Core Viewpoint - The article discusses the ongoing reforms in the public fund industry in China, focusing on the introduction of innovative products like floating fee rate funds and the implementation of a high-quality development action plan by the China Securities Regulatory Commission (CSRC) [1] Group 1: New Product Launches - The floating fee rate fund has been approved and is expected to become a regular product in the public fund industry, with the first batch of 26 funds raising approximately 25.9 billion yuan [2][3] - The approval process for floating fee funds is expected to normalize, with discussions on whether to extend this model to other types of funds ongoing [3][5] - The rapid registration mechanism for various fund types is set to be implemented, with specific timelines for different fund categories [7][8] Group 2: Fee Rate Reforms - The third phase of fee rate reforms is anticipated to be implemented soon, following two previous phases that resulted in a reduction of management fees by 20.286 billion yuan and trading commissions by 4.136 billion yuan [9] - The upcoming reforms may include adjustments to subscription fees and sales service fees, with a focus on reducing costs for investors [9] Group 3: Performance Benchmarking - A performance benchmark library is expected to be launched by the end of Q3, which will help standardize performance comparisons across funds [10] - The adjustments to performance benchmarks will allow fund companies to tailor them to their specific situations while maintaining core investment parameters [10] Group 4: Evaluation and Compensation Reforms - The reforms emphasize a shift away from "star fund managers" towards a more team-based approach, particularly in public REITs and index funds [11][13] - Fund managers will be evaluated based on long-term performance metrics, with a significant weight placed on investment returns [11] Group 5: Transparency in Disclosure - New regulations are expected to enhance transparency in fund disclosures, including investor profit and loss information, which may be implemented next year [14] - The industry is discussing the reduction of disclosure costs to improve overall transparency [14]