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].

Core Viewpoint - The public fund industry is undergoing a performance benchmark reform, with significant attention on the poor performance of several equity products managed by Puyin Ansheng Fund, particularly under the leadership of Chief Equity Investment Officer Jiang Jialiang [2][3]. Performance Analysis - As of Q1 2025, Jiang Jialiang's managed fund, Puyin Ansheng Quality Selection A, has seen a net value decline of 46.75% over the past three years, while its benchmark has only increased by 0.46%, resulting in a deviation of 47.21 percentage points [3]. - Data from Tian Tian Fund shows that as of May 21, 2025, Puyin Ansheng Quality Selection A ranks at the bottom among similar products for both three-year and two-year performance, with a cumulative loss of 52.53% since inception [3]. Fund Management Issues - The fund has faced repeated investment decision errors, such as sticking to the electric vehicle sector during a valuation drop in 2022 and missing out on the AI market in 2023, indicating systemic flaws in the investment research framework [5]. - Out of the 12 products managed by Jiang Jialiang, 11 have negative returns, with Puyin Ansheng Quality Selection Mixed A showing a return of -36.43% and Puyin Ansheng Value Growth Mixed A at -19.19% [6]. Fee Structure Concerns - Despite the poor performance, high management fees continue to be charged. For instance, Puyin Ansheng Quality Selection Mixed A collected management fees of 10.16 million yuan in 2024, despite a decline in value [6]. Governance and Internal Challenges - The fund is also facing governance challenges, including a leadership change with the departure of Chairman Xie Wei and Vice President Li Hongyu, alongside a past incident involving a former fund manager being penalized for misconduct [8]. - As of Q1 2025, Puyin Ansheng's public fund scale is 356.2 billion yuan, ranking 28th in the industry, but 19 products are below the 50 million yuan liquidation threshold, with five below 16 million yuan [8]. Industry Context - The recent emphasis by the China Securities Regulatory Commission on stricter performance deviation regulations may compel fund companies to optimize their assessment mechanisms, prioritizing investor interests [9]. - The challenges faced by Puyin Ansheng highlight broader issues within bank-affiliated public funds, including a reliance on traditional fixed-income products and internal constraints on talent retention and brand perception [9].

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 ...

Report Industry Investment Rating There is no information provided about the report industry investment rating in the given content. Core Viewpoints of the Report The report focuses on the dynamic trends of the fund market, including market - wide reforms, product - related hotspots, overseas market developments, and fund issuance status. It indicates that the fund industry is undergoing significant changes, such as the launch of long - term assessment reforms for public funds and the in - depth advancement of fee reforms. Meanwhile, the ETF market has seen substantial capital inflows, and the private placement market is also showing signs of recovery and standardization [1][7][15]. Summary According to Relevant Catalogs 1. Fund Market Dynamics - The long - term assessment reform of public funds has begun, aiming to strengthen the alignment of interests between fund companies and investors. The China Securities Regulatory Commission issued the "Action Plan for Promoting the High - Quality Development of Public Funds" on May 7, proposing 25 reform measures in six aspects [7]. - The net self - purchase amount of public funds this year has exceeded 8 billion yuan. As of May 6, 103 public institutions have made 533 self - purchases, with a net purchase amount of 8.32 billion yuan, and money - market funds are the main target [7]. - 51 funds are scheduled to be issued this month, with passive investment and bond fund allocation as the two main lines. Equity products account for over 70%, and among bond funds, medium - and long - term pure - bond products are popular [8]. - The number of private - placement product filings in April reached a two - year high. As of April 30, 638 private - placement securities managers filed 1,170 products, a 12.18% increase from March, and stock strategies are the main type [10]. - The private - placement industry is moving towards standardized development. The Shanghai Securities Regulatory Bureau issued a notice to regulate the operations of private - placement fund managers in the region, and the Asset Management Association of China has issued nearly 200 disciplinary action notices this year [11]. - There were no new approvals for fund company establishment, QDII business qualifications, or fund company subsidiary establishment this week [12][13][14]. 2. Fund Product Hotspots - The fee reform of public funds is advancing towards "mechanism reconstruction", and fee - innovative products may be submitted soon. These products will charge management fees based on the holding time and annualized return of each investor's fund shares [15]. - The net inflow of ETFs this year is about 250 billion yuan. As of May 7, the net inflow of the ETF market exceeded 249.297 billion yuan, with stock ETFs accounting for over half [16]. - The first large - scale redemption occurred in the China Securities A500 Index Fund. The A - share of the F安达 China Securities A500 Index Enhanced Fund established on April 1 had a slight loss of 0.02% as of May 6 [17]. - The new issuance scale of equity funds this year accounts for over 50%. As of May 8, the new issuance scale of public funds exceeded 340 billion yuan, and equity funds accounted for over half [19]. - Newly - established funds are highly positioned in the technology field. Many newly - established funds have quickly entered the market, and most of them are technology - themed products [20]. - The binding effect of performance benchmarks has been strengthened, and public funds are frequently changing their benchmarks. As of May 8, 109 funds have changed their performance benchmarks this year [22]. - The heavy - position stocks of the first insurance - capital private - placement securities fund were revealed. As of the end of the first quarter, Honghuazhiyuan Private - Placement Securities Investment Fund held positions in Yili, Shaanxi Coal, and China Telecom [23]. 3. Overseas Market Tracking - SAB Invest launched Saudi Arabia's first quantitative ETF. The fund started trading on Monday, aiming to raise $100 million this year and generate an annual return about 2% higher than the Saudi market [25]. - Blackstone, Vanguard, and Wellington launched a private - market fund. The fund will allocate 60% to public stocks, 30% to fixed - income products, and 40% to private - market investments [26]. - Blackstone provided a 200 - million - euro guarantee for a UK railway arch project. The investment was used to purchase a 50% stake in 5,000 UK railway arches from TT Group [27]. 4. Fund Issuance Overview - Newly - established funds: 15 funds were announced to be established this week, with a total raised scale of 6.35 billion shares. The number and scale of newly - established funds are at the 77.88% and 86.54% quantile levels in the past two years, respectively, indicating low market issuance enthusiasm [30][31]. - Funds that ended fundraising: 8 funds ended fundraising this week, including index funds, hybrid funds, and FOF funds [34]. - Newly - issued funds: 27 funds were newly issued this week, including 18 index funds, 6 bond funds, and 3 hybrid funds. As of Friday, 66 funds are in the issuance period, and 41 funds have announced their issuance and will start fundraising soon [36]. - Newly - declared funds: 40 products were submitted to the CSRC this week, including 22 index funds, 9 hybrid funds, 6 bond funds, 2 FOF funds, and 1 REITs fund. Huatai - PineBridge Fund submitted the most products, with 5 [39].

