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，既有重仓 AI赛道的基金斩获超70%的收益，也有聚焦消费、医疗板块的产品表现不佳。 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，需要对产业链个股作更深度的研 究，并在持股集中度和仓位调整方面寻找更平衡的组合解。 首批浮动费率基金业绩差异大 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，此类产品发行热度持续蔓延，年内已有61只新型浮动费率基 金成立。 下半年以来，沪深300指数的区间涨幅约为18.32%，得益于A股行情持续走高，首批新型浮动费率基金 净值随之水涨船高。由于这部分产品是管理费动态调整的创新型产品，因此对标业绩比较基准的情况也 备受关注。 据相关规定，投资者持有期间年化收益跑赢基准6个百分点以上且收益为正，基金每年按规模的1.5%收 取管理费；年化收益跑输基准3个百分点及以上，按每年0.6%收取管理费；基本符合基准时，适用每 ...

2025年12月24日，国泰研究精选正式成立6周年。 作为市场首批浮动管理费基金，国泰研究精选成立于2019年12月24日，管理费0.8%/年，低于主流主动 权益类产品一般水平，同时还将业绩与费用绑定，采用逐笔计提法提取业绩报酬，若单个基金份额持有 人的单笔份额在其持有期间的年化收益率超过业绩报酬计提基准（8%）时提取业绩报酬。 产品设计上，国泰研究精选采用2年持有期设计和浮动费率机制。2年持有期设计一方面鼓励投资者长期 投资，另一方面稳定的资金结构也有助于基金经理追求超额收益。浮动费率机制则进一步强化了管理人 与投资者的利益绑定，鼓励管理团队聚焦业绩提升，真正实现与投资者利益捆绑、风雨同舟。 展望后续市场走势，徐治彪认为当前A股慢牛格局仍将延续，相对看好科技成长。他表示，科技成长不 仅是慢牛格局下的核心进攻方向，更是中国经济的核心优势领域，其中已完成"出海"布局的企业值得重 点关注。此处的"出海"并非简单的产品出口，而是指跟随国际巨头实现本地化运营布局的企业，这类企 业有望充分受益于全球市场拓展，释放长期成长潜力。 从行业发展来看，随着浮动费率机制成为主动权益基金的主流模式，国泰研究精选的六年实践经验无疑 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released draft guidelines and operational rules aimed at standardizing performance benchmarks for publicly offered securities investment funds, addressing long-standing industry issues such as "style drift" and misleading product representations [1][2][9]. Group 1: Key Aspects of the Guidelines - The guidelines emphasize four main areas: the representation role of performance benchmarks, the enforcement of investment constraints, the evaluation role of benchmarks, and the establishment of a healthy interactive ecosystem [3][4]. - Performance benchmarks must accurately reflect the product's investment goals and strategies, and fund managers are required to appoint experienced fund managers based on these benchmarks [3][4]. - The operational rules provide detailed requirements for product design, benchmark display, and the matching of benchmarks with investment strategies [3][4]. Group 2: Impact on Fund Management - The guidelines aim to prevent issues like "style drift" by mandating a comprehensive control mechanism for benchmark selection, disclosure, monitoring, and accountability [4][5]. - Fund managers must establish a robust internal supervision system to monitor deviations from benchmarks, with independent departments responsible for assessing risks [4][5]. - The guidelines also stress the importance of linking fund performance to compensation structures, ensuring that fund managers' pay is tied to their ability to outperform benchmarks [4][8]. Group 3: Benefits for Investors - Clear performance benchmarks will serve as a "manual" for products, helping investors understand product characteristics and make informed decisions, ultimately leading to better investment experiences [2][10][11]. - The guidelines are expected to shift the industry focus from "scale" to "returns," allowing investors to benefit from long-term stable returns [2][9][12]. - By ensuring that benchmarks are aligned with the fund's investment strategies, investors can better assess fund managers' capabilities and avoid the pitfalls of unpredictable fund performance [11][12]. Group 4: Long-term Industry Implications - The introduction of these guidelines is anticipated to foster a more disciplined investment environment, encouraging fund companies to reassess their benchmark selections and align them with actual investment strategies [9][12]. - The shift from viewing performance benchmarks as mere "decorations" to essential "yardsticks" signifies a transformation in the public fund industry towards a more return-focused approach [9][12]. - Overall, the guidelines are expected to enhance the public fund industry's quality, ensuring clearer product positioning, more regulated investment operations, and better protection of investor rights [12].

