Core Viewpoint - The recent submission of a new batch of floating management fee rate funds by 26 fund companies marks a significant development in the public fund industry, emphasizing investor interest protection and long-term investment guidance [1][8]. Group 1: New Fund Submission - On May 16, the first batch of new model floating management fee products was accepted by the CSRC, involving 26 fund managers, including 21 leading firms and 4 smaller firms [1]. - The submitted products are primarily market selection equity funds, benchmarked against major indices such as the CSI 300 and CSI 500 [1]. Group 2: Fund Design and Fee Structure - The new fund designs focus on enhancing investor interests, aligning with the "Action Plan" that establishes a performance-based floating management fee mechanism [2]. - The fee structure allows for different management fee rates based on the fund's performance relative to a benchmark, with lower fees applied when performance is below the benchmark and higher fees when performance exceeds it [2][8]. - The design emphasizes asymmetric adjustments to fees, with more significant reductions when performance lags behind the benchmark compared to increases when performance exceeds it [2]. Group 3: Historical Context and Evolution - The floating management fee rate mechanism has evolved since its inception in 1999, with various models emerging over the years, including performance-linked fees and tiered fee structures [3][4][6]. - Recent innovations include a model where 50% of the basic management fee is performance-based, and another where fees vary based on the investor's holding period [6][7]. Group 4: Industry Impact and Future Outlook - Industry experts believe the new floating management fee funds will enhance the alignment of fund managers' income with investors' actual returns, promoting long-term investment and reducing irrational trading [8]. - The introduction of these funds is seen as a deep optimization of product supply in the industry, potentially leading to clearer strategies and defined risk-return characteristics [8].

Market Review - The A-share market showed a mixed performance last week, with the ChiNext Index, CSI 300, and Shanghai Composite Index yielding returns of 1.38%, 1.12%, and 0.76% respectively, while the STAR 50, CSI 1000, and CSI 500 indices had negative returns of -1.10%, -0.23%, and -0.10% respectively [6][10] - The automotive, non-bank financial, and retail sectors performed well, with returns of 2.71%, 2.67%, and 2.23% respectively, while the defense, computer, and comprehensive finance sectors lagged with returns of -1.61%, -1.40%, and -0.79% respectively [16][17] Fund Performance - Last week, the median returns for active equity, flexible allocation, and balanced mixed funds were 0.34%, 0.17%, and 0.16% respectively. Year-to-date, alternative funds have performed the best with a median return of 4.85% [28][30] - The median excess return for index-enhanced funds was 0.14%, while quantitative hedging funds also had a median return of 0.14%. Year-to-date, the excess median return for index-enhanced funds was 1.50% [31][32] Fund Issuance - A total of 15 new funds were established last week, with a total issuance scale of 6.345 billion yuan, which is a decrease from the previous week. Additionally, 27 funds entered the issuance phase, and 31 funds are set to begin issuance this week [3][40] - The first batch of 26 new floating management fee products was submitted for approval, which will link management fees to fund performance for eligible investors [5] Bond Market - As of last Friday, the central bank's reverse repos netted a withdrawal of 350.1 billion yuan, with a total of 836.1 billion yuan maturing and a net open market injection of 486 billion yuan. The pledge-style repo rates increased, with the 1-day rate rising by 12.92 basis points [18][19] ETF Index Series - On May 14, the China Securities Index officially launched several new ETF index series, including the CSI A500 and CSI cash flow indices, providing diversified benchmarks and investment targets for fund companies [9]

Core Viewpoint - The introduction of floating fee rate products in the public fund industry aims to align the interests of fund holders and managers, promoting long-term investment and improving operational mechanisms, thereby addressing the industry's pain point of "funds making money while investors do not" [1][7][8]. Group 1: Floating Fee Rate Products - The first batch of floating fee rate products has been officially submitted, with 26 fund managers participating, including Dongfanghong Asset Management as the only securities asset management company [1][2]. - Dongfanghong's floating fee rate product, "Dongfanghong Core Value Mixed Fund," determines management fees based on the investor's holding period and performance [2][3]. - The implementation of floating fee rates signifies a shift in the public fund industry's management fee collection model, transitioning from a focus on scale to prioritizing investor returns [3][5]. Group 2: Industry Trends and Implications - The floating fee rate mechanism is expected to enhance the alignment of interests between fund managers and investors, encouraging a focus on long-term returns and professional investment capabilities [3][7]. - The regulatory framework encourages leading institutions to issue floating fee rate funds, with a target of at least 60% of the number of actively managed equity funds within a year [2][7]. - The industry is witnessing a transformation from a "scale-oriented" approach to a "return-oriented" model, with an emphasis on quality improvement and diverse product offerings [8]. Group 3: Dongfanghong Asset Management's Position - Dongfanghong Asset Management is recognized as the largest securities asset management subsidiary in terms of equity public fund scale, managing 104.59 billion yuan across 15 floating fee rate funds [3][6]. - The company has a history of exploring floating fee rate models since 2005, indicating its proactive approach in adapting to industry changes [3][6]. - The recent appointment of Cheng Fei as the general manager is expected to further strengthen the company's position in the asset management sector [4].

