Core Viewpoint - The article discusses the launch of the second batch of innovative floating fee rate products in the mutual fund industry, highlighting the positive reception and performance of the first batch, and the ongoing trend towards performance-based fee structures in fund management [1][4][6]. Group 1: Product Launch and Structure - The second batch includes 11 products, with 2 being stock-type and 9 mixed equity funds, following the approval of the first batch of 26 products [1]. - The fee structure for the new products remains consistent with the first batch, featuring three tiers: 1.2% for the benchmark rate, 1.5% for the upper tier, and 0.6% for the lower tier, depending on the fund's performance relative to the benchmark [1][3]. - Products that focus on specific industries or themes, such as high-end equipment and pharmaceuticals, are included in this batch, marking a shift from the all-market selection of the first batch [3]. Group 2: Fundraising Performance - As of the end of June, 24 out of the 26 products from the first batch successfully raised a total of 22.68 billion yuan, with an average fundraising size of 944.5 million yuan per product, significantly outperforming the average of 440 million yuan for other actively managed equity funds in the same period [5][6]. - The positive fundraising results reflect strong market confidence and support from various fund companies, indicating a shift towards prioritizing investor returns over mere scale [6]. Group 3: Industry Implications - The introduction of floating fee rate products is seen as a mechanism to align the interests of fund managers and investors, promoting a shared risk and reward model [3][6]. - The rapid approval and successful launch of the first batch of products demonstrate regulatory support for reforms aimed at enhancing the mutual fund industry's quality and investor trust [6].

Core Viewpoint - The release of the "Action Plan for Promoting the High-Quality Development of Public Funds" marks the beginning of systematic reforms in the public fund industry, focusing on investor returns and long-term development [1][2] Group 1: Focus on Investor Returns - The Action Plan emphasizes the importance of investor returns and long-term development, indicating a new phase for the public fund industry that prioritizes high-quality transformation [1][2] - The introduction of a floating management fee structure linked to fund performance aims to align the interests of fund managers with those of investors, enhancing the investor experience [2][3] Group 2: Long-Term Investment and Value Orientation - The Action Plan encourages long-term investment and discourages short-term behaviors, promoting a culture of value investment among fund managers [3][4] - Fund companies are adjusting their evaluation systems to focus on long-term performance, with assessment periods extending to 3-5 years [4][5] Group 3: Expansion of Equity Investment - The Action Plan aims to significantly increase the scale and proportion of equity investments in public funds, which is expected to inject fresh capital into the market [5] - Measures such as a rapid registration mechanism and encouragement of index-based investments are being implemented to empower equity investments [5]

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]

Core Viewpoint - The article discusses the introduction of floating management fee rate funds in China, highlighting the new fee structure and the competitive lineup of fund managers involved in this innovative product launch [1][10]. Summary by Sections Floating Management Fee Structure - The new floating management fee structure is based on three main factors: the holding period of the investor, the fund's performance relative to a benchmark, and whether the fund has generated profits [1]. - For short-term holdings (less than one year), the management fee remains at a fixed rate of 1.2% [2]. - For long-term holdings (over one year), there are three scenarios for fee calculation: 1. If the fund outperforms the benchmark (CSI 300 Index) by more than 6%, the management fee can increase to 1.5% [3]. 2. If the fund underperforms the benchmark by 3% or more, the management fee is reduced to a maximum of 0.6% [3]. 3. If the fund performs moderately, the fee remains at 1.2% [4]. - The fee structure aims to simplify understanding for investors and sales channels, with consistent rules across the first batch of floating fee funds [5]. Fund Manager Lineup - The initial batch of floating management fee funds features a strong lineup of fund managers, including experienced veterans and promising newcomers [6][7]. - Notable fund managers include senior executives from various fund companies, such as Wang Mingxu from GF Fund and Luan Chao from Huaan Fund, who are leading the management of these funds [7][8]. - The article highlights the presence of "champion" fund managers, such as Wang Xiaochuan from Yinhua Fund, who has recently gained recognition in the market [8]. Launch Timeline - The first batch of 26 floating management fee funds was approved by the China Securities Regulatory Commission (CSRC) in a remarkably short time frame of six working days [10]. - The initial offering of 16 funds is set to launch on May 27, with varying fundraising periods ranging from June 17 to August 26 [10].

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].

【环球网财经综合报道】继5月16日首批产品申报后，5月23日，26只新型浮动费率基金正式获得证监会注册，公募基金行业收费模式迎来重大变革。此次新 型浮动费率基金的快速获批，体现了监管部门落实公募基金改革方案、加快推出投资者可感可及改革措施、构建基金公司收入报酬与投资者利益回报绑定机 制的高度重视。首批产品预计很快就会向投资者发售。 与传统固定费率模式不同，新型浮动管理费率产品以考察相对收益为基础，即产品业绩是否明显跑赢其业绩比较基准来进行管理费率升降档。首批产品为降 低投资者和销售渠道理解的复杂度，各家管理人均设置了1.2％、1.5％、0.6％的三档费率水平以及年化跑赢6个百分点、年化跑输3个百分点的业绩考察指 标。 除了各家基金管理人，销售机构也都高度重视新型浮动管理费率产品的营销情况。记者从销售机构处了解到，因此次产品设计有一定复杂度，会做好面向投 资者的宣传和答疑解惑工作，以更加通俗易懂、可触达个人投资者的方式进行产品宣传解读，并且不会过于看重募集规模的销售导向，避免"高开低走"，后 续将努力提升投资者长期投资体验，做好持续营销。 业内人士指出，业绩比较基准相当于基金投资的"锚"和"尺"。其中，"锚"的 ...

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].