2025年首批浮动管理费基金特征分析及与以前批次比较

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The first batch of floating - management - fee funds in 2025 focuses on investors' returns, encourages long - term holding, strengthens the binding mechanism between fund companies, fund managers and investors, protects investors' interests, emphasizes the role of performance benchmarks, and promotes a shift from β to α in product evaluation and screening logic [1][5]. - These funds' non - symmetric floating mechanism and comprehensive consideration of absolute and relative returns have positive impacts on the market, such as promoting long - term investment and stable investment behavior of fund managers [5]. 3. Summary According to the Table of Contents 3.1 2025 First Batch of Floating - Management - Fee Funds' Management Fee Mode 3.1.1 Product Introduction and Mechanism Analysis - On May 7, 2025, the CSRC issued the "Action Plan for Promoting the High - Quality Development of Public Funds", promoting the transformation from focusing on scale to focusing on investors' returns and establishing a floating - management - fee collection mechanism [8]. - After the release of the plan, 26 floating - management - fee funds were collectively declared on May 16, 2025, and approved on May 23. Most of them are hybrid funds, and the managers cover a wide range [9]. - The first - batch products are mainly active equity funds, with no holding period or fixed - opening period, and relatively complex performance comparison benchmarks [10]. - The management fee collection mode is the same for all products. It includes fixed, contingent, and excess management fees. The annual management fee is calculated at 1.2% (fixed 0.6%+contingent 0.6%) daily [14]. - The management fee varies according to investors' holding period and return rate. For those holding less than one year, the annual management fee is 1.2%. For those holding for one year or more, if the annualized return lags behind the benchmark by 3%, the management fee is 0.6%; if it outperforms the benchmark by 6% and has a positive return, the management fee is 1.5%; otherwise, it is 1.2% [15]. 3.1.2 Effect Calculation of the Fee Mode - By simulating the management fee rates of active stock - hybrid funds with the CSI 300 as the main benchmark from 2010 - 2025, it is found that the management fee rate distribution is significantly differentiated [18]. - In years when it is difficult to obtain excess returns, the proportion of low - grade fees is high; in years when both absolute and excess returns are good, the proportion of high - grade fees is high [19]. 3.2 Differences from Existing Floating - Management - Fee Fund Modes 3.2.1 Products with Management Fees Graded According to Investors' Holding - Period Returns - As of the end of the first quarter of 2025, there are two such products, Anxin Value Selection and Xinhua Steady Return, with a total scale of 16.79 billion yuan. They have no holding period and their management fees are graded based on absolute returns [27][28]. - The estimated actual management fees of the two funds are different. Anxin Value Selection's management fee fluctuates between 1% - 1.8%, while Xinhua Steady Return's is basically stable at 1% [31]. - The existing products only focus on absolute returns and have a performance - incentive - oriented floating mechanism with some fees still linked to performance. The 2025 first - batch products consider both absolute and relative returns, with "incentive" and "punishment" mechanisms and fixed - grade fees [34][35]. 3.2.2 Pilot Floating - Management - Fee Products from 2019 - 2020 - In 2019 - 2020, 10 pilot floating - management - fee products were issued, all of which are partial - stock hybrid funds with a holding period of 1 - 3 years. They adopt the "fixed management fee+performance reward" model [36][37]. - The estimated management fees of these products are relatively differentiated. The management fees are affected by investors' holding time and redemption points [41]. - Compared with the 2025 first - batch products, the 2019 - 2020 pilot products have a mandatory holding period, a different management fee calculation method, a single - incentive mechanism without a "punishment" mechanism, and only focus on absolute returns [48]. 3.2.3 Pilot Floating - Management - Fee Products Linked to Performance in 2023 - In 2023, 8 pilot floating - management - fee products linked to performance were issued, all of which are partial - stock hybrid funds with a three - year fixed - opening cycle [49][50]. - Their management fees are composed of a basic management fee and performance rewards, which are calculated based on the absolute and excess returns during the closed - operation period [52]. - Compared with the 2025 first - batch products, the 2023 pilot products have a fixed - opening cycle, a different management fee calculation and accounting period, a lower basic fee, a different fee structure, and a different focus on performance evaluation [54][57]. 3.2.4 Floating - Management - Fee Products Linked to Holding Period - As of the end of March 2025, there are 9 such products, all of which are partial - stock hybrid funds. Their scale has been decreasing since their establishment, and the floating - fee mechanism has limited attractiveness to investors [57][58]. - The management fees of these products are graded according to the holding period. The average capital retention rate is relatively low, and most funds still mainly consist of A1 shares (holding period less than one year) [61][63]. - The 2025 first - batch products integrate the holding - period - linked mechanism to some extent and are more concerned about the performance over one year, encouraging long - term investment [68]. 3.3 Impact and Significance on the Market - Encourage investors to hold for the long term: The products have no holding period, and the fee - optimization mechanism guides long - term investment [69]. - Strengthen the binding mechanism between fund companies, fund managers and investors: Management fees are linked to investors' holding - period returns, deepening the binding degree [69]. - Protect investors' interests and focus on actual return experience: The management fee is determined by the holding period of a single share, and the asymmetric fee structure protects investors' interests [69]. - Emphasize the excess return performance relative to the benchmark: The benchmark setting needs to be more cautious, promoting the transformation of product evaluation and screening logic from β to α [69][70]. - Focus on the stability of fund managers' investment behavior: The management fee is determined by the long - term, rolling, and continuous assessment of fund performance, encouraging stable investment behavior [70].