Core Viewpoint - The launch of floating fee rate funds marks a significant transformation in the industry, with a focus on aligning fund manager compensation with long-term performance [1][18]. Summary by Sections Floating Fee Rate Funds - The first batch of floating fee rate funds was approved and launched, with performance benchmarks primarily against mainstream indices like the CSI 300 and the CSI A500 [1]. - The management fee structure is tiered based on annualized excess returns, with fees ranging from 0.60% to 1.50% depending on performance relative to benchmarks [1]. Fund Manager Profile - Zhu Hongyu from China Merchants Fund is highlighted as a suitable manager for these funds, possessing nearly 20 years of investment research experience and over 13 years in investment management [2]. - Zhu's extensive background in both public and private equity, along with a strong historical performance record, aligns with the requirements for managing floating fee rate funds [2][3]. Investment Philosophy and Strategy - Zhu Hongyu's investment approach is characterized by a three-tiered cognitive framework: understanding capability boundaries, recognizing industry life cycles, and insights into human behavior in market dynamics [6][8][13]. - The strategy emphasizes a balance between focused investments in well-understood companies and diversification across various sectors to mitigate risks [8]. Market Outlook - The current market is seen as transitioning into a phase of "profit stabilization and valuation recovery," with expectations of economic resilience supported by favorable policies [15]. - Key investment opportunities are identified in sectors such as defense, consumer goods, and pharmaceuticals, with a focus on undervalued assets and structural growth potential [16][17]. Conclusion - The introduction of floating fee rate funds represents not only a management model innovation but also a test of active equity fund managers' long-term capabilities [18]. - Zhu Hongyu's investment philosophy and experience provide a roadmap for navigating market uncertainties while aiming for sustainable long-term returns [18].

Group 1: Fund Industry Changes - The core of the recent transformation in China's public fund industry is that fund companies must generate real profits for clients to earn higher management fees, with those failing to do so receiving only the minimum fee level [2][3] - The newly approved floating fee rate funds will adjust management fees based on the fund's performance in the first year, with a baseline fee of 1.2% [5][6] - If a fund's performance exceeds the benchmark by 6% or more, the management fee can increase to 1.5% in the following year; conversely, if performance falls below the benchmark by 3% or more, the fee drops to 0.6% [6][7] Group 2: Market Trends in Jewelry Sector - The jewelry sector is experiencing renewed interest driven by a shift in consumer behavior towards "self-gratification" rather than traditional needs, with non-wedding purchases rising from 50% to 75% [11][12] - The focus in the jewelry industry has shifted from inventory levels to product strength, emphasizing unique and personalized offerings that consumers are willing to pay a premium for [12] Group 3: Market Overview - The market saw a collective adjustment with a slight index decline of 0.76%, while 3,480 individual stocks fell [13] - Despite a lack of direct selling pressure from major holders, the market is experiencing slow declines due to cautious positioning by institutions [15] - The crowdedness in small-cap stocks has reached new highs, indicating potential volatility if larger stocks rebound [16] Group 4: Technology Sector Dynamics - The technology sector has seen a significant drop in crowdedness, reaching its lowest point this year, which may indicate a potential for recovery [17] - The decline in financing balances, currently around 1.8 trillion, is directly linked to the inactivity in the technology sector, suggesting that market elasticity is low [18][19] - A revival in the technology sector is essential for generating real profit opportunities in the A-share market [20]

Core Viewpoint - The article emphasizes the proactive response of financial institutions to national policies, focusing on enhancing market stability and investor confidence through innovative fund structures and long-term capital strategies [1][4]. Group 1: Fund Development and Management - The public fund industry in China has surpassed 32 trillion yuan in management scale, becoming essential for capital markets and household finance [2]. - The introduction of floating fee rate funds marks a new paradigm in public fund management, aligning investor interests with fund performance [2][3]. - The floating fee structure includes three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment), promoting a more refined management fee approach [2][3]. Group 2: Investor-Centric Approach - The new floating fee rate funds require a minimum holding period of one year, with fees adjusted based on performance relative to benchmarks, thus encouraging long-term investment behavior [3]. - The emphasis on performance benchmarks aims to better inform investors about fund strategies and align their investment goals with product offerings [4]. Group 3: Market Trends and Opportunities - The capital market's new policies encourage long-term capital inflow and the development of equity public funds, which are seen as vital for wealth management and industry transformation [6]. - The focus on growth investment is highlighted as a timeless theme, with sectors like artificial intelligence and domestic consumption expected to drive significant investment opportunities [6][7]. Group 4: Strategic Asset Allocation - As of December 31, 2024, the stock market value of Jiashi Fund's public products reached 365.82 billion yuan, representing 32.57% of total assets, significantly above the industry average [7]. - The fund's strategic allocation emphasizes technology and consumer sectors, with substantial investments in new energy, high-end manufacturing, and internet services, aligning with national development strategies [7][8].

