Core Viewpoint - The early closure of the China Europe Core Select Mixed Fund, which raised over 20 billion yuan, indicates a strong market acceptance of floating fee rate funds, reflecting a shift in the public fund industry towards performance-based fee structures [1][2][3]. Group 1: Floating Fee Rate Fund Overview - The China Europe Core Select Mixed Fund became the first product in the second batch of new floating fee rate funds to exceed 20 billion yuan, closing its fundraising period ahead of schedule [1][3]. - This fund was initially set to raise funds from August 4 to August 15, with the final fundraising day moved to August 12 due to high demand [3]. - The floating fee rate mechanism links management fees directly to investor returns, promoting a shared interest between fund managers and investors [2][3][5]. Group 2: Market Dynamics and Competition - The second batch of 12 new floating fee rate funds was approved on July 24, with five being first-time applicants and seven having participated in the first batch [4]. - The early closure of the China Europe Core Select Fund suggests that competition among these new products has intensified [4]. - Analysts believe that as floating fee rate mechanisms gain acceptance, these funds may establish a stable audience among long-term investors [4]. Group 3: Advantages of Floating Fee Rate Products - The floating fee rate structure is designed to align the interests of fund managers and investors more closely, encouraging better risk management and performance [5][6]. - This new fee model emphasizes investor protection and aims to shift the focus of fund companies from merely expanding scale to enhancing investment returns [6][7]. - The mechanism allows for differentiated fee structures based on holding periods, promoting long-term investment while managing liquidity [6]. Group 4: Regulatory Context and Future Outlook - The China Securities Regulatory Commission (CSRC) initiated a reform of public fund fees, introducing floating fee rate products as part of a broader strategy to enhance fund performance and investor returns [7]. - The CSRC's action plan aims for at least 60% of new floating fee rate products to be issued by leading institutions within a year, indicating a significant shift in the industry [7].

Group 1 - The core viewpoint of the articles highlights a significant recovery in the A-share market, with the Shanghai Composite Index surpassing 3600 points, leading to increased investor confidence and a surge in new fund issuances [1][2] - The number of new funds launched in July reached a record high for the year, with 149 new funds issued, reflecting a strong market sentiment and proactive adjustments by fund companies to meet investor demand [3][4] - The total share of public funds has been on the rise, reaching 30.94 trillion units by the end of July, indicating a continuous inflow of capital into the fund market since May [4][5] Group 2 - The recent week saw a notable acceleration in new fund launches, with 31 new funds initiated, marking a 34.78% increase from the previous week, and the average subscription period shortened to 14.97 days [2][3] - Equity funds dominated the new issuances, with stock and mixed equity funds accounting for 83.87% of the total, while bond funds saw a significant decline in issuance [2][3] - The market is witnessing a shift towards low-cost investment tools, particularly passive index funds, as fund companies adapt to the structural market changes [2][6] Group 3 - The year-to-date issuance of new funds has shown a high concentration in both type and structure, with the largest fund, "Oriental Red Yingfeng Stable Configuration," raising 6.573 billion yuan [6][7] - Active equity funds have seen a resurgence, with several products exceeding expectations in fundraising, reflecting renewed investor confidence in long-term growth themes [6][7] - Index funds remain a crucial pillar for annual issuance, with 471 new index funds launched by the end of July, representing over 60% of total new funds [8]

2025 年 07 月 22 日 消费成为二季报展望关键词，主动 权益增配金融与医药 ——25Q2 主动权益基金季报分析 证 券 证券分析师 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 (8621)23297818× xijc@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 权 益 量 化 研 究 股 票 基 金 研 究 报 告 相关研究 - ⚫ 消费、关税等是二季度主动权益基金经理普遍关注的内容：我们对所有主动权益基金二 季报中的投资策略和运作分析进行了词云分析。消费、关税、创新是基金经理二季报中 普遍提到的内容，此外各类关键词上来看：1）趋势关键词：修复、回升、反弹；2）行 业板块关键词：科技、军工、银行；3）主题关键词：算力、红利、港股；4）事件关键 词：出口、不确定性、贸易等。 ⚫ 二季度主动权益基金的业绩表现 ...

Core Insights - The first batch of floating fee funds has raised a total of 21.825 billion yuan, with 23 out of 26 funds announced [1] - The top three funds by fundraising scale are Dongfanghong Core Value at nearly 2 billion yuan, Yifangda Growth Progress at 1.704 billion yuan, and Jiaoyin Ruian at 1.547 billion yuan [1] - The last two floating fee funds, Xin'ao Advantage Industry and Huashang Zhiyuan Return, are scheduled to be issued on July 1 and will end fundraising on July 21 [1] Fundraising Details - The total amount raised by the first batch of floating fee funds is 21.825 billion yuan [1] - Dongfanghong Core Value leads with a fundraising scale of nearly 2 billion yuan [1] - Other funds with significant fundraising include Nanfang Ruixiang, Ping An Value Preferred, and Jingshun Great Wall Growth, each exceeding 1 billion yuan [1] Investor Participation - Yifangda Growth Progress has the highest number of investor subscriptions, exceeding 47,000 [1] - Nanfang Ruixiang ranks second with 24,700 subscriptions [1] - Ping An Value Preferred ranks third with 15,000 subscriptions [1]

