经济日报文章称，畅通退出渠道，是资金从"长钱"变"活水"的关键。根据中国证券投资基金业协会发布 的《私募投资基金备案须知（2019版）》，私募股权基金的份额持有人有权依法将其基金份额转让给其 他合格投资人。相较于其他退出方式，私募股权基金份额转让有助于投资者有效避免私募基金中蕴含的 风险，提高投资者的资金流动性，更好挖掘市场机会，因而在实务中也深受投资人的青睐。上海金融与 发展实验室首席专家、主任曾刚表示，这次政策明确提出"优化区域性股权市场私募股权基金份额转让 业务流程和定价机制"，本质上是降低退出交易壁垒，让基金份额能在更高效、更透明的市场完成合理 定价和流转，有助于提升整个行业的资本周转效率。 ...

Core Viewpoint - The recent trend of public funds expanding share classes reflects a shift in the industry from "heavy on initial offerings" to "strong on ongoing marketing," catering to diverse asset allocation needs and enhancing product competitiveness [1][2]. Group 1: Fund Share Expansion - Multiple public funds have announced the addition of new share classes since June, including the Ping An CSI Hong Kong Pharmaceutical ETF and the Ping An CSI Consumer Electronics Theme ETF [1][2]. - The newly established E class shares do not charge subscription fees but instead deduct sales service fees from the fund's net asset value, with different redemption fee rates based on holding periods [2][3]. Group 2: Differentiation in Fund Types - Various share types (A, C, D, E, I, Y) provide investors with diverse options, each with unique product designs, positioning, fee structures, and subscription methods to meet different investment needs [2][3]. - A class shares use a traditional front-end fee model suitable for long-term holders, while C class shares are designed for short-term investors with no subscription fees but daily service fees [2][3]. Group 3: Cost Reduction and Market Adaptation - The addition of new share classes allows fund companies to reduce operational costs significantly compared to launching new funds, which require lengthy approval processes and high marketing expenses [3]. - The fee structures of different share classes are closely tied to sales channels, with D class shares often sold through banks and E class shares promoted via online channels with a "0 subscription fee" strategy [3][4]. Group 4: Future Directions in Fund Innovation - The innovation logic in public funds is shifting from "scale-driven" to "quality-driven," focusing on differentiated design, technological empowerment, and policy collaboration to create products that better meet investor needs [5]. - Five key directions for future fund share innovation include deep reform of fee mechanisms, scenario-based product design, technological enhancements in service models, policy guidance for long-term capital allocation, and the rise of passive investment trends leading to lower fees for index funds [5].

Core Viewpoint - The recent trend of mutual funds adding new share classes reflects a shift towards refined operations and marketing strategies within the public fund industry, emphasizing the need for transparency and differentiation in fee structures to meet diverse investor needs [1][2][4]. Group 1: New Share Classes - Public funds are increasingly announcing the addition of new share classes, such as E, D, F, and I classes, alongside the more common B and C classes, particularly for fixed-income and index products [2][3]. - The introduction of these "niche" share classes is aimed at lowering operational costs and catering to diverse investor preferences regarding investment duration, liquidity, and cost [2][3]. Group 2: Fee Structures and Investor Considerations - Different share classes often have varying fee structures, including differences in subscription fees, redemption fees, and service fees, which can lead to confusion among investors [2][5]. - Investors are advised to carefully evaluate the fee structures and rules associated with different share classes, considering their own investment goals and preferences to avoid being misled by lower fees alone [8][9]. Group 3: Market Dynamics and Compliance - The addition of share classes tailored for specific channels or clients can enhance cooperation with particular platforms and help avoid fee conflicts across channels, while also addressing the needs of institutional investors [4][6]. - There is a growing concern regarding the transparency of fee structures and the potential for "channel discrimination," which could disadvantage ordinary investors relying on third-party platforms for information [6][7]. Group 4: Operational Efficiency - The shift from launching new funds to adding share classes is seen as a cost-effective strategy for fund companies, as it requires less regulatory burden and can be implemented more swiftly [3][4]. - Fund companies are encouraged to improve information transparency and performance attribution to alleviate investor anxiety stemming from information asymmetry [7].

