Core Insights - The market sentiment has significantly improved, leading to multiple new fund products being closed early since October [1] - The Jiashi Growth Sharing Mixed Securities Investment Fund raised 3.368 billion yuan and became one of the leading new funds in terms of fundraising scale in October [1] - The fund's early closure was announced to better protect the interests of fund shareholders, reflecting high investor recognition [1] Fund Performance and Strategy - The Jiashi Growth Sharing Mixed Fund is positioned with a growth style, with a performance benchmark set at a combination of various indices [1] - The fund manager, Meng Xia, is noted for a quality growth investment style, aligning well with the fund's objectives [2] - Meng Xia has a strong track record, with his managed Jiashi Growth Driven Mixed Fund achieving a net value growth rate of 76.77% since its inception, significantly outperforming its benchmark [2] Market Outlook - The fund manager, Li Tao, holds a positive outlook on the A-share market, expecting a trend of upward fluctuations due to supportive fiscal policies and easing global liquidity conditions [3] - The information industry, particularly in AI computing and optical communication, is experiencing increasing demand and order fulfillment, which is expected to drive growth [3] - The focus on quality growth and the identification of long-term investment opportunities in excellent companies is emphasized as a strategic approach moving forward [3]

Core Insights - The article highlights the early closure of the fundraising for the Jiashi Growth Sharing Mixed Fund, which has garnered significant investor interest, reaching approximately 30 billion yuan in just one week [2][3]. Fundraising Details - Jiashi Growth Sharing Mixed Fund ended its fundraising period on October 24, 2023, just one week after its launch, despite an original schedule from October 20 to November 7 [2]. - The fund's early closure reflects strong market confidence and investor interest in new opportunities [2][3]. Fund Performance and Market Trends - The new fund employs an innovative floating fee mechanism aimed at aligning with investors' best interests, promoting a "shared benefits, shared risks" approach [2]. - Recent trends show multiple actively managed equity funds closing their fundraising early, indicating a notable recovery in market confidence and investor engagement [2][3]. - The performance of newly established floating fee funds has been impressive, with several achieving significant net value growth since their inception [4]. Future Market Outlook - Jiashi Fund remains optimistic about the market direction over the next 6 to 12 months, anticipating improvements in macroeconomic conditions and corporate earnings to drive mid-term upward trends [4]. - The fund manager, Meng Xia, noted that the overall market valuation is still reasonable, and with ongoing policy support, there are expected to be more investment opportunities driven by fundamentals [4].

Core Viewpoint - The article highlights the early closure of the fundraising for the Jiashi Growth Sharing Mixed Fund, which has garnered significant investor interest, reaching approximately 3 billion yuan in just one week, making it one of the largest actively managed equity funds raised recently [2][4][5]. Fundraising Details - Jiashi Fund announced the early closure of Jiashi Growth Sharing Mixed Fund on October 24, just one week after its launch, originally scheduled from October 20 to November 7 [4]. - The fund's fundraising scale reached about 30 billion yuan by October 23, indicating strong demand from investors [4][5]. Innovative Fee Structure - The Jiashi Growth Sharing Mixed Fund employs a new floating fee mechanism designed to prioritize the best interests of investors, reflecting the ongoing exploration and optimization of floating fee rates by Jiashi Fund [4][5]. Market Sentiment - The early closure of multiple actively managed equity funds suggests a significant recovery in market confidence and increased investor interest in positioning for opportunities [5][6]. - The issuance rebound of actively managed equity funds is attributed to investors' recognition of the comprehensive strength of fund managers and companies [6]. Performance of Similar Funds - The first batch of floating fee funds has shown impressive performance, with several products achieving substantial net value growth since their establishment [8]. - For instance, the Huashang Zhiyuan Return Fund managed by Zhang Mingxin has seen a cumulative net value growth rate exceeding 37% since July, while other funds have also reported significant increases [8]. Future Market Outlook - Jiashi Fund maintains an optimistic outlook for the market over the next 6 to 12 months, driven by the expansion of profit-making effects, accelerated capital inflow, and the development of AI industries [8]. - The overall market valuation is considered reasonable, with expectations of improved macroeconomic conditions and corporate earnings recovery, which could serve as key drivers for mid-term upward trends [9].