Group 1: Core Insights - The launch of the first batch of floating fee rate funds marks a significant reform in the public fund industry, linking management fees to fund performance [1][12] - The China Securities Regulatory Commission (CSRC) aims for at least 60% of newly established actively managed equity funds to adopt this floating fee structure within a year [1][3] - The initial management fee for these new products is set at 1.2%, with differentiated rates starting from the second year based on performance relative to benchmarks [3][13] Group 2: Fund Manager and Product Highlights - The fund managed by Ying Zheng from Huatai-PB is highlighted for its clear investment scope and focus on global markets, including Hong Kong stocks [4][13] - Ying Zheng has extensive experience in managing funds, with a strong track record in both domestic and international markets [8][9] - The fund will target multiple sectors, including manufacturing, TMT (Technology, Media, and Telecommunications), consumer goods, pharmaceuticals, and cyclical industries [10][11] Group 3: Market Context and Opportunities - The Hong Kong stock market has gained significant attention, with the Hang Seng Index rising over 25% in the past year, indicating strong investment potential [5][7] - The current valuation of the Hang Seng Index is at a historical median level, suggesting long-term investment value in the Hong Kong market [7] - The fund's strategy includes capitalizing on the evolving consumer landscape in China, particularly among younger generations [10][11]

Core Viewpoint - A new batch of floating rate funds has been approved and is being launched, emphasizing both holding duration and excess returns, with the previous batch achieving positive returns and some exceeding 30% [1][2] Group 1: Performance of Previous Funds - The previous batch of eight floating rate funds has been established for about a year and a half, all achieving positive returns, with an average return slightly outperforming the performance benchmark [1] - Notable funds such as Dazhong Zhixin and Yinhua Huixiang have reported excess returns, with Dazhong Zhixin achieving over 30% return and an excess return rate exceeding 20% compared to its benchmark [2] Group 2: Fee Structure and Management - The fee structure for the new floating rate funds includes a fixed management fee of 0.6%, a contingent management fee of 0.6%, and an excess management fee of 0.3%, with varying rates based on performance relative to benchmarks [4] - The management fees are directly linked to performance, incentivizing fund managers to focus on absolute returns and adjust their investment strategies accordingly [3][4] Group 3: Investment Strategy and Discipline - The new fee structure emphasizes the importance of performance benchmarks, requiring fund managers to pay attention to industry deviations, style exposures, and tracking errors to avoid style drift [5][6] - Fund managers are encouraged to adopt a disciplined approach to investment, focusing on fundamental research and risk control rather than short-term speculative behaviors [6] Group 4: Industry Implications - The new floating rate funds are expected to enhance the alignment of interests between fund managers and investors, promoting long-term investment and reducing impulsive trading behaviors [4][5] - The regulatory push for performance-based fee structures is likely to drive a shift in the industry from scale-driven to research-driven performance, fostering a competitive environment that prioritizes quality [4][6]

继过去10日内快速经历了申报、受理和获批后，5月27日，首批新型浮动费率基金（下称"浮费基金"） 正式开售。 公开信息显示，已获批的26只基金中，5月27日启动发行的共有16只，包括易方达、汇添富、广发、富 国、嘉实、天弘、华夏、平安、南方、宏利、银华、博时、中欧、交银施罗德、华安、东方红旗下产 品。多数产品将于6月中下旬结束认购，在募集目标的设置上，最高有基金设置了80亿元。 作为公募行业开启改革新篇的关键一着，新型浮费产品"千帆竞发"背后，机构在营销上仍然火热。从各 家的营销材料来看，主要的宣传点一在浮动费率的设置科普，二在强调拟任基金经理的主动管理能力， 如选股策略、历史胜率、价值投资等。 平均认购期不到1个月 5月7日，证监会发布《推动公募基金高质量发展行动方案》明确提出，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。此后，首批新型浮动费率基金应声落地，标志着基 金业在产品供给侧的又一次深度优化。 渠道方面，一批托管行也正整装待发。在26只获批产品中，建设银行托管了最多的浮费基金，共达7 只，其中包括在5月27日首批发行的华夏、博时、富国、华安、银华旗下的5只。 中国银行 ...

