Group 1 - The core viewpoint of the article is the introduction of floating fee rate funds in China, marking a significant reform in the public fund fee structure, as emphasized by the China Securities Regulatory Commission's action plan [1][3] - The first floating fee rate products, such as Bosera Zhuorui Growth Stock Fund, were officially launched for public subscription on May 27, 2025 [1][9] - Floating fee rate funds are designed to link management fees to fund performance, creating a shared interest between fund managers and investors [2][3] Group 2 - Floating fee rate funds have characteristics such as aligning interests between fund managers and investors, maintaining stable fund styles, and encouraging long-term investment [3] - The fee structure varies based on performance metrics, which helps avoid style drift in funds [3] - Fund manager Tian Junwei, with extensive experience, leads the first floating fee rate product, showcasing a strong management capability [4][9] Group 3 - Tian Junwei's investment style focuses on GARP (Growth at a Reasonable Price), emphasizing stock selection over market timing [5] - His strategy involves deep stock selection, focusing on companies with sustainable growth and competitive advantages [7] - The performance of Tian Junwei's managed funds has consistently outperformed benchmarks, indicating the effectiveness of his investment approach [6][11] Group 4 - The Bosera Zhuorui Growth Stock Fund targets a stock asset allocation of 80%-95%, with a focus on high-quality growth stocks in both A-share and Hong Kong markets [9] - The management fee structure is dynamic, with different rates applied based on the holding period and performance relative to benchmarks [10][16] - Specific management fee rates are set based on the annualized return of the fund, incentivizing long-term holding by investors [10][16]

Core Viewpoint - Multiple fund companies have announced the termination of their distribution cooperation with Minshang Fund, indicating that the sales agency is likely to exit the public fund distribution market and shift focus to private fund distribution [1][5][6]. Group 1: Termination of Cooperation - Fund companies including Huatai-PB Fund, Everbright Pramerica Fund, and Debon Fund have issued announcements to terminate their sales cooperation with Minshang Fund, effective from specific dates in 2025 [2][4]. - Huatai-PB Fund stated that it will stop Minshang Fund from handling subscription, purchase, regular investment, redemption, and conversion of its funds starting May 26, 2025 [2]. - Everbright Pramerica Fund and Debon Fund have also confirmed similar terminations, with Debon Fund's termination effective from June 12, 2025 [4]. Group 2: Reasons for Termination - The termination of cooperation is reportedly due to Minshang Fund's decision to voluntarily exit the public fund distribution business and transition to private fund distribution [5][6]. - A public fund insider indicated that the decision was initiated by Minshang Fund itself, reflecting a strategic shift in its business model [6]. Group 3: Industry Context - The fund distribution market is undergoing significant changes, with many independent fund sales agencies facing increasing pressure and potential exits from the market [9]. - The China Securities Regulatory Commission (CSRC) has introduced a classification evaluation mechanism for fund sales institutions, which may further influence the dynamics of the fund distribution landscape [9]. - The trend indicates a shift from a "volume-oriented" approach to a focus on "investor profitability," which poses challenges for many smaller third-party distribution agencies [9][11].

Core Viewpoint - The approval of the first batch of 26 new floating management fee rate funds by the China Securities Regulatory Commission (CSRC) marks a significant step in the reform of fund fee structures, aiming to enhance the professional investment research capabilities of fund managers and reduce reliance on market beta returns [1][6][7]. Summary by Relevant Sections Fund Approval and Structure - The first batch of 26 new floating management fee rate funds has been officially registered by the CSRC, following their submission on May 16 [3][5]. - These funds are designed with three fee tiers based on performance relative to a benchmark, with rates set at 1.2% (base tier), 1.5% (up tier), and 0.6% (down tier) [3][4]. - The funds include a mix of products, primarily hybrid funds, from 25 public fund companies and one securities asset management company [5][6]. Fee Structure and Performance Metrics - The fee structure is linked to the holding period and performance, with specific conditions for fee adjustments based on annualized excess returns compared to benchmarks [4][6]. - For example, if the annualized excess return exceeds 6%, the fee is set at 1.5%, while a return below -3% results in a fee of 0.6% [4]. Implications for Fund Management - The new fee model aims to align the interests of fund managers and investors, encouraging managers to enhance their investment capabilities and focus on sustainable performance [6][7]. - The reform is expected to shift the industry culture towards emphasizing long-term investment and clear risk-return profiles [6][7]. Future Outlook - The CSRC's recent action plan indicates a commitment to optimizing fee structures for actively managed equity funds, suggesting that more floating fee rate products will be introduced in the future [7][8]. - The market has already seen over 130 floating fee products, and the new structure is anticipated to improve transparency and understanding of fund fee mechanisms for investors [8][9].

