Core Viewpoint - The article discusses the launch of the floating fee rate product "Zhongyin Quality Emerging Mixed Securities Investment Fund" by Zhongyin Fund, in response to the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" which emphasizes a performance-linked fee structure [1][2]. Fund Fee Structure - The floating management fee structure links fees to the investor's holding period and performance, allowing for higher fees if returns exceed certain thresholds and lower fees if returns are negative [2]. - If the holding period is less than one year, a management fee of 1.2% is charged; for one year or more, the fee varies based on performance, with a maximum of 1.5% for annualized excess returns over 6% and a minimum of 0.6% for returns below -3% [2]. Performance Benchmark - The performance benchmark for Zhongyin Quality Emerging is aligned with industry trends, including the CSI 300 Index, Hang Seng Index, and the China Bond Composite Index, reflecting a comprehensive view of market performance [2]. Fund Manager Profile - The fund manager, Li Sijia, focuses on large-cap growth and balanced sector allocation, employing a combination of top-down and bottom-up investment strategies [3]. - Li Sijia has demonstrated strong historical performance, with the Zhongyin Strategic Emerging Industry Fund achieving a 43.92% return over the past year, resulting in a 28.55% excess return [3]. Market Outlook - The article suggests that as China's economy transitions, a new capital expenditure cycle is beginning, with the equity market expected to perform well, particularly in technology growth sectors [4]. - Li Sijia remains optimistic about investment opportunities arising from AI and the impact of cyclical price changes on asset pricing [4].

Core Viewpoint - The public fund industry in China is undergoing a significant fee reform, highlighted by the successful early fundraising of the Oriental Red Medical Innovation Mixed Fund (QDII), which is the first floating management fee fund in the medical sector, reflecting investor confidence in the market and the asset management capabilities of Oriental Red [1][2]. Group 1: Fund Performance and Management - The Oriental Red Medical Innovation Mixed Fund (QDII) has gained recognition for its management capabilities, with the fund manager's income linked to investor returns, marking a shift towards prioritizing investor benefits over mere scale [2][4]. - Fund managers Jiang Qi and Gao Yi have extensive backgrounds in the medical and financial sectors, contributing to the fund's strong performance and investor trust [2][3]. - The Oriental Red Medical Upgrade Stock Initiation Fund, managed by Jiang Qi, has shown impressive results, with a net value growth rate of 102.43% over the past year [3]. Group 2: Industry Impact and Future Outlook - The introduction of floating fee structures is expected to have a profound impact across the industry, incentivizing fund managers to enhance their research and risk management capabilities, thereby fostering a culture of long-term value investment [4][5]. - The successful fundraising of the Oriental Red Medical Innovation Mixed Fund (QDII) indicates strong investor confidence in the long-term prospects of the medical industry and the asset management capabilities of Oriental Red [5]. - The collaboration between Oriental Red Asset Management and partners like Pudong Development Bank and Oriental Securities aims to provide long-term investment options and enhance investor engagement, contributing to the high-quality development of the asset management industry [5].

基金公司的投研能力属于专业范畴，普通投资者可能一时无法分辨。但对于投资者而言，选择产品时可 以穿透营销话术，关注底层逻辑——毕竟，真正的长期投资，应始于专业、终于回报。尤其需要关注管 理人的信息披露，如明确提示锁定期产品的历史波动率、最大回撤等风险指标，而非仅强调"长期持 有"的模糊概念。尤其在管理人收益与投资者回报深度绑定的费率结构改革之后，投资人对不愿意采用 浮动管理费、缺乏业绩对等约束机制的基金管理人要心存警惕。毕竟，浮动管理费率也是管理人自信心 的一种体现。而不给基民挣钱则"三年白干"的业绩对等约束机制，也会倒逼管理人勤勉尽责。值得一提 的是，前文所提的知名公募，近期新发了不少浮动费率基金，这应该是其改革的结果，希望能经得起市 场的检验。 总而言之，未来基金公司需在产品制度设计、投研能力与投资者教育三者间找到平衡，否则锁仓期将沦 为信任的"枷锁"，而非价值的"桥梁"。唯有如此，时间的玫瑰才能如约绽放。 一段时间以来A股颇为劲爆的市场行情，让公募基金产品赚钱效应明显，多只过往业绩平平的权益基金 也扬眉吐气。与此同时，一些迄今没有回本的基金则显得颇为尴尬，其中以部分三年持有期权益基金最 为典型。据媒体不完 ...

