Core Viewpoint - The introduction of a new batch of floating management fee funds by various fund management companies reflects a shift towards more diversified investment strategies, including thematic funds, to meet the varying needs of investors [1][4]. Group 1: Fund Management Companies - Multiple fund management companies, including E Fund, CCB, Guotai, Southern, Bank of China, and others, have submitted applications for a second batch of 11 new floating fee model products, consisting of 2 equity funds and 9 mixed equity funds [4]. - The new floating management fee structure is designed to strengthen the binding effect of performance benchmarks, aligning the interests of fund managers and investors more closely [3]. Group 2: Floating Management Fee Structure - The new floating management fee model includes three tiers: a base rate of 1.2%, an increased rate of 1.5%, and a decreased rate of 0.6%, similar to the first batch of products [2]. - Investors redeeming their shares after one year will be charged based on the fund's performance relative to the benchmark, with specific fee rates applied depending on whether the fund meets, exceeds, or falls short of the benchmark [2]. Group 3: Thematic Investment Focus - The introduction of thematic funds, such as the Invesco Great Equipment Fund, highlights the importance of high-end equipment as a core support for modern industrial systems and a significant part of the technology investment landscape [2]. - The new funds aim to cater to investor demand for quality technology investment tools while supporting national initiatives for technological innovation and industrial development [2].

Core Viewpoint - The approval of Penghua Win-Win Future Mixed Fund marks a significant shift in the public fund industry towards performance-based floating fee structures, emphasizing fairness in fee structures and alignment of interests between fund managers and investors [1][2]. Group 1: Floating Fee Structure - The new floating fee model is based on performance benchmarks, allowing for a dual-directional fee adjustment depending on fund performance relative to set benchmarks [2][3]. - The management fee consists of a "basic management fee + excess management fee," which varies based on holding period and return levels [2]. - If fund shares are held for less than 365 days, only the basic management fee is charged; if held for 365 days or more, the management fee can decrease if performance is below the benchmark [2][3]. Group 2: Impact on Investor Behavior - The floating fee structure encourages long-term holding by investors, reducing impulsive trading behaviors [3]. - It compels research and investment teams to adopt a more rigorous approach in selecting assets and optimizing allocations [3]. Group 3: Industry Transformation - The new model shifts the focus from scale to return, creating a virtuous cycle of good performance leading to good products and development [3]. - It emphasizes the importance of performance benchmarks, ensuring transparency and accountability in fund management [3]. - The open management model balances the need for long-term investment with liquidity management [3]. Group 4: Commitment to Trust - The innovation in the floating fee mechanism addresses issues of investor satisfaction and trust within the asset management industry [3]. - Penghua Fund's approach represents a new paradigm of a shared interest community, committing to "creating returns for trust" [3].