基金不同份额之间有何不同呢？从常见的基金A、C份额来看，两者的主要差异是收费模式的不同，简 单来说，对于长期持有（1年以上）的投资者来说，可以选择买入A份额，对于持有时间相对较短（1年 以内）的投资者，则更适合买入C份额。 本次多家基金公司开通同一基金不同类别基金份额间的转换业务。"与传统的赎回后再申购的流程相 比，通过份额互转，能够缩减1～3个工作日的转换时间。"某公募基金业内人士表示，传统方式需支付 赎回费和新申购费，互转业务通常需支付一定的转换费用（转出费和补差费），某些情形下可节省一定 的费用，但更大的作用是方便投资者切换投资策略，以及提升资金使用效率。 广州日报讯 （文/表全媒体记者王楚涵）近期，多家公募基金公司对旗下部分基金开通基金份额互转业 务。这也意味着，若投资者持有某基金A份额，无需经历赎回再申购的繁琐流程，可以直接通过份额互 转，将该基金转换为C份额，提升资金使用效率，还可节省一定费用。 有业内人士提醒，投资者在使用份额互转时，需要结合自身的投资目标和持有期限，充分评估转换成本 作出理性决策，避免因频繁操作增加成本。 长期持有选A短期持有选C 一般而言，基金名字后面会带有一个字母A、C等， ...

Group 1 - Shanghai Zhaoying Asset Management Co., Ltd. is organizing the second meeting of the fund holders for the Shanghai Zhaoying 500 Times New Third Board Fund Phase 1 [1] - The meeting will be held online via video connection, with a tentative date set for early July 2025 [1] - Fund holders with a combined shareholding of over 10% have initiated this meeting in accordance with the Securities Investment Fund Law of the People's Republic of China [1] Group 2 - The meeting will be witnessed by a notary from Shenzhen Notary Office [1] - Fund holders can access detailed information regarding the meeting through a designated website or by scanning a QR code [1][2] - Contact information for inquiries includes phone numbers and an email address for investor representatives and legal counsel [2]

Core Viewpoint - Since May, public fund institutions have been actively announcing the addition of new share classes for their funds, as well as enabling the conversion of different share classes within the same fund, which enhances product competitiveness and meets diverse investor needs [1][2][4]. Fund Share Addition - Fund institutions are increasingly adding new share classes, such as C, D, and E shares, to cater to varying investor preferences regarding fees and investment horizons [2][3]. - For instance, on May 28, Xingyin Fund Management announced the addition of C and E share classes for its Xingyin Jufeng Bond Fund, while the original shares were converted to A shares [2]. - The fee structures differ among share classes, with A shares charging subscription fees but not service fees, while C and E shares do not charge subscription fees but have different service fee rates of 0.15% and 0.20% respectively [2][3]. Share Conversion Channel - Several public fund institutions, including Changxin Fund Management and Guohai Franklin Fund Management, have opened conversion channels for different share classes, allowing investors to switch shares based on their investment strategies [4]. - This conversion capability enhances liquidity for investors, reducing transaction costs and time by eliminating the need for redemption before subscription [4]. - The addition of share classes and conversion features is expected to attract more investors, particularly those sensitive to fees or with specific needs, thereby increasing market share for the funds [4].

Core Viewpoint - The company will allow the conversion of different classes of shares within the same fund starting from May 26, 2025, to better meet investors' financial needs [1]. Fund Share Categories - The conversion service applies to open-end funds managed by the company, with specific applicability determined by individual announcements [1]. - Investors can convert between different classes of shares (e.g., A and C classes) of the same fund, provided they are registered with the same registration agency [1]. Business Rules - The conversion price will be based on the net asset value of the shares on the day the conversion application is accepted, following a "first in, first out" principle [2]. - The minimum application for conversion must comply with the minimum conversion share requirements of the fund [2]. - Shares must be redeemable for the outgoing portion and available for subscription for the incoming portion; frozen shares cannot be converted [2]. Compatibility with Existing Services - This new conversion service does not conflict with the existing service that allows conversions between different funds [3]. - The timing and other details of the conversion service may vary by sales institution due to system differences [3]. Conversion Fees - Conversion fees will consist of the difference in subscription fees between the outgoing and incoming share classes and any redemption fees applicable to the outgoing shares [4]. Sales Channels and Processing Time - Starting from May 26, 2025, investors can process conversions through the company's direct sales channel and China Life Insurance Company, with other sales institutions not yet offering this service [5]. - The processing time for this service aligns with the normal trading hours of the Shanghai and Shenzhen Stock Exchanges, except during any announced suspensions [6]. Important Notes - The company retains the right to interpret the announcement and may adjust the conversion rules based on market conditions or legal changes [6]. - Investors are encouraged to consult the company's website for detailed conversion rules [6].