Core Insights - The second batch of 11 innovative performance-based floating fee rate fund products was submitted for approval on July 4, indicating a continued shift in the public fund industry towards performance-oriented models [1][2] - The China Securities Regulatory Commission (CSRC) has initiated a systematic reform in the public fund industry, emphasizing high-quality development and the introduction of floating management fee rates [1][4] Group 1: Product Launch and Features - The second batch includes new fund managers such as Huatai-PB, Guotai, and Bank of China, with a focus on industry themes like pharmaceuticals, high-end equipment, and manufacturing [2][3] - The fee structure for the new products remains consistent with the first batch, featuring three tiers: 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment) [2][3] - Unlike the first batch, which focused on broad market selection, the second batch includes four funds that target specific industries or themes, enhancing the performance benchmark system [3] Group 2: Market Response and Performance - The first batch of 26 floating fee rate funds launched on May 27 raised over 22.68 billion yuan, significantly outperforming the average fundraising of 440 million yuan for active equity funds during the same period [4][5] - The average fundraising per product in the first batch was 944.5 million yuan, with several products exceeding 1.5 billion yuan [4][5] - The introduction of self-purchase by fund companies during the fundraising process reflects a commitment to aligning interests with investors [5][6] Group 3: Strategic Implications - The floating fee rate model is expected to enhance the binding of interests between fund managers and investors, promoting a long-term investment philosophy [3][6] - The CSRC aims to ensure that at least 60% of the active management equity funds issued by leading firms in the next year will adopt this innovative fee structure [6]

Core Viewpoint - The introduction of floating management fee rate products by bank wealth management subsidiaries marks a shift from fixed fee models, promoting a positive alignment between managers' performance and investors' returns, thus fostering healthy competition and development in the wealth management industry [1][5]. Group 1: Product Innovation - The "Zhaozhi Ruiyuan Balanced (Anying Youxuan) 68th Phase" floating management fee product launched by China Merchants Bank on July 8 features a fixed management fee of 0.25%, significantly lower than the typical 0.4% to 0.6% for similar products, with a performance-linked fee structure [2][3]. - The product allows for a maximum annual management fee of 0.5% if the annualized return exceeds 4%, thus directly linking management fees to product performance [2][3]. - The product sold out on its first day, indicating high investor interest [4]. Group 2: Market Dynamics - Experts believe that floating management fee models can alleviate the fixed fee burden on investors during poor market performance while allowing managers to earn higher rewards during strong performance, thus aligning interests [5][6]. - Such products are particularly attractive in volatile or structural market conditions, helping wealth management subsidiaries expand their management scale and incentivize research teams to enhance performance [5][6]. Group 3: Industry Implications - The floating management fee model represents a significant exploration in the transition to net value-based operations, pushing the industry from a scale-oriented approach to a performance-oriented one, enhancing investor satisfaction [5][6]. - The model is especially suitable for high-volatility, high-return products, as it allows for a more direct correlation between management compensation and actual investment capabilities [5][6]. Group 4: Operational Requirements - Bank wealth management subsidiaries must enhance their investment research capabilities, particularly in equity investments, to achieve excess returns that support floating fees [6]. - There is a need for refined risk management to balance the pursuit of high fees with the avoidance of excessive risk, especially during market fluctuations [6]. - Effective operational systems and continuous communication with investors are essential to manage expectations regarding fee structures and performance [6].

Core Viewpoint - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" has led to a swift response from fund managers, with the first batch of floating management fee products submitted to the CSRC on May 16, 2023 [1] Group 1: Product Submission and Management - A total of 26 fund managers submitted products, including 21 leading managers in terms of fund management scale, 4 small and medium-sized managers, and 1 foreign-owned manager, all demonstrating strong equity management capabilities [1] - The submitted products are all market-wide stock selection funds, primarily benchmarking against mainstream broad-based indices such as CSI 300, CSI A500, CSI 500, or CSI 800 [2] Group 2: Investor-Centric Approach - The CSRC's "Action Plan" establishes a floating management fee mechanism linked to fund performance, with fee rates determined based on the fund's performance relative to a benchmark during the holding period [3] - The plan aims for leading institutions to issue at least 60% of the number of new active management equity funds compared to their existing active management equity fund issuance within a year [3] Group 3: Fee Structure and Investor Engagement - The fee structure allows for fee reductions if performance significantly lags behind the benchmark, while fees may increase slightly if performance exceeds the benchmark, with a greater emphasis on protecting investor interests [4] - Fund managers emphasize the importance of long-term investment and aim to enhance the investor experience, focusing on real performance rather than fundraising scale [4]

