专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近日，在北京证监局指导下，北京证券业协会携手北京公募基金管理人、基金销售机构及多家主流媒 体，共同启动"北京公募基金高质量发展系列活动"，活动以"新时代・新基金・新价值——北京公募基 金高质量发展在行动"为主题，结合行业政策解读、投资者教育、产品创新实践、风险管理经验等方 向，开展多种形式的宣传宣讲。东兴基金积极响应此次主题活动，结合近期行业政策及相关举措要求， 重点关注浮动费率改革给行业发展带来的机遇与挑战。 2025年5月7日，中国证监会发布《推动公募基金高质量发展行动方案》（以下简称"《行动方案》"）， 这份包含25条举措的纲领性文件，标志着中国公募基金行业迎来从"重规模"向"重回报"的积极转变。 《行动方案》明确提出，要建立与基金业绩表现挂钩的浮动管理费收取机制，对新设立的主动管理权益 类基金大力推行基于业绩比较基准的浮动管理费收取模式，对符合一定持有期要求的投资者，根据其持 有期间产品业绩表现确定具体适用管理费率水平。浮动费率的改革，如同一块巨石，激起公募基金行业 的层层涟漪；这一制度改革为行业发展带来难得的机遇，同时也掀起多重挑战。 三 ...

Group 1 - The core viewpoint of the article emphasizes the profound changes in the public fund industry driven by the floating fee rate reform, which aims to enhance the quality of fund management and align the interests of fund managers and investors [1][2]. Group 2 - The public fund industry has seen continuous expansion, with 2,986 products managed by Beijing-based fund managers, totaling over 8 trillion yuan as of August 2025 [2]. - The floating fee rate reform is designed to shift the focus from scale-driven revenue to performance-driven revenue, addressing investor dissatisfaction with fund performance amid macroeconomic fluctuations [2][3]. Group 3 - The floating fee rate reform presents three major opportunities: 1. It encourages fund managers to enhance active management capabilities, fostering a competitive environment focused on performance [3]. 2. It allows investors to share in the profits and risks, with management fees adjusted based on fund performance, thus controlling investment costs [3]. 3. It opens avenues for product innovation, enabling the design of funds tailored to various investment strategies and risk preferences [3]. Group 4 - The reform faces three significant challenges: 1. Investors need to improve their understanding of floating fee rates, as many are accustomed to fixed rates and may be apprehensive about the new model [4]. 2. Fund managers will experience pressure as their income becomes directly linked to performance, necessitating stronger research and risk management capabilities [4]. 3. Sales channels must transition from product sales to comprehensive wealth management, requiring collaboration with professional advisory institutions [4]. Group 5 - In response to the reform, the company is enhancing investor education through partnerships with licensed advisory institutions, optimizing product selection mechanisms, and deepening collaboration with these institutions to provide personalized investment planning [5]. - The floating fee rate reform is viewed as a critical step towards the high-quality development of the public fund industry, with the company committed to improving service capabilities and creating value for investors [5].

Group 1: Market Overview - The recent month has seen a resurgence of purchase limits in the QDII sector, including high-performing funds, aimed at controlling quotas and stabilizing net value fluctuations to protect existing investors [1] - As of August 1, the Shanghai Composite Index fell by 0.37% to 3559.95 points, the Shenzhen Component Index decreased by 0.17% to 10991.32 points, and the ChiNext Index dropped by 0.24% to 2322.63 points, with a total trading volume of 15983.51 billion yuan [1] Group 2: Fund News - On August 1, 24 new funds were launched, primarily equity and bond funds, with the Qianhai Kaiyuan Research Preferred Mixed C fund targeting a fundraising goal of 8 billion yuan [2] - In July, driven by the floating fee rate reform, investor subscription sentiment remained strong, with 135 newly launched funds raising a total of 1048.68 billion yuan, marking the second-highest monthly fundraising this year [2] - The expansion of ETFs has led to significant declines in the shares of some index ETFs, prompting fund managers to announce new market makers to enhance liquidity and prevent further marginalization of smaller products [2] Group 3: Fund Performance - The top-performing fund on August 1, excluding innovative closed-end funds, was the Debon Stable Growth Flexible Allocation Mixed C fund, with a daily growth rate of 5.5820% [3] - In the stock fund category, the leading fund was the Hongtu Innovation Healthcare Stock fund, achieving a daily growth rate of 2.0747% [4] - The top bond fund was the Shangyin Convertible Bond Selected Bond A, with a daily growth rate of 0.6568% [4] - The top mixed fund was again the Debon Stable Growth Flexible Allocation Mixed C fund, while the top money market fund was the Yinhua Trading Money B, with a daily growth rate of 0.0100% [4] Group 4: ETF and Other Fund Categories - The top ETF fund was the GF CSI Photovoltaic Leading 30 ETF, with a daily growth rate of 1.8686% [5] - The top LOF fund was the Guoshou Anbao Strategy Selected Flexible Allocation Mixed (LOF) C, with a daily growth rate of 2.9651% [5] - In the QDII category, the leading fund was the Southern Peak TOPIX ETF, which experienced a decline of 0.6863% [5]