Core Viewpoint - The launch of the first batch of 16 innovative floating rate funds in China's public fund market marks a significant milestone, reflecting a shift towards performance-based fee structures that align the interests of fund managers and investors [3][4][9]. Group 1: Fund Launch Details - The 16 innovative floating rate funds officially started subscription on May 27, 2023, after a rapid approval process that took only seven days from submission to approval [3][5]. - The funds include notable names such as 中欧大盘智选, 东方红核心价值, and 嘉实成长共赢, with most subscriptions ending in June 2023 [5][7]. - The average subscription period for these funds is around 30 days, with some funds not setting a maximum fundraising limit [7]. Group 2: Fee Structure Innovations - The new floating rate funds feature a tiered management fee structure based on the investor's holding period and performance relative to a benchmark, with rates set at 1.2%, 1.5%, and 0.6% [4][6]. - The funds will distribute earnings through cash dividends rather than reinvestment, simplifying the fee calculation process and enhancing investor understanding [8][9]. - This fee structure aims to address the long-standing issue of fund profitability not translating to investor returns, promoting a model where fund performance directly impacts management fees [9][11]. Group 3: Regulatory and Market Implications - The swift approval process for these funds indicates strong regulatory support for innovation in the public fund sector, reflecting a commitment to high-quality development [10]. - The introduction of these funds is part of a broader initiative to encourage performance-based management fees, aligning the interests of fund managers with those of investors [9][10]. - The funds are primarily equity-focused, with performance benchmarks linked to major indices like the 沪深300 and 中证500, emphasizing the core role of equity investment [7][9].

Core Viewpoint - The approval of the first batch of 26 new floating rate funds marks a significant development in the mutual fund industry, emphasizing a new fee structure linked to performance metrics [2][3]. Group 1: Floating Management Fee Structure - The newly introduced "innovative floating rate funds" will have management fees primarily tied to performance against a benchmark, differing from previous complex fee structures [5][6]. - The management fee structure is asymmetric, favoring investors, where the maximum fee of 1.5% per year applies only if the fund outperforms the benchmark by over 6% and generates positive returns [10][6]. - In cases where the fund underperforms the benchmark by over 3%, the management fee is reduced to a minimum of 0.6% per year [6][10]. Group 2: Performance Benchmark Importance - The performance benchmark is a critical element in the new fund structure, influencing both fund manager performance assessments and management fees for investors [11]. - Most of the newly issued funds have set their benchmarks as a combination of A-share broad indices, Hong Kong stocks, and bond indices, with a significant number opting for the CSI 800 index [12][11]. - The CSI 800 index is favored for its broader coverage of the A-share market, representing approximately 70% of the total market capitalization, thus providing a more balanced investment strategy [13][15]. Group 3: Fund Manager Selection and Performance - The selection of fund managers for these new floating rate funds is based on a combination of qualitative and quantitative metrics, with a focus on long-term performance [19][18]. - Wang Mingxu, a notable fund manager, is highlighted for his consistent performance and investment philosophy, which aligns with the objectives of the new floating rate funds [19][27]. - Wang's investment strategy emphasizes absolute returns and risk management, which is crucial for navigating varying market conditions [27][28].

【大河财立方 记者 孙凯杰】随着《推动公募基金高质量发展行动方案》（以下简称《方案》）的出炉，市场动作频繁。 近日，《方案》出台后的首批26只新型浮动费率基金正式获批。5月24日，多只基金公布了招募说明书、基金合同、基金产品资料概要和基金托管协议；5月 27日，部分基金正式开启发售，发售期截至6月30日。 上一批集体发行的浮动费率基金， 大部分收益为正 从规模来看，这20只基金问世近两年来，并未形成太多的水花：除交银瑞元三年定开规模超18亿元外，其余19只基金规模均在6亿元以下。景顺长城价值发 现A1在发售时规模曾一度突破10亿元，如今也已经滑坡至5.48亿元。 但是从表现来看，他们普遍好于市场的相当一部分主动权益基金，绝大多数产品都跑赢了沪深300指数，18只都取得了正收益。 其中嘉实创新动力A1成立以来回报达到41.68%，区间收益最高；中欧时代共赢A1、富国核心优势A1、大成至信回报三年定开也都取得了超过30%的回报。 本次新型浮动费率基金显现出了"闪电"速度：从上报至获批，仅用时不到10天，充分贯彻了《方案》中提到的"要建立与基金业绩表现挂钩的浮动管理费收 取机制"和"对主动管理权益类基金和场外成熟宽 ...

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 | | | | | | --- | --- | --- | --- | --- | --- | --- | ...