兴证全球合熙基金发行：创新浮动费率，共启A股+港股投资新篇章

Core Viewpoint - The launch of Xingzheng Global Heqi Mixed Fund emphasizes a new floating management fee model that deeply binds fees to performance, encouraging long-term holding and aiming for a win-win situation for both managers and investors [1][2] Summary by Sections Floating Fee Mechanism - The fund introduces a floating fee structure where management fees are linked to holding time and performance, with specific rates based on the annualized excess return relative to a benchmark [2] - For holding periods under 365 days, a fee of 1.20% per annum is charged; for periods of 365 days or more, fees vary based on performance, with a maximum of 1.50% for excess returns over 6% and a minimum of 0.60% for returns at or below -3% [2] Fund Management and Strategy - The fund will be managed by Chen Cong, who has 14 years of experience and a strong track record in managing mixed funds, particularly in A-shares and Hong Kong stocks [3] - The fund's investment strategy allows for 0-50% allocation in Hong Kong stocks, with a benchmark comprising 60% A-share index and 20% Hong Kong index [3] Industry Insights and Future Outlook - Chen Cong highlights the distinct advantages of A-shares and Hong Kong stocks, noting the strengths in technology hardware and manufacturing in A-shares, while Hong Kong offers more internet and innovative pharmaceutical assets [4] - The company expresses confidence in the long-term value of A-shares and H-shares, despite current economic conditions being at a low point in a long cycle [4] Company Performance and Research Capabilities - Xingzheng Global Fund has received multiple awards for its management capabilities, ranking 6th out of 64 in stock investment management over the past decade, with a return of 83.25% [4] - The company emphasizes the importance of research depth, with over 41% of its team dedicated to investment research, and has established a robust communication mechanism among research personnel [5] Research Team Structure - The research team is organized into five groups focusing on TMT, cyclical industries, consumer goods, new energy, and machinery/military, led by experienced analysts or fund manager assistants [5] - The company aims to enhance its research capabilities through continuous training and by forming cross-industry teams to quickly respond to valuable investment trends [5]