26只新型浮动费率基金迅速获批 5月7日，证监会正式印发《行动方案》，并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，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；在未来一年内，引导管理规模居前的行业头部机构发行此类基金数量不低于其主动管 理权益类基金发行数量的60%。 《行动方案》出台后，公募基金行业迅速响应。5月16日，上述26只基金集体申报，并于5月19日获得受理。5月23日，26只基金在申报仅一周后迅速获批。 汇添富基金表示，作为业内首批上报的新型浮动费率基金，此次产品的获批不仅标志着公募基金费率改革迈入深水区，更体现了行业从"规模导向"向"投资 者利益优先"的深刻转型，有望共筑管理人与投资者共生共荣新生态。 央广网北京5月23日消息（记者 冯方）5月23日，首批26只新型浮动费率基金获批，管理人包括易方达基金、华夏基金、汇添富基金、博时基金、嘉实基 金、中欧基金、富国基金等。此次26只基金从上报到获批仅用时一周，并切实体现了《推动公募基金高质量发展行动方案》（以下简称《行动方案》）倡导 的理念，将管理费分基准档、升档、降档三档收取 ...

Core Viewpoint - The introduction of 26 new floating fee rate funds marks a significant step in the reform of public fund fee structures in China, aligning management fees with fund performance to enhance investor returns [1][2][4]. Group 1: New Fund Products - 26 new floating fee rate funds have been registered by the China Securities Regulatory Commission (CSRC) and are expected to be available for investor subscription soon [1]. - The new funds will feature three fee rate levels: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment) [1]. - The new floating fee rate model is part of the CSRC's initiative to promote high-quality development in public funds, emphasizing a shift from scale to investor returns [1][2]. Group 2: Industry Response - Following the release of the action plan, multiple fund companies, including E Fund, China Merchants, and others, have actively responded by applying for a series of actively managed equity funds [2]. - The first batch of floating fee rate funds received approval from the CSRC on May 23, 2023, and includes various fund types aimed at enhancing investor experience [2]. Group 3: Implications for Fund Management - The floating fee rate model ties management fees directly to fund performance, potentially improving the alignment of interests between fund managers and investors [3]. - Fund companies will face new challenges in managing these floating fee rate funds, requiring enhanced operational management and data processing capabilities to track performance and calculate fees accurately [2][3]. - The reform aims to address issues such as insufficient functionality and weak investor satisfaction in the public fund sector, promoting a more effective capital market [4].

Core Viewpoint - The public fund industry in China is undergoing a significant fee reduction reform, with several major fund companies announcing lower management fees for their products, aimed at reducing investor costs and enhancing their experience [1][4]. Group 1: Fee Reductions by Fund Companies - Yifangda Fund has reduced the management fee for its two bond funds, with the annual management fee for the Yifangda Zhongzhai New Comprehensive Bond Index Fund decreasing from 0.3% to 0.15%, and the Yifangda Investment Grade Credit Bond Fund from 0.35% to 0.3% [3]. - Penghua Fund announced a fee reduction for its Penghua CSI Hong Kong Stock Connect Technology ETF, with the management fee dropping from 0.6% to 0.45% and the custody fee from 0.15% to 0.1%, effective May 9, 2025 [3]. - Huaxia Fund will lower the management fee for its Huaxia CSI Shanghai-Shenzhen-Hong Kong Gold Industry Stock ETF and its corresponding fund from 0.5% to 0.15%, and the custody fee from 0.1% to 0.05%, starting May 15 [3]. Group 2: Industry Trends and Regulatory Support - As of this year, the number of products with an annual management fee of 0.15% or lower has exceeded 1,000 for the first time in history, indicating a trend towards lower fees in the industry [3]. - The China Securities Regulatory Commission (CSRC) is actively promoting fee reductions, having implemented the first two phases of management and trading fee reforms, with a third phase targeting fund sales fees expected to save investors approximately 45 billion yuan annually starting in 2025 [4]. - The CSRC's action plan for promoting high-quality development in public funds includes measures to lower investor costs and will introduce regulations to manage public fund sales fees, encouraging timely fee reductions for large-scale index funds and money market funds [4].

数据来源：天天基金网；数据截至： 2025 年 5 月 21 日 据公开资料显示，浦银安盛品质优选A成立于2021年12月28日，成立之初基金经理为蒋佳良，后续曾在2022年7月 11日增聘杨达伟，两人共同管理至今。 华夏时报（www.chinatimes.net.cn）记者 叶青 见习记者 栗鹏菲 北京报道 公募基金行业近期迎来业绩比较基准改革，部分产品长期偏离基准的现象引发市场热议。其中，浦银安盛基金旗 下多只权益类产品因业绩大幅跑输基准，成为行业焦点。 《华夏时报》记者发现，浦银安盛基金首席权益投资官蒋佳良执掌的12只基金中有11只任期回报为负，部分产品 净值腰斩。叠加高层人事动荡、前基金经理涉"老鼠仓"被罚等事件，浦银安盛正面临投研能力与公司治理的双重 考验。 明星经理业绩"滑铁卢" 截至2025年一季度，蒋佳良管理的浦银安盛品质优选A过去三年净值下跌46.75%，同期业绩比较基准（沪深300指 数收益率×70%+恒生指数收益率×15%+中证全债指数收益率×15%）微涨0.46%，偏离幅度高达47.21个百分点。 天天基金网数据显示，截至2025年5月21日，浦银安盛品质优选A近三年、近两年业绩排名均 ...

