Fund Overview - The fund is named "E Fund Technology Pioneer Mixed Securities Investment Fund" with A class fund share code 025918 and C class fund share code 025919 [17] - It is a contract-based open-end mixed securities investment fund with an indefinite duration [18] - The fund aims to pursue investment returns that exceed the performance benchmark while controlling risks [19] Fund Raising Details - The initial fundraising cap for the fund is set at 2 billion RMB (approximately 20 billion) [3] - The fundraising period is from November 12, 2025, to November 18, 2025, with the possibility of adjustments based on subscription conditions [21] - The fund will be available for subscription to individual investors, institutional investors, qualified foreign investors, and other investors permitted by laws and regulations [20] Fund Share Classes - The fund offers two classes of shares: A class shares, which charge subscription fees, and C class shares, which do not charge subscription fees but incur sales service fees during the holding period [2][23] - Each class of shares will have separate codes and will calculate and publish net asset values independently [2] Subscription and Investment Limits - The minimum subscription amount for individual investors through non-direct sales institutions is set at 1 RMB, while for direct sales, it is 50,000 RMB [6] - There is no upper limit on the total subscription amount for individual investors, but measures will be taken to control situations where a single investor's holdings exceed 50% of the fund [6] Subscription Confirmation and Processing - Investors can make multiple subscriptions during the fundraising period, but once confirmed, the subscription cannot be revoked [9] - The fund will process subscription applications on a first-come, first-served basis, and any excess applications beyond the fundraising cap will be proportionally confirmed [4] Fund Management and Custody - The fund is managed by E Fund Management Co., Ltd., and the custodian is CITIC Bank [1][60] - The fund management company is committed to managing and utilizing fund assets with integrity and diligence but does not guarantee profits or minimum returns [66]

登录新浪财经APP 搜索【信披】查看更多考评等级 重要提示 1.易方达优势进取混合型证券投资基金（以下简称"本基金"）根据中国证券监督管理委员会《关于准予 易方达优势进取混合型证券投资基金注册的批复》（证监许可[2025]2072号）进行募集。 2.本基金为契约型开放式、混合型证券投资基金。 3.本基金的管理人和登记机构均为易方达基金管理有限公司（以下简称"本公司"），托管人为中国工商 银行股份有限公司。 4.本基金将自2025年11月3日至2025年11月21日通过基金管理人指定的销售机构公开发售。基金管理人 根据认购的情况可适当调整募集时间，并及时公告，但最长不超过法定募集期限。 5.基金份额类别 本基金将基金份额分为不同的类别。在投资人认购/申购基金时收取认购/申购费用，并不再从本类别基 金资产中计提销售服务费的基金份额，称为A类基金份额；从本类基金资产中计提销售服务费，并不收 取认购/申购费用的基金份额，称为C类基金份额。 本基金各类基金份额分别设置代码，分别计算并公布基金份额净值和基金份额累计净值。投资人在认 购/申购基金份额时可自行选择基金份额类别。本基金暂不开通各份额类别之间的转换业务，今后若开 ...

Fund Overview - The fund is named "E Fund Industry Preferred Mixed Securities Investment Fund" and is classified as a contractual open-end mixed securities investment fund [16] - The fund will be managed and registered by E Fund Management Co., Ltd., with China Agricultural Bank as the custodian [1][3] Fund Offering Details - The fund will be publicly offered from October 20, 2025, to October 31, 2025, with a maximum fundraising limit of 8 billion RMB [3][20] - The fund will have two classes of shares: Class A shares, which charge subscription fees, and Class C shares, which do not charge subscription fees but incur service fees [2][22] Subscription and Investment Conditions - The minimum subscription amount for individual investors through non-direct sales institutions is 1 RMB, while for direct sales, it is 50,000 RMB [6] - Investors can subscribe multiple times during the fundraising period, and there is no upper limit on the total subscription amount for a single investor, subject to control measures if holdings exceed 50% [6][19] Fund Management and Fees - The fund's management fee structure includes a fixed management fee and a performance-based fee, which varies based on the holding period and annualized return [11][12] - The fund aims to achieve investment returns that exceed its performance benchmark while controlling risks [18] Fund Registration and Effectiveness - The fund contract will become effective if the total subscription reaches at least 200 million RMB and involves at least 200 investors within three months of the offering [20][62] - If the fund contract does not meet the effectiveness conditions, all raised funds will be returned to investors with interest [20][64] Investor Information and Support - Investors can obtain detailed information about the fund and its subscription process from the company's website and designated sales institutions [8][65] - Customer service is available through the company's hotline for inquiries related to the fund [65]

