第二批来了，A股又迎“生力军”！

Core Viewpoint - The approval of the second batch of 12 floating-rate funds marks a significant development in the A-share market, following the successful launch of the first batch which raised nearly 26 billion yuan [2][12]. Summary by Sections Approval of New Funds - On July 24, the second batch of 12 floating-rate funds received approval and will be launched for sale soon [4]. - Among the fund managers, five are applying for the first time, while seven participated in the first batch [4]. Fee Structure - The fee structure remains consistent with the first batch, featuring three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment) [5]. - If investors redeem their funds within one year, a flat base fee applies [6]. Product Diversification - This batch extends beyond general market selection to include industry or thematic products, with four focusing on sectors like manufacturing and healthcare [8][9]. - The performance benchmarks for these products include major indices like the CSI 300 and sector-specific indices [9]. Investment Strategy - The average equity investment allocation for these "A-shares + Hong Kong stocks" products is around 80%, emphasizing equity investment as the primary strategy [10]. - The introduction of differentiated performance thresholds for fee adjustments reflects a deeper commitment to fund performance and investor returns [10]. Market Response and Future Outlook - The first batch's fundraising success indicates strong market interest, with an average of 10 billion yuan raised per product, significantly higher than the average of 4.4 million yuan for other active equity funds this year [12]. - The floating-rate fund model aligns with the regulatory push for high-quality development in the public fund industry, aiming to link management fees directly to investor returns [13][14]. - The ongoing introduction of these products is expected to normalize the floating-rate fund model, enhancing the alignment of interests between fund managers and investors [14].