Core Viewpoint - The management fee structure in the venture capital (VC) and private equity (PE) industry is undergoing significant changes, moving away from the traditional "2% management fee + 20% performance share" model to more diversified and performance-linked fee arrangements [1][2]. Fee Reduction Trend - The management fee has been reduced from the standard "2%" to "1.5%" in many cases, with some government-guided funds even charging as low as "1%" [3][4]. - Feedback from investment professionals indicates that the downward adjustment of management fees is becoming a trend, with many general partners (GPs) relying on management fees and performance compensation as their main income sources [4][5]. Changes in Fee Calculation Methods - The industry is shifting from charging based on committed capital to charging based on actual paid-in capital, with some funds adopting a "project-based deduction" model where fees are only charged after project approval [5]. - A performance extraction mechanism is being implemented, linking management fees to investment progress, returns, and policy objectives, which can lead to reduced fees if performance targets are not met [5][6]. Changes in Limited Partner (LP) Contribution Structure - The structure of LP contributions is changing, with institutional LP contributions declining for four consecutive years, and government funds now dominating the LP structure, accounting for approximately 88.8% of contributions [8][9]. - The shift towards government and state-owned capital as primary LPs is driving the evolution of management fee rules, as these funds require a balance between economic returns and social benefits [9][10]. Impact of Fee Reduction on GP Viability - The reduction in fees and the lengthening of exit cycles are raising concerns about the sustainability of GPs that rely heavily on management fees [6][11]. - The current financial environment, including salary reductions in financial institutions, is influencing the fee structures in the VC/PE sector [11]. New Balance Between GP and LP - The government is introducing measures to stimulate GP activity, such as profit-sharing, relaxed reinvestment standards, and risk compensation mechanisms, creating a new equilibrium of "low fees + diversified compensation" [13][14]. - Policies aimed at improving GP incentives are emerging, with a focus on enhancing the professional requirements for GPs and aligning their services with actual returns [15].

Core Insights - The article discusses the evolution and characteristics of floating management fee funds, highlighting their historical development and the emergence of new products in the market [2][3]. Historical Development of Floating Management Fee Funds - Early exploration occurred before 2013, with initial scaling from 2014 to 2022, product trials from 2023 to 2024, and a basic formation expected by 2025 [2]. - The first batch of 26 new floating management fee funds primarily focuses on stock selection across the market, with performance benchmarks often aligned with major indices such as CSI 300, CSI A500, CSI 500, or CSI 800, and some involvement in Hong Kong stocks and bonds [2]. Analysis of Key Fund Managers - The article examines how long-term outperforming funds are developed, using Dongzheng Asset Management's Zhou Yun as an example, emphasizing a combination of undervaluation and trend analysis, balanced and diversified portfolio construction, and accurate benchmark selection [3]. - It highlights the importance of selecting performance benchmarks that closely reflect actual investment situations, noting that growth-style fund managers may show slightly less stability in excess returns compared to value-style managers [3]. - The significance of performance benchmarks is expected to increase due to the "asymmetric" fee structure of new floating management fee products, suggesting that investors are effectively paying for enhanced returns based on specific indices [3].

Group 1 - The first batch of 26 new floating rate funds has officially launched, with 16 funds from companies like Huatai-PB, GF, and Ping An leading the way [1] - The performance benchmarks for these floating rate funds primarily target mainstream broad-based indices such as CSI 300, CSI A500, CSI 500, and CSI 800, with a focus on equity investments [3] - The equity portion of these funds typically maintains a stock allocation around 80%, with A-shares accounting for 55% to 80% of the performance benchmarks and Hong Kong stocks ranging from 5% to 20% [3] Group 2 - The new floating rate funds feature a more refined management fee structure, which is expected to be charged based on each investor's holding time and annualized return [3] - The floating management fee mechanism is designed to be linked to fund performance, with specific conditions for fee increases and decreases, emphasizing the need for significant outperformance against benchmarks [4] - For example, the management fee for the Jiashi Growth Win-Win Mixed Fund can only increase if it significantly exceeds the performance benchmark and achieves positive absolute returns [4]