Group 1 - The core viewpoint of the article is that the Chinese public fund industry is transitioning from a focus on scale to a focus on returns, as evidenced by the introduction of floating management fee rate products that align management fees with fund performance [1][2][4] - The China Securities Regulatory Commission (CSRC) emphasizes the need to bind the interests of investors and fund managers, promoting a floating management fee model that adjusts fees based on fund performance relative to benchmarks [2][3] - The new floating management fee structure aims to reverse the "guaranteed returns" phenomenon in the fund industry, encouraging long-term holding by investors and enhancing the incentive for fund managers to improve performance [2][3] Group 2 - The floating management fee mechanism is seen as a way to create a new relationship of "shared risk and shared benefits" among fund companies, managers, and investors, focusing on asset appreciation and mutual success [3][4] - The industry is expected to place greater emphasis on investor experience, moving from merely pursuing product performance to enhancing the overall investment experience, including reducing product volatility and improving Sharpe ratios [3][4] - The CSRC's plan requires leading fund management firms to issue floating management fee rate funds that account for at least 60% of their actively managed equity fund offerings within a year, with evaluations and optimizations to follow [4][5] Group 3 - Companies like Harvest Fund and Oriental Red Asset Management are actively implementing the floating management fee model, with Oriental Red already managing over 15 such funds with a total scale exceeding 10 billion [2][4] - The new fee structure is expected to address the issue where funds generate profits while investors do not, thereby enhancing the overall stability of the capital market and directing funds towards high-quality assets aligned with national strategic directions [4][5] - Companies are committed to continuously optimizing their product offerings and service mechanisms to align with investor interests, contributing to the high-quality development of the capital market [5]

智通财经5月16日电，公募改革落地，《推动公募基金高质量发展行动方案》对推行浮动管理费率的产 品，在实施路径上采取了新老划断的方式，对于存量产品正常投资运作没有影响。基金公司和销售机构 表示，浮动费率基金不会过于看重募集规模，会强化首发重实量的销售导向，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。（智通财经记者 闫军） 浮动管理费率采取"新老划断" 存量产品不受影响 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the public fund reform in China, focusing on the mutual fund industry and its implications for investors and fund companies [1][5][6]. Core Insights and Arguments - **Objective of New Regulations**: The new regulations aim to address residents' investment returns, reduce investor costs, and shift the industry focus from scale to actual returns. The first two phases of fee reductions for active equity funds have been completed [1][5]. - **Performance Assessment**: Emphasis on performance assessment will lead the mutual fund industry to prioritize actual returns over mere scale expansion. This includes incorporating investor gains and losses into evaluation metrics [6][7]. - **Cost Reduction for Investors**: Investor costs are expected to decrease through lower sales fees and management fees. Sales fees are currently in the range of 0% to 1.5%, with a significant portion of products having low sales fees [10][11]. - **Shift Towards Equity Funds**: The policy encourages the development of equity funds, which currently represent a low proportion of the mutual fund market in China (22% compared to 57% globally). There is a need to enhance research quality and performance to attract more funds [14][15]. - **ETF and Index Fund Growth**: The development of index funds and ETFs is crucial for expanding mutual fund assets. The growth rate of ETFs is projected to be 39% from 2018 to 2024 [15]. Additional Important Content - **Impact on Non-Bank Sectors**: The reform has significantly impacted the non-bank sector, with a notable short-term rally in stocks due to low allocation in the sector. The banking sector has seen a 7.3% increase, while non-bank sectors like insurance and brokerage have underperformed [2][4]. - **Long-term Trends in Non-Bank Sector**: The insurance sector is expected to improve, with a stable long-term interest rate environment alleviating margin pressures. Companies like China Ping An and China Pacific Insurance are highlighted as potential investment opportunities [4]. - **Changes in Fund Sales**: The sales process will be standardized, with a focus on maintaining product scale and investor outcomes. The importance of fund advisory services is expected to increase, providing a new revenue stream for fund companies [3][17]. - **Industry Consolidation**: The new regulations are likely to accelerate the survival of the fittest within the industry, favoring larger firms while smaller firms may struggle to maintain profitability [18][19]. - **Performance-Based Fee Structures**: The introduction of performance-based fee structures is anticipated to lead to a more conservative investment approach among fund managers, potentially increasing the attractiveness of fixed-income products [16]. Conclusion The public fund reform in China is set to reshape the mutual fund industry by emphasizing performance, reducing costs for investors, and promoting equity fund growth. The changes are expected to benefit larger, more innovative firms while posing challenges for smaller entities. The focus on ETFs and index funds will also play a critical role in the industry's future development.