Core Viewpoint - The market is experiencing a rebound followed by a period of adjustment, providing an opportunity window for investing in quality equity assets. Most institutions maintain a bullish outlook on the medium to long-term market trend, viewing short-term fluctuations as potential buying opportunities [1]. Fund Overview - The Jiashi Growth Sharing Mixed Fund (A Class 025830, C Class 025831) has commenced its initial fundraising on October 20, offering investors a new option for growth allocation [1]. - This fund features a novel floating fee rate mechanism, making it the second "new model fund" launched by Jiashi Fund following the Jiashi Growth Win Fund [2]. Fee Structure - The fund's management fee is determined based on the holding period and annualized return during that period. For holdings under one year, a fee of 1.20% is charged. For holdings of one year or more, the fee varies based on performance: 1.50% for annualized excess returns over 6%, 0.60% for returns at or below -3%, and 1.20% for other scenarios [2]. - This floating fee mechanism aligns the interests of the fund manager and investors, incentivizing the manager to pursue excess returns [2]. Investment Strategy - The fund's performance benchmark is a composite of 70% CSI 800 Growth Index, 10% CSI Hong Kong Stock Connect Composite Index (RMB), and 20% China Bond Total Price Index. The CSI 800 Growth Index includes the top 150 securities with the highest growth factor scores from the CSI 800 Index [3]. - The fund manager, Meng Xia, focuses on long-term growth potential, valuation safety margins, and diversified industry allocation, aiming to meet the needs of investors seeking long-term returns while managing risks [3][4]. Market Outlook - Meng Xia believes that sustainable long-term returns stem from the value created by the continuous growth of excellent companies. He emphasizes a focus on top-tier companies and long-term growth opportunities [4]. - The A-share growth style is expected to benefit from a recovery in market risk appetite and ongoing policy support, with an increasing emphasis on quality factors as the market matures [4]. - Key investment areas include high-end manufacturing, domestic demand recovery, and sectors with significant growth potential such as energy storage, solid-state batteries, robotics, smart driving, pharmaceuticals, and electronics [4].

Core Viewpoint - The launch of the Jiashi Growth Sharing Mixed Fund represents a new investment choice for investors seeking growth opportunities and excess returns in the market, with a floating fee structure linked to fund performance [1][3]. Fund Overview - The Jiashi Growth Sharing Mixed Fund will be publicly offered starting October 20, with a performance benchmark of "70% CSI 800 Growth Index return + 10% CSI Hong Kong Stock Connect Composite Index (RMB) return + 20% China Bond Total Price Index return," indicating a growth-oriented investment style [1]. - The fund is positioned to capitalize on the strong return of growth styles in the A-share market, supported by macroeconomic policies aimed at stabilizing growth and boosting confidence [1]. Fund Manager Profile - Meng Xia, the proposed fund manager, has 11 years of experience in the securities industry and a strong background in quality growth investment, having joined Jiashi Fund in 2014 [2]. - Meng Xia's management of various funds has demonstrated significant excess returns, with the Jiashi Manufacturing Upgrade fund achieving a 54.63% return over the past year compared to a benchmark of 28.76% [2]. Investment Focus - The fund will focus on high-end manufacturing, domestic demand recovery, and sectors with high growth potential such as energy storage, solid-state batteries, robotics, smart driving, pharmaceuticals, and electronics [3]. - Jiashi Fund has a history of adapting to market trends, having successfully navigated various investment themes over the years, including TMT, innovative drugs, semiconductors, and artificial intelligence [3]. Fee Structure - The floating fee mechanism ties management fees to the fund's performance relative to its benchmark, enhancing alignment between the interests of the management and investors [6]. - Management fees are structured based on the holding period and annualized return, with rates varying from 0.6% to 1.5% depending on performance [4][5]. Conclusion - The Jiashi Growth Sharing Mixed Fund is positioned as a noteworthy option for investors seeking to share in growth opportunities, with a focus on risk-sharing and benefit-sharing through its innovative fee structure [6].

Core Viewpoint - Understanding the performance benchmark of mutual funds is crucial for investors to establish a rational investment perspective, as it conveys important information about the fund's investment direction, style, and strategy [1][2]. Group 1: Importance of Performance Benchmarks - The regulatory framework has elevated the significance of performance benchmarks in mutual funds, guiding product positioning, investment strategies, and performance evaluation [1]. - Performance benchmarks help investors identify the investment focus and style of funds, such as large-cap blue-chip stocks or specific sectors like semiconductors [2][3]. - Composite benchmarks, such as a mix of equity and bond indices, indicate a balanced investment strategy, while more complex benchmarks reflect specific asset allocation strategies [3]. Group 2: Evaluating Fund Performance - Performance benchmarks serve as a tool to filter market styles and assess the true management capabilities of fund managers, allowing for a more accurate evaluation of their performance [3][4]. - For actively managed funds, deviations from benchmarks can indicate attempts to achieve excess returns, while passive index funds rely heavily on accurately tracking their benchmarks [4]. - The introduction of floating fee structures linked to performance benchmarks ensures that investors pay for value, with fund managers receiving higher compensation only when they outperform the benchmark [4]. Group 3: Analyzing Fund Selection - Investors should analyze benchmarks to determine if a fund aligns with their preferences, considering the composition of the benchmark and its implications for risk and return [5][6]. - The choice of benchmark is critical; funds using price indices rather than total return indices may mislead investors regarding their true performance and management effectiveness [6]. - Adjustments to performance benchmarks may occur as funds change their investment focus, necessitating investor awareness of such changes to ensure alignment with their investment goals [7].