5月7日，证监会印发《推动公募基金高质量发展行动方案》（以下简称《行动方案》），提出对新设立的主动管理权益类基金大力推行基于业绩比较基准的 浮动管理费收取模式。《行动方案》出台后，公募基金行业迅速响应。5月16日，26只新型浮动费率基金集体申报，并于5月19日获得受理。5月23日，26只 基金在申报仅一周后迅速获批。 南开大学金融发展研究院院长田利辉对央广财经记者表示，首批新型浮动费率基金从申报到获批仅用时一周，体现出证监会推动公募基金高质量发展的决 心，打破常规流程展现政策支持。这为基金公司提供了创新契机，将吸引更多增量资金。这也促使基金公司与投资者利益绑定，缓解了 "基金赚钱、基民不 赚钱"矛盾。此外，设置持有期要求，可减少短期投机交易，引导长期资金入市，增强资本市场韧性。 本次发行的16只产品均为偏股混合型产品，普遍设置了A、C两类份额。从发售时间来看，16只产品均选在5月27日开售，但截止时间略有不同。整体上，绝 大多数产品计划在6月结束募集，结募时间集中在6月中下旬。而富国均衡配置A计划募集时间明显较其他产品更久，拟于8月26日结束募集，认购天数达到 92天。 央广网北京5月26日消息（记者 冯方） ...

Group 1 - The fund is named "Huaxia Rui Xiang Return Mixed Securities Investment Fund" and is a contract-based open-end mixed securities investment fund [12] - The fund management company is Huaxia Fund Management Co., Ltd., and the custodian is China Construction Bank [12] - The fund is open for subscription from May 27, 2025, to June 27, 2025, with a maximum fundraising period of three months [23] Group 2 - The initial fundraising target is set at RMB 5 billion, with a "last day proportion confirmation" method to control the fundraising limit [16] - The fund shares are categorized into A and C classes, with A class shares incurring front-end subscription fees and C class shares not incurring such fees [15][27] - Each share of both A and C classes has an initial value of RMB 1.00 [20][30] Group 3 - Management fees are determined based on the holding period and annualized return of each fund share, with different rates applicable depending on performance [13][14] - If the holding period is less than one year, a management fee of 1.20% is charged; if it exceeds one year, the fee varies based on performance metrics [13][14] - The fund may refuse subscription applications from single investors if their subscription exceeds 50% of the total fund shares [5] Group 4 - Investors must ensure that the funds used for subscription are legally sourced and comply with anti-money laundering requirements [3] - The fund's subscription process requires investors to open a fund account and a trading account with the sales institution [9][25] - The fund's effective subscription funds will generate interest during the fundraising period, which will be converted into fund shares for the investors [29][59]

5月23日，首批基于业绩比较基准的创新浮动费率基金正式获批。包括易方达、富国、大成、广发、景顺长城、汇添 富、华夏、广发、博时、招商、工银瑞信、兴证全球、南方、华安、鹏华、东证资管、交银施罗德、银华、万家、天 弘、宏利、安信、华商和信达澳亚将均派出旗下业绩优秀的代表性基金经理出战。 该批次基金产品于5月16日集体申报，5月19日获得受理，5月23日获批。 具体而言，当投资者赎回、转出基金份额或基金合同终止的情形发生时，持有期限不足一年（即365天，下同），则 按1.20%年费率收取管理费；持有期限达到一年及以上，则根据持有期间年化收益率分为以下三种情况，分别确定对 应的管理费率档位：若持有期间相对业绩比较基准的年化超额收益率（扣除超额管理费后）超过6%且持有收益率（扣 除超额管理费后）为正，按1.50%年费率确认管理费；若持有期间的年化超额收益率在-3%及以下，按0.60%年费率确 认管理费；其他情形按1.20%年费率确认管理费。 华夏基金表示，这种创新的收费模式，实现了基金管理人与投资者利益深度绑定，激励管理人提升投资能力，追求业 绩稳定性与可持续性。 博时基金同样认为，此次获批浮动管理费率基金产品，与传统 ...

智通财经5月23日电，随着首批26只新型浮动费率基金获批，发行节奏敲定。预计首批产品将于5月底前 启动产品募集发行，6月底前基本完成募集。记者从多家管理人和销售机构了解到，本产品旨在引导投 资者长期投资，助力投资者获得更好的长期投资回报；不会过于看重募集规模，会强化首发重实量的销 售导向，避免"高开低走"，做好持续营销。各家管理人都不会过于看重当期募集规模和短期利益，将优 选基金经理，强化投研支持，提升投资者长期投资体验。（智通财经记者 闫军） 首批新型浮动管理费5月底募集 强化首发重实量的销售导向 ...

