Core Viewpoint - Understanding the performance benchmark of mutual funds is crucial for investors to establish a rational investment perspective, as it conveys important information about the fund's investment direction, style, and strategy [1][2]. Group 1: Importance of Performance Benchmarks - The regulatory framework has elevated the significance of performance benchmarks in mutual funds, guiding product positioning, investment strategies, and performance evaluation [1]. - Performance benchmarks help investors identify the investment focus and style of funds, such as large-cap blue-chip stocks or specific sectors like semiconductors [2][3]. - Composite benchmarks, such as a mix of equity and bond indices, indicate a balanced investment strategy, while more complex benchmarks reflect specific asset allocation strategies [3]. Group 2: Evaluating Fund Performance - Performance benchmarks serve as a tool to filter market styles and assess the true management capabilities of fund managers, allowing for a more accurate evaluation of their performance [3][4]. - For actively managed funds, deviations from benchmarks can indicate attempts to achieve excess returns, while passive index funds rely heavily on accurately tracking their benchmarks [4]. - The introduction of floating fee structures linked to performance benchmarks ensures that investors pay for value, with fund managers receiving higher compensation only when they outperform the benchmark [4]. Group 3: Analyzing Fund Selection - Investors should analyze benchmarks to determine if a fund aligns with their preferences, considering the composition of the benchmark and its implications for risk and return [5][6]. - The choice of benchmark is critical; funds using price indices rather than total return indices may mislead investors regarding their true performance and management effectiveness [6]. - Adjustments to performance benchmarks may occur as funds change their investment focus, necessitating investor awareness of such changes to ensure alignment with their investment goals [7].

Group 1 - The core theme of the initiative is "New Era. New Fund. New Value" aimed at promoting high-quality development of public funds in Beijing [1] - The action plan emphasizes establishing a floating management fee mechanism linked to fund performance, particularly for newly established actively managed equity funds [1] - Silver Hua Fund is actively exploring innovative floating fee products, launching the first batch of such products in May, which charge different fees based on actual investor gains and losses [1] Group 2 - Silver Hua Fund has repeatedly lowered the fees of its funds, covering various types including index funds and QDII funds, affecting management fees, custody fees, and sales service fees [2] - The introduction of I-class shares for several index fund products allows for no subscription fees, no redemption fees after holding for 7 days, and an annual sales service fee of 0.1% [2] - The comprehensive implementation of the floating fee mechanism is expected to help the public fund industry return to its core principle of serving investors' interests [2]

Group 1 - The first batch of new floating rate funds has been launched, with most funds showing positive net value growth and a significant performance divergence among them [1][2] - The average return of the first batch of floating rate funds is close to 13%, with a performance gap of nearly 45 percentage points between the best and worst performers [1] - The introduction of floating rate mechanisms is expected to shift fund managers' focus from scale to performance, potentially expanding to bond funds and fixed income+ products in the future [1][4] Group 2 - The China Securities Regulatory Commission issued a plan in May to promote high-quality development in public funds, establishing a fee structure linked to fund performance [2] - The new floating rate funds are seen as a significant step in the fee reform of the public fund industry, aiming to align the interests of fund managers and investors [2][3] - The operational model of floating rate funds is shifting towards open-ended structures, allowing for emergency redemptions while encouraging long-term holding through fee rules [3] Group 3 - The high operational thresholds and research requirements of floating rate funds present challenges for fund companies, with larger firms likely to have an advantage due to their resource reserves [3] - The weighted management fee rates of various fund types have significantly decreased compared to the end of 2022, indicating effective fee reduction efforts in the public fund industry [4] - There is still potential for further fee reductions in China's fund industry compared to overseas markets, suggesting ongoing opportunities for fee reform and product innovation [4]

Core Insights - The first batch of new floating rate funds has been launched, showing a significant increase in net value, with some funds achieving returns over 40% while others reported negative returns [1][2][3] Fund Performance - Among the first 26 new floating rate funds, the average return is close to 13%, with a performance gap of nearly 45 percentage points between the best and worst [2][3] - The top-performing funds include: - Huashang Zhiyuan Return Mixed A: 42.72% - Invesco Great Wall Growth Mixed: 42.41% - Harvest Growth Win Mixed A: 40.27% [2] - Three funds have reported negative returns, with declines ranging from 0.94% to 1.94% [2] Regulatory Framework - The China Securities Regulatory Commission (CSRC) issued a plan in May to promote high-quality development in public funds, establishing a fee structure linked to fund performance [3][5] - The new fee structure encourages long-term holding and aligns the interests of fund managers with investors [3][5] Industry Trends - The floating rate fund model presents high operational thresholds and research requirements, favoring larger fund companies with more resources [4] - The new funds are expected to shift the focus from scale to performance, enhancing long-term investment capabilities and reducing speculative behavior [4][5] - Future expansions may include bond funds and fixed income products as priority areas for development [5]

