近期，多只欲转型或清盘的"迷你"基金因持有人大会召集失败而不得不继续运作，其中不乏多只产 品连续多次尝试召集持有人大会而失败的案例。个人以为，"迷你"基金遭遇转型难清盘难凸显出现行机 制的短板。 据统计，截至12月21日，今年以来清盘的公募基金多达275只。其中，混合型基金126只，债券型基 金51只，股票型基金50只。此三种类型的基金合计227只，占比82.55%，也成为基金清盘的"重灾区"。 尽管2025年清盘的基金产品并不少，但遭遇清盘难的也比比皆是。其中的原因，主要表现为"零登 记""零投票"或投票不足等。比如，深圳某大型基金公司旗下某产品欲召开持有人大会，最终的权益登 记结果显示，参与表决的基金份额持有人及代理人所持份额为0份。另一家基金公司的旗下产品，12月 19日持有人大会因"零投票"而失败，此前该产品曾先后召开三次召集持有人大会，但都因投票不足而夭 折。 出现"零登记""零投票"或投票不足的现象，市场其实不应感到奇怪。在网络投票实施以前，上市公 司召开股东大会，投资者"零登记""零投票"的并不少见。这既与实地参加股东大会需要时间、财力等方 面的支持有关，也与投资者参会意识淡薄有关。即使在网络投 ...

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].