21世纪经济报道特约记者 庞华玮 广州报道 5月7日，中国证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），对主动管 理权益类基金大力推行浮动管理费率，是本次公募基金改革的一次积极探索。 据21世纪经济报道记者了解，目前已有20余家机构做好申报发行浮动费率新产品的准备工作，新产品预 计将会很快推出，其他行业机构也将在准备就绪后陆续上报。 "我们准备申报浮动费率产品，最快可能本周上报。"一家大型基金公司人士向记者表示。 据业内人士介绍，将上报的浮动费率产品中，"低费率+绝对收益+业绩报酬"和"长期股票投资+定期分 红"两类浮动费率创新产品最受关注。 积极申报 多家基金公司向记者表示，正在抓紧进行申报发行浮动费率新产品的准备工作。 "我司准备上报浮动费率基金，已经在做相关产品准备。"一家上海基金公司人士告诉记者。 一位北京公募人士表示，"据我所知，大部分大中型公司都在准备浮动费率产品新发，不过由于系统建 设问题，历史上发过浮动费率产品的公司可能落地速度快一些。" 据悉，目前已有20余家机构做好申报发行浮动费率新产品的准备工作，新产品预计将会很快推出，其他 行业机构也将在准备就绪后陆续上报。 有 ...

对于方案的发布，基金公司也纷纷展开热议，多家管理人针对费率机制革新、优化主动权益收费模式， 壮大权益类基金、提升市场活力，强化业绩比较基准的约束作用等方面进行了解读。也有基金公司表 示，下一步将根据相关要求，增加发行基于业绩比较基准的浮动管理费率主动权益基金，进一步强化业 绩比较基准的约束作用。探索优化主动权益类基金收费机制，强化与投资者利益绑定 5月7日，证监会正式发布《推动公募基金高质量发展行动方案》，明确提出优化基金运营模式、完善行 业考核评价制度、提升公募基金权益投资规模与占比等举措，为推动行业高质量发展提供了一揽子政策 措施，也为公募基金的后续工作指明了方向。 《每日经济新闻》记者注意到，行动方案提出的25条举措中，对主动权益类基金收费机制的探索受到基 金管理人和投资者的高度关注。 5月7日下午，中国证监会印发《推动公募基金高质量发展行动方案》(以下简称行动方案)，聚焦投资者 回报与行业长期发展，落实新"国九条"要求，提出25条举措，标志着公募基金进入以回报为导向、高质 量转型的新阶段。 与国际成熟市场类似，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 ...

作 者丨庞华玮 崔文静 编 辑丨姜诗蔷 图 源丨AI 公募基金改革方案落地。 5 月 7 日 ， 中 国 证 监 会 发 布 《 推 动 公 募 基 金 高 质 量 发 展 行 动 方 案 》 （ 以 下 简 称 《 行 动 方 案》）。 《行动方案》从优化基金运营模式、完善考核评价制度、大力发展权益类基金、守牢风险底 线、强化监管执法、促进高质量发展等六方面提出了2 5条改革措施 。 总体来看，《行动方案》回应市场和社会关切，探索建立适合中国国情、市情的公募基金发展 新模式，着力引导行业机构努力实现从"重规模"向"重投资者回报"转型，形成行业高质量发展 的"拐点"，加快建设一流投资机构。 业内认为，《行动方案》从多方面发力，在稳定市场、吸引资金、促进经济结构调整等方面有 着积极意义，有望构建更健康、可持续的市场生态。 五大改革要点 《行动方案》共提出2 5条举措，包括五大重点内容： 一、优化主动管理权益类基金收费模式。 《行动方案》显示，对主动管理权益类基金，推行与基金业绩表现挂钩的浮动管理费率收取模 式，对于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适用差异化的管理费 率。业绩明显低于比较基准 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, which includes measures to link management fees to fund performance, addressing long-standing issues in the asset management industry [2][3]. Group 1: Management Fee Structure - The new action plan introduces a floating management fee structure that ties fees to the performance of the funds, ensuring that fund companies must reduce management fees if their performance is significantly below the benchmark [2][3]. - This change aims to align the interests of fund companies, fund managers, and investors more closely, addressing the previous model where management fees were collected regardless of fund performance [2][3]. Group 2: Enhancing Accountability - The action plan increases the proportion of fund managers' investments in their own products and sets stricter lock-up periods, promoting a compensation system linked to fund performance [3][4]. - These measures are designed to enhance the sense of responsibility among fund managers and executives, encouraging them to prioritize investor interests and fund performance [3][4]. Group 3: Addressing Industry Challenges - The action plan proposes specific solutions to improve the scale and stability of equity investments in public funds, including optimizing fund registration processes and promoting innovative fund products [4][5]. - It emphasizes the importance of long-term performance assessments, with a focus on three-year evaluation periods, to encourage value investing and provide stable long-term capital support to the market [4][5]. Group 4: Overall Industry Impact - The series of measures in the action plan aims to enhance the overall service level and competitiveness of the asset management industry, injecting new vitality into the sector [5]. - The ultimate goal is to provide investors with a better investment experience, moving away from the previous "guaranteed income" model that has been criticized for its lack of accountability [5].