and 0.6% (down tier) [3][4]. - The funds include a mix of products, primarily hybrid funds, from 25 public fund companies and one securities asset management company [5][6]. Fee Structure and Performance Metrics - The fee structure is linked to the holding period and performance, with specific conditions for fee adjustments based on annualized excess returns compared to benchmarks [4][6]. - For example, if the annualized excess return exceeds 6%, the fee is set at 1.5%, while a return below -3% results in a fee of 0.6% [4]. Implications for Fund Management - The new fee model aims to align the interests of fund managers and investors, encouraging managers to enhance their investment capabilities and focus on sustainable performance [6][7]. - The reform is expected to shift the industry culture towards emphasizing long-term investment and clear risk-return profiles [6][7]. Future Outlook - The CSRC's recent action plan indicates a commitment to optimizing fee structures for actively managed equity funds, suggesting that more floating fee rate products will be introduced in the future [7][8]. - The market has already seen over 130 floating fee products, and the new structure is anticipated to improve transparency and understanding of fund fee mechanisms for investors [8][9].