Core Insights - E Fund has launched its third floating-rate fund, E Fund Industry Select (A/C: 025824/025825), to capture investment opportunities arising from industrial transformation and upgrades [1][2] - The fund will implement a differentiated management fee structure based on the holding period and performance, encouraging long-term investment [1][2] Fund Structure - The fund charges a management fee of 1.2% per year for holdings under one year; for holdings over one year, the fee varies based on annualized excess returns [1] - If annualized returns exceed the benchmark by more than 6%, the fee is 1.50%; if returns lag the benchmark by 3% or more, the fee drops to 0.6% [1] Management Team - The fund will be co-managed by seasoned professionals Qi He and Fang Xincheng, leveraging their complementary skills to capture excess returns [2] - Qi He has 15 years of investment research experience, with a strong focus on manufacturing investments, and has achieved significant performance in his current funds [2] Market Context - The global industrial landscape is undergoing profound changes, with new productive forces emerging in China, presenting rich investment opportunities [2] - E Fund Industry Select aims to select competitive listed companies based on research into industrial policies, cycles, trends, and company fundamentals [2]

Core Viewpoint - E Fund has launched its third floating-rate fund, E Fund Industry Select (A/C: 025824/025825), to help investors capitalize on investment opportunities arising from industrial transformation and upgrade [1][2]. Fund Structure - The fund adopts a floating fee model, charging a management fee of 1.2% per year if the investor holds shares for less than one year. For holdings of one year or more, the management fee varies based on annual excess return: 1.50% if the return exceeds the benchmark by over 6%, 0.6% if it underperforms the benchmark by 3% or more, and 1.2% for other scenarios [1][2]. Management Team - The fund will be co-managed by seasoned professionals Qi He and Fang Xincheng, leveraging their complementary skills to capture excess returns. Qi He has 15 years of investment research experience, focusing on manufacturing investments, with four out of five funds under his management achieving over 50% returns in the past year [2]. Market Context - The global industrial landscape is undergoing significant changes, with new productive forces emerging in China. More Chinese companies are expanding internationally, presenting abundant investment opportunities [2]. Investment Strategy - The fund aims to select listed companies with competitive advantages based on research into industrial policies, cycles, trends, and company financials, striving for sustainable long-term returns for investors [2].

Core Viewpoint - The launch of E Fund's new floating-rate fund, E Fund Industry Select (A/C: 025824/025825), aims to help investors capitalize on emerging investment opportunities during industrial transformation and upgrade [2]. Fund Structure and Fee Model - The fund adopts a floating fee model, charging a management fee of 1.2% per year for investors holding shares for less than one year. For those holding shares for one year or more, the management fee varies based on annualized excess return: 1.50% if the return exceeds the benchmark by more than 6%, 0.6% if it underperforms the benchmark by 3% or more, and 1.2% for other scenarios. This model encourages long-term investment and aligns the interests of managers and investors [2]. Management Team - The fund will be co-managed by seasoned professionals Qi He and Fang Xincheng, whose complementary skills aim to capture excess returns. Qi He has 15 years of investment research experience, focusing on manufacturing investments, with four out of five funds under his management achieving over 50% returns in the past year. Notably, two funds he has managed for over five years have seen cumulative net value growth rates of 305.2% and 164.6%, significantly outperforming their benchmarks [3][4]. Market Context and Investment Strategy - The global industrial landscape is undergoing profound changes, with domestic industries related to new productivity flourishing. Increasingly, Chinese companies are expanding internationally, presenting a wealth of investment opportunities. The fund will focus on researching industrial policies, cycles, trends, and patterns, as well as company operations, financial metrics, and valuation levels, to select listed companies with competitive advantages in valuable industries, aiming for sustainable long-term returns for investors [3].

