Group 1: Fund Sales Performance - In the first half of 2025, Tian Tian Fund achieved a record fund sales amount of 1.05 trillion yuan, marking a historical high for the same period [3] - Non-monetary fund sales reached 626.04 billion yuan, representing a year-on-year growth of 25.29% [3] Group 2: Industry Trends and Innovations - China Europe Fund emphasizes a transformation towards "professionalization, industrialization, and digitalization," which is seen as a core philosophy for future development [4] - The concept of "China Europe Manufacturing" is described as a practical and replicable methodology for enhancing investment capabilities [4][5] Group 3: ETF Market Developments - The first science and technology bond ETF, managed by Jiashi Fund, surpassed 20 billion yuan in scale, becoming the first of its kind to reach this milestone [6] - As of August 13, the overall scale of science and technology bond ETFs exceeded 1.1 trillion yuan, with eight products entering the "billion club" [7] Group 4: Fund Management Strategies - China Europe Fund's manager emphasizes the importance of long-term orientation, consistent processes, and team collaboration for sustainable performance [5] - The focus is on building an organization capable of continuously generating investment insights rather than short-term performance [5] Group 5: Regulatory and Market Changes - Several QDII funds have recently resumed normal subscription operations or increased subscription limits, although some have also implemented stricter purchase limits [8] - The market has seen a rise in floating-rate funds, with notable products exceeding 20 billion yuan in fundraising [9][13] Group 6: Performance Metrics - As of August 11, 2025, 131 products from Guangfa Fund had a one-year growth rate exceeding 30%, with 52 products growing over 50% and 20 products over 70% [14] - The overall performance of bank-managed public equity products has improved, with 90% of products showing positive annualized returns [15]

Group 1 - The total amount of fund dividends reached 141.5 billion yuan as of August 13, marking a nearly 40% increase compared to the same period last year [1] - Equity funds performed particularly well, with a total dividend amount of 34.884 billion yuan, compared to only 10.2 billion yuan in the same period of 2024 [1] - Major funds such as Huatai-PB CSI 300 ETF, Huaxia CSI 300 ETF, and E Fund CSI 300 ETF made significant dividend distributions, with amounts of 8.394 billion yuan, 5.554 billion yuan, and 4.084 billion yuan respectively [1] Group 2 - Active equity funds also participated in dividend distributions, with notable amounts from Huatai-PB Dingli Mixed Fund (1.159 billion yuan), Dazheng Strategy Return Mixed Fund (0.585 billion yuan), and E Fund Kexun Mixed Fund (0.438 billion yuan) [1] - Many actively distributing equity funds have shown impressive performance, with E Fund Kexun Mixed Fund achieving a return of 43.47% this year, while other funds exceeded 31% [1] - The overall strong performance of equity funds this year has provided ample funds for dividends, and fund companies are increasingly focusing on enhancing investor experience through dividends [1] Group 3 - To strengthen the sustainability of dividends, several funds have modified their profit distribution principles, such as Hai Fu Tong Fund's announcement on August 12 regarding the adjustment of its dividend distribution principles [2] - The modified terms state that the fund will conduct quarterly dividend assessments, and if the distributable profit per share exceeds 0.01 yuan, a dividend proposal may be submitted within 30 days [2] Group 4 - Some newly launched equity funds have also set "quarterly dividend distribution" clauses, such as the Zhongou Core Selected Mixed Fund, which will evaluate distributable profits on the last trading day of each quarter [6]

公募基金费率改革不断提速 第二批浮动费率基金发行节奏显著快于预期 从渠道获悉，中欧核心智选混合基金因募集规模突破20亿元提前结束发行，易方达价值回报混合同样宣 布提前结束募集，第二批浮动费率基金发行节奏显著快于预期。近年来，公募基金费率改革不断提速。 自证监会今年5月发布《推动公募基金高质量发展行动方案》以来，浮动费率机制被视为行业重点试点 方向。此次中欧核心智选、易方达价值回报混合的提前结募，反映出该类产品正获得市场快速认可。有 业内人士指出，浮动费率基金通过将管理费与投资者收益直接挂钩，实现"多赚多收、少赚少收"，在利 益共担的机制下，有望强化基金经理的责任感与长期投资动力。 (证券时报) 存量改规则、新品新机制 权益类基金加大分红力度 数据显示，截至8月13日，今年以来基金分红总额达到1415亿元，较去年同期大幅增长近40%。其中， 权益类基金分红金额猛增，达到348.84亿元，是2024年同期的3倍多。权益类基金分红金额激增的原因 主要有两方面：一是业绩打底，今年权益类基金整体表现强劲；二是基金公司对投资者体验的重视程度 不断提升，通过分红增强持有人获得感。（上证报） 沪指突破拉动公募赚钱效应 股基增 ...

Core Viewpoint - The rapid acceptance of floating fee rate funds in the market is highlighted by the early closure of fundraising for the China Europe Core Smart Mixed Fund and the E Fund Value Return Mixed Fund, indicating a shift in investor preferences towards performance-linked fee structures [1][2][4] Group 1: Fundraising and Market Response - The China Europe Core Smart Mixed Fund raised over 2 billion yuan and ended its fundraising early, becoming the first in the second batch of floating fee rate funds to exceed this threshold [2] - The E Fund Value Return Mixed Fund also announced an early closure of its fundraising period, reflecting a strong market response to these new fund types [2][3] - The second batch of floating fee rate funds has entered a competitive phase earlier than expected, with 12 new products approved and launched [3] Group 2: Fee Structure Reform - The China Securities Regulatory Commission (CSRC) has initiated a reform of public fund fee structures, promoting floating fee mechanisms that link management fees to fund performance [4][5] - The new fee structure aims to align the interests of fund managers and investors, encouraging better risk management and performance [5][6] - The CSRC's action plan emphasizes investor interests and aims for at least 60% of new active equity fund products to adopt floating fee structures within a year [4] Group 3: Advantages of Floating Fee Rate Funds - Floating fee rate funds are designed to enhance the alignment of interests between fund managers and investors, promoting a shared risk and reward model [5][6] - The new fee mechanism allows for differentiated fee structures based on holding periods, encouraging long-term investment while managing liquidity [6] - The performance evaluation system is closely tied to benchmarks, aiming to minimize style drift and enhance active management capabilities [6]

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].

【导读】首只超 21 亿元浮费产品提前结募 中国基金报记者 曹雯璟 首只，来了！ 8 月 12 日，中欧核心智选混合基金发布公告称，募集截止日由 8 月 15 日提前至 8 月 12 日， 8 月 13 日（含当日）起不再接受投资者 的认购申请。 记者从业内了解到，中欧核心智选混合基金首募规模超 21 亿元，这也是首只募集规模超 21 亿元的浮费产品。从销售渠道来看，银行仍占 据主导地位， 其中兴业银行贡献了绝大多数的销售规模 。 8 月 12 日， 中欧核心智选混合基金 发布提前结募公告。据了解，该基金是行业首只募集规模超 21 亿元的新型浮动费率基金产品（以下 简称浮费产品）。 至此，第二批新型浮动费率基金中，已有两 只产品宣布提前结束募集。 首只超 21 亿元浮费产品提前结募 除了上述三只产品，国泰优质核心混合已于 8 月 11 日正式发行，募集份额上限为 30 亿份。该基金业绩比较基准为沪深 300 指数收益率 ×60%+ 中证港股通综合指数收益率（经估值汇率调整） ×20%+ 中债新综合全价（总值）指数收益率 ×20% 。 首批 26 只新型浮费基金已经建仓 多数正收益 业内人士表示，浮动费率基金本 ...