Group 1 - The core theme of the initiative is "New Era. New Fund. New Value" aimed at promoting high-quality development of public funds in Beijing [1] - The action plan emphasizes establishing a floating management fee mechanism linked to fund performance, particularly for newly established actively managed equity funds [1] - Silver Hua Fund is actively exploring innovative floating fee products, launching the first batch of such products in May, which charge different fees based on actual investor gains and losses [1] Group 2 - Silver Hua Fund has repeatedly lowered the fees of its funds, covering various types including index funds and QDII funds, affecting management fees, custody fees, and sales service fees [2] - The introduction of I-class shares for several index fund products allows for no subscription fees, no redemption fees after holding for 7 days, and an annual sales service fee of 0.1% [2] - The comprehensive implementation of the floating fee mechanism is expected to help the public fund industry return to its core principle of serving investors' interests [2]

Group 1 - The first batch of new floating rate funds has been launched, with most funds showing positive net value growth and a significant performance divergence among them [1][2] - The average return of the first batch of floating rate funds is close to 13%, with a performance gap of nearly 45 percentage points between the best and worst performers [1] - The introduction of floating rate mechanisms is expected to shift fund managers' focus from scale to performance, potentially expanding to bond funds and fixed income+ products in the future [1][4] Group 2 - The China Securities Regulatory Commission issued a plan in May to promote high-quality development in public funds, establishing a fee structure linked to fund performance [2] - The new floating rate funds are seen as a significant step in the fee reform of the public fund industry, aiming to align the interests of fund managers and investors [2][3] - The operational model of floating rate funds is shifting towards open-ended structures, allowing for emergency redemptions while encouraging long-term holding through fee rules [3] Group 3 - The high operational thresholds and research requirements of floating rate funds present challenges for fund companies, with larger firms likely to have an advantage due to their resource reserves [3] - The weighted management fee rates of various fund types have significantly decreased compared to the end of 2022, indicating effective fee reduction efforts in the public fund industry [4] - There is still potential for further fee reductions in China's fund industry compared to overseas markets, suggesting ongoing opportunities for fee reform and product innovation [4]

Core Insights - The first batch of new floating rate funds has been launched, showing a significant increase in net value, with some funds achieving returns over 40% while others reported negative returns [1][2][3] Fund Performance - Among the first 26 new floating rate funds, the average return is close to 13%, with a performance gap of nearly 45 percentage points between the best and worst [2][3] - The top-performing funds include: - Huashang Zhiyuan Return Mixed A: 42.72% - Invesco Great Wall Growth Mixed: 42.41% - Harvest Growth Win Mixed A: 40.27% [2] - Three funds have reported negative returns, with declines ranging from 0.94% to 1.94% [2] Regulatory Framework - The China Securities Regulatory Commission (CSRC) issued a plan in May to promote high-quality development in public funds, establishing a fee structure linked to fund performance [3][5] - The new fee structure encourages long-term holding and aligns the interests of fund managers with investors [3][5] Industry Trends - The floating rate fund model presents high operational thresholds and research requirements, favoring larger fund companies with more resources [4] - The new funds are expected to shift the focus from scale to performance, enhancing long-term investment capabilities and reducing speculative behavior [4][5] - Future expansions may include bond funds and fixed income products as priority areas for development [5]

Core Viewpoint - The article discusses the high-quality development of public funds in Beijing, emphasizing the introduction of a new floating management fee model based on performance benchmarks, aimed at enhancing the industry and addressing existing challenges [1][2]. Group 1: Industry Developments - The China Securities Regulatory Commission has launched a series of reforms to improve the public fund industry, with a focus on quality and efficiency [1]. - The first batch of new floating fee rate funds was introduced in June, marking a significant step in implementing the action plan for high-quality development [1][2]. - As of September 18, the first batch of these funds began processing subscription, redemption, conversion, and regular investment business [1]. Group 2: Fund Performance and Investor Benefits - The new floating fee rate funds have shown positive performance, with 25 out of 26 funds achieving positive returns since inception, and the top three funds yielding over 30% [2][3]. - The floating fee mechanism enhances investor experience by promoting a "shared risk and reward" model, which encourages long-term investment and provides fee discounts for long-term holders [2][3]. - The new fee structure allows for differentiated rates based on each investment's excess return, fostering a more personalized investment experience [2][3]. Group 3: Management and Future Outlook - The floating fee model ties the fund manager's earnings closely to investor returns, incentivizing managers to focus on research and performance [3]. - The introduction of this model represents a shift from a focus on scale to a focus on returns for fund companies [3]. - Future strategies will involve enhancing product design, investment management, and customer service to provide sustainable returns for investors [3].