Group 1: Core Insights - The launch of the first batch of floating fee rate funds marks a significant reform in the public fund industry, linking management fees to fund performance [1][12] - The China Securities Regulatory Commission (CSRC) aims for at least 60% of newly established actively managed equity funds to adopt this floating fee structure within a year [1][3] - The initial management fee for these new products is set at 1.2%, with differentiated rates starting from the second year based on performance relative to benchmarks [3][13] Group 2: Fund Manager and Product Highlights - The fund managed by Ying Zheng from Huatai-PB is highlighted for its clear investment scope and focus on global markets, including Hong Kong stocks [4][13] - Ying Zheng has extensive experience in managing funds, with a strong track record in both domestic and international markets [8][9] - The fund will target multiple sectors, including manufacturing, TMT (Technology, Media, and Telecommunications), consumer goods, pharmaceuticals, and cyclical industries [10][11] Group 3: Market Context and Opportunities - The Hong Kong stock market has gained significant attention, with the Hang Seng Index rising over 25% in the past year, indicating strong investment potential [5][7] - The current valuation of the Hang Seng Index is at a historical median level, suggesting long-term investment value in the Hong Kong market [7] - The fund's strategy includes capitalizing on the evolving consumer landscape in China, particularly among younger generations [10][11]

Core Viewpoint - A new batch of floating rate funds has been approved and is being launched, emphasizing both holding duration and excess returns, with the previous batch achieving positive returns and some exceeding 30% [1][2] Group 1: Performance of Previous Funds - The previous batch of eight floating rate funds has been established for about a year and a half, all achieving positive returns, with an average return slightly outperforming the performance benchmark [1] - Notable funds such as Dazhong Zhixin and Yinhua Huixiang have reported excess returns, with Dazhong Zhixin achieving over 30% return and an excess return rate exceeding 20% compared to its benchmark [2] Group 2: Fee Structure and Management - The fee structure for the new floating rate funds includes a fixed management fee of 0.6%, a contingent management fee of 0.6%, and an excess management fee of 0.3%, with varying rates based on performance relative to benchmarks [4] - The management fees are directly linked to performance, incentivizing fund managers to focus on absolute returns and adjust their investment strategies accordingly [3][4] Group 3: Investment Strategy and Discipline - The new fee structure emphasizes the importance of performance benchmarks, requiring fund managers to pay attention to industry deviations, style exposures, and tracking errors to avoid style drift [5][6] - Fund managers are encouraged to adopt a disciplined approach to investment, focusing on fundamental research and risk control rather than short-term speculative behaviors [6] Group 4: Industry Implications - The new floating rate funds are expected to enhance the alignment of interests between fund managers and investors, promoting long-term investment and reducing impulsive trading behaviors [4][5] - The regulatory push for performance-based fee structures is likely to drive a shift in the industry from scale-driven to research-driven performance, fostering a competitive environment that prioritizes quality [4][6]

继过去10日内快速经历了申报、受理和获批后，5月27日，首批新型浮动费率基金（下称"浮费基金"） 正式开售。 公开信息显示，已获批的26只基金中，5月27日启动发行的共有16只，包括易方达、汇添富、广发、富 国、嘉实、天弘、华夏、平安、南方、宏利、银华、博时、中欧、交银施罗德、华安、东方红旗下产 品。多数产品将于6月中下旬结束认购，在募集目标的设置上，最高有基金设置了80亿元。 作为公募行业开启改革新篇的关键一着，新型浮费产品"千帆竞发"背后，机构在营销上仍然火热。从各 家的营销材料来看，主要的宣传点一在浮动费率的设置科普，二在强调拟任基金经理的主动管理能力， 如选股策略、历史胜率、价值投资等。 平均认购期不到1个月 5月7日，证监会发布《推动公募基金高质量发展行动方案》明确提出，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。此后，首批新型浮动费率基金应声落地，标志着基 金业在产品供给侧的又一次深度优化。 渠道方面，一批托管行也正整装待发。在26只获批产品中，建设银行托管了最多的浮费基金，共达7 只，其中包括在5月27日首批发行的华夏、博时、富国、华安、银华旗下的5只。 中国银行 ...

