Group 1 - The public fund industry in China faces a long-standing issue where funds make profits but investors do not, which hinders healthy development [1] - The China Securities Regulatory Commission initiated a fee rate reform in July 2023 to address this issue, with the first batch of floating management fee rate funds approved on May 23, 2025 [1][3] - Among the approved funds, the China Europe Fund's China Europe Large Cap Select Mixed Initiation Fund is the only one adopting an initiation form and is currently being issued [1] Group 2 - The innovative design of the floating fee rate funds links management fees directly to the investor's holding period, fund performance, and benchmark performance, with a clear three-tier fee structure: 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment) [3] - For example, if investors redeem their shares before one year, a management fee of 1.20% is charged; if held for one year or more, the fee is determined based on annualized excess returns relative to the benchmark [3] - This system adheres to the principle of "more earnings, more fees; less earnings, less fees," aligning the interests of fund managers and investors, and raising the bar for fund managers' investment capabilities [3] Group 3 - China Europe Fund has a significant advantage as a leading equity fund company in the first batch of new model floating fee rate funds, with a strong long-term investment performance ranking second among 13 large equity fund companies in absolute returns over ten years [4] - The company aims to continue deepening its "investor-centric" philosophy through product innovation and service upgrades to create long-term value for holders [4]

Core Viewpoint - The 2024 version of the non-collaborative fund portfolio underperformed the Wind Mixed Equity Fund Index, with a return of 4.46% compared to the index's 8.86% increase, highlighting the challenges faced by many funds in adapting to the market conditions post the "9.24" rally [2][3]. Fund Performance Summary - The top-performing funds include: - China Merchants Quantitative Selection A: 18.15% - Dongfanghong New Power A: 17.64% - Other funds showed significantly lower returns, with some even reporting negative performance, such as: - Jiashi Value Selection A: -0.45% - Guotou Ruili LOF: -2.69% [5]. 2025 Version Selection Criteria - The selection rules for the 2025 version of the non-collaborative portfolio have been slightly adjusted: - All quantitative funds were excluded to avoid data interference, meaning funds like China Merchants Quantitative Selection will not be included [6]. - A requirement was set that the top industry market capitalization should be below 15% to prevent over-concentration in specific sectors [6]. - Funds must have outperformed the Wind Mixed Equity Fund Index for three consecutive years from 2022 to 2024 [7]. Non-Collaborative Fund Definition - The definition of non-collaborative funds is based on the frequency of stock holdings across funds, with a median holding frequency of less than 105 being the threshold for inclusion [9]. Final Fund List - After applying the filtering criteria, only 10 funds remained eligible for the non-collaborative portfolio, showcasing a mix of familiar and new fund managers [10][13].