Core Insights - The first batch of 16 floating management fee rate funds has seen significant interest, with some products reaching their fundraising limits and ending their subscription early [1] - The Oriental Red Core Value Fund achieved a fundraising limit of 2 billion yuan, leading the pack due to strong customer service capabilities from distribution channels like Pudong Development Bank and Oriental Securities [1] - The shift in the public fund industry is moving from a focus on scale to a focus on returns, with only 6 out of 26 products setting fundraising limits [2] Fund Details - The Oriental Red Core Value Mixed Fund was the first to reach its fundraising cap of 2 billion yuan and will no longer accept new subscriptions from June 5 [1] - Other funds in the first batch include E Fund Growth Progress Mixed Fund with a cap of 5 billion yuan, and GF Value Steady Mixed Fund with a cap of 8 billion yuan [2] - As of June 4, the combined issuance of E Fund Growth Progress, GF Value Steady, and Harvest Growth Winning reached 760 million yuan [3] Market Dynamics - Following the Dragon Boat Festival, new floating fee rate products are being launched, indicating a competitive sales environment among distribution channels [6][7] - Institutions are increasingly investing their own funds into floating fee rate funds to demonstrate commitment to investors [9] - The China Securities Regulatory Commission has introduced a plan to promote high-quality development in public funds, emphasizing investor interests and performance-based fee structures [10]

首批26只浮动费率基金闪电获批，16只产品5月27日集中发售！ 5月23日，首批26只新型浮动费率基金获得证监会批文，距离上报仅一周。 5月24日，华夏、嘉实、易方达、南方、汇添富、富国、广发等16家基金公司集体公告，旗下浮动费率基金产品发行定档，均将于5月27日开启发行，多数产 品将于6月中下旬结束认购。 公开资料显示，首批26只新型浮动费率基金中，已有华夏瑞享回报混合、嘉实成长共赢混合、易方达成长进取混合、南方瑞享混合、汇添富均衡潜力优选混 合、博时卓睿成长股票、富国均衡配置混合、银华成长智选混合、广发价值稳进混合、天弘品质价值混合、中欧大盘智选混合、华安竞争优势混合、宏利睿 智领航混合、平安价值优享混合、东方红核心价值混合、交银施罗德瑞安混合等16只基金发布公告（见下表所示），定于5月27日开始发行，认购截止日期 集中在6月中下旬。 | 序号 | 代码 | 名称 | 复蓝公司 | 基金经理 | 草集份额上 限(亿份) | 投资类型 | 认购起始 | 认购截止 | 认购天数 | 基金托管人 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The core viewpoint of the article highlights the transition of China's public fund industry from a "scale-oriented" development model to a performance-oriented one, driven by the introduction of floating fee products [1][2] - The China Securities Regulatory Commission (CSRC) has officially moved floating fee funds from pilot status to normalization, with several leading fund companies, including Manulife Fund, obtaining approval for related products [2] - Floating fee funds link management fees to fund performance or holding period, breaking traditional fee structures and aligning the interests of fund managers with investors, thereby enhancing the investment experience [1][2] Group 2 - Manulife Fund, as the first foreign-controlled public fund company in China, expresses confidence in the steady growth of the Chinese economy and the healthy development of the capital market [3] - As of Q1 2025, Manulife Fund's total managed assets reached 115.8 billion, with non-monetary management assets at 68.4 billion, showing growth significantly above the industry average [3] - The average return of Manulife Fund's active equity funds over the past year was 23.09%, ranking 6th in the industry, while the five-year average return was 64.58%, ranking 12th, indicating strong mid-to-long-term performance [3]

