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 Viewpoint - The article discusses the transformative potential of floating fee structures in the public fund industry, aiming to align the interests of fund managers and investors, thereby enhancing trust and promoting high-quality development in the sector [2][5]. Summary by Sections Floating Fee Mechanism - The introduction of floating fee rates is a revolutionary change aimed at binding the interests of fund managers and investors, ensuring that both parties share risks and rewards [5][7]. - The first batch of 26 floating fee rate funds launched in May showed an average increase of approximately 12.1% by the end of October, indicating the mechanism's potential [2][5]. Fund Manager's Philosophy - Fund manager Li Sijia emphasizes a "replicable" investment philosophy that focuses on long-term value accumulation rather than short-term performance spikes [3][10]. - She advocates for flexibility in investment strategies to adapt to market changes, highlighting the importance of a diversified approach [3][10]. Performance Metrics - The floating fee structure ties management fees to performance, rewarding fund