Group 1 - Hong Kong Stock Exchange has implemented new IPO regulations to enhance market competitiveness and flexibility, effective from August 4 [1][8] - The initial public holding threshold for "A+H" issuers has been adjusted to 10% or a market value of HKD 30 billion, signaling support for more A-share companies to list in Hong Kong [1][8] - The new regulations require at least 40% of shares to be allocated to book-building investors while maintaining a six-month lock-up period for cornerstone investors [8] Group 2 - The Panda bond market has seen a cumulative issuance surpassing CNY 1 trillion, with 116.65 billion issued this year alone, indicating a growing interest from international institutions [2] - China Shenhua has initiated a significant asset restructuring plan to integrate 13 core asset companies from its controlling shareholder, enhancing its coal resource strategy and operational capabilities [3] - The A-share market has experienced a rebound, with significant inflows from various funds, including a notable increase in new fund issuance in July, reaching CNY 34.8 billion [4][6] Group 3 - Private equity confidence has risen, with the private equity confidence index reaching 125.52, and the proportion of fully invested and leveraged private equity increasing [5] - The public fund market has shown strong performance, with July seeing the issuance of 135 new funds raising CNY 104.87 billion, driven by the floating fee rate reform [6][7] - The capital market is witnessing a surge in innovative drug sector funds, with a total of 17 "doubling funds" launched this year, reflecting strong performance in this sector [6][7] Group 4 - The recent reforms in the STAR Market and ChiNext are aimed at supporting companies in emerging sectors like AI and commercial aerospace, facilitating their access to capital markets [7][8] - The public fund industry has reached a total scale of CNY 34.48 trillion by the end of July, indicating robust growth and a shift in asset allocation strategies [8]

7月新基金募资再超千亿 智通财经8月4日电，7月，受浮动费率改革等影响，投资者认购公募新发基金的热情持续高涨。Wind数 据显示，截至7月31日，135只新发基金合计募资1048.68亿元，排在今年新发基金月度募资规模第二 位，是今年第三个募资规模超千亿元的月份，3月、6月新发基金募资规模分别为1040.78亿元和1248.03 亿元。 ...

Group 1 - In July, the enthusiasm for subscribing to newly issued public funds continued to rise, with 135 new funds raising a total of 104.868 billion yuan, marking the second highest monthly fundraising scale this year [1] - The floating fee rate reform significantly boosted the new fund market, with the first batch of 26 floating fee rate funds raising 25.865 billion yuan and achieving 261,500 effective subscriptions [1] - Several fund products leveraged policy benefits and market trends to achieve rapid fundraising, including 10 sci-tech bond ETFs that collectively raised 28.99 billion yuan in just one day [1] Group 2 - The A-share market recovery and increased investor risk appetite led to a quick fundraising for mixed funds, with 23 new mixed funds raising a total of 10.181 billion yuan in July [2] - The fund issuance in July can be summarized as "structural differentiation and innovation leadership," with both bond and equity funds driving growth, particularly in sci-tech bond ETFs and ESG themes [2] - The rapid fundraising of multiple products reflects institutional investors' recognition of bond asset allocation value and indicates a stabilization in the equity market [2]

