5月27日，易方达基金、南方基金等公募旗下首批26只新型浮动费率基金产品鸣锣开售，并接连在6月与 7月的行情上行途中公告成立；不仅如此，此类产品发行热持续蔓延，年内已有61只新型浮动费率基金 成立。 5月份，首批新型浮动费率基金重磅发行，行情推演至年末，这批产品的业绩答卷已然揭晓。 首批浮动费率基金业绩参差不齐 行情演绎至年末，首批产品交出了不同的"成绩单"。据统计，截至12月26日，华商致远回报成立以来的 收益率居首，约为71.75%。其次是信澳优势行业，涨幅高达54.44%，嘉实成长共赢和易方达成长进取 两只基金涨幅亦超过四成，共计8只基金涨幅超过20%，15只产品涨超10%。 既有重仓AI赛道的基金斩获超70%的惊人收益，也有聚焦消费、医疗板块的产品表现承压，然而，不足 四成的基准跑赢率也体现了部分基金经理依旧显得"水土不服"。 有公募基金认为，此类产品将业绩比较基准作为考核的指挥棒，对基金经理的投研能力提出了更高要 求。尤其是面对主题基金的风格限制，基金经理仍有很大的主动空间，需要对产业链中个股作更深刻的 研究，并在持股集中度和仓位调整方面寻找更平衡的组合解。 华南某公募投研总监透露："现在一些基金经 ...

人民财讯12月24日电，财通资管公告显示，其首只浮动费率基金——财通资管优质研选混合型发起式基 金于12月3日至12月23日完成首发募集。该产品采用与持有期和业绩挂钩的浮动管理费模式，管理费率 与每笔份额的持有时长、持有回报水平挂钩，将在0.6%至1.5%之间浮动。今年5月《推动公募基金高质 量发展行动方案》发布以来，浮动管理费基金发行提速，已有50余只新型浮动费率基金成立，包括2只 由券商资管系公募管理人管理的产品。 该基金拟任基金经理、财通资管权益投资总监李响表示，后续将重点关注四大领域。一是把握科技创新 浪潮，聚焦国内算力产业链与AI应用等长期驱动领域；二是配置供给刚性凸显的工业金属资源，把握 价格中枢上移机遇；三是挖掘竞争格局优化、现金流改善的细分行业龙头，重点关注航空、化工等领域 的价值重估机会；四是布局处于历史估值底部的消费板块，捕捉基本面复苏带来的修复弹性。 ...

2025年即将收官，首批成立的26只浮动费率基金也陆续交出阶段性答卷。作为费率改革的核心试点，这批产品以"业绩绑定管理费"的创新模式打破传统"旱 涝保收"格局，本应成为行业高质量发展的标杆。 不过现实却是，虽其中多数产品均实现了正收益，但仍有少数基金交出了一份刺眼的"负分答卷"。如广发基金旗下的广发价值稳进混合，截至目前，该基金 A/C类份额成立以来分别亏损7.11%和7.35%，在26只产品中排名垫底，与收益率冠军形成了近70个百分点的首尾差距。 那么，这只承载着市场期待的创新产品，为何沦为"差等生"？背后是基金经理14年投研经验的失效，还是老牌公募规模导向下的必然结果？就让我们来一探 究竟。 公开资料显示，广发价值稳进混合由基金经理王明旭担纲，其现任广发基金总经理助理、投资管理部总经理。在发行之初，曾以任职总回报为127.92%，年 化回报13.27%的成绩，叠加涵盖保险资管、专户投资等多领域的14年从业经历，成为首批浮动费率基金拟任经理中的"明星选手"。 而2025年的A股市场呈现鲜明的结构性特征，人工智能、高端制造等科技成长板块成为绝对主线，传统消费、金融地产等价值板块持续承压。更致命的是， 这些重仓 ...

特许金融分析师（CFA） 华商基金权益投资副总监 华商致远回报混合基金经理 首批浮动费率基金的整体表现是投资策略、行业配置和选股能力的综合体现。华商基金张明昕在华商致 远回报混合基金季报中明确表示，他在"板块处于底部且产业出现明显边际变化的时刻重仓了海外AI算 力为代表的科技板块"。 来源：新浪基金 截至2025年12月中旬，首批26只浮动费率基金成立迄今将满半年，浮动费率基金将基金管理费与投资者 的持有期限及持有期间的基金业绩表现挂钩，也吸引了更多投资者的关注和资金流入，形成了良性循 环。 其中，成立于7月15日的华商致远回报混合基金，由华商基金权益投资副总监张明昕管理，以持有人利 益为先，充分发挥华商基金主动管理优势，力争持续提升投资者的投资体验。 张明昕 据悉，浮动费率基金最大的亮点是强化了管理人和投资者的利益共担，有望推动管理人更加注重锻造自 身投研能力，重视基金长期超额收益，以提升投资者获得感为核心。 对于投资者而言，浮动费率基金的推出并不意味着"稳赚不赔"，在面对浮动费率基金时不应依赖过往的 短期信息进行简单决策。理解并认同基金的投资策略，并对其背后的基金管理人建立深度认知，成为投 资前的必修课。 ...