Group 1 - The core content of the "Action Plan for Promoting the High-Quality Development of Public Funds" focuses on guiding fund managers to return to the essence of "entrusted by others, managing wealth on behalf of clients," aiming for high-quality development in the public fund industry [1] - The main direction of the plan is to align with investor interests and enhance their sense of gain, emphasizing the importance of products that can track performance benchmarks with low volatility and controllable risks, rather than merely seeking excess returns [1] - Active equity funds with a turnover rate of 5-10 times, balanced stock and industry holdings, and a management scale of 500 million to 5 billion yuan are more likely to outperform performance benchmarks, while products with style drift show poor performance [1] Group 2 - Over half of the public active equity funds in the market use the CSI 300 index as their core benchmark, with 15% using the CSI 800 index, indicating a significant deviation from actual performance, necessitating changes in benchmarks or holdings [2] - The financial sector has a holding return amount of 264.9 billion yuan, accounting for 4.6% of the sector's free float market value, which is significantly higher than other industries, highlighting the need for attention in cyclical high-dividend sectors like coal, oil, and utilities [2] - As of the first quarter of 2025, active equity funds are mainly overweight in technology and manufacturing sectors, while being underweight in finance and infrastructure, with notable continuous overweights in pharmaceuticals and electronics since 2020 [2] Group 3 - Following the release of the plan, funds have begun to modify their performance benchmarks, with nearly 120 funds changing benchmarks this year, including various types such as equity mixed funds and flexible allocation mixed funds [3] - Performance benchmarks are considered an important reference for portfolio construction, with a focus on achieving stable risk-return characteristics over the long term rather than extreme short-term performance [3] - A new batch of floating management fee funds will be launched, adopting a performance benchmark-based fee model that adjusts management fees according to the fund's performance relative to the benchmark during the holding period [3]

Core Viewpoint - The recent action plan issued by the China Securities Regulatory Commission aims to address long-standing issues in the public fund industry, promoting high-quality development by linking fund company income to investor returns [1][3][6]. Summary by Relevant Sections Fund Management Fees - The new regulations require a floating management fee mechanism linked to fund performance, particularly for newly established actively managed equity funds [5][9]. - Management fees for different fund types vary, with stock and mixed funds typically charging between 1.2% and 1.5% [3]. - In 2023, only about 39% of the 4,510 fund products had positive returns, highlighting the disparity between high management fees and poor investor returns [3]. Performance Benchmark Changes - Following the action plan's release, several fund companies have already adjusted their performance benchmarks to align with the new regulations [10]. - The performance benchmark serves as a reference for evaluating fund performance, often based on a combination of market indices [5]. Impact on Fund Companies - The new policy is expected to shift fund companies' focus from scale-driven to performance-driven strategies, enhancing their investment strategies and risk management [6][12]. - Fund companies are encouraged to invest more in research and development to improve their investment capabilities [6]. Fund Manager Accountability - The action plan imposes stricter salary management for fund managers, linking their compensation to fund performance [13][14]. - Fund managers whose products underperform relative to benchmarks will see a significant decrease in performance-based pay, while those who exceed benchmarks may receive higher compensation [13]. Market Reactions and Concerns - The changes have sparked discussions among investors, with many believing that the new performance-linked compensation will improve fund management effectiveness [13][14]. - However, some investors express concerns that an overemphasis on performance benchmarks may lead to homogenized investment strategies, potentially increasing market volatility [15].

Core Insights - The report emphasizes the need for the public fund industry to shift from focusing on scale to prioritizing returns, as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" released by the China Securities Regulatory Commission [3][5][6]. Group 1: Key Highlights of the Action Plan - The Action Plan highlights four main focuses: strengthening the alignment of interests with investors, enhancing the stability of fund investment behavior, improving investor service capabilities, and promoting the growth of equity funds [4][6]. - A floating management fee mechanism will be established, linking fund managers' income to the performance of their products, thereby addressing the issue of guaranteed income regardless of performance [6][11]. - The plan mandates a reduction in subscription and sales service fees for public funds, aiming to lower investor costs and enhance their experience [6][18][21]. Group 2: Focus Areas for Fund Companies - Fund companies are required to reform their assessment and incentive schemes, incorporating investor profit and loss into their evaluation systems, which marks a shift towards a more investor-centric approach [4][17]. - The plan encourages the development of passive equity products, with a clear distinction between active and passive strategies, promoting low-fee models for passive investments [4][24]. - The registration process for equity products will be expedited, with specific timelines set for different types of funds to enhance market responsiveness [24]. Group 3: Implications for the Industry - The report suggests that the ongoing reforms will enhance the pricing power of allocation funds and optimize the structure of active equity investments, especially in a low-interest-rate environment [41]. - The floating fee index-enhanced products are expected to become a key focus for fund companies, as they seek to improve management fee income while controlling performance deviation [45]. - The demand for investment advisory and strategy services is anticipated to rise significantly, necessitating a shift towards a more comprehensive service model for both institutional and individual investors [50][55].