Core Viewpoint - The public fund industry is experiencing a significant fee reduction trend, with the number of low-fee fund products exceeding 1000 for the first time, which is expected to lower investor costs and enhance their sense of returns [1][2][6][7]. Group 1: Fee Reduction Trends - Major public fund companies, including E Fund, Penghua Fund, and Huaxia Fund, have announced fee reductions for their fund products since May, with E Fund leading the charge by lowering management fees for its bond funds [3][4]. - E Fund's Zhongzhai New Comprehensive Bond Index Fund reduced its management fee from 0.3% to 0.15%, while its Investment Grade Credit Bond Fund decreased from 0.35% to 0.3% [3][4]. - The trend of fee reductions includes both large funds with over 10 billion yuan in assets and older products that have been in the market for over 20 years [4][5]. Group 2: Impact of Fee Reductions - The number of fund products with management fees at or below 0.15% has reached a historical high of over 1000, indicating a significant shift in the market [6][7]. - Specific funds that have lowered their fees include E Fund's Zhongzhai New Comprehensive Bond Index Fund and Huaxia's Gold Industry Stock ETF, which now has the lowest fee level in its category [4][8]. - Companies leading in the number of low-fee products include E Fund with 112, Huaxia Fund with 60, and Bosera Fund with 49 [8]. Group 3: Regulatory Support - The fee reduction trend is supported by regulatory initiatives, including the release of the "Public Fund Industry Fee Reform Work Plan" in July 2023, which encourages fund companies to lower their management fees [9][10]. - The China Securities Regulatory Commission (CSRC) plans to further reduce sales fees starting in 2025, potentially saving investors around 45 billion yuan annually [10][11].

新经济e线 浮动费率基金布局之战再次拉开序幕。 新经济e线获悉，5月16日晚间，共26家基金管理人率先上报旗下浮动费率产品，包括基金管理规模居行业前列的管理人21家、中小管理人4家、外 商独资管理人1家。而这也是继《推动公募基金高质量发展行动方案》（以下简称《方案》）下发后首批申报的浮动费率产品。 根据此前公开信息，《方案》要求基金管理人建立与基金业绩表现挂钩的浮动管理费收取机制，符合基准的适用基准档费率，明显低于基准的适 用低档费率，显著超越基准的适用升档费率。同时，在未来一年，引导管理规模居前的行业头部机构发行此类基金数量不低于其主动管理权益类 基金发行数量的60%。 实际上，此次产品创新不仅是费率结构的变革，更是公募行业从规模扩张向质量提升转型的关键一步。随着头部机构产品落地，头部机构的示范 效应带动下，浮动费率基金有望成为主动权益类产品主流。 对此，有观点认为，浮动管理费率机制的常态化，将使得基金持有人与基金管理人之间的长期业绩保持一致，改善运作机制，激励资管机构注重 长期投资并且提升自身的投资能力，打破传统固定管理费率基金旱涝保收的收费模式，直击"基金赚钱，基民不赚钱"的行业痛点。 26家管理人率先 ...

丨 来源：经济日报 2025-05-12 为解决长期困扰行业的"基金赚钱，基民不赚钱"问题，《方案》提出建立与基金业绩表现挂 钩的浮动管理费收取机制、强化业绩比较基准的约束作用等举措，建立健全基金公司收入报酬与 投资者回报绑定机制。 目前我国主动权益类基金主要采用固定费率模式，按基金资产净值的一定比例收取管理费。 2023年7月，证监会启动公募基金行业费率改革工作，印发了《公募基金行业费率改革工作方 案》，提出在坚持以固定费率产品为主的基础上，研究推出更多浮动费率产品试点，完善公募基 金产品谱系，为投资者提供更多投资选择。 在浮动费率机制方面，《方案》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，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。如持有期间产品实际业绩表现符合同期业绩比较基准的，适用基准 档费率；明显低于同期业绩比较基准的，适用低档费率；显著超越同期业绩比较基准的，适用升 档费率。 "浮动管理费收取模式下，充分体现公募基金产品与基金持有人'同甘共苦'的特点。"嘉实基 金总经理经雷说。 强化业绩比较基准的约束作用，也备受业内关 ...