东兴基金：浮动费率改革的机遇与挑战

Core Viewpoint - The launch of the "Beijing Public Fund High-Quality Development Series Activities" aims to promote the transformation of the public fund industry from focusing on scale to emphasizing returns, driven by the new floating fee rate reform [1] Opportunities - The new action plan encourages fund managers to enhance their research and investment capabilities by linking management fees to fund performance, thus redefining the relationship between fund managers and investors [2] - It promotes the establishment of a scientific assessment system focused on long-term investment returns, fostering a culture of long-term value creation for investors [2] - The floating fee structure is particularly beneficial for actively managed equity funds, allowing fund companies to expand their market share in equity investments while improving their research capabilities [2] Challenges - The transition to floating fee funds requires significant system upgrades, which may pose a financial burden for smaller fund companies due to the complexity of the new fee calculation and management processes [3] - Increased competition in the asset management industry is expected as the reform shifts the focus from scale to investment performance, making it essential for firms to consistently generate excess returns to remain viable [3] - There is a pressing need for investor education regarding the complexities of floating fee structures, necessitating fund companies to invest more time and resources in explaining these products to avoid premature redemptions [4]