在当前货币政策持续宽松、经济复苏动能温和的宏观环境下，短债基金凭借其久期较短、流动性较高、追求低波动的特点逐渐成为投资者闲钱理财优选。在 此背景下，摩根资产管理中国将于5月26日起发行摩根30天持有期债券型证券投资基金（A类：023315，C类：023316），该基金捕捉短债投资机遇，信用债 投资部分聚焦AA+(含)及以上高评级信用债，其中投资于AAA信用债的比例不得低于信用债资产的50%，力争兼顾组合的安全性和流动性需求，在追求低波 动的同时争取长期平稳回报。 该基金的拟任基金经理任翔拥有15年金融从业经验，擅长中短久期信用策略，在实际投资中注重对组合回撤的控制，通过多重债券策略争取组合超额收益。 以他管理的短债基金-摩根月月盈30天滚动持有发起式短债基金为例，该基金2025年一季报和万得数据显示，截至2025年3月31日，其A类份额近一年回报 2.35%，超盈业绩比较基准（1.91%）和同期万得短期纯债型基金指数（2.26%），2022-2024年最大回撤分别为-0.22%、-0.08%、-0.26%，远低于同期万得短 期纯债型基金指数（-0.55%、-0.15%、-0.37%）。这种表现源于其成熟的投资 ...

【环球网财经综合报道】继5月16日首批产品申报后，5月23日，26只新型浮动费率基金正式获得证监会注册，公募基金行业收费模式迎来重大变革。此次新 型浮动费率基金的快速获批，体现了监管部门落实公募基金改革方案、加快推出投资者可感可及改革措施、构建基金公司收入报酬与投资者利益回报绑定机 制的高度重视。首批产品预计很快就会向投资者发售。 与传统固定费率模式不同，新型浮动管理费率产品以考察相对收益为基础，即产品业绩是否明显跑赢其业绩比较基准来进行管理费率升降档。首批产品为降 低投资者和销售渠道理解的复杂度，各家管理人均设置了1.2％、1.5％、0.6％的三档费率水平以及年化跑赢6个百分点、年化跑输3个百分点的业绩考察指 标。 除了各家基金管理人，销售机构也都高度重视新型浮动管理费率产品的营销情况。记者从销售机构处了解到，因此次产品设计有一定复杂度，会做好面向投 资者的宣传和答疑解惑工作，以更加通俗易懂、可触达个人投资者的方式进行产品宣传解读，并且不会过于看重募集规模的销售导向，避免"高开低走"，后 续将努力提升投资者长期投资体验，做好持续营销。 业内人士指出，业绩比较基准相当于基金投资的"锚"和"尺"。其中，"锚"的 ...

Core Viewpoint - The 2025 Fund High-Quality Development Conference emphasizes the transition of the public fund industry from "scale expansion" to "quality improvement," focusing on enhancing investor satisfaction as a key driver for future growth [1][3]. Group 1: Industry Transformation - The public fund industry has surpassed a historic scale of 32 trillion yuan, marking the beginning of a new round of capital market reforms [1][3]. - The industry is shifting its competitive focus from "flow competition" to "investor satisfaction competition," indicating a significant transformation towards high-quality development [1][3]. Group 2: Company Initiatives - Sina Finance has launched the "Enhancing Investor Satisfaction Nationwide Tour" to strengthen professional financial information services and bridge the last mile of inclusive finance [2][4]. - The company is committed to upgrading its AI investment research assistant to serve as a digital infrastructure for inclusive finance, while also enhancing the social investment ecosystem on Weibo [2][4]. - A leadership ranking list for the fund industry will be released, along with an award for the fund company with the highest investor satisfaction, aimed at establishing industry benchmarks and improving user experience [2][5]. Group 3: Future Outlook - The conference aims to foster collaboration within the industry to inject transparency, innovation, and sustainable long-term momentum into the capital market, positioning it as a starting point for high-quality development in public funds [5].

