嘉实基金：与投资者同甘共苦 浮动费率产品 服务公募基金高质量发展

Core Viewpoint - The Chinese Securities Regulatory Commission is focused on enhancing the quality and efficiency of the public fund industry through a series of reforms, including the introduction of a performance-based floating management fee model aimed at addressing industry pain points and reshaping the ecosystem [1][2]. Group 1: Floating Management Fee Model - The floating management fee model, which is based on performance benchmarks, is designed to enhance the active management capabilities of funds and clarify product positioning, investment styles, and expected returns for investors [2][3]. - The first batch of floating fee rate funds launched in June has shown positive performance, with 25 out of 26 funds achieving positive returns since inception, and the top three funds yielding over 30% [2]. Group 2: Investor Benefits - The floating fee mechanism offers two core values for investors: a "shared profit and risk" rule that enhances the sense of investment gain, and a "long-term holding fee discount" that encourages a more mature investment philosophy [2]. - The differentiated fee structure of the new floating fee rate funds allows for tiered charging based on the excess return level of each investment, promoting long-term investment and providing a more intuitive understanding of fees related to performance [2][3]. Group 3: Impact on Fund Management - The floating fee model breaks away from the traditional fixed income model, deeply linking the earnings of fund managers with those of investors, thereby compelling managers to focus on enhancing research and investment capabilities to generate excess returns [3]. - The introduction of floating fee rate products represents a shift from a focus on scale to a focus on returns for fund companies, with the goal of creating a sustainable and positive return experience for investors [3].