在资本市场的漫长征途中，真正的变革往往始于一个微妙的共识。当旧的平衡难以为继，新的秩序便在 行业的集体反思中破土而出。 以中银品质新兴为例，该产品采用"三档费率+双向浮动"机制：持有不满一年，按1.2%的基础费率收 取；持有满一年及以上后，若持有期间的年化收益率跑输基准3个百分点及以上，费率降至0.6%；若扣 除超额管理费后跑赢6个百分点及以上且收益为正，费率则升至1.5%；其他情形按1.20%年费率确认管 理费。这一设计不仅实现了利益共享、风险共担，更通过费率变化引导投资者进行长期投资。 长期以来，一个核心的困局萦绕在投资者心头：当基金净值随市场大幅波动时，为何管理人的报酬却 能"旱涝保收"？这道横亘在基金管理人与投资者之间的利益鸿沟，侵蚀着信任的基石。改变，已成为行 业高质量发展的必由之路。 转折的号角由监管层吹响。《推动公募基金高质量发展行动方案》的出台，明确指向了"浮动费率"这一 革命性的机制。它远非简单的费率调整，而是一次深刻的理念重塑，旨在将管理人的利益与持有人的体 验深度绑定，真正实现"同甘共苦"。 改革的浪潮，需要实践的航船来承载。今年五月，市场迎来了首批浮动费率基金的集体启航。它们作为 探路 ...

Core Insights - The investment style of the company is likened to a patient "tea taster," focusing on finding deeply rooted and uniquely fragrant "good tea" [1] - The founder, Ma Kewai, transitioned from being a witness to a participant in the capital market, leveraging his extensive financial experience in government and large industrial groups to understand economic operations and corporate ecosystems [1][4] - The company emphasizes a lifelong methodology based on the "10,000-hour rule," advocating for systematic learning, in-depth research, and continuous review to amplify "cognitive compounding" [1][9] Investment Approach - The company began its investment journey in the environmental protection sector, achieving a comprehensive understanding of the securities research system within three years [5][6] - A systematic investment framework has been established, characterized by "three objects + six elements + one veto + ESG full-process evaluation" [7][8] - The "three objects" include trends, deviations from trends, and structures, which are fundamental to the company's strategy [7] Market Insights - The company identifies that the current macroeconomic landscape is undergoing significant changes, with emerging economies, particularly China, becoming key growth drivers [7][8] - The company believes that the long-term upward trend of the A-share market remains intact despite short-term adjustments [8] Learning and Adaptation - The company has expanded its capability from environmental protection to non-bank financial services, high-end manufacturing, consumption, and healthcare, based on systematic cognitive migration [9] - Continuous learning is emphasized, with a focus on building a "learning organization" and regularly updating research outputs to align with market developments [10] Future Outlook - The company anticipates a "long-term steady progress" trend in the capital market during the "14th Five-Year Plan" period, focusing on new productive forces and structural opportunities [10][11] - Key areas of interest include technological innovation, AI, and sustainable investment practices, reflecting a commitment to ethical standards and societal impact [8][10]

Core Insights - The article highlights the investment philosophy and strategies of Ma Kewai, founder and chairman of Mingze Investment, emphasizing a systematic approach to investment based on deep industry knowledge and rigorous research [1][4]. Group 1: Investment Philosophy - Ma Kewai's investment style is likened to a "tea connoisseur," focusing on identifying companies with deep roots and unique qualities [1]. - The principle of "extreme truth-seeking and transparency" is central to both Ma's personal and organizational investment strategies [1][4]. - The "10,000-hour rule" serves as a lifelong methodology for Ma, emphasizing systematic learning, deep research, and continuous review to amplify "cognitive compounding" [7][9]. Group 2: Industry Focus and Experience - Ma's background in finance and management within government and large enterprises provides him with a unique perspective on both operational challenges and capital market intricacies [2][3]. - His initial focus on the environmental protection sector allowed Mingze Investment to build a competitive edge through comprehensive market coverage, achieving significant milestones in just 19 months [3][4]. - The transition from environmental investments to sectors like non-bank finance, high-end manufacturing, consumption, and healthcare reflects a strategic expansion based on systematic knowledge transfer [7][9]. Group 3: Systematic Investment Framework - Mingze Investment employs a structured investment strategy characterized by "three objects + six elements + one veto + ESG evaluation" [4][5]. - The "three objects" include trends, deviations from trends, and structural changes, which are fundamental to the investment strategy [5]. - The six elements encompass industry and company dynamics, liquidity and investor sentiment, profit growth and structure, valuation, policy, and economic cycles [6]. Group 4: Future Outlook and Strategic Focus - The company anticipates a "long-term steady progress" trend in China's capital market, with a focus on new productive forces and sustainable investment opportunities [8][9]. - Key areas of interest include technological innovation, AI, and structural opportunities related to safety, consumption, and effective investment [8][9].