Core Viewpoint - The launch and promotion of new floating fee rate products in the public fund industry represent a significant innovation in fee structures, embodying the core value of "investor-centric" and driving high-quality development in the industry [1][2]. Group 1: New Floating Fee Rate Products - The new floating fee rate products initiated by 26 institutions, including Harvest Fund, mark an important step towards a performance-based management fee model, optimizing fund operation [2]. - These products feature a tiered management fee structure of 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment), linking management fees directly to investors' actual returns [2]. - The mechanism ensures that fund managers can only earn higher fees if investors achieve returns exceeding market benchmarks, thereby tightly aligning the interests of fund managers and investors [2][3]. Group 2: Impact on the Fund Industry - The introduction of floating fee rate products reshapes the public fund industry ecosystem, breaking the traditional fixed fee model and dynamically matching management costs with investment returns [3]. - This model encourages fund companies to focus on building robust research and investment systems, talent development, and risk control, enhancing their competitive edge [3]. - The shift from a "scale-driven" to a "trust-driven" and "capability-driven" development paradigm is a critical step towards creating sustainable and widely recognized "new value" in the industry [3][4]. Group 3: Future Outlook - The company plans to further leverage its platform-based, team-oriented, and integrated multi-strategy research and investment capabilities to systematically reshape product design, investment management, and client service logic [4]. - The maturation and popularization of these products are expected to foster a more resilient, responsible, and valuable public fund industry ecosystem [4].

Core Viewpoint - The introduction of floating rate funds marks a significant shift in the mutual fund industry, aiming to align the interests of fund managers and investors more closely, thereby enhancing long-term returns for investors [8][10][12]. Group 1: Floating Rate Fund Launch - On May 23, 26 new floating rate funds received approval from the China Securities Regulatory Commission (CSRC), with 16 fund companies announcing the issuance of these products starting May 27 [2][4]. - The fee structure of these floating rate funds is designed to incentivize fund managers to prioritize investor interests, with management fees varying based on performance relative to a benchmark [2][6]. Group 2: Fee Structure and Management - The fee structure includes a reduced management fee of 0.60% if the fund underperforms the benchmark by 3 percentage points or more, while a fee of 1.50% applies if the fund outperforms the benchmark by 6 percentage points or more [2][6]. - This new fee model represents an upgrade from previous floating rate funds, emphasizing a more dynamic approach to fund management and investor returns [6][10]. Group 3: Industry Trends and Future Outlook - Industry experts believe that the floating rate model for actively managed equity funds may become the norm in the future, reflecting a broader trend towards aligning fund performance with investor outcomes [3][10]. - The CSRC's action plan aims to ensure that at least 60% of the floating rate products issued by leading firms will match the number of actively managed equity funds, indicating a commitment to this new fee structure [8][9]. Group 4: Implications for Fund Management - The shift to floating rate funds necessitates enhanced operational capabilities and data management systems within fund companies to accurately track performance and manage fees [10][12]. - This reform is seen as a critical step towards transforming the industry from a scale-driven model to one focused on value creation, ultimately benefiting investors through reduced costs during periods of poor performance [13].