上周，26家基金公司集体上报新一批浮动管理费率基金，这是《推动公募基金高质量发展行动方 案》印发后的首批浮动管理费率基金。这批产品上报已于5月16日获证监会接收，新品问世也成为近日 公募行业的热议事件。 浮动管理费率基金的历史并不短，最早可追溯至1999年的浮动管理费率机制。历经二十余年发展， 期间曾多次"蝶变"，产品数量持续增多的同时，浮动管理费率模式也在不断演变。在业内人士看来，此 番新模式下的浮动管理费率基金比较明显的变化在于更加关注对投资者利益的保护和长期投资的引导、 更重视业绩比较基准的约束，整体产品设计更加精细化。 26家公募机构集体上报 5月16日，首批上报的新模式浮动管理费率产品获证监会接收。共有26家基金管理人上报产品。其 中，总管理规模或主动权益类基金管理规模居行业前列的管理人21家，中小管理人4家，外商独资管理 人1家。首批上报的产品均为全市场选股型基金，主要对标沪深300、中证A500、中证500、中证800等 宽基指数。 从基金名称来看，除个别产品为股票型基金外，多数产品为混合型基金。虽然产品的具体设计细节 尚不明确，但有基金公司相关人士透露，产品设计围绕《行动方案》要求，着力强化投 ...

Core Viewpoint - The approval of the first batch of floating management fee rate funds, including the China Europe Large Cap Select Mixed Fund, represents a significant step in the reform of public fund fee structures, aiming to align fund management fees with fund performance and enhance investor returns [1][4]. Group 1: Floating Management Fee Rate Fund - The new floating management fee model links management fees to fund performance, addressing the long-standing issue of "funds making money while investors do not" [1][2]. - The reform emphasizes the role of performance benchmarks, ensuring that fund investment styles remain consistent and transparent, thus enhancing investor trust [2][3]. - The China Europe Large Cap Select Mixed Fund is the only initiator fund among the first batch, requiring a minimum subscription of 10 million yuan and a holding period of at least three years, reinforcing the principle of shared risks and benefits between fund managers and investors [1][4]. Group 2: Industry Reform and Investor Protection - The reform marks a new phase in public fund fee structures, transitioning from fixed fee models to more flexible floating fee products, which are expected to provide investors with more choices [4][6]. - The new fee structure aims to bind the interests of fund managers and investors more closely, encouraging fund managers to enhance their active management capabilities while focusing on risk management [2][3]. - The initiative is part of a broader strategy to improve the quality of public funds, ensuring that investor interests are prioritized and fostering a positive interaction between fund managers and investors [2][6]. Group 3: Future Outlook and Industry Development - The China Securities Regulatory Commission aims to have at least 60% of newly issued active equity funds be floating fee products within a year, indicating a strong push towards this new fee structure [4][6]. - The floating fee model is expected to enhance the transparency of fund investments and stabilize market investment styles, addressing issues like "style drift" and "misalignment" that have plagued the industry [3][4]. - China Europe Fund is committed to improving its core investment research capabilities and transitioning to a more industrialized production model, focusing on delivering clearer, more stable investment products [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has registered 26 new floating fee rate funds, which are expected to be offered to investors soon, allowing subscriptions through commercial banks and internet platforms [1][2]. Group 1: Fund Structure and Fee Rates - The initial products have three fee rate levels: 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment) [1]. - Fund managers will adjust management fees based on the annualized return compared to the performance benchmark after one year of holding the product [1]. - If the annualized return is in line with the benchmark, the benchmark fee rate applies; if it lags by 3%, the lower fee rate applies; and if it exceeds the benchmark by 6%, the higher fee rate applies [1]. Group 2: Redemption and Future Developments - Investors redeeming the product within one year will incur a flat management fee at the benchmark rate, without the tiered structure [2]. - There is significant interest from other fund managers in developing new model products, indicating that floating management fee rate products are likely to become a regular offering in the market [2].

Core Viewpoint - The new model floating management fee rate actively managed equity funds are being normalized in registration, with 11 new products reported, including 2 stock-type and 9 equity-mixed funds [1] Group 1: New Product Launch - 11 new floating fee rate fund products have been reported, following the initial batch of similar funds [1] - The new products maintain a three-tier fee structure: 1.2% (base), 1.5% (upward), and 0.6% (downward) [2] - The new products include a focus on specific industries or themes, such as high-end equipment, pharmaceuticals, and manufacturing [2] Group 2: Market Response and Performance - The first batch of 26 new model floating management fee rate funds was well-received, with 24 products raising a total of 22.68 billion yuan by the end of June [3] - The average fundraising size for the completed products was 9.45 million yuan, significantly higher than the average of 4.4 million yuan for actively managed equity funds this year [3] - The design of these products reflects an investor-centric approach, promoting a shift from focusing on scale to prioritizing investor returns [3]