例如，大成基金自5月20日起对大成竞争优势混合开通同一基金不同份额类别间的转换业务。自5月6日起，富国基 金对富国沪港深价值精选灵活配置混合、富国医药创新股票、富国国家安全主题混合、富国品质生活混合、富国 新机遇灵活配置混合、富国核心优势混合、富国天瑞强势地区精选混合7只基金开通同一基金不同类别基金份额之 间的转换业务。上述基金均设有A类份额和C类份额。 此外，今年以来，还有长城基金、鹏华基金、广发基金、华宝基金、摩根资产管理、兴证全球基金、宏利基金、 蜂巢基金等陆续公告对旗下部分产品开通这一业务。 在业内人士来看，基金公司提供转换服务，主要是为了适应机构投资者投资需求的变化。对于资金量较大的投资 者而言，原先持有C份额，但预计需较长时间回本，转换为A份额可节省长期持有成本。有的投资者原先持有A份 额，但因资金用途改变需赎回，面临较高赎回费时，转换为C份额则更为合适。 同一基金不同份额之间的灵活转换，为投资者提供了更多选择，使其能够根据自身投资需求和市场情况做出相应 调整。例如，当某一类基金份额表现不佳时，投资者可及时将其转换为另一类表现较好的份额，从而降低损失、 提高收益。此外，对于直销投资者而言，转换成本 ...

二、对外投资进展情况 市市场监督管理局换发的《营业执照》。 金业协会完成了备案登记手续，并取得了《私募投资基金备案证明》，具体信息 如下： 基金名称：上海华科致芯创业投资合伙企业（有限合伙） 管理人名称：上海华登高科私募基金管理有限公司 证券代码：688312 证券简称：燕麦科技 公告编号：2025-025 深圳市燕麦科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、对外投资概述 为促进深圳市燕麦科技股份有限公司（以下简称"公司"）战略发展，进一 步拓展公司业务领域，借助专业投资机构的投资经验及资金优势，促进公司产 业布局优化与完善，有利于公司长期稳健发展，公司拟作为有限合伙人以自有 资金出资人民币 2,000 万元认购上海华科致芯创业投资合伙企业（有限合伙） （以下简称"华科致芯基金"）6.47%的财产份额。具体情况以最终签署的合伙 协议等法律文件为准。本次投资中公司未对其他投资人承诺保底收益或进行退 出担保。本次对外投资已经公司总经理批准，无需提交公司董事会及股东大会 审议。本次投资不属于关联交易， ...

近年来，为满足投资者的不同投资策略、不同持有期限的需求，公募基金份额越来越"五花八门"，C份 额、D份额等日益常见。基金不同份额合并运作，在投资策略和范围上并无差异，但费率、销售渠道、 申购门槛等方面并不相同，通常情况下，同一基金的不同份额之间无法相互转换。中国证券报记者关注 到，近日多家基金公司公告开通旗下同一基金不同份额类别转换业务。 据了解，此举主要是为了满足投资者在不同投资策略之间切换的需求，尤其是机构投资者持有期限变化 的需求，提升投资者资金使用的灵活性。 ● 本报记者 张舒琳 多只公募基金公告 近年来，越来越多的基金增设C份额，由于收费形式更适合短期投资，C份额备受来自互联网销售渠道 的个人投资者的欢迎，还有一些基金增设了D份额、I份额等。基金的不同份额虽然合并运作，但在费 率、销售渠道、申购门槛等方面存在差异。 例如，A份额通常是申购时一次性收取申购费，持有基金需要超过一定时间才能免赎回费，有利于持有 时间较长的投资者；C份额不收取申购费，只收取销售服务费，按日计提，持有较短时间即可免赎回 费，因此更适合短期投资者；D份额通常是针对直销渠道的机构投资者而设置，方便机构大额资金进 出。 中国证券报 ...