南方基金践行信义文化，共筑管理人与投资者共生共荣新生态

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan to promote high-quality development in the public fund industry, emphasizing the importance of prioritizing investor interests and adhering to fiduciary duties [1][2]. Group 1: Floating Fee Rate Mechanism - The floating fee rate mechanism is identified as a key strategy for high-quality development, linking fund managers' fees to investors' actual gains and losses, thus promoting a shared value creation model [2][3]. - This mechanism aims to reform the operational model of funds and optimize the fee structure, moving away from a fixed fee model to one that emphasizes performance-based fees [1][3]. Group 2: Benefits of the Floating Fee Rate Mechanism - The action plan encourages long-term investment by offering lower fees for investors who hold funds for a certain period, thereby reducing irrational trading and enhancing profit experiences [3]. - It promotes a merit-based approach by adjusting fees according to actual performance, thereby enhancing investor satisfaction and aligning with the principle of being investor-centric [3]. - The mechanism also aims to improve the professional investment research capabilities of fund managers by linking fees to excess returns over benchmarks, thus fostering a culture of investment excellence [3]. Group 3: Industry Development and Cost Reduction - The public fund industry in China is undergoing a fee reduction process similar to that seen in overseas markets, with a focus on further lowering costs for investors [4]. - The implementation of the action plan and the floating fee mechanism is seen as a significant step towards establishing a mutually beneficial relationship between fund managers and investors, ensuring sustainable development in the public fund sector [4].