Core Viewpoint - The launch of the first floating fee rate fund, Huaxia Rui Xiang Mixed Fund, represents a significant step in the transformation of China's public fund industry from a "scale-driven" model to a "return-oriented" approach, responding to the China Securities Regulatory Commission's initiative for high-quality development in public funds [1][3]. Fund Structure and Fee Mechanism - The Huaxia Rui Xiang Mixed Fund features a fee structure that includes fixed management fees, contingent management fees, and excess management fees, which are determined by the holding period and annualized return of each fund share [3]. - The management fee is set at 1.20% for holdings of less than one year, 1.50% if the annualized return exceeds the benchmark by more than 6 percentage points with positive returns for holdings of one year or more, and 0.60% if the return lags the benchmark by more than 3 percentage points [3]. - This "asymmetric dual incentive" mechanism encourages fund managers to pursue excess returns while alleviating the burden on investors during poor performance, achieving a "shared return, shared risk" model [3]. Market Outlook and Investment Opportunities - The fund manager, Wang Junzheng, emphasizes the solid foundation for asset revaluation in China, particularly with AI at its core, and notes that quality companies are showing greater growth momentum in sectors like automotive, innovative pharmaceuticals, and emerging technologies [4]. - The market has seen a significant recovery in confidence since September 24, 2024, with a focus on long-term investment opportunities in sectors with reasonable valuations and potential for reversal [4]. Industry Response and Future Developments - Multiple sales channels recognize the advantages of the new floating fee rate fund, highlighting its alignment with investor demand for stable returns and the emphasis on long-term investment and excess returns [5]. - Industry insiders view the launch of the Huaxia Rui Xiang Mixed Fund as a reflection of Huaxia Fund's commitment to high-quality development and a significant innovation in the fee structure of public funds, marking a return to investor-centric practices [6]. - The implementation of the action plan is expected to lead to more innovative products, enhancing investor choices and fostering a positive cycle in the capital market [6].
新型浮动费率基金来袭 华夏瑞享混合5月27日开售
Sou Hu Cai Jing·2025-05-27 01:24