浮动管理费产品，业绩说了算！

Core Viewpoint - The floating fee rate products are gaining market attention, with a focus on the specific fee structures and new features of the Invesco Great Wall Growth Fund [1] Group 1: Performance Benchmark - The performance benchmark for the Invesco Great Wall Growth Fund is designed to include A+H shares and bonds, using a combination of 60% of the China Securities A500 Index return, 20% of the China Securities Hong Kong Stock Connect Composite Index return, and 20% of the China Securities Comprehensive Bond Index return [2] - The A500 Index is representative of core A-share assets, featuring leading companies across various industries, and has a higher concentration in sectors like semiconductors, pharmaceuticals, and machinery compared to the CSI 300 Index, aligning with economic development trends [2][4] - The inclusion of Hong Kong stocks, which are driven by AI narratives and attract significant capital, helps diversify revenue sources and mitigate the impact of single market volatility on net value [4] Group 2: Fee Structure - The new product features a dual floating fee model, where management fees are differentiated based on holding duration and excess returns, allowing for both upward and downward adjustments [5] - For holdings of less than one year, a uniform management fee of 1.2% is charged [6] - For holdings over one year, if the annualized excess return relative to the benchmark is below -3%, a reduced fee of 0.6% is applied; if the return is between -3% and 6%, or positive but below 6%, the fee remains at 1.2%; if the excess return exceeds 6% with positive performance, an additional 0.3% fee is charged on top of the 1.2% [7] Group 3: Investment Strategy - The fund manager, Nong Bingli, focuses on growth-oriented investments, identifying industries with potential for non-linear growth through in-depth research, rather than chasing short-term high-growth opportunities [8] - Recent advancements in AI technology have led Nong Bingli to identify significant growth potential in the AI industry, focusing on sectors such as computing power, hardware, and new consumer segments benefiting from AI [8] - The manager remains optimistic about the evolution and monetization of the AI cycle in domestic companies, anticipating more application scenarios in the second half of the year, while also identifying structural opportunities in military and semiconductor sectors [8]