终于开了！5月27日，易方达、华夏、南方、富国、广发、嘉实、汇添富基金等16只新型浮动费率基金 开始募集，多数产品将于6月中下旬结束认购。此前，5月23日，证监会官网显示，首批共有26只新型浮 动费率基金正式获批。仅一周时间，这批基金就完成了从申报到获批的流程。此次募集距离5月7日证监 会发布《推动公募基金高质量发展行动方案》，仅隔了20天。 青岛老基民：基金买了5年多，还亏着20%多 在过去，主动管理的权益类基金通常设定为每年1.2%的固定管理费率 ，这一模式被广泛质疑，因为无 论基金表现如何，基金公司都能稳定收取费用，因此被广泛质疑。 李先生购买的基金至今亏损20.97% 青岛"老基民"李先生便是一位"受害者"。"2020年3月，经兴业银行工作人员推荐，我购买了一笔华夏混 合型证券投资基金，如今5年过去了，我还亏着20%多呢！"李先生家住青岛辛家庄，他告诉记者，这只 基金于2020年3月18日成立，他投了几万块钱进去，申购费率1.5%。 | | | | | 首批发售的16只新型浮动费率基金基本情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The first batch of 26 new floating rate funds has officially launched, with 16 funds from companies like Huatai-PB, GF, and Ping An leading the way [1] - The performance benchmarks for these floating rate funds primarily target mainstream broad-based indices such as CSI 300, CSI A500, CSI 500, and CSI 800, with a focus on equity investments [3] - The equity portion of these funds typically maintains a stock allocation around 80%, with A-shares accounting for 55% to 80% of the performance benchmarks and Hong Kong stocks ranging from 5% to 20% [3] Group 2 - The new floating rate funds feature a more refined management fee structure, which is expected to be charged based on each investor's holding time and annualized return [3] - The floating management fee mechanism is designed to be linked to fund performance, with specific conditions for fee increases and decreases, emphasizing the need for significant outperformance against benchmarks [4] - For example, the management fee for the Jiashi Growth Win-Win Mixed Fund can only increase if it significantly exceeds the performance benchmark and achieves positive absolute returns [4]

Core Viewpoint - The approval and issuance of floating rate funds in the public fund industry reflect a significant shift towards aligning the interests of fund managers and investors, promoting a healthier investment ecosystem [1][4][5] Group 1: Floating Rate Fund Launch - Sixteen fund management companies have announced the issuance of floating rate products starting from May 27, with subscription deadlines primarily in mid to late June [2] - Some funds have set a fundraising cap of 5 billion yuan, while most do not have a cap; for instance, E Fund and Huaxia have set a 5 billion yuan limit [2] - The first batch of 26 products was submitted for approval on May 16, received acceptance on May 19, and was approved on May 23, indicating a strong market response to the regulatory action plan [2] Group 2: Fund Characteristics - The initial products are equity-focused, with performance benchmarks primarily linked to major indices like CSI 300 and Hang Seng Index, and an average stock allocation of around 80% [3] - The fee structure is designed to reduce management fees significantly if the fund underperforms its benchmark, demonstrating a commitment to prioritizing investor interests [3] Group 3: Industry Response and Development - The China Securities Regulatory Commission (CSRC) emphasizes the need for a fee structure that ties management fees to fund performance, aiming to eliminate the "guaranteed income" phenomenon for fund companies [4] - Fund companies view the introduction of floating rate products as a proactive response to the CSRC's action plan, fostering a more sustainable and investor-aligned fee model [4][5] - The industry acknowledges the necessity for reform to enhance the functionality of public funds and improve investor satisfaction, with indications that a second batch of floating rate funds is already in preparation [5]

