嘉实基金：以投资者为本 深度布局浮动费率产品

Core Viewpoint - The launch and promotion of new floating fee rate products in the public fund industry represent a significant innovation in fee structures, embodying the core value of "investor-centric" and driving high-quality development in the industry [1][2]. Group 1: New Floating Fee Rate Products - The new floating fee rate products initiated by 26 institutions, including Harvest Fund, mark an important step towards a performance-based management fee model, optimizing fund operation [2]. - These products feature a tiered management fee structure of 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment), linking management fees directly to investors' actual returns [2]. - The mechanism ensures that fund managers can only earn higher fees if investors achieve returns exceeding market benchmarks, thereby tightly aligning the interests of fund managers and investors [2][3]. Group 2: Impact on the Fund Industry - The introduction of floating fee rate products reshapes the public fund industry ecosystem, breaking the traditional fixed fee model and dynamically matching management costs with investment returns [3]. - This model encourages fund companies to focus on building robust research and investment systems, talent development, and risk control, enhancing their competitive edge [3]. - The shift from a "scale-driven" to a "trust-driven" and "capability-driven" development paradigm is a critical step towards creating sustainable and widely recognized "new value" in the industry [3][4]. Group 3: Future Outlook - The company plans to further leverage its platform-based, team-oriented, and integrated multi-strategy research and investment capabilities to systematically reshape product design, investment management, and client service logic [4]. - The maturation and popularization of these products are expected to foster a more resilient, responsible, and valuable public fund industry ecosystem [4].