Core Viewpoint - The article highlights a significant surge in the issuance of equity funds, particularly active equity funds, in October, with notable fundraising achievements from several funds [1][2][3]. Fundraising Overview - Two major active equity funds, the E Fund Hong Kong Stock Connect Technology Mixed Fund and the Penghua Manufacturing Upgrade Mixed Fund, each raised nearly 2 billion yuan, marking them as the largest and second-largest active equity funds issued in October [2][3]. - As of October 15, 127 equity funds have raised over 1 billion yuan this year, with more than 70% being index funds, predominantly non-ETF products [2][4]. Active Equity Funds - Many large-scale active equity funds were established in the third quarter, with the largest being the CMB Balanced Optimal Fund, which raised 4.955 billion yuan and had 38,355 effective subscriptions [4]. - Other notable funds established in the third quarter include the Dacheng Insight Advantage Fund, E Fund Value Return Fund, and others, each raising over 2 billion yuan [4]. New Fee Structure Funds - Nearly 40 new floating fee structure funds have been established this year, raising over 42 billion yuan in total, with 16 of these funds exceeding 1 billion yuan in fundraising [5]. Index Funds Performance - Among the 127 equity funds that raised over 1 billion yuan, 90 are index funds, accounting for over 70% of the total, with 51 being non-ETF index funds [6]. - The top four funds by fundraising are all ETF-linked funds, with significant contributions from the Huaxia and E Fund series [6]. Emerging Fund Managers - The article notes that several large-scale index funds have been launched by both major firms and smaller public funds, indicating a diverse market landscape [7].

Group 1 - The core viewpoint of the article is that the newly approved Jiashi Growth Sharing Mixed Securities Investment Fund represents a continuation of Jiashi Fund's innovative approach to floating fee rate funds, aiming to enhance investor experience through refined fee structures and risk-sharing mechanisms [1][2] - The new fund emphasizes a deep binding of management fees to fund performance, ensuring that the interests of investors are prioritized, thereby achieving a model of "shared returns and shared risks" [1] - The floating fee rate fund will adjust management fees based on the fund's performance relative to a benchmark, allowing for personalized service that reflects individual investor needs [1] Group 2 - Jiashi Fund is committed to exploring innovations in floating fee rates with a focus on the best interests of investors, leveraging its experience in equity investment and floating fee management to capture market opportunities [2] - The company aims to enhance its research and investment management capabilities, striving to provide long-term, stable, and sustainable returns for investors [2] - According to data from Galaxy Securities, Jiashi Fund's public products generated over 20 billion yuan in returns in the first half of the year, and as of October 15, the company had distributed dividends 149 times, totaling over 8.2 billion yuan [2]