Core Viewpoint - The launch of the Jiashi Growth Win Mixed Fund marks a new era in wealth management, emphasizing a performance-based fee structure that aligns the interests of fund managers and investors [1][5]. Fund Structure and Fee Model - The Jiashi Growth Win Mixed Fund adopts a refined management fee structure based on individual investor performance, with fees varying according to the holding period and annualized returns [4][5]. - For investments held for less than one year, a uniform management fee of 1.2% is charged. For investments held longer, fees are tiered based on actual returns, with rates of 1.2%, 0.6%, and 1.5% applicable depending on performance relative to benchmarks [4][5]. Advantages of the New Fee Model - The new floating management fee model enhances the alignment of interests between fund managers and investors, promoting a shared responsibility for investment outcomes [5]. - The model allows for granular fee adjustments based on individual client performance, improving the relevance of fees to actual investment returns [5]. - The asymmetric floating mechanism prioritizes investor interests, with significant fee reductions when returns fall below agreed levels, while fee increases are contingent on exceeding performance benchmarks [5]. - The fund's open structure allows for flexible subscriptions and redemptions, addressing liquidity needs while encouraging long-term investment [5]. Performance Benchmarking - The performance benchmark for the fund is a composite of the CSI 800 Growth Index (70%), Hang Seng Index (10%), and the China Bond Composite Wealth Index (20%), indicating a growth-oriented investment strategy [6]. - The CSI 800 Growth Index focuses on high-growth companies, suggesting that the fund targets investments with significant growth potential [6]. Market Context and Investment Strategy - The fund is positioned to capitalize on the current technological revolution and policy incentives, particularly in sectors benefiting from domestic consumption growth [7][8]. - As of May 26, the CSI 800 Growth Index's price-to-earnings ratio (TTM) was at the 31st percentile over the past five years, indicating a relative undervaluation and potential for growth [8]. - The fund manager, Li Tao, has extensive experience in growth investment, focusing on leading companies in high-growth sectors and those poised for recovery in cyclical industries [8]. Company Mission and Vision - Jiashi Fund's mission is to support wealth growth and industrial development, aligning with China's transition to high-quality economic growth [9]. - The company aims to leverage industry research and long-term investment strategies to capture sustainable growth opportunities for investors [9].

23日傍晚，首批新型浮动费率基金获得中国证监会批准注册，很快将向投资者发售。这批新型基金有哪些特点？将给基金投资者带来哪些新的体验？央视记 者专访了中国证监会相关部门负责人。 这次公募基金改革的总体目标和方向是什么？ 中国证监会证券基金机构监管司司长 申兵：公募基金行业这些年发展的情况来看，总体上还是保持一个稳定发展、稳健运营的态势。但是近些年也暴露出 来它的功能发挥不够，投资者回报不足。大家对公募基金未来的发展有更高的期待。这次改革的主要的目的还是要更加注重投资者回报，坚定地树立以投资 者为本的这种发展理念。它围绕进一步强化基金公司、基金经理和投资者回报的这种绑定机制，通过完善基金公司的绩效考核体系，优化产品运作的模式， 通过加强监管和执法等一系列的举措，来进一步体现这个行业和投资者利益的一致性。 浮动费率产品出来以后，会给基金投资者带来什么影响？ 中国证监会证券基金机构监管司司长 申兵：这次推出的新的浮动费率产品，对于持有一定周期的投资者采取分档收费的模式。对投资者持有期间的基金回 报比较高的、比较好的，可以适当多收费，但对于表现比较差的必须少收费。通过这种方式，从理念上进一步加强基金公司和投资者的共情。 ...

作者 | 蒋金丽 编辑 | 蒋诗舟 5月23日，首批26只新型浮动费率基金正式获批。 《财经》新媒体获悉，部分基金公司五一节前就已接到通知，开始筹备此次产品的申报和发行材料。 | | | 首批新型浮动费率基金获批名单 | | | --- | --- | --- | --- | | 序号 | 基金管理人 | 基金名称 | 基金类型 | | 1 | 安信基金 | 安信价值共赢 | 混合型 | | 2 | 博时基金 | 博时卓睿成长 | 股票型 | | 3 | 大成基金 | 大成至臻回报 | 混合型 | | 4 | 东方红资管 | 东方红核心价值 | 混合型 | | 5 | 富国基金 | 富国均衡配置 | 混合型 | | 6 | 工银瑞信基金 | 工银瑞信泓裕 | 混合型 | | 7 | 广发基金 | 广发价值稳进 | 混合型 | | 8 | 宏利基金 | 宏利睿智领航 | 混合型 | | 9 | 华安基金 | 华安竞争优势 | 混合型 | | 10 | 华商基金 | 华商致远回报 | 混合型 | | 11 | 华夏基金 | 华夏瑞享回报 | 混合型 | | 12 | 汇添富基金 | 汇添富均衡潜力优选 | 混合型 ...