Core Viewpoint - The Chinese Securities Regulatory Commission is focused on enhancing the quality and efficiency of the public fund industry through a series of reforms, including the introduction of a performance-based floating management fee model aimed at addressing industry pain points and reshaping the ecosystem [1][2]. Group 1: Floating Management Fee Model - The floating management fee model, which is based on performance benchmarks, is designed to enhance the active management capabilities of funds and clarify product positioning, investment styles, and expected returns for investors [2][3]. - The first batch of floating fee rate funds launched in June has shown positive performance, with 25 out of 26 funds achieving positive returns since inception, and the top three funds yielding over 30% [2]. Group 2: Investor Benefits - The floating fee mechanism offers two core values for investors: a "shared profit and risk" rule that enhances the sense of investment gain, and a "long-term holding fee discount" that encourages a more mature investment philosophy [2]. - The differentiated fee structure of the new floating fee rate funds allows for tiered charging based on the excess return level of each investment, promoting long-term investment and providing a more intuitive understanding of fees related to performance [2][3]. Group 3: Impact on Fund Management - The floating fee model breaks away from the traditional fixed income model, deeply linking the earnings of fund managers with those of investors, thereby compelling managers to focus on enhancing research and investment capabilities to generate excess returns [3]. - The introduction of floating fee rate products represents a shift from a focus on scale to a focus on returns for fund companies, with the goal of creating a sustainable and positive return experience for investors [3].

Core Viewpoint - The article discusses the poor performance of Guolian An Fund's manager Pan Ming, highlighting that several funds under his management have consistently underperformed, leading to investor dissatisfaction and market skepticism regarding his management capabilities [1][2]. Fund Performance Summary - Pan Ming manages six funds, all of which he oversees independently. The Guolian An Science and Technology Innovation Mixed Fund (LOF) has a five-year return of -35.26%, significantly underperforming its benchmark by over 20% [2][12]. - The Guolian An Science and Technology Innovation LOF has a cumulative return of -26.03% since its inception on March 20, 2020, with a unit net value of only 0.7397 yuan as of July 9, 2025 [6][7]. - The fund's management fees from March 2023 to December 2024 amounted to 6.21 million yuan, while the total management fees for 2021 and 2022 reached 15 million yuan [6][8]. Benchmark Comparison - The performance benchmark for the Guolian An Science and Technology Innovation LOF is a composite of various indices, with a benchmark return of -11.74% over the same five-year period, indicating a significant underperformance of -23.52% compared to the benchmark [2][12]. - Other funds managed by Pan Ming, such as Guolian An Preferred Industry Mixed Fund and Guolian An Technology Power Stock Fund, also show similar underperformance, with returns of -34.10% and -32.25% respectively, against their benchmarks [2][12]. Regulatory Context - In May 2023, the China Securities Regulatory Commission introduced a new action plan aimed at improving the quality of public funds, which includes a mechanism linking fund performance to management fees. This could impact Pan Ming's management fees if performance does not meet expectations [12].

Core Viewpoint - The "Action Plan" for promoting the high-quality development of public funds marks a significant reform in the public fund industry, shifting the focus from scale to investor-centric goals, indicating a new phase in the industry's evolution [1] Group 1: Floating Management Fee Model - The "Action Plan" introduces a performance-linked floating management fee model, addressing previous criticisms of fixed fees regardless of fund performance [3] - The new model allows for differentiated management fees based on the fund's performance relative to a benchmark, with three tiers of fees depending on the annual excess return [3][4] - This model aims to ensure that fund products are accountable to each new investor, promoting long-term holding of fund products [4] Group 2: Benchmark Selection - The Huazhong Fund has chosen the CSI 800 index as the performance benchmark for its floating fee products, which offers broader coverage and a more balanced representation of both value and growth styles compared to other indices [6] - The CSI 800 index includes both undervalued blue-chip stocks and growth companies, reflecting a combination of past and future economic structures [6] Group 3: Fund Manager Profile - Fund manager Luan Chao, known for his balanced growth investment approach, combines top-down industry allocation with bottom-up stock selection, focusing on sustainable profit growth [8] - Luan Chao emphasizes a cyclical perspective, identifying investment directions based on macro, industry, and company cycles [8] - His investment strategy includes a focus on industries with upward trends and companies with strong competitive advantages, leading to a selective stock pool [8][10] Group 4: Research and Investment Platform - Huazhong Fund is recognized as a leading growth investment platform, having pioneered industry chain investment strategies and being an early investor in key sectors like 5G and electric vehicles [12] - The fund's research team has a global perspective, leveraging insights from international markets to identify growth opportunities in the technology sector [12][13] - The strong research capabilities of the team are expected to support Luan Chao's potential for excess returns, aligning the interests of fund managers and investors [13]