（原标题：大曝光！原来这样"浮"？） 【导读】浮动费率基金到底怎么"浮"？ 中国基金报记者 王思文 近期，新一轮公募基金改革正在加速落地，公募新规后首批26只浮动管理费率基金问世在即。 目前，投资者最关心的话题是：浮动管理费率基金到底是怎么"浮"的？ 此前，公募基金主动管理基金的管理费基本按每年1.2%收取，这可以理解为，基民购买1万元基金产 品，无论赚不赚钱，基金公司每年均收取120元的管理费用。 公募基金采取浮动费率后，管理费的收取规则变了，主要与以下三方面因素有关：一是基民的持有期 限，二是持有期间基金跑赢业绩比较基准的情况，三是基金本身有没有赚钱。 具体费用计提方法如下： 短期持有档：如果基民持有该基金不到一年就赎回了，管理费仍按1.2%年费率收取。 长期持有档：如果基民持有该基金超过一年再赎回，管理费的收取规则就会分为三种情况： 一、超额收益档：假设锚定基金的业绩比较基准是沪深300指数。如果该基金在基民持有期间赚钱了， 同时持有期间的年化收益率还跑赢了沪深300指数的6%以上，基金公司可以收取每年1.5%的管理费。 二、业绩不佳档：如果该基金在基民持有期间跑输了沪深300指数的3%或更多，基金公司 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the first batch of 26 new floating fee rate funds, which are expected to be launched for investors soon, reflecting the regulatory body's commitment to reforming the public fund industry and aligning fund company income with investor returns [1][3]. Group 1: Fund Characteristics - All 26 new funds will adopt a floating management fee model linked to fund performance, addressing public concerns about fixed fees amidst poor fund performance [3][4]. - The floating management fee structure is designed to be "easier to decrease than to increase," ensuring that investors benefit from the fee adjustments [4]. Group 2: Investor Sentiment - Investors are showing interest in the new floating fee rate funds, with many expressing that the performance-linked fees are a significant advantage [6]. - Some investors are willing to pay for excess management fees as long as the fund generates high returns, while others prioritize the track record of fund managers over fee structures [6]. Group 3: Industry Direction - The CSRC aims to shift the public fund industry focus from "scale" to "investor returns," addressing existing shortcomings in operational philosophy and investor satisfaction [7]. - The CSRC plans to gradually promote the normalization of the new floating management fee model, indicating a commitment to ongoing reform in the public fund sector [9].

Core Viewpoint - The approval of the first batch of 26 new floating management fee rate funds aims to align the interests of fund managers and investors, encouraging long-term investment and promoting a healthier industry ecosystem [1] Group 1: Fund Characteristics - The specific product details and appointed fund managers for the 26 new funds have not yet been disclosed [1] - These floating fee rate funds will link management fees to the holding period of each investment and the excess return relative to a performance benchmark [1] Group 2: Industry Implications - The introduction of these funds is seen as a significant step towards promoting a performance-based floating management fee model, optimizing fund operation methods [1] - The initiative is expected to strengthen the constraints of performance benchmarks on product investment operations, fostering a more coordinated relationship between industry development and investor interests [1]

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 innovation in the mutual fund industry, allowing for a more flexible fee structure based on relative performance against benchmarks [1][7]. Group 1: Product Details - The first batch of floating management fee rate funds includes products from major fund companies such as E Fund, Huaxia, and GF Fund, among others [1][2]. - The fee structure for these new products consists of three tiers: a base rate of 1.2%, an elevated rate of 1.5% for outperforming benchmarks, and a reduced rate of 0.6% for underperforming benchmarks [5][6]. Group 2: Fee Structure and Performance Metrics - The floating management fee is determined based on the fund's performance relative to its benchmark, with specific thresholds set for annualized returns [4][10]. - If an investor redeems the fund within one year, a standard base rate of 1.2% applies, regardless of performance [5][6]. Group 3: Industry Response and Future Outlook - The introduction of these products is seen as a proactive response to the "Action Plan for Promoting the High-Quality Development of Public Funds," aiming to align the interests of fund managers and investors more closely [9][10]. - There is an expectation of more such products being approved in the future, as many fund managers express interest in developing similar models [8][9].

