"由此可见，构建良好渠道生态已是茅台工作中的重要一环。"肖竹青表示，"在行业艰难时刻，茅台主 动与合作伙伴共担风险，将厂家与经销商利益与消费转型深度绑定，在体现担当的同时，也更加体现了 茅台与合作伙伴风雨与共、不离不弃的契约精神。当前，茅台主力经销商打款意愿强烈，渠道整体运营 平稳，也预示着茅台渠道生态依然良好。" （文章来源：上海证券报） 8月12日晚，贵州茅台发布2025年半年报，其中，截至6月30日，公司预收货款为55.07亿元，较年初的 95.92亿元有所下降。 同时，茅台集团党委副书记、总经理王莉也高度评价经销商体系："茅台酒经销商体系，在与茅台几十 年的风雨同舟中，铸牢了坚不可摧的利益、情感和命运共同体，这是茅台抵御风险、穿越调整周期的重 要法宝。" 不仅如此，在今年3月召开的茅台一季度市场调研会上，茅台也明确表示，将继续坚持长期主义，与渠 道商等相关方保持密切沟通与协作，共同构建利益共同体、情感共同体、命运共同体，实现利益共享、 情感共连、价值共创。 中国独立酒评人肖竹青接受上证报采访时表示，这体现了茅台高度重视渠道合作伙伴的稳定、良性、可 持续发展，面对本轮调整带来的挑战，茅台持续优化渠道付款 ...

Core Viewpoint - The launch of the first batch of new floating rate funds marks a significant shift in the asset management industry, redefining the profit-sharing model between fund managers and investors [1][2]. Group 1: What are New Floating Rate Funds? - New floating rate funds represent a paradigm shift towards a "shared interest" model, moving away from the traditional fixed fee structure that charges a constant percentage regardless of fund performance [3][4]. - The core rule of these funds is that management fees are dynamically adjusted based on the investor's holding period and actual returns, promoting a model where "higher returns yield higher fees" [4][5]. - The fee structure is divided into three tiers based on annualized returns: a 1.5% "reward rate" for returns exceeding 6% above the benchmark, a 0.6% "concession tier" for underperforming by more than 3%, and a neutral rate of 1.2% for other scenarios [5]. Group 2: Why is This Change Happening Now? - The emergence of floating rate funds coincides with a pivotal moment in the A-share market, driven by favorable monetary policies and a shift in capital allocation towards equity assets [10][14]. - The current policy environment, including measures to enhance dividend orientation and support for public fund development, is more robust than during previous economic challenges [18][19]. - The floating rate fund model is a strategic response to regulatory guidance and aims to break through existing market competition by seeking new growth avenues [19]. Group 3: Why is This Development Important? - The floating rate mechanism signifies a shift from prioritizing scale to prioritizing returns, fundamentally altering the revenue model for fund companies [23]. - By tying management fees to performance benchmarks, the new model imposes stricter adherence to investment strategies, reducing instances of style drift and ensuring accountability [24][25]. - The visible adjustment of management fees based on performance fosters a sense of partnership between investors and fund managers, transforming investors into active participants in the management process [26]. Group 4: Historical Context and Future Implications - The transition from a fixed management fee of around 1.5% to a more flexible floating rate system reflects the industry's evolution over the past two decades, with a policy requirement for floating rate products to constitute at least 60% of actively managed equity funds [27]. - This change is seen as a response to the need for trust and accountability in asset management, aiming to ensure that asset management consistently delivers returns for the trust placed in it by investors [29].