Group 1 - The popularity of dividend-themed funds is increasing, with several funds announcing early closure of fundraising and many ETFs reaching historical highs in share volume [1][2] - Fund managers are modifying dividend distribution rules to enhance attractiveness to investors, increasing the frequency of dividend payouts [3][4] - The total scale of dividend funds has significantly increased, surpassing 250 billion yuan, with a notable rise in ETF shares [3][5] Group 2 - Recent data indicates that dividend assets are likely to attract institutional allocation, aligning with regulatory encouragement for long-term investments [5][6] - Research shows that dividend assets have a higher success rate compared to broad market indices when held for longer periods, with over 70% success rate for holding periods exceeding one year [6]

26只新型浮动费率基金迅速获批 5月7日，证监会正式印发《行动方案》，并提出对新设立的主动管理权益类基金大力推行基于业绩比较基准的浮动管理费收取模式，对符合一定持有期要求 的投资者，根据其持有期间产品业绩表现确定具体适用管理费率水平；在未来一年内，引导管理规模居前的行业头部机构发行此类基金数量不低于其主动管 理权益类基金发行数量的60%。 《行动方案》出台后，公募基金行业迅速响应。5月16日，上述26只基金集体申报，并于5月19日获得受理。5月23日，26只基金在申报仅一周后迅速获批。 汇添富基金表示，作为业内首批上报的新型浮动费率基金，此次产品的获批不仅标志着公募基金费率改革迈入深水区，更体现了行业从"规模导向"向"投资 者利益优先"的深刻转型，有望共筑管理人与投资者共生共荣新生态。 央广网北京5月23日消息（记者 冯方）5月23日，首批26只新型浮动费率基金获批，管理人包括易方达基金、华夏基金、汇添富基金、博时基金、嘉实基 金、中欧基金、富国基金等。此次26只基金从上报到获批仅用时一周，并切实体现了《推动公募基金高质量发展行动方案》（以下简称《行动方案》）倡导 的理念，将管理费分基准档、升档、降档三档收取 ...

Core Viewpoint - The first batch of performance-based innovative floating fee rate funds has been officially approved, marking a significant development in the public fund industry in China [1][5]. Group 1: Fund Approval and Structure - The first batch of funds was collectively submitted for approval on May 16, received acceptance on May 19, and was approved on May 23 [2]. - Multiple public fund companies, including E Fund, Fuguo, and Huaxia, will send their top-performing fund managers to manage these funds [1][2]. Group 2: Fee Structure and Management - The approved products feature a three-tier fee structure: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment) [3]. - The management fee is determined based on the holding period and the fund's performance relative to a benchmark, with specific conditions for each fee tier [3]. - This innovative fee model aims to align the interests of fund managers and investors, encouraging managers to enhance their investment capabilities and pursue stable, sustainable performance [3][4]. Group 3: Industry Impact and Future Outlook - The floating fee rate funds are expected to benefit long-term investors by optimizing fee structures and reinforcing the alignment of interests between fund managers and investors [3][4]. - The approval of these funds is part of a broader initiative by the China Securities Regulatory Commission to promote high-quality development in the public fund industry [5]. - The public fund industry in China has grown significantly, with a management scale exceeding 32 trillion yuan, indicating its integral role in the capital market and household finance [4].

作者 | 蒋金丽 编辑 | 蒋诗舟 5月23日，首批26只新型浮动费率基金正式获批。 《财经》新媒体获悉，部分基金公司五一节前就已接到通知，开始筹备此次产品的申报和发行材料。 | | | 首批新型浮动费率基金获批名单 | | | --- | --- | --- | --- | | 序号 | 基金管理人 | 基金名称 | 基金类型 | | 1 | 安信基金 | 安信价值共赢 | 混合型 | | 2 | 博时基金 | 博时卓睿成长 | 股票型 | | 3 | 大成基金 | 大成至臻回报 | 混合型 | | 4 | 东方红资管 | 东方红核心价值 | 混合型 | | 5 | 富国基金 | 富国均衡配置 | 混合型 | | 6 | 工银瑞信基金 | 工银瑞信泓裕 | 混合型 | | 7 | 广发基金 | 广发价值稳进 | 混合型 | | 8 | 宏利基金 | 宏利睿智领航 | 混合型 | | 9 | 华安基金 | 华安竞争优势 | 混合型 | | 10 | 华商基金 | 华商致远回报 | 混合型 | | 11 | 华夏基金 | 华夏瑞享回报 | 混合型 | | 12 | 汇添富基金 | 汇添富均衡潜力优选 | 混合型 ...

Core Viewpoint - The approval of 26 new floating-rate funds by the China Securities Regulatory Commission (CSRC) reflects a significant shift in the public fund industry towards a model that aligns the interests of institutions and investors, promoting mutual growth and success [2][7]. Fund Details - All 26 products are mixed funds with a tiered management fee structure of 1.2% (base), 1.5% (upper tier), and 0.6% (lower tier), indicating a more than 100% difference between the lowest and highest fee rates [2][3]. - The performance indicators for adjusting fee tiers are based on annualized returns exceeding or falling short of the benchmark by 6 percentage points and 3 percentage points, respectively [3][4]. Fee Structure - For an investment of 1 million yuan, if the fund outperforms the benchmark by 6 percentage points after one year, the management fee increases from 12,000 yuan to 15,000 yuan; conversely, if it underperforms by 3 percentage points, the fee decreases to 6,000 yuan [6]. - The fee adjustment mechanism is asymmetric, with the increase in fees being half the magnitude of the decrease, demonstrating a focus on protecting investor interests [6]. Investment Focus - The 26 funds primarily invest in equities, with a typical stock allocation centered around 80%, targeting major indices such as the CSI 300, CSI A500, and others, while also participating in Hong Kong stocks and bonds [6]. - The initiative aligns with the "Action Plan for Promoting High-Quality Development of Public Funds," which aims for leading institutions to issue floating-rate funds at least 60% of the number of actively managed equity funds within a year [6][7]. Industry Response - The launch of floating-rate products is seen as a proactive response from the public fund industry to the regulatory action plan, indicating a beneficial exploration of fund fee structures [7]. - This new fee model is designed to encourage long-term holding by investors and enhance the accountability of fund management to performance benchmarks, fostering a healthier industry ecosystem [7].

Core Viewpoint - The introduction of 26 new floating fee rate funds marks a significant step in the reform of public fund fee structures in China, aligning management fees with fund performance to enhance investor returns [1][2][4]. Group 1: New Fund Products - 26 new floating fee rate funds have been registered by the China Securities Regulatory Commission (CSRC) and are expected to be available for investor subscription soon [1]. - The new funds will feature three fee rate levels: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment) [1]. - The new floating fee rate model is part of the CSRC's initiative to promote high-quality development in public funds, emphasizing a shift from scale to investor returns [1][2]. Group 2: Industry Response - Following the release of the action plan, multiple fund companies, including E Fund, China Merchants, and others, have actively responded by applying for a series of actively managed equity funds [2]. - The first batch of floating fee rate funds received approval from the CSRC on May 23, 2023, and includes various fund types aimed at enhancing investor experience [2]. Group 3: Implications for Fund Management - The floating fee rate model ties management fees directly to fund performance, potentially improving the alignment of interests between fund managers and investors [3]. - Fund companies will face new challenges in managing these floating fee rate funds, requiring enhanced operational management and data processing capabilities to track performance and calculate fees accurately [2][3]. - The reform aims to address issues such as insufficient functionality and weak investor satisfaction in the public fund sector, promoting a more effective capital market [4].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued an action plan to promote the high-quality development of public funds, encouraging the optimization of fund operation models and the establishment of a mechanism linking fund company income with investor returns [1] Group 1: Floating Management Fee Mechanism - The floating management fee model breaks the fixed management fee structure, aligning the interests of fund managers and investors, thereby enhancing investor experience and incentivizing fund managers to improve performance [2][3] - The "Pingan Value Enjoy Mixed Securities Investment Fund" adopts a daily open operation model, with management fees varying based on the holding period and performance relative to benchmarks, promoting long-term investment [2][4] - This mechanism encourages long-term holding, reduces irrational trading by investors, and fosters a symbiotic relationship between fund managers and investors, emphasizing a stakeholder-centric development philosophy [3][4] Group 2: Quality and Performance Focus - The action plan guides fund companies to enhance product and service quality, ensuring that investment behaviors align with fund names and objectives, thus providing clarity to investors [4] - The floating management fee structure establishes a market-driven incentive mechanism that emphasizes performance over scale, encouraging fund managers to focus on research and risk management [5] - The mechanism aims to reinforce the core value of "investor-centric" in the public fund industry, promoting a return to fundamental investment principles and enhancing investor satisfaction [5] Group 3: Fund Manager Profile and Market Outlook - The proposed fund manager, He Jie, has 15 years of experience, with a strong track record of outperforming peers and benchmarks, showcasing his investment capability and risk management skills [6] - He Jie expresses a relatively positive outlook on the market, suggesting that current valuations present good opportunities for value investment, particularly in high-quality Chinese assets [7] - The launch of the "Pingan Value Enjoy Mixed Securities Investment Fund" reflects the company's commitment to responding to policy initiatives and meeting investor needs, contributing to the high-quality development of the public fund industry [7]