Group 1 - The approval of the first batch of new model floating rate funds, including the "Jia Shi Growth Win-Win Mixed Fund," marks a significant step in implementing the floating management fee model based on performance benchmarks, as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2] - The new floating rate products feature a significant innovation in fee mechanisms, linking management fees to the actual returns of investors after holding for a certain period, emphasizing the best interests of investors and introducing a "one client, one share" approach for true differentiation [1][2] - The new mechanism requires fund managers to continuously enhance their investment capabilities and research systems, aiming for long-term excess returns while adopting an open operation model to balance long-term investment and liquidity management needs [1][2] Group 2 - Jia Shi Fund Management Company states that the innovative fee mechanism will deepen the connection between management fees and actual investor returns, reinforcing the concept of "shared profits and shared risks" between fund managers and investors, and promoting a virtuous cycle of long-term investment [2] - The public fund industry has surpassed 32 trillion yuan in management scale, becoming an essential part of China's capital market and household financial management, continuously innovating towards a new development stage [2] - Since 2013, Jia Shi Fund has actively explored floating rate funds, establishing various types including fixed income, active equity, and REITs, with the "Jia Shi Innovation Power" fund achieving a return of 44.14% since its inception, outperforming its benchmark by approximately 32% [2]

Core Viewpoint - The approval of 26 new floating-rate funds by the China Securities Regulatory Commission (CSRC) reflects a significant shift in the public fund industry towards a model that aligns the interests of institutions and investors, promoting mutual growth and success [2][7]. Fund Details - All 26 products are mixed funds with a tiered management fee structure of 1.2% (base), 1.5% (upper tier), and 0.6% (lower tier), indicating a more than 100% difference between the lowest and highest fee rates [2][3]. - The performance indicators for adjusting fee tiers are based on annualized returns exceeding or falling short of the benchmark by 6 percentage points and 3 percentage points, respectively [3][4]. Fee Structure - For an investment of 1 million yuan, if the fund outperforms the benchmark by 6 percentage points after one year, the management fee increases from 12,000 yuan to 15,000 yuan; conversely, if it underperforms by 3 percentage points, the fee decreases to 6,000 yuan [6]. - The fee adjustment mechanism is asymmetric, with the increase in fees being half the magnitude of the decrease, demonstrating a focus on protecting investor interests [6]. Investment Focus - The 26 funds primarily invest in equities, with a typical stock allocation centered around 80%, targeting major indices such as the CSI 300, CSI A500, and others, while also participating in Hong Kong stocks and bonds [6]. - The initiative aligns with the "Action Plan for Promoting High-Quality Development of Public Funds," which aims for leading institutions to issue floating-rate funds at least 60% of the number of actively managed equity funds within a year [6][7]. Industry Response - The launch of floating-rate products is seen as a proactive response from the public fund industry to the regulatory action plan, indicating a beneficial exploration of fund fee structures [7]. - This new fee model is designed to encourage long-term holding by investors and enhance the accountability of fund management to performance benchmarks, fostering a healthier industry ecosystem [7].

Group 1 - The first batch of 26 floating rate funds has been approved, with the announcement of the sale by China Merchants Shekou Industrial Zone Holdings Co., Ltd. [1] - The fund "China Merchants Schroder Rui'an Mixed Fund" will officially launch on May 27, with the fundraising period ending on June 20 [1] - The fund manager, Huang Ding, has a background in cyclical research and adopts a balanced investment style [1] Group 2 - The main sales channels for the fund will be the parent company, Bank of Communications, and the custodian bank, Shanghai Pudong Development Bank [1] - The first batch of products is expected to start fundraising by the end of May and complete fundraising by the end of June [1] - This indicates that other fund sale announcements are likely to be disclosed in the next couple of days [1]

Group 1 - The first batch of floating fee rate products has been approved, with Huashang Zhiyuan Return Mixed Fund being one of them [1] - The floating management fee structure links fund management fees to the investor's holding period and the fund's performance during that period, aiming to enhance the investor's experience [1] - Huashang Fund will continue to leverage its active management advantages, prioritizing the interests of holders and contributing to the high-quality development of China's capital market [1]