13只浮动费率基金已成立：合计募资126亿 易方达、东方红规模榜

Core Insights - The first batch of floating fee rate funds has been launched, with a total of 13 funds raising a combined amount of 12.696 billion RMB, averaging 977 million RMB per fund, indicating initial market acceptance of this fee structure reform [1][2]. Fund Performance - The top-performing funds in terms of scale include E Fund's Growth Progress with 1.703 billion RMB and 47,301 subscriptions, followed closely by Oriental Red Core Value at 1.991 billion RMB with 14,585 subscriptions [2][3]. - The lowest performing fund was Bosera's Zhuo Rui Growth, which raised only 259 million RMB, reflecting limited investor appeal amid a crowded issuance environment [2]. Subscription Dynamics - Subscription numbers varied significantly among the funds, highlighting different customer structures and sales strategies. E Fund's Growth Progress not only led in scale but also had a high subscription count of 47,301, with an average subscription amount of only 36,000 RMB, indicating strong retail investor engagement [3]. - Other funds like Ping An Value Enjoyment and Huaxia Rui Xiang Return also had over 10,000 subscriptions, showcasing a solid retail base [3]. - In contrast, Bosera's Zhuo Rui Growth and Manulife's Smart Navigation had lower subscription counts, with 1,946 and 5,237 respectively, indicating a less broad appeal [3]. Industry Implications - The launch of floating fee rate funds marks not only product innovation but also a potential restructuring of the industry ecosystem, shifting from a "scale-first" approach to a model centered on "investor returns" [3].