2025年即将收官，今年首批成立的26只浮动费率基金陆续交出阶段性答卷。尽管运作时间均不足一年， 但业绩已呈现出显著分化。其中，广发价值稳进A的业绩表现引人注目。 | | | | 首批26只浮动费率基金今年以来业绩表现 | | | | | --- | --- | --- | --- | --- | --- | --- | | 序号 | 证券代码 | 证券简称 | 成立以来回报(%) | 非变潮榆(仅) | 非金经理 | 基金成立日 | | 1 | 024459.OF | 华商致远回报A | 58.90 | 28.38 | 张明听 | 2025/7/15 | | 2 | 024473.OF | 信澳优势行业A | 36.86 | 15.40 | 吴清宇 | 2025/7/23 | | 3 | 024450.OF | 易方达成长进取A | 34.98 | 19.25 | 刘健维 | 2025/6/19 | | 4 | 024433.OF | 嘉实成长共赢A | 32.88 | 4.06 | 李涛 | 2025/6/19 | | 5 | 024454.OF | 景顺长城成长同行 | 23.96 | 13.81 | ...

Core Viewpoint - The first batch of floating rate funds has shown a trend of performance differentiation, with 22 out of 26 funds achieving positive returns, indicating a successful initial operation period [3][4]. Performance Overview - As of mid-December, 84.6% of the first batch of 26 floating rate funds achieved positive returns, with notable performances from several funds [4]. - The top-performing fund, Huashang Zhiyuan Return A (024459.OF), achieved a return rate of 65.1%, while the lowest-performing fund, Guangfa Value Steady A (024448.OF), recorded a return of -5.96% [5][6]. - The performance gap between the highest and lowest returning funds exceeds 70 percentage points, highlighting significant differentiation in fund performance [8]. Fund Size and Performance Correlation - There is a clear positive correlation between fund size and performance, with larger funds often attracting more capital due to their superior returns [7]. - Huashang Zhiyuan Return A, with a size of 2.838 billion, is the largest fund in this batch, reflecting investor recognition of its outstanding performance [7]. Return Attribution Analysis - The performance differentiation among the funds is attributed to investment strategies, industry allocation, and stock selection capabilities [9]. - Huashang Zhiyuan Return A's success is linked to its manager's strategic focus on the technology sector, particularly in AI computing [9]. - The second-ranked fund, Xin'ao Advantage Industry A (024473.OF), capitalized on structural opportunities in the new energy and high-end manufacturing sectors [11]. Investment Strategy Insights - Funds with conservative value investment strategies, such as Guangfa Value Steady A, underperformed due to a misalignment with the market's growth-oriented trends [14]. - The top-performing funds predominantly focused on sectors like technology and AI, which were key drivers of market performance during the reporting period [14]. Fee Mechanism Impact - The floating fee structure aligns the interests of fund managers and investors, linking management fees to performance outcomes [20][21]. - Under this model, funds that exceed performance benchmarks may see management fees increase, while underperforming funds face fee reductions, incentivizing managers to focus on performance [22]. Selection of Floating Rate Funds - Investors are encouraged to understand the investment strategies and backgrounds of fund managers rather than relying solely on past performance or brand reputation [23]. - The selection process should involve assessing the manager's investment philosophy and ability to navigate market trends effectively [24][26]. Future Outlook - The initial success of the first batch of floating rate funds sets a positive precedent, but the long-term effectiveness of this fee structure in enhancing value for investors remains to be seen [26]. - As more floating rate funds are introduced, a broader range of products catering to different risk-return profiles is expected to emerge, providing investors with more options [26].

该基金拟任基金经理为李响，现任财通资管总经理助理、权益投资总监、权益研究部总经理，拥有17年 证券从业经验、12年证券投资经验，秉持质量价值风格，深度覆盖消费、制造业、周期、科技等领域， 以及港股互联网及大消费等领域。针对该基金后续布局，她表示将重点关注四大领域：一是把握科技创 新浪潮，聚焦国内算力产业链与AI应用等长期驱动领域；二是配置供给刚性凸显的工业金属资源，把 握价格中枢上移机遇；三是挖掘竞争格局优化、现金流改善的细分行业龙头，重点关注航空、化工等领 域的价值重估机会；四是布局处于历史估值底部的消费板块，捕捉基本面复苏带来的修复弹性。 财通资管作为券商资管公募管理人，其权益投研理念为"深度研究、价值投资、绝对收益、长线考核"， 多年来扎实推进投研一体化建设，已发行权益基金涵盖全市场投资、行业主题投资等品类，本次拟发行 的财通资管优质研选混合型发起式基金为全市场投资策略，而行业主题基金在科技、消费、医药、制造 等方向上都有多只口碑产品。 本报讯 （记者周尚伃）近日，财通资管公告显示，其首只浮动费率基金——财通资管优质研选混合型 发起式基金于12月3日至12月23日首发募集。该产品采用与持有期和业绩挂钩的 ...

