浮动管理费率基金再扩容，中银品质新兴混合重磅上新

Core Viewpoint - The launch of the "Action Plan for Promoting the High-Quality Development of Public Funds" marks a significant reform in the fund industry, particularly with the introduction of floating fee rate products, which are expected to enhance investor engagement and align interests between fund managers and investors [1][2]. Fund Industry Reform - The China Securities Regulatory Commission (CSRC) issued the action plan on May 7, 2025, which establishes a floating management fee mechanism linked to fund performance, aiming to optimize the fee structure of actively managed equity funds and promote cost reduction in the public fund sector [1][2]. - The floating management fee structure allows for varying fees based on the investor's holding period and performance, with higher fees for better performance and lower fees for underperformance [1][2]. Product Details - The newly launched Zhongyin Quality Emerging Mixed Securities Investment Fund features a tiered management fee structure that includes fixed management fees, contingent management fees, and excess management fees, depending on the investor's holding duration and investment results [1][2]. - If the holding period is less than one year, a management fee of 1.2% is charged; for longer holding periods, the fee adjusts based on performance, with a maximum of 1.5% for annualized excess returns above 6% and a minimum of 0.6% for returns below -3% [2]. Performance Benchmarks - The performance benchmarks for Zhongyin Quality Emerging are aligned with industry trends, incorporating the CSI 300 Index, Hang Seng Index, China Bond Composite Index, and bank demand deposit rates, reflecting a comprehensive view of market performance [2]. Fund Management - The fund is managed by Li Sijia, who emphasizes large-cap growth and balanced sector allocation, utilizing a combination of top-down and bottom-up investment strategies to select leading companies with high barriers to entry and market potential [3]. - Li Sijia has demonstrated strong historical performance, with the Zhongyin Strategic Emerging Industries Fund achieving a 43.92% return over the past year, significantly outperforming its benchmark [3]. Market Outlook - The outlook for the market is positive, with a new capital expenditure cycle in A-shares and a focus on technology growth as a key driver for expansion, particularly in AI and cyclical commodity pricing [4].