Group 1 - The "Action Plan" aims to achieve a turning point for high-quality development in the public fund industry within approximately three years, introducing 25 policy measures to regulate the industry [1] - The plan emphasizes a virtuous cycle of "increased returns - influx of funds - market stability," reflecting a commitment to mutual development between fund managers and investors [1] - The introduction of clear performance benchmarks for funds is expected to enhance investor confidence and stabilize investment styles in the long term [2][4] Group 2 - The management fee structure will shift from a focus on scale to a focus on returns, with floating management fees linked to performance benchmarks for newly established actively managed equity funds [2][3] - The plan mandates that the management fee for these funds will be determined based on their performance relative to a set benchmark, with specific fee rates applicable depending on performance outcomes [2][3] Group 3 - Fund manager compensation will be closely tied to fund performance, with a requirement that performance metrics account for at least 80% of their evaluation [4][6] - The plan aims to reduce costs for investors by lowering management fees and sales service fees, particularly for index and money market funds [4][5] Group 4 - The overall salary levels in the public fund industry are expected to decline, with a reported 17% decrease in average salary from 2023 to 2024 for a leading fund management company [5] - Concerns have been raised about the potential increase in the trend of high-performing fund managers leaving for private equity, which may complicate investment choices for average investors [5] Group 5 - The "Action Plan" includes measures to enhance investor services, such as optimizing investment research and risk management resources, and establishing a direct sales platform for institutional investors [6][7] - The plan also addresses issues like "style drift" and aims to ensure that each fund has a clear performance benchmark to prevent misalignment between fund behavior and investor expectations [7] Group 6 - The public fund industry is currently facing challenges such as shrinking scales and declining revenues, with some companies reporting significant drops in net profits due to the fee reform [8][9] - The regulatory stance supports innovation and development among leading fund companies while promoting the growth of smaller firms through differentiated strategies [9]

近日，中国证监会印发《推动公募基金高质量发展行动方案》，行动方案指出要坚持以投资者为本的发 展理念，探索建立适合中国国情、市情的公募基金发展新模式。其中，优化主动管理权益类基金收费模 式，推行主动管理权益类基金与基金业绩表现挂钩的浮动管理费率收取模式，不仅是行业发展的必然趋 势，更是提升投资者获得感、推动行业高质量发展的重要举措。 第一，引入浮动管理费率产品将有效提升投资者获得感。基金费率是影响投资者决策和持有体验的重要 因素，收费模式的优化在提升投资者获得感的同时，也有助于增强投资者对公募基金的信任。 第二，优化模式双向激励，超额收益共享与业绩不佳返还机制并行，强化管理人责任。将管理费与基金 业绩表现密切挂钩，激励投研团队在防控风险，追求稳定收益的同时适度追求更好业绩。这不仅有利于 优质基金公司脱颖而出，也有助于提升整个行业的服务质量和投资绩效。 第三，费率改革助力行业高质量发展。公募基金行业费率改革促使基金公司更加注重投研能力和风险管 理，提升核心竞争力，吸引更多中长期资金进入市场，为资本市场注入稳定力量。 随着公募基金费率改革的持续深入，主动权益基金的收费模式将更加科学合理，投资者将享受到更优 质、更低 ...

Core Viewpoint - The public fund fee reform is advancing from "fee reduction and benefits" to "mechanism reconstruction" [1][10] Group 1: Fee Structure Innovation - Several fund companies are preparing to report the first batch of innovative fee structure funds, which will implement a more detailed charging method based on individual investors, holding time, and annualized returns [2][3] - The new fee structure will allow fund managers to charge only a basic management fee if the holding period is less than 365 days, while fees will be linked to performance for longer holding periods [2][3] - The innovative funds will feature a dual incentive mechanism, where excess returns are shared and poor performance leads to fee refunds, thus enhancing the responsibility of fund managers [7][10] Group 2: Historical Context and Progress - Since the implementation of the fund fee reform plan in July 2023, the public fund industry has been steadily optimizing its fee structure through a three-step approach [8][9] - The first and second phases of the fee reform have already been executed, with many leading fund companies reducing management fees for active equity funds to 1.2% and custody fees to 0.2% or lower [9] - As of now, over 3,500 public funds have lowered their management and custody fees, saving investors hundreds of billions [9] Group 3: Future Implications - The introduction of the "thousand-person, thousand-face" fee model signifies a shift towards a market-oriented ecosystem that prioritizes investor interests over mere scale [10] - The reform aims to bind the interests of fund companies and investors more closely, promoting a high-quality development trajectory for the public fund industry [10]