Core Viewpoint - The article discusses the high-quality development of public funds in Beijing, emphasizing the introduction of a new floating management fee model based on performance benchmarks, aimed at enhancing the industry and addressing existing challenges [1][2]. Group 1: Industry Developments - The China Securities Regulatory Commission has launched a series of reforms to improve the public fund industry, with a focus on quality and efficiency [1]. - The first batch of new floating fee rate funds was introduced in June, marking a significant step in implementing the action plan for high-quality development [1][2]. - As of September 18, the first batch of these funds began processing subscription, redemption, conversion, and regular investment business [1]. Group 2: Fund Performance and Investor Benefits - The new floating fee rate funds have shown positive performance, with 25 out of 26 funds achieving positive returns since inception, and the top three funds yielding over 30% [2][3]. - The floating fee mechanism enhances investor experience by promoting a "shared risk and reward" model, which encourages long-term investment and provides fee discounts for long-term holders [2][3]. - The new fee structure allows for differentiated rates based on each investment's excess return, fostering a more personalized investment experience [2][3]. Group 3: Management and Future Outlook - The floating fee model ties the fund manager's earnings closely to investor returns, incentivizing managers to focus on research and performance [3]. - The introduction of this model represents a shift from a focus on scale to a focus on returns for fund companies [3]. - Future strategies will involve enhancing product design, investment management, and customer service to provide sustainable returns for investors [3].

Core Insights - The management fee income of 193 fund managers reached 62.239 billion yuan in the first half of 2025, marking a slight year-on-year increase of 1.35% after a decline following the fee reduction in July 2023 [1][3][5] - The recovery in management fee income is attributed to the rapid expansion of public fund scales and improved market conditions, although there is significant differentiation among institutions [5][6] - The trend indicates a potential future decline in management fees due to ongoing fee reforms and the introduction of performance-linked floating fee mechanisms [7] Management Fee Income Overview - In the first half of 2025, 100 out of 189 institutions reported a year-on-year increase in management fee income, with Schroder Fund showing the highest growth at 271.29% [3][4] - The top three fund managers by management fee income were E Fund, Huaxia Fund, and GF Fund, with incomes of 3.918 billion yuan, 3.001 billion yuan, and 2.909 billion yuan respectively [3][4] - A total of 21 institutions generated over 1 billion yuan in management fees, accounting for 62.42% of the total management fee income [3][4] Product Type Analysis - Equity fund management fees decreased by 5.91% to 26.571 billion yuan, while bond fund management fees increased by 4.47% to 14.619 billion yuan, and money market fund management fees rose by 9.09% to 18.278 billion yuan [6] - The decline in equity fund management fees is linked to regulatory fee reforms aimed at benefiting investors [6][7] Future Trends - The industry is expected to focus on headquarter consolidation, specialization, and personalization as key development directions [6] - Fund managers are encouraged to enhance asset management capabilities and improve net returns to stabilize management fee income amidst ongoing fee reforms [7]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, emphasizing the principle of "investor interests first" through a comprehensive reform framework [1] Group 1: Fee Structure Reform - A significant breakthrough in the reform is the structural change in the fee model for actively managed equity funds, linking management fees to performance and breaking the long-standing "guaranteed income" model [1] - The plan outlines a differentiated fee structure based on benchmark performance, where management fees can be adjusted up or down depending on the fund's performance relative to its benchmark [1] Group 2: Assessment System Overhaul - The reform addresses the industry's historical focus on scale over performance, shifting the assessment criteria for fund companies and managers to prioritize investor returns [3] - Fund companies are required to establish a performance-centered assessment system, with at least 50% weight on investment returns for executives and 80% for fund managers [3] - A long-term assessment mechanism will be implemented, with a minimum of 80% weight on returns over three years, ensuring alignment between fund managers' compensation and investor outcomes [3] Group 3: Industrialization and Systematic Approach - The reform aims to transform public funds from mere asset management entities to wealth management partners that share risks with investors, focusing on transparency, shared responsibility, and long-term relationships [4] - The emphasis on enhancing core investment research capabilities is crucial for achieving high-quality development, moving from individual expertise to a systematic, collaborative production model [4] - The goal is to create clearer, more stable, and sustainably outperforming products and solutions, reinforcing the role of capital markets as stabilizers in the economy [4]