Core Viewpoint - The article discusses the rapid approval and upcoming launch of new floating fee rate funds in China, highlighting the innovative fee structure designed to align the interests of fund managers and investors [2][3][4]. Group 1: Product Approval and Launch - The first batch of 26 new floating fee rate funds received approval from the China Securities Regulatory Commission (CSRC) on May 23, following their application on May 16, and is expected to be available for subscription soon [1][3]. - The approval process was efficient, reflecting the regulatory body's commitment to implementing reforms in the public fund sector and enhancing investor experience [3][4]. Group 2: Fee Structure and Performance Metrics - The new funds feature a tiered management fee structure with three levels: 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment), along with performance assessment indicators of outperforming the benchmark by 6 percentage points and underperforming by 3 percentage points [4][5]. - The management fee will be determined based on the investor's holding period and the fund's annualized return relative to its benchmark, promoting a more nuanced approach to fee collection [4][7]. Group 3: Investment Strategy and Market Positioning - The initial products are designed to invest primarily in equities, with performance benchmarks linked to major indices such as the CSI 300 and others, indicating a strong focus on equity investment [9]. - Fund managers are expected to have significant experience, aiming to enhance long-term investment returns and improve investor experience through robust research and ongoing support [9][10]. Group 4: Industry Implications and Future Outlook - The introduction of floating fee rate products is anticipated to become a regular feature in the market, with many fund managers expressing interest in developing similar products [10]. - The emphasis on performance benchmarks is expected to lead to more prudent selection of benchmarks by fund companies, thereby reducing instances of style drift and enhancing investment stability [12][13].

Core Viewpoint - The introduction of the first batch of floating management fee rate products marks a significant innovation in the public fund industry, aligning with the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2]. Group 1: Industry Innovation - The launch of floating management fee products provides more flexible and diverse management strategy options, stimulating industry vitality and promoting high-quality development [2]. - This new fee model is a response to regulatory requirements and represents a concrete action towards the high-quality development of the public fund industry [3]. Group 2: Investor Experience - The design of the floating management fee mechanism allows for more reasonable management costs for investors, enhancing their investment experience and satisfaction [2]. - By linking management fees to investment performance, the new model aims to increase investor trust in the public fund industry [2]. Group 3: Market Development - The introduction of floating management fee products contributes to a fairer and more transparent competitive environment in the market [2]. - The adjustable management fee rates incentivize fund managers to focus more on investment performance and risk control, thereby improving the overall investment level and risk management capabilities of the industry [2]. Group 4: Future Directions - The public fund industry should continue to optimize product structures, enhance investor education, and promote industry self-discipline to improve competitiveness and service levels [3].

每经评论员 李蕾 从"固定费率为主"到"浮动费率破冰"，看似简单的费率模式调整，实则蕴含着行业生态重塑的深层逻 辑，有望成为破解"基金赚钱，基民不赚钱"难题的重要突破口。此次新模式浮动管理费率基金的核心突 破，在于将管理费率与投资者持有时间、业绩表现深度挂钩。以此次某个上报的产品为例，投资者持有 不足一年时，维持1.2%的固定费率；满一年后，则依据持有期间基金年化收益率分为三档进行浮动。 如此一来，让基金公司的收入与投资者盈亏直接关联，真正实现"风险共担、利益共享"。 从行业发展视角来看，浮动管理费率基金的推出意义重大。其一，它将促使基金公司将工作重心从"扩 规模"转向"提业绩"，从"规模驱动"转向"业绩驱动"，这是行业回归"代客理财"本源的关键一步。其二， 该模式有助于优化投资者的投资体验。以往，投资者往往只能通过基金净值变化判断投资收益，难以直 观感受基金公司的管理价值。而浮动管理费率机制的引入，让投资者能够清晰看到基金公司收取的管理 费与业绩之间的关系，从而更加理性地选择投资产品。 总体而言，浮动管理费率基金的推出，犹如投向湖面的石子，其涟漪效应将倒逼基金公司提升投研能力 和业绩表现，引导投资者树立长期 ...