Core Viewpoint - The recent leadership changes at Xingzheng Global Fund, with Zhuang Yuanfang becoming chairman and Chen Jinqian as the new general manager, reflect a strategic shift aimed at enhancing the company's core strengths and governance structure while maintaining stability in operations [3][4]. Group 1: Leadership Changes - Zhuang Yuanfang has been with Xingzheng Global Fund since 1992 and has held various key positions, including general manager since 2017 [3]. - Chen Jinqian, who joined the company in 2010, has extensive experience in fixed income and private equity, indicating a continuity of leadership with a focus on core competencies [3][4]. Group 2: Performance and Strategy - Xingzheng Global Fund has a significant focus on fixed income products, with a total asset management scale of 741.99 billion yuan as of October 31, 2025, where fixed income products account for 78.46% of the total [6]. - The fund's money market funds have performed well, with returns over various periods exceeding industry averages, showcasing the company's competitive edge in stable asset growth [6][7]. - The "fixed income plus" strategy has proven effective, with bond funds also outperforming their peers, indicating a robust investment approach [8][9]. Group 3: Market Position and Challenges - The company is actively expanding into the ETF market, having submitted its first ETF product for approval, aiming to capture the growing demand for passive investment options [14][15]. - Despite its strengths, Xingzheng Global Fund faces challenges in equity fund performance, with its stock fund scale at only 1.78 billion yuan and returns lagging behind industry averages [18]. - The departure of key talent from the company has raised concerns about its ability to maintain its previous success in equity investments, highlighting a need for strategic talent management [19][20]. Group 4: Future Outlook - The leadership transition comes at a critical time as the company seeks to balance its strong fixed income foundation with the need to enhance its equity capabilities and adapt to market changes [21]. - The dual focus on expanding ETF offerings and innovating fee structures reflects the company's commitment to evolving with industry trends while addressing its current weaknesses [16][17].

Core Viewpoint - A new type of floating rate fund, designed to align investor interests through a fee mechanism, is gaining attention in the market due to its characteristics of "shared profits and shared risks" [1][2]. Group 1: Floating Rate Fund Characteristics - The floating rate fund differs from traditional fixed-rate funds by dynamically adjusting management fees based on specific conditions, including fund performance and investor holding period [3]. - The example of the China Europe Value YuXiang fund illustrates a tiered management fee structure with rates of 0.6%, 1.2%, and 1.5%, depending on the holding period and performance relative to a benchmark [3][4]. Group 2: Market Context and Timing - The launch of the China Europe Value YuXiang fund coincides with a market trend favoring value styles, particularly in the fourth quarter, when investors typically seek stability and lower valuations [13][15]. - Research indicates a growing divergence between growth and value styles, suggesting that investors should focus on value-oriented investments [15]. Group 3: Fund Manager's Background - The fund manager, Liu Yong, has nine years of experience in securities and two years in fund management, with a strong emphasis on risk management and a systematic investment approach [7][8]. - Liu Yong's managed products have consistently shown positive returns, outperforming benchmarks since his tenure [9][10]. Group 4: Competitive Advantage - The floating rate fund's design encourages long-term investment, marking a shift in the industry from a scale-oriented approach to a value-oriented one [4]. - The competitive landscape for floating rate funds is expected to favor larger, well-established fund companies with robust research capabilities, such as China Europe Fund [17][18].

Core Viewpoint - The article discusses the transformative potential of floating fee structures in the public fund industry, aiming to align the interests of fund managers and investors, thereby enhancing trust and promoting high-quality development in the sector [2][5]. Summary by Sections Floating Fee Mechanism - The introduction of floating fee rates is a revolutionary change aimed at binding the interests of fund managers and investors, ensuring that both parties share risks and rewards [5][7]. - The first batch of 26 floating fee rate funds launched in May showed an average increase of approximately 12.1% by the end of October, indicating the mechanism's potential [2][5]. Fund Manager's Philosophy - Fund manager Li Sijia emphasizes a "replicable" investment philosophy that focuses on long-term value accumulation rather than short-term performance spikes [3][10]. - She advocates for flexibility in investment strategies to adapt to market changes, highlighting the importance of a diversified approach [3][10]. Performance Metrics - The floating fee structure ties management fees to performance, rewarding fund managers when they exceed benchmarks and penalizing them when they do not, thus promoting a culture of accountability [5][6]. - The performance benchmark for the Zhongyin Quality Emerging Fund is a composite of various indices, ensuring a comprehensive reflection of market trends [8]. Investment Strategy - Li Sijia's investment framework combines macroeconomic analysis with industry-specific insights, focusing on sectors with long-term growth potential, particularly in technology and cyclical industries [12][14]. - The strategy emphasizes risk control through balanced asset allocation and a focus on high Sharpe ratio portfolios, aiming for stable long-term returns [14][16]. Market Outlook - The current market phase is viewed as a "consolidation stage" within a bull market, with structural changes and new opportunities emerging [15]. - Li Sijia expresses confidence in China's economic transition towards high-quality development, suggesting that the A-share market holds significant long-term investment value [15].