浮动费率产品，让主动权益再次回归

Core Viewpoint - The "Action Plan" for promoting the high-quality development of public funds marks a significant reform in the public fund industry, shifting the focus from scale to investor-centric goals, indicating a new phase in the industry's evolution [1] Group 1: Floating Management Fee Model - The "Action Plan" introduces a performance-linked floating management fee model, addressing previous criticisms of fixed fees regardless of fund performance [3] - The new model allows for differentiated management fees based on the fund's performance relative to a benchmark, with three tiers of fees depending on the annual excess return [3][4] - This model aims to ensure that fund products are accountable to each new investor, promoting long-term holding of fund products [4] Group 2: Benchmark Selection - The Huazhong Fund has chosen the CSI 800 index as the performance benchmark for its floating fee products, which offers broader coverage and a more balanced representation of both value and growth styles compared to other indices [6] - The CSI 800 index includes both undervalued blue-chip stocks and growth companies, reflecting a combination of past and future economic structures [6] Group 3: Fund Manager Profile - Fund manager Luan Chao, known for his balanced growth investment approach, combines top-down industry allocation with bottom-up stock selection, focusing on sustainable profit growth [8] - Luan Chao emphasizes a cyclical perspective, identifying investment directions based on macro, industry, and company cycles [8] - His investment strategy includes a focus on industries with upward trends and companies with strong competitive advantages, leading to a selective stock pool [8][10] Group 4: Research and Investment Platform - Huazhong Fund is recognized as a leading growth investment platform, having pioneered industry chain investment strategies and being an early investor in key sectors like 5G and electric vehicles [12] - The fund's research team has a global perspective, leveraging insights from international markets to identify growth opportunities in the technology sector [12][13] - The strong research capabilities of the team are expected to support Luan Chao's potential for excess returns, aligning the interests of fund managers and investors [13]