券商、资本市场周观察：首批浮动费率基金获注册，按超额收益设置三档费率

Investment Rating - The industry investment rating is maintained as "Increase" for the non-bank financial sector [8]. Core Viewpoints - The first batch of 26 new floating-rate funds has been registered by the CSRC, with management fees set in three tiers based on excess returns during the holding period [4][18]. - A significant trend of fee reductions in public funds is observed, with over 1,000 low-fee funds now available, enhancing investor cost-effectiveness [49]. - The non-bank financial sector, particularly the brokerage segment, is underweight in public fund allocations, presenting a potential reallocation opportunity as funds shift towards benchmark holdings [5][19]. Data Tracking - The average daily trading volume of A-shares is 11,733 billion CNY, down 7.3% week-on-week, but up 58.8% year-on-year [31]. - As of May 23, 2025, the margin balance in A-shares is 18,013 billion CNY, with a financing balance of 17,893 billion CNY, reflecting a year-to-date increase of 20.2% [31]. - In the first four months of 2025, equity financing reached 1,930.2 billion CNY, a year-on-year increase of 47.3% [32]. Industry Dynamics - The public fund industry is experiencing a wave of fee reductions, with major firms like E Fund and Huaxia announcing cuts to management fees, leading to a historical high in low-fee fund offerings [49]. - The approval of the first floating-rate funds is a response to the CSRC's initiative to enhance the quality of public fund development [49]. - The recent passing of the Stablecoin Bill in Hong Kong aims to regulate virtual asset activities and maintain financial stability [49].