Core Viewpoint - The public fund issuance is experiencing a significant recovery, driven by a positive market atmosphere and increased investor confidence [1][3]. Group 1: Fund Issuance Statistics - A total of 31 new public funds were launched for subscription this week, marking a 34.78% increase from the previous week, which had 23 funds [1]. - The average subscription period for the newly launched funds was 14.97 days, indicating a faster pace of issuance [1]. - Among the new funds, equity funds dominated with 26 funds, accounting for 83.87% of the total, including 19 stock funds and 7 equity-mixed funds, representing an 85.71% increase from the previous week [1][2]. Group 2: Fund Types Breakdown - In the category of stock funds, passive index funds were predominant, with 16 funds making up 84.21% of the stock fund total, while 3 were enhanced index funds [2]. - The mixed funds included 7 equity-mixed funds (87.50%) and 1 flexible allocation fund (12.50%) [2]. - The bond fund issuance saw a slight decline, with only 4 bond funds launched, representing 12.9% of the total, down 55.56% from 9 funds the previous week [1][2]. Group 3: Market Influences - The recent rise in the A-share market, which briefly surpassed 3600 points, has created an optimistic market atmosphere, leading to increased risk appetite among investors [2]. - Positive macroeconomic data since July has bolstered investor confidence, alongside regulatory policies aimed at optimizing the industry ecosystem [3]. - Supportive policies for technological innovation and increased allocations from institutional investors have collectively contributed to the rise in public fund issuance this week [3].

Group 1 - This week, 31 new public funds were launched for subscription, a 34.78% increase from the previous week's 23 funds, indicating a return to a high level of activity in the market [1][2] - The average subscription period for the new funds this week was 14.97 days, reflecting a noticeable acceleration in the issuance pace of public funds [1] - The increase in new fund issuance is attributed to the A-share market surpassing 3600 points, creating an optimistic market atmosphere and enhancing investor risk appetite [2][3] Group 2 - Among the new funds, 26 were equity funds, accounting for 83.87% of the total, including 19 stock funds and 7 equity hybrid funds, representing an 85.71% increase from the previous week [3] - Passive index funds dominated the stock funds, with 16 out of 19 stock funds being passive index funds, making up 84.21% of the stock fund total [3] - In contrast, the issuance of bond funds saw a decline, with only 4 bond funds launched this week, a 55.56% decrease from the previous week's 9 funds [3]

Group 1 - Dachen Fund and its senior management will jointly invest no less than 10 million yuan to purchase the Dachen Insight Advantage Mixed Securities Investment Fund, committing to hold for at least one year [1][2] - The Dachen Insight Advantage Mixed Fund is set to launch on July 7, with the proposed fund manager being Li Bo, Deputy Director of the Stock Investment Department, who has a track record of outperforming the CSI 300 Index for ten consecutive years [4] - This marks the second self-purchase announcement by Dachen Fund this year, having previously announced a 20 million yuan investment in the Dachen Ultimate Return Mixed Fund [4] Group 2 - As of July 3, 110 fund companies have net subscriptions totaling 4.125 billion yuan for their fund products (excluding money market funds) [5] - The emergence of new floating management fee rate funds has become a highlight in the fund issuance market this year, with several public fund companies actively self-purchasing using their own funds [5] - Self-purchases signal confidence in the long-term value of products and indicate a shift in the industry towards prioritizing investor returns, driven by regulatory reforms in floating fee rates [5]

Core Viewpoint - The recent emergence of innovative floating fee rate funds in China's public fund market signifies a shift towards a more investor-centric model, with major fund companies actively participating and demonstrating confidence in this new approach [1][3]. Group 1: Market Trends - Currently, there are 19 floating fee rate funds available in the market, with participation from well-known fund companies such as Tianhong Fund, Bosera Fund, and Xingzheng Global Fund [1]. - Xingzheng Global Fund announced a commitment of 20 million yuan to its own fund, marking it as the only initiator fund among the first batch of innovative floating fee rate funds [3]. - Other leading institutions like Bosera Fund and Tianhong Fund have also committed 10 million yuan each to their respective floating fee rate funds, indicating a trend of self-investment among fund managers [3]. Group 2: Implications of Self-Investment - The collective self-investment behavior of fund companies and managers signals a strong confidence in the long-term value of these products, aiming to attract more investors [3]. - This trend also indicates that the floating fee rate reform, promoted by regulatory bodies, has moved from a policy framework to practical implementation in the market [3]. - Industry experts believe that self-investment may become the "new normal," pushing the industry towards a healthier model focused on investor interests [3]. Group 3: Challenges and Innovations - The introduction of floating fee rate funds presents new operational challenges for fund companies, requiring upgrades to valuation and accounting systems to accommodate real-time fee calculations [4]. - Fund managers are tasked with stabilizing fund net value performance to ensure a positive interaction between fees and performance over longer holding periods [4]. - The new model also complicates cash flow management for fund companies, as management fees are only finalized upon redemption, necessitating the pre-allocation of higher-than-benchmark fees [4]. - Despite these challenges, the launch of floating fee rate funds is seen as a milestone in the public fund industry, representing a significant innovation in traditional profit models and a move towards prioritizing investor interests [4].