Macro Dynamics - The export container transportation market in China continues to improve, with most ocean routes seeing price increases, leading to a rise in the comprehensive index [1] - The Shanghai Export Container Comprehensive Freight Index reached 1586.12 points, up 7.2% from the previous period [1] - The demand for transportation on North American routes remains high, with market prices continuing to rise [1] Company Dynamics - Shanghai Lego Land has completed its construction acceptance and is entering the countdown to opening, with the grand opening scheduled for July 5 [8] - U.S. Steel Company plans to maintain its American identity and achieve growth through collaboration with Nippon Steel, which will involve significant investment and job creation over the next four years [9] - Boeing has reached a principle agreement with the U.S. Department of Justice to avoid prosecution related to the 737 MAX crashes, agreeing to pay a total of $6.881 billion in penalties and compensation [11]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the first batch of 26 floating management fee rate products, marking a significant shift towards a performance-based fee structure in the mutual fund industry [1][7][10] Group 1: New Floating Management Fee Products - The first batch includes products from prominent fund managers such as E Fund, GF Fund, and Harvest Fund, all of which have strong equity management capabilities [1][4] - These products are designed to link management fees to fund performance relative to benchmarks, encouraging better performance from fund managers [4][8] - The products are primarily active equity funds that aim to outperform major indices like the CSI 300 and the CSI 500 [3][4] Group 2: Regulatory Framework and Industry Response - The CSRC's action plan emphasizes a floating management fee structure that aligns with fund performance, promoting a shift from a scale-focused model to one that prioritizes investor returns [7][8] - Fund companies are expected to prepare thoroughly for the new fee structure, with many planning to submit additional floating fee products in the future [5][7] - The new fee model is anticipated to reshape the mutual fund industry ecosystem, fostering a healthier relationship between fund managers and investors [9][10] Group 3: Expected Benefits and Market Impact - The introduction of floating management fees is expected to encourage long-term investment and reduce short-term volatility risks, benefiting both investors and fund managers [8][9] - The new fee structure aims to enhance the stability of fund styles and improve overall fund management practices [8][9] - Industry experts predict that the floating fee model will lead to a greater focus on long-term performance rather than short-term gains, ultimately benefiting investors [10]