Core Viewpoint - The article discusses the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to address industry pain points and shift the focus from "scale" to "returns" in the public fund industry, enhancing investor experience and safety [1][2]. Group 1: Key Measures of the Action Plan - The plan emphasizes the need to strengthen the binding of interests between fund companies and investors, introducing a floating management fee model linked to fund performance to counteract the "guaranteed returns" phenomenon [2][3]. - Fund companies are required to establish a performance-based floating management fee mechanism, where fees are adjusted based on the fund's performance relative to a benchmark, promoting long-term investment strategies among investors [2][3]. - The plan mandates that leading fund management institutions issue floating fee funds, with a target of at least 60% of new active management equity fund issuances [3]. Group 2: Performance Evaluation and Incentives - The plan calls for a comprehensive overhaul of the performance evaluation system, focusing on long-term investment returns rather than short-term metrics, with a minimum of 50% weight on investment returns for company executives and 80% for fund managers [5][6]. - Fund companies must implement a salary management mechanism linked to investment returns, ensuring that fund managers' compensation reflects their performance over a longer period [6][7]. - The emphasis on long-term performance aims to stabilize fund products and encourage the inflow of long-term capital into the market [6][7]. Group 3: Innovation and Market Vitality - The plan encourages the innovation and development of equity funds, proposing a rapid registration mechanism for equity fund products to enhance market liquidity and attract long-term investments [8][9]. - It supports the development of various index funds and thematic investment products, aiming to diversify investment options and improve market stability [8][9]. - The plan also introduces a classification evaluation mechanism for fund sales institutions, prioritizing those with strong performance metrics in product approvals and licensing [10]. Group 4: Enhancing Investor Services - The plan requires public fund institutions to improve their investor service capabilities and strengthen core research and investment capabilities [11][12]. - It supports the development of a direct sales service platform for institutional investors and outlines regulations for investment advisory services [12]. - The focus on enhancing investor services aims to build trust and confidence in public funds, ultimately benefiting the capital market [12][13]. Group 5: Risk Control and Compliance - The plan emphasizes the importance of risk control and compliance, proposing measures to enhance internal management and accountability within fund companies [13]. - It aims to create a stable and self-regulating industry environment by improving governance structures and addressing violations [13]. - The overall goal is to establish a robust ecosystem that attracts long-term capital and supports the healthy development of the capital market [13].

Core Viewpoint - The recently released "Action Plan for Promoting the High-Quality Development of Public Funds" includes 25 measures aimed at addressing industry pain points and enhancing the overall management and performance of public funds [1][2]. Summary by Sections Fund Fee and Manager Compensation Reform - The action plan emphasizes a shift towards a floating management fee model for actively managed equity funds, linking fees to fund performance against benchmarks [4][6]. - Specific measures include establishing a floating fee mechanism based on performance, with different fee rates applicable depending on the fund's performance relative to its benchmark [4][5]. - Fund managers' compensation will be tied to fund performance, with penalties for underperformance and rewards for exceeding benchmarks [9][10][12]. Strengthening Interest Alignment - The plan aims to enhance the alignment of interests among fund companies, managers, and investors by increasing the proportion of personal investments by fund managers in their own products [15][16]. - It proposes a comprehensive evaluation system that includes long-term performance metrics, ensuring that fund managers focus on sustainable returns rather than short-term gains [12][17]. Stability of Investment Style - The action plan addresses issues of investment style drift by requiring clear performance benchmarks for each fund, ensuring that investment behavior aligns with the fund's stated objectives [19][20]. - It emphasizes the importance of long-term assessments, with a minimum of 80% weight on three-year performance metrics to discourage short-term trading behaviors [20][21]. Fund Sales and Evaluation Requirements - The plan calls for improved investor service capabilities, including the establishment of regulations for fund advisory services and a centralized platform for institutional investors [22][23]. - It introduces a classification and evaluation mechanism for fund sales institutions, focusing on long-term performance and investor outcomes [24]. Governance Improvement - The action plan highlights the need for enhanced governance within fund companies, including better accountability for major shareholders and board members [26][28]. - It proposes reforms to improve the independence and effectiveness of fund company governance structures, aiming to prevent conflicts of interest and ensure compliance [26][27]. Encouragement for Growth and Innovation - The plan encourages fund companies to strengthen their research capabilities and adopt new technologies, such as AI and big data, to enhance operational efficiency [29][30]. - It supports the establishment of employee stock ownership plans and promotes mergers and acquisitions to foster industry consolidation and innovation [31].