Core Insights - The first batch of floating rate funds has shown strong performance, with 22 out of 26 funds achieving positive returns since their inception, with the best performer, Invesco Great Wall Growth, nearing an 8% return [1][3] - The average fundraising scale for these new floating rate funds is approximately 1 billion, significantly higher than the average of 440 million for actively managed equity funds, indicating strong market acceptance [4][6] - The second wave of floating rate funds has been approved, with 12 new products set to launch, including both broad market and industry-specific funds, expanding the product offerings in this category [6][8] Fund Performance - Among the 26 floating rate funds, notable performers include Invesco Great Wall Growth (7.8), Harvest Growth Sharing A (6.62), and E Fund Growth Progress A (6.23), while several others have returns around 1% [2] - The overall performance of these funds has varied due to different asset allocation strategies and market conditions, with the Shanghai Composite Index reaching 3600 points during their establishment period [2][3] Fund Size and Market Response - The total size of the first batch of floating rate funds reached nearly 26 billion, with significant increases in fund shares, particularly for Huashang Zhi Yuan Return A, which exceeded 2 billion shares [4][5] - The market's positive response to these funds has helped alleviate concerns regarding the floating rate mechanism, as evidenced by the substantial capital inflow [4][6] Upcoming Products - The second batch of floating rate funds includes products from both new and established fund managers, with a focus on industry themes such as healthcare and manufacturing, marking a shift from the previous broad market focus [6][8] - Notable new products include the Bank of China Quality Emerging Mixed Fund and the Ping An Research-Driven Mixed Fund, which are set to launch soon [7][8] Innovative Features - The new funds are incorporating innovative features such as performance-based fee structures and quarterly dividend distributions to enhance investor experience and align management incentives with investor returns [8][9] - The introduction of dual-market investment options, including Hong Kong stocks, is also a key feature of the new products, allowing for broader investment strategies [8]

Group 1 - The Chinese capital market has recently seen a surge in the establishment of new floating rate funds, with 26 funds launched between June 6 and July 23, coinciding with the Shanghai Composite Index's first breakthrough of 3600 points this year, creating a favorable market environment for fund building [1][2] - As of August 4, over 80% of these funds, totaling 22, have achieved positive returns since their inception, with the highest return being approximately 8% for the Invesco Great Wall Growth Fund [1][2] - The performance of these funds has shown significant variability, with some funds experiencing returns around 1% and a few even reporting slight declines in net value since inception [1][2] Group 2 - Analysts indicate that despite the large fluctuations in net value, the initial performance of these funds is considered satisfactory, providing a positive demonstration effect for the upcoming second batch of floating rate funds [2][5] - The second batch of floating rate funds, including those from E Fund and China Universal, has begun accepting subscriptions, indicating a growing interest in this fund type [2][5] - The floating rate fund mechanism aims to align the income of fund companies with investor returns, promoting long-term investment and a fair principle of "more earnings, more fees; less earnings, less fees" [2][5] Group 3 - The net value fluctuations of the 26 funds vary, with four funds reporting returns exceeding 2% in the last two weeks, while nine funds recorded negative returns, reflecting differences in fund building speed and asset allocation [1][2] - The Invesco Great Wall Growth Fund's net value initially fell below 1 yuan but has since recovered to 1.0780 yuan, showcasing the potential for recovery in fund performance [1][3] - The floating rate mechanism is expected to be fully promoted in the public fund industry, enhancing investor experience and contributing to the healthy development of the public fund sector [5]

导语 近年来，在宏观经济形势变化、基础资产市场波动等背景下，部分基金的中长期业绩不及预期或者投资 表现与业绩比较基准存在偏离，导致部分投资者的投资收益不理想。中国证监会主席吴清5月7日在国新 办发布会上强调，要突出强化与投资者的利益绑定，重点是改革基金运营模式，优化主动权益类基金收 费模式，通过浮动管理费收取机制，扭转基金公司"旱涝保收"的现象。从海内外行业发展实践来看，公 募基金长期以来形成了固定费率为主、浮动费率为辅的多元化费率结构，二者各自具有一定优势：固定 费率机制简单透明、易于推广理解；浮动费率机制则更加强调投资者盈利体验，强化管理人与投资者的 利益绑定。 浮动费率机制秉承"创造价值才能共享价值"的核心理念，将基金管理人的管理费收入与投资者实际盈亏 情况挂钩，其推出标志着继前期公募基金费率改革后，行业在产品供给侧的又一次深度优化，有助于行 业更好地恪守"受人之托、忠人之事"的信义义务，有望推动构建管理人与投资者共生共荣的新生态。 浮动管理费收取机制用优化的费率模式激励基金管理人提升投资能力和业绩，强化利益共担机制，重新 定义基金管理人与投资者的关系，并有望为行业带来以下正面导向： 一是强调长期投资， ...