Core Viewpoint - The "fixed income +" category has regained popularity among investors as the Shanghai Composite Index fluctuates around 3600 points since August, with a notable increase in the total scale of public "fixed income +" funds reaching 1.73 trillion yuan by the end of Q2 2024, marking three consecutive quarters of growth since Q4 2023 [1][3]. Fund Performance and Strategy - The average yield of "fixed income +" funds in Q2 was 2.42%, outperforming the overall average by 1.28 percentage points, demonstrating strong performance in a volatile market [6]. - "Fixed income +" funds typically invest at least 70% of their assets in bonds, providing a stable income base while allowing for equity exposure to capture market gains, making them appealing in uncertain market conditions [6][10]. Fund Size and Purchase Restrictions - Several high-performing funds have implemented purchase limits, with some restricting daily single-account purchases to as low as 100 yuan, indicating a strategic move to manage fund size and maintain existing investors' returns [1][11]. - The trend of limiting purchases reflects a shift in the industry towards prioritizing investor returns over aggressive growth in fund size, as larger funds can complicate portfolio management and dilute returns for existing investors [11][12]. Industry Trends and Investor Education - The recent regulatory framework emphasizes high-quality development in the public fund industry, encouraging firms to focus on long-term returns rather than merely increasing scale [12]. - Investor education is crucial in helping clients understand the rationale behind purchase limits and the balance between fund size and performance, fostering a more rational investment environment [13][14].

Core Insights - The introduction of a new batch of floating fee rate funds by 11 fund companies, including E Fund, Invesco Great Wall, and Huatai-PB, marks a significant development in the market [1][2] - The new funds show a clear shift in style, with an increased focus on industry-themed funds, particularly in sectors like healthcare, high-end equipment, and manufacturing, indicating a growth-oriented strategy [2][3] Fund Issuance and Performance - The first batch of floating fee rate funds, consisting of 26 products, was reported on May 16 and began fundraising at the end of May, reflecting a proactive approach to fund management [3] - Out of the 26 funds, 24 have completed their fundraising, with a total of 22.68 billion yuan raised, averaging approximately 944.5 million yuan per fund, which is significantly higher than the average of 440 million yuan for other actively managed equity funds in the year [4][5] - Seven funds exceeded 1 billion yuan in fundraising, with the top fund, Dongfanghong Core Value, raising nearly 2 billion yuan [5] Market Response and Investor Engagement - The average number of subscription accounts for the first batch of floating fee rate funds reached 10,400, nearly three times the average for last year's actively managed equity funds, indicating strong investor interest [5][6] - E Fund's Growth and Progress fund led in subscriptions with 47,300 accounts, showcasing the popularity of these new fund products [5] Industry Impact - The successful launch and initial performance of the floating fee rate funds demonstrate the industry's shift from a scale-oriented approach to a return-oriented strategy, reflecting regulatory and institutional commitment to enhancing investor experience [6]

三是商业模式之变，是指以真正做到以客户价值创造为中心，构建新的商业模式，加大投资研究的投 入，加大投资者服务陪伴投入，加大数字化投入，不断提升投资者服务的边界度和提升度，例如以ETF 的发展为例，我们需要围绕投资者被动投资、组合配置、知识共享、生态服务方面的痛点，着力打造下 一代投资者ETF价值赋能体系，围绕投资者盈利，构建新服务模式和新服务场景。各个行业都在行动， 包括博时基金，比如代币稳定，我们也在香港发行了代币化的基础基金，还发展了以太币和ETF。 合规风控之变，在高质量发展要求下，全面加强流动性风险，全面加强业务和员工行为的监管，建立起 合规、风控、审计等大监管体系。 总之，我们理解到需要在以上4个方面加快转变，以利于将行业的发展转型更可持续，同时围绕服务新 质生产力的形成，加快建设核心竞争力，打造一流的机构。 MACD金叉信号形成，这些股涨势不错！ 责任编辑：何俊熹 专题：2025基金高质量发展大会 5月24日，由新浪财经主办的2025基金高质量发展大会在深圳隆重启幕。大会汇聚学术界顶尖专家、公 私募基金领军人物、券商领袖及首席经济学家等业界翘楚，共话基金行业高质量发展新路径。 会上，博时基金董事长 ...

Core Viewpoint - The Chinese public fund industry is undergoing a historic transformation with the introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, which includes 25 specific reform measures aimed at prioritizing investor interests and enhancing industry quality [1] Group 1: Reform Measures - The plan emphasizes the establishment of a mechanism linking fund company income to investor returns, requiring a floating management fee structure based on fund performance for investors meeting certain holding period requirements [2] - It mandates that leading fund management firms issue floating fee rate funds that account for no less than 60% of their actively managed equity fund issuance within the next year [2] - The plan also strengthens the regulatory oversight of performance benchmarks used by fund companies, ensuring they effectively define product positioning, clarify investment strategies, and measure performance [2] Group 2: Performance Evaluation - Fund companies are required to establish a performance evaluation system centered on fund investment returns, reducing the weight of operational metrics like scale ranking and profit [2] - The evaluation metrics for fund investment returns will include both fund performance and investor profit/loss, with long-term performance assessments (over three years) accounting for at least 80% of the evaluation [2] Group 3: Addressing Industry Issues - The plan aims to address the prevalent issue where fund companies profit while investors incur losses by incorporating investor profit/loss into performance evaluation metrics [3] - It highlights that many investors tend to buy funds during market peaks, often leading to significant losses when the market turns, exacerbated by aggressive marketing tactics from fund companies [3] - The long-term performance of many thematic funds has shown overall losses, indicating a need for better alignment of interests among all parties involved in fund investment [3][4] Group 4: Stakeholder Interests - The interests of fund companies, fund managers, sales institutions, and investors have historically been misaligned, with a focus on sales rather than investor outcomes [4] - The implementation of the action plan is expected to better align the interests of all parties involved in fund investments, potentially leading to a more stable and sustainable industry [4]