Core Viewpoint - The launch of the first batch of 16 innovative floating rate funds in China's public fund market marks a significant milestone, reflecting a shift towards performance-based fee structures that align the interests of fund managers and investors [3][4][9]. Group 1: Fund Launch Details - The 16 innovative floating rate funds officially started subscription on May 27, 2023, after a rapid approval process that took only seven days from submission to approval [3][5]. - The funds include notable names such as 中欧大盘智选, 东方红核心价值, and 嘉实成长共赢, with most subscriptions ending in June 2023 [5][7]. - The average subscription period for these funds is around 30 days, with some funds not setting a maximum fundraising limit [7]. Group 2: Fee Structure Innovations - The new floating rate funds feature a tiered management fee structure based on the investor's holding period and performance relative to a benchmark, with rates set at 1.2%, 1.5%, and 0.6% [4][6]. - The funds will distribute earnings through cash dividends rather than reinvestment, simplifying the fee calculation process and enhancing investor understanding [8][9]. - This fee structure aims to address the long-standing issue of fund profitability not translating to investor returns, promoting a model where fund performance directly impacts management fees [9][11]. Group 3: Regulatory and Market Implications - The swift approval process for these funds indicates strong regulatory support for innovation in the public fund sector, reflecting a commitment to high-quality development [10]. - The introduction of these funds is part of a broader initiative to encourage performance-based management fees, aligning the interests of fund managers with those of investors [9][10]. - The funds are primarily equity-focused, with performance benchmarks linked to major indices like the 沪深300 and 中证500, emphasizing the core role of equity investment [7][9].

Core Viewpoint - The approval of the first batch of 26 new floating rate funds marks a significant development in the mutual fund industry, emphasizing a new fee structure linked to performance metrics [2][3]. Group 1: Floating Management Fee Structure - The newly introduced "innovative floating rate funds" will have management fees primarily tied to performance against a benchmark, differing from previous complex fee structures [5][6]. - The management fee structure is asymmetric, favoring investors, where the maximum fee of 1.5% per year applies only if the fund outperforms the benchmark by over 6% and generates positive returns [10][6]. - In cases where the fund underperforms the benchmark by over 3%, the management fee is reduced to a minimum of 0.6% per year [6][10]. Group 2: Performance Benchmark Importance - The performance benchmark is a critical element in the new fund structure, influencing both fund manager performance assessments and management fees for investors [11]. - Most of the newly issued funds have set their benchmarks as a combination of A-share broad indices, Hong Kong stocks, and bond indices, with a significant number opting for the CSI 800 index [12][11]. - The CSI 800 index is favored for its broader coverage of the A-share market, representing approximately 70% of the total market capitalization, thus providing a more balanced investment strategy [13][15]. Group 3: Fund Manager Selection and Performance - The selection of fund managers for these new floating rate funds is based on a combination of qualitative and quantitative metrics, with a focus on long-term performance [19][18]. - Wang Mingxu, a notable fund manager, is highlighted for his consistent performance and investment philosophy, which aligns with the objectives of the new floating rate funds [19][27]. - Wang's investment strategy emphasizes absolute returns and risk management, which is crucial for navigating varying market conditions [27][28].

【大河财立方 记者 孙凯杰】随着《推动公募基金高质量发展行动方案》（以下简称《方案》）的出炉，市场动作频繁。 近日，《方案》出台后的首批26只新型浮动费率基金正式获批。5月24日，多只基金公布了招募说明书、基金合同、基金产品资料概要和基金托管协议；5月 27日，部分基金正式开启发售，发售期截至6月30日。 上一批集体发行的浮动费率基金， 大部分收益为正 从规模来看，这20只基金问世近两年来，并未形成太多的水花：除交银瑞元三年定开规模超18亿元外，其余19只基金规模均在6亿元以下。景顺长城价值发 现A1在发售时规模曾一度突破10亿元，如今也已经滑坡至5.48亿元。 但是从表现来看，他们普遍好于市场的相当一部分主动权益基金，绝大多数产品都跑赢了沪深300指数，18只都取得了正收益。 其中嘉实创新动力A1成立以来回报达到41.68%，区间收益最高；中欧时代共赢A1、富国核心优势A1、大成至信回报三年定开也都取得了超过30%的回报。 本次新型浮动费率基金显现出了"闪电"速度：从上报至获批，仅用时不到10天，充分贯彻了《方案》中提到的"要建立与基金业绩表现挂钩的浮动管理费收 取机制"和"对主动管理权益类基金和场外成熟宽 ...

