1月7日，睿远基金旗下睿远研选均衡三年持有混合发起式基金发行。据悉，该基金将采用基金经理团队 制管理模式和浮动管理费率。 睿远基金在产品布局上长期保持精品战略，截至目前共管理五只公募基金。睿远研选均衡三年持有混合 发起式基金的发行体现了该公司在探索基金经理团队制管理模式上的决心，采取发起式的设立方式也体 现出其审慎推进的考虑。 根据公告，该基金仅通过睿远基金APP、直销中心等直销平台发行，主要由基金管理人自有资金、公司 员工及认同上述理念并愿长期投资的投资者认购，免收认购费。 资料显示，睿远基金是一家秉承价值投资理念、以持有人长期利益最大化为目标的长期价值投资机构， 聚焦于权益投资和固定收益投资领域，致力于为投资者创造长期价值。 探索基金经理团队制 采取浮动费率 根据发售公告，睿远研选均衡三年持有混合发起式基金是一只偏股混合型基金，主要投资于A股和港 股，股票资产的投资比例为基金资产的60%-95%，其中港股通标的股票投资比例不超过股票资产的 50%。 2025年5月，证监会发布了《推动公募基金高质量发展行动方案》，其中关于强化核心投研能力建设提 出，要建立基金公司投研能力评价指标体系，引导基金公司持续强化人 ...

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].

Core Viewpoint - The recent performance of A-share market has led to significant profits for public fund products, but many three-year holding period equity funds are still in a loss position, highlighting flaws in the long-term holding design of certain public funds [1][2]. Group 1: Fund Performance and Design Flaws - Approximately 100 three-year equity funds exist, with nearly half currently in a loss position [1]. - Among the 55 funds that are losing, a well-known public fund institution accounts for 12, nearly 20% of the total [1]. - The worst-performing fund has seen a net value decline of nearly 40%, indicating systemic issues rather than isolated managerial errors [1]. Group 2: Market Conditions and Investor Sentiment - The initial design of these equity products aimed to reduce frequent redemptions and provide a stable operating environment for fund managers, but many funds still show significant losses after three years [1][2]. - The disparity between market recovery (with the Shanghai Composite Index rebounding above 3,800 points) and fund performance has created dissatisfaction among investors [1]. Group 3: Industry Implications and Recommendations - The short-term performance pressure on fund managers may lead to conservative strategies that miss rebound opportunities, reflecting a misalignment between product design and market realities [2]. - The industry is warned that a lack of performance support for "long-termism" could lead to a collapse of trust and hinder the development of long-holding period equity funds [2][3]. - Fund companies need to balance product design, research capabilities, and investor education to avoid turning lock-up periods into trust "shackles" rather than value "bridges" [3].

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]

Core Viewpoint - A new batch of floating management fee rate funds has been reported by 26 fund companies, marking the first such products since the issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2][11] Group 1: New Fund Products - The first batch of floating management fee rate products was accepted by the CSRC on May 16, with 26 fund managers involved, including 21 leading firms and 4 smaller firms [2][3] - Most of the reported products are mixed funds, with a focus on protecting investor interests and guiding long-term investments [2][3][11] Group 2: Action Plan Details - The "Action Plan" establishes a floating management fee mechanism linked to fund performance, with different fee rates based on the fund's performance relative to benchmarks [3][11] - The plan aims for leading firms to issue at least 60% of their active management equity funds as floating management fee products within a year [3][11] Group 3: Historical Context - The concept of floating management fee products dates back to 1999, evolving significantly over the years with various models introduced [4][5][6] - Recent innovations include a dual floating fee structure and performance-based fee adjustments, enhancing the alignment of management fees with investor outcomes [8][9][10] Group 4: Industry Impact - The introduction of these new products is seen as a significant step towards optimizing the fund supply side, potentially leading to better long-term returns for investors [10][11] - The new fee structures are designed to encourage long-term investment and reduce irrational trading behavior among investors [11]

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].