Core Insights - The core viewpoint of the news is the approval of the Jiashi Growth Shared Mixed Securities Investment Fund, which is the second "new model fund" launched by Jiashi Fund, following the Jiashi Growth Win Fund. This new fund aims to enhance investor experience through refined fee structures and risk-benefit alignment mechanisms [1][2]. Group 1: Fund Characteristics - The new floating fee rate fund ties management fees to fund performance, prioritizing the interests of investors and achieving a "shared profit, shared risk" model. The management fee will be determined based on the fund's performance relative to a benchmark, allowing for personalized fee structures [1][2]. - This product enhances the alignment of interests between fund managers and investors, promoting a virtuous cycle of "increased returns - capital inflow - market stability" [1]. Group 2: Historical Context and Experience - Jiashi Fund has been actively exploring floating fee rate innovations since 2013, launching its first floating fee fund and subsequently applying this model across various product categories, including fixed income and equity [2]. - The Jiashi Growth Shared Mixed Fund is expected to leverage Jiashi's experience in equity investment and floating fee management to capture market opportunities, especially in the context of China's economic recovery and structural investment opportunities [2]. Group 3: Performance Metrics - Jiashi Fund's public products generated over 20 billion yuan in returns in the first half of the year, and as of October 15, 2023, the fund has distributed dividends 149 times, totaling over 8.2 billion yuan [3].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Important news: The total scale of domestic public funds in China has exceeded 36 trillion yuan for the first time; the returns of the first batch of new floating - rate funds are promising; the number of Science and Technology Innovation Board ETFs has exceeded 100 [2]. - Market review: Last week (from September 22, 2025, to September 26, 2025), the major broad - based indices in the A - share market showed an upward trend, while most overseas indices showed a downward trend [2]. - Fund market review: Half of the active equity funds achieved positive returns last week, with the median interval return of active equity funds at 0.38%. The cycle and manufacturing theme funds performed outstandingly [2]. - ETF fund statistics: The top three ETF categories in terms of performance last week were technology, commodity futures, and manufacturing theme ETFs. There were 435 ETFs with net capital inflows and 593 with net outflows [2]. - Fund market dynamics: 41 public funds had new fund managers last week; 61 public funds were newly established, with a total issuance share of 366.07 billion; 16 public funds entered the issuance stage for the first time; as of September 28, 2025, there were 68 public funds waiting to be issued [2]. - Equity fund issuance tracking: The issuance scale of equity funds last week reached 240.73 billion yuan, an increase of 17.15 billion yuan from the previous week. It is expected to bring incremental funds to industries such as electronics, power equipment and new energy, and computers [2]. Summary by Directory 1. Important News 1.1 Market Dynamics - The total scale of domestic public funds in China has exceeded 36 trillion yuan for the first time, with open - end funds being the main driving force for growth [7]. - The returns of the first batch of new floating - rate funds are promising, with an average return close to 13% [8]. - The largest money market fund, Yu'E Bao, has announced a fee reduction, which may drive other large - and medium - sized money market funds to follow suit [9]. 1.2 Product Hotspots - Xingzheng Global Fund has submitted an application for its first ETF, aiming to meet investors' diversified allocation needs [10]. - The first batch of index fund Y - shares has achieved excellent results, with 84 out of 85 funds achieving positive returns [11]. - The number of Science and Technology Innovation Board ETFs has exceeded 100, forming a multi - level index product system [11]. - The China Securities Index Company has officially released the CSI Smart - Selected Hangzhou Innovation 50 Index [12]. 1.3 Overseas/Overseas Markets - Goldman Sachs has reiterated its overweight view on China [13]. - Huaxia Fund (Hong Kong) has launched a new offshore RMB income bond fund [14]. 2. Market Review - Last week, the major broad - based indices in the A - share market showed an upward trend, while most overseas indices showed a downward trend. The electronics and non - ferrous metals industries had the highest increases [14][16]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the short - term, manufacturing and technology theme funds performed well; in the medium - and long - term, technology and manufacturing theme funds also had outstanding performance [20]. 3.2 Top - Performing Fund Performance Statistics - The top five active equity funds last week were mainly technology - themed funds, with Southern Information Innovation A ranking first [24]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - The top three ETF categories in terms of performance last week were technology, commodity futures, and manufacturing theme ETFs [26]. 4.2 ETF Fund Capital Flow Statistics - Last week, the ETF categories with the largest net capital inflows were technology, bonds, and financial real estate, while the categories with the largest net outflows were strategy style, cycle, and others [29]. 4.3 ETF Fund Premium and Discount Statistics - As of September 26, 2025, the top three ETFs in terms of premium rate were Bosera CSI All - Share Free Cash Flow ETF, Huaxia Feed Soybean Meal Futures ETF, and Puyin AXA CSI A500 ETF [34]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - Last week, 41 public funds had new fund managers, involving 32 fund managers from 23 fund management companies; 52 public funds had fund manager departures, involving 27 fund managers from 20 fund management companies [36][39]. 5.2 Newly Established Funds Last Week - 61 public funds were newly established last week, with a total issuance share of 366.07 billion. The largest number and the largest issuance share were from passive index funds [42]. 5.3 First - Time Issued Funds Last Week - 16 public funds entered the issuance stage for the first time last week, with the largest number being passive index funds [2]. 5.4 Funds Waiting to be Issued - As of September 28, 2025, there were 68 public funds waiting to be issued [2]. 5.5 Equity Fund Issuance Tracking - The issuance scale of equity funds last week reached 240.73 billion yuan, an increase of 17.15 billion yuan from the previous week. It is expected to bring incremental funds to certain industries [2].