终于开了！5月27日，易方达、华夏、南方、富国、广发、嘉实、汇添富基金等16只新型浮动费率基金 开始募集，多数产品将于6月中下旬结束认购。此前，5月23日，证监会官网显示，首批共有26只新型浮 动费率基金正式获批。仅一周时间，这批基金就完成了从申报到获批的流程。此次募集距离5月7日证监 会发布《推动公募基金高质量发展行动方案》，仅隔了20天。 青岛老基民：基金买了5年多，还亏着20%多 在过去，主动管理的权益类基金通常设定为每年1.2%的固定管理费率 ，这一模式被广泛质疑，因为无 论基金表现如何，基金公司都能稳定收取费用，因此被广泛质疑。 李先生购买的基金至今亏损20.97% 青岛"老基民"李先生便是一位"受害者"。"2020年3月，经兴业银行工作人员推荐，我购买了一笔华夏混 合型证券投资基金，如今5年过去了，我还亏着20%多呢！"李先生家住青岛辛家庄，他告诉记者，这只 基金于2020年3月18日成立，他投了几万块钱进去，申购费率1.5%。 | | | | | 首批发售的16只新型浮动费率基金基本情况 | | | | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1 - The first batch of 26 new floating rate funds has officially launched, with 16 funds from companies like Huatai-PB, GF, and Ping An leading the way [1] - The performance benchmarks for these floating rate funds primarily target mainstream broad-based indices such as CSI 300, CSI A500, CSI 500, and CSI 800, with a focus on equity investments [3] - The equity portion of these funds typically maintains a stock allocation around 80%, with A-shares accounting for 55% to 80% of the performance benchmarks and Hong Kong stocks ranging from 5% to 20% [3] Group 2 - The new floating rate funds feature a more refined management fee structure, which is expected to be charged based on each investor's holding time and annualized return [3] - The floating management fee mechanism is designed to be linked to fund performance, with specific conditions for fee increases and decreases, emphasizing the need for significant outperformance against benchmarks [4] - For example, the management fee for the Jiashi Growth Win-Win Mixed Fund can only increase if it significantly exceeds the performance benchmark and achieves positive absolute returns [4]

据了解，首批26只产品在5月16日申报，于5月19日获受理，并于5月23日获批。市场人士认为，这充分 体现了市场各方对《推动公募基金高质量发展行动方案》（以下简称《行动方案》）的积极响应和落 实。 5月24日，继首批浮动费率基金产品获批仅一天后，16只基金发布公告，于5月27日开始发行浮动费率产 品，认购截止日期集中在6月中下旬。 此前，公募基金行业在2023年曾推出3类浮动费率基金，将管理费与基金规模、基金业绩、投资者持有 时间挂钩。而此次获批的浮动费率产品则将管理费率与投资者持有时间以及相对业绩比较基准的超额收 益水平挂钩，注重构建基金管理人与投资者利益共担机制。 首批浮动费率产品发行 记者了解到，目前，已有16家基金管理人发布份额发售公告等文件，明确相关产品于5月27日开售，募 集结束时间则有所不同，整体来看，大多数集中在6月17日至30日。在募集金额方面，个别基金产品设 置了50亿元的上限，多数则未设置募集上限。例如，易方达成长进取混合、华夏瑞享回报混合设置了50 亿元的募集上限，还有发起式产品中欧大盘智选混合型发起式设置了最低募集份额不少于1000万份的限 制。 同日，证监会发布《行动方案》明确要求 ...

Core Viewpoint - The launch of the Jiashi Growth Win Mixed Fund marks a new era in wealth management, emphasizing a performance-based fee structure that aligns the interests of fund managers and investors [1][5]. Fund Structure and Fee Model - The Jiashi Growth Win Mixed Fund adopts a refined management fee structure based on individual investor performance, with fees varying according to the holding period and annualized returns [4][5]. - For investments held for less than one year, a uniform management fee of 1.2% is charged. For investments held longer, fees are tiered based on actual returns, with rates of 1.2%, 0.6%, and 1.5% applicable depending on performance relative to benchmarks [4][5]. Advantages of the New Fee Model - The new floating management fee model enhances the alignment of interests between fund managers and investors, promoting a shared responsibility for investment outcomes [5]. - The model allows for granular fee adjustments based on individual client performance, improving the relevance of fees to actual investment returns [5]. - The asymmetric floating mechanism prioritizes investor interests, with significant fee reductions when returns fall below agreed levels, while fee increases are contingent on exceeding performance benchmarks [5]. - The fund's open structure allows for flexible subscriptions and redemptions, addressing liquidity needs while encouraging long-term investment [5]. Performance Benchmarking - The performance benchmark for the fund is a composite of the CSI 800 Growth Index (70%), Hang Seng Index (10%), and the China Bond Composite Wealth Index (20%), indicating a growth-oriented investment strategy [6]. - The CSI 800 Growth Index focuses on high-growth companies, suggesting that the fund targets investments with significant growth potential [6]. Market Context and Investment Strategy - The fund is positioned to capitalize on the current technological revolution and policy incentives, particularly in sectors benefiting from domestic consumption growth [7][8]. - As of May 26, the CSI 800 Growth Index's price-to-earnings ratio (TTM) was at the 31st percentile over the past five years, indicating a relative undervaluation and potential for growth [8]. - The fund manager, Li Tao, has extensive experience in growth investment, focusing on leading companies in high-growth sectors and those poised for recovery in cyclical industries [8]. Company Mission and Vision - Jiashi Fund's mission is to support wealth growth and industrial development, aligning with China's transition to high-quality economic growth [9]. - The company aims to leverage industry research and long-term investment strategies to capture sustainable growth opportunities for investors [9].