【重点，重点！】支付宝加入叮，可第一时间收到小欧第一手操作！ 1.我加仓$摩根慧启成长混合C$ 10000（点蓝色字体或产品卡可直达）。近期行情波动加剧，市场风格因此偏于保守，短期看市场预计还得轮动，这无疑加 大了我们的操作难度了，因此小欧当前是会选择优质混合基，将专业事交给专业人来做！正好小欧一直关注的李德辉经理管理摩根慧启正处募集期，李经理 在从业9年下任职年化回报11.57%，是位经受住牛熊考验的优质经理人了。 这只新发基也是延续李经理过往风格，且采用的是新型浮动费率，这种费率模式是和业绩相挂钩，打破过去基金费率旱涝保收模式，将基金经理和我们普通 投资者的利益深度捆绑，因此持有体验会更舒适，且它采取的是成长+价值并重管理策略，稳中求胜！小欧看好重点加仓了。 2.我加仓$中泰开阳价值优选灵活配置混合A$5000元（点蓝色字体或产品卡可直达）。近期市场波动剧烈，现在看小欧分散配置的策略是对的，回撤相对单 押小不少，小欧接下来还会继续秉持稳中求进的思路。中泰开阳这只属于混合基，持仓相对均衡，有进攻性的芯片、也有安全边际高的白酒、建筑材料、基 础化工等，持有体验来看波动相对比较小，不会大起大落。 基金经理注重价 ...

Core Insights - Since the release of the "Action Plan for Promoting the High-Quality Development of Public Funds" in May, a total of 49 new floating-rate funds have been announced for issuance, with 41 already established as of October 28 [1] - E Fund has launched 4 new floating-rate products, leading the market in terms of the number of such funds [1] Fund Details - The E Fund Industry Preferred (A/C: 025824/025825) is currently being issued, with management fees linked to the holding duration and return level of each share [1] - If investors hold shares for less than one year, a management fee of 1.2% per year will be charged; for holdings of one year or more, three different management fee rates apply based on annualized excess return levels [1] - The management fee structure is as follows: - 1.50% per year if the annualized return exceeds the benchmark by more than 6% - 0.6% per year if the annualized return underperforms the benchmark by 3% or more - 1.2% per year for all other scenarios [1] Investor Impact - The new floating-rate products implement differentiated charging for investors holding shares for a certain period, encouraging long-term investment and better aligning the interests of managers and investors [1]

Group 1 - The first batch of 26 new floating rate funds has been registered by the China Securities Regulatory Commission and will be issued starting May 27 [1][4] - Major fund companies including E Fund, Huaxia, Southern, and others have collectively announced the issuance schedule for these floating rate funds, with most products expected to end subscription in mid to late June [1] - The funds are structured with three fee levels: 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment), based on the annualized return compared to a performance benchmark [4] Group 2 - If investors redeem the funds within one year, a standard management fee at the benchmark rate will apply, regardless of performance [4] - Fund companies are deploying experienced and high-performing fund managers to manage these floating rate products [4] - To aid investor understanding of the new floating rate funds, companies plan to provide ongoing investor services and detailed explanations of fee structures, performance benchmarks, and investment strategies [4]

Core Insights - The second batch of 12 new floating rate funds has been launched, offering more diverse options in terms of fee structures and investment themes compared to the first batch of 26 funds [2][3] - The new floating rate funds align the interests of fund companies and investors by adopting a "more profit, more fees; less profit, less fees" principle, addressing previous controversies regarding management fees despite fund losses [2][3] Fund Launch and Structure - The second batch received approval from the China Securities Regulatory Commission on July 24, with some fund managers making their debut while others are returning from the first batch [3] - Three funds from this batch, including E Fund Value Return, China Europe Core Selection, and Jianxin Medical Innovation, have set a fundraising cap of 30 billion yuan for the latter [3][4] Fee Structure and Performance - The management fee structure remains performance-based, with three tiers: 1.2% for baseline performance, 1.5% for exceeding the benchmark by 6%, and 0.6% for underperforming by 3% [4][5] - Some funds have stricter thresholds for fee adjustments, such as Huatai-PB and Oriental Red Asset Management, which set the underperformance threshold at 2% [8] Fund Performance and Investor Sentiment - Among the first batch of floating rate funds, some have shown significant returns, with one fund achieving an 8% profit in its first month, while others have stagnated around a net value of 1 yuan [2][13] - As of August 1, 2025, many funds have underperformed their benchmarks, leading to investor frustration, especially as the A-share market has been rising [15][16] Fundraising and Market Response - The first batch of 26 floating rate funds raised a total of 25.86 billion yuan, with significant disparities in fundraising success among different funds [10][12] - The average subscription period for the first batch was 21.5 days, indicating a favorable market response compared to the average for equity mixed funds [10]

Group 1 - The China Securities Regulatory Commission (CSRC) has registered a second batch of 12 new floating fee rate fund products, which will be launched for sale soon [1] - Similar to the first batch, fund managers have set three fee rate levels: 1.2% (benchmark), 1.5% (upgraded), and 0.6% (downgraded) [1] - Investors redeeming the product after one year will be charged based on performance relative to the benchmark: the benchmark rate for matching performance, the lower rate for underperformance, and the upgraded rate for significant outperformance [1]

Core Viewpoint - The new floating fee rate funds are experiencing a competitive issuance phase, with significant marketing efforts from fund companies as the market recovers [2][20]. Fund Issuance and Performance - As of June 11, 2023, 24 new floating fee rate funds have been launched, collectively raising over 8 billion yuan, with nearly 20 funds surpassing the 200 million yuan threshold for establishment [2][8]. - The first batch of 16 new floating fee rate funds began sales on May 27, 2023, with some companies like Dongfanghong Asset Management achieving early success by reaching their fundraising limits quickly [3][6]. - Fund companies are employing differentiated marketing strategies, leading to varied fundraising timelines, with some companies experiencing slower sales than expected [6][8]. Fund Manager Engagement - The first batch of 26 companies receiving approval for new floating fee rate funds includes both large and smaller fund managers, showcasing a mix of experienced and emerging talent [11]. - Fund companies are demonstrating commitment by deploying seasoned fund managers and investing their own capital into the funds, with Dongfanghong Asset Management announcing a self-investment of 10 million yuan [15][18]. Innovations in Fee Structure - The new floating fee rate funds are designed to align the interests of fund managers and investors, promoting a "win-win" scenario through asymmetric fee structures that enhance investor protection [20][21]. - These funds encourage long-term holding and rational investment, aiming to smooth out short-term volatility while enhancing transparency and trust [20][21]. - The fee structure is linked to fund performance and the duration of investment, incentivizing both fund managers to seek long-term excess returns and investors to commit for longer periods [21].

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].