Group 1 - Southern Fund announced the establishment of Southern Rui Xiang Mixed Fund with a fundraising scale of 1.459 billion yuan and 24,700 effective subscriptions [1] - Jiao Yin Shi Luo De Fund reported the establishment of Jiao Yin Shi Luo De Rui An Mixed Fund with a fundraising scale of 1.547 billion yuan and 10,800 effective subscriptions [1] - As of June 25, 15 out of the first 26 new floating fee rate funds have been established, with a total fundraising scale exceeding 15 billion yuan and over 180,000 effective subscriptions [1] Group 2 - Eight fund management companies and their personnel have purchased their own products, aligning their interests with investors [2] - The China Securities Regulatory Commission released a plan to promote high-quality development of public funds, advocating for a floating management fee model based on performance benchmarks for newly established actively managed equity funds [2] Group 3 - Floating fee rate funds represent a "two-way commitment" between management fees and performance [3] - For holdings of less than one year, the management fee is set at a benchmark of 1.2% per year; after one year, the fee becomes floating based on performance [3] - The first batch of 26 funds consists entirely of actively managed equity funds, with fund companies focusing on performance benchmarks and fund manager selection [3] Group 4 - A report from Zhongtai Securities indicates that the historical excess return rates of fund managers for the first batch of floating fee funds are better than the average return rates of actively managed equity funds, with an average excess return rate of 2.53% [3] - The top 10 heavy stocks held by fund managers include Tencent Holdings, Kweichow Moutai, CATL, Gree Electric Appliances, Midea Group, China Merchants Bank, Hangzhou Bank, BYD, Luxshare Precision, and Alibaba [4] - As of June 25, the net value of some floating fee rate fund products has already shown fluctuations, indicating that fund managers have begun building positions [4]

Core Viewpoint - The first batch of 26 new floating-rate funds has seen 13 established with a total fundraising scale exceeding 12.6 billion yuan, indicating strong market interest and a shift towards performance-based fee structures [1][3][6]. Fund Establishment and Performance - As of June 24, 13 out of 26 new floating-rate funds have announced their establishment, raising over 12.6 billion yuan in total [1][3]. - The top three funds by fundraising scale are: - Dongfanghong Core Value managed by Zhou Yun at 1.991 billion yuan - E Fund Growth Progress managed by Liu Jianwei at 1.704 billion yuan - Ping An Value Enjoy managed by He Jie at 1.322 billion yuan [3][4]. Fee Structure and Investor Alignment - The floating-rate funds implement a tiered management fee structure with a "reward for excellence and punishment for poor performance" mechanism, aligning the interests of fund managers with those of investors [1][6]. - If a fund's annualized return lags the benchmark by more than 3 percentage points, the management fee is halved to 0.6%. Conversely, if excess returns exceed 6 percentage points, the fee increases to 1.5% [6]. Investment Strategies and Manager Profiles - Fund managers are divided into three styles: growth, value, and balanced strategies, with a focus on A-shares and Hong Kong stocks for diversification [6][7]. - Growth-style managers focus on sectors like technology and emerging consumption, while value-style managers prefer low-valuation, high-return on equity companies [7][10]. Market Trends and Opportunities - Fund managers are encouraged to identify investment opportunities amid uncertainty, with a focus on sectors such as AI and pharmaceuticals [11]. - The dynamic adjustment of investment strategies is emphasized, with a slower pace in bullish markets and an accelerated approach in bearish conditions [11].

Core Viewpoint - The floating fee funds have successfully completed fundraising, with 15 funds established and a total fundraising amount of at least 150 billion yuan, aligning with market expectations [2][3][7]. Fundraising Progress - As of June 21, 15 floating fee funds have been established, with a completion rate of nearly 60% for the fundraising process [1]. - The total amount raised by the 13 established floating fee funds is 126.01 billion yuan, with the top fund, Dongfanghong Core Value, raising 19.91 billion yuan in just 6 days [3][4]. Fund Performance - The second-highest fundraising amount was achieved by Yifangda Growth Progress, which raised 17.04 billion yuan, while Ping An Value Enjoyment raised 13.22 billion yuan [3][4]. - Other funds like Tianhong Quality Value and Jiashi Growth Win also raised around 10 billion yuan [4]. Distribution Channels - The fundraising for the funds has been significantly supported by bank channels, with a total of over 160 billion yuan raised through 24 products by June 18 [7]. - The highest fundraising through bank channels was from Construction Bank, totaling 28.5 billion yuan, followed by Agricultural Bank with 27.22 billion yuan [7]. Subscription Data - The number of effective subscriptions varies significantly among the funds, with Yifangda Growth Progress leading with 47,301 subscribers, indicating strong retail channel recognition [8][9]. - Other funds with high subscription numbers include Ping An Value Enjoyment (15,034), Dongfanghong Core Value (14,585), and Huaxia Return on Investment (13,145) [9].

Core Insights - The first batch of floating fee rate funds has been launched, with a total of 13 funds raising a combined amount of 12.696 billion RMB, averaging 977 million RMB per fund, indicating initial market acceptance of this fee structure reform [1][2]. Fund Performance - The top-performing funds in terms of scale include E Fund's Growth Progress with 1.703 billion RMB and 47,301 subscriptions, followed closely by Oriental Red Core Value at 1.991 billion RMB with 14,585 subscriptions [2][3]. - The lowest performing fund was Bosera's Zhuo Rui Growth, which raised only 259 million RMB, reflecting limited investor appeal amid a crowded issuance environment [2]. Subscription Dynamics - Subscription numbers varied significantly among the funds, highlighting different customer structures and sales strategies. E Fund's Growth Progress not only led in scale but also had a high subscription count of 47,301, with an average subscription amount of only 36,000 RMB, indicating strong retail investor engagement [3]. - Other funds like Ping An Value Enjoyment and Huaxia Rui Xiang Return also had over 10,000 subscriptions, showcasing a solid retail base [3]. - In contrast, Bosera's Zhuo Rui Growth and Manulife's Smart Navigation had lower subscription counts, with 1,946 and 5,237 respectively, indicating a less broad appeal [3]. Industry Implications - The launch of floating fee rate funds marks not only product innovation but also a potential restructuring of the industry ecosystem, shifting from a "scale-first" approach to a model centered on "investor returns" [3].

Core Insights - The issuance and sales competition of the first batch of floating rate funds has progressed significantly, with 24 out of 26 approved funds currently in the issuance phase [1] - Major banks have revealed their sales rankings for floating rate funds, with China Construction Bank leading in sales volume [2] - There are concerns regarding the alignment of marketing themes with fund managers' expertise, indicating potential miscommunication in product positioning [6][7] Group 1: Fund Issuance and Sales - As of June 18, 2023, 24 out of 26 approved floating rate funds are in the issuance phase, with several funds from major asset management companies having completed their fundraising [1] - China Construction Bank, Shanghai Pudong Development Bank, and Agricultural Bank of China have all completed fundraising for their floating rate funds, with China Construction Bank leading with a total sales volume of 28.47 billion yuan [2] - The sales performance of floating rate funds varies across banks, with most funds achieving sales between 5 to 10 billion yuan [2][3] Group 2: Marketing and Product Positioning - Floating rate funds are designed to align management fees with fund performance, creating a better investment experience for investors [6] - There are instances where marketing materials for certain funds do not align with the fund managers' actual investment capabilities, raising concerns about the clarity of product positioning [6][7] - The emphasis on specific investment themes in marketing may mislead investors if not accurately represented by the fund manager's historical performance [7]

Group 1 - Zhongyin Fund announced the resignation of Chairman Zhang Yan due to work adjustments, effective June 16, with Executive President Zhang Jiawen acting as interim chairman [1] - Zhang Yan had a long tenure at Bank of China, serving in various senior roles before becoming chairman of Zhongyin Fund in August 2017 [1] - Zhang Jiawen has extensive experience at Bank of China and joined Zhongyin Fund in 2013 [1] Group 2 - Xinyuan Fund appointed two new deputy general managers, Zhang Pengfei and Yang Xiaoyu, with backgrounds in finance and technology [2] - Zhang Pengfei previously held positions at Huatai Securities and Nanjing Bank before joining Xinyuan Fund in December 2022 [2] - Yang Xiaoyu has a background in technology and joined Xinyuan Fund in December 2022 as Chief Information Officer [2] Group 3 - Dongfanghong Yingfeng Stable 6-Month Holding FOF announced an early closure of its fundraising period, reaching a cap of 8 billion RMB [3] - The FOF market has seen significant inflows, with a total growth of 17.9 billion RMB in the first quarter of this year, marking a new high since 2022 [3] Group 4 - As of June 17, four new floating rate funds, including E Fund Growth Progress and GF Value Stability, have completed their fundraising [4] - Huashan Competitive Advantage Fund also announced an early closure of its fundraising period, moving the deadline to June 18 [4] Group 5 - Over 100 bond funds have announced restrictions on large subscriptions in June, with a notable increase in announcements on June 16 and 17 [5][6] - Specific funds like E Fund Fucai Pure Bond and Wanjia Xinyao Pure Bond have set limits on large subscriptions, with caps of 4 million RMB and 1 million RMB respectively [6] Group 6 - Wu Huijuan resigned from her roles as fund manager for three products at Green Fund due to personal reasons, with her funds now managed by Yin Zixin [7] - Wu Huijuan had a return rate of 1.35%, 1.02%, and 0.67% for the funds she managed as of June 16 [7] - She has 14 years of experience in the securities industry and joined Green Fund in December 2023 [7] Group 7 - On June 18, the market saw a slight recovery, with the Shanghai Composite Index up 0.04% and the Shenzhen Component Index up 0.24% [8] - The total trading volume in the two markets was 1.19 trillion RMB, a decrease of 161 billion RMB from the previous trading day [8] - Sectors such as consumer electronics and wind power equipment performed well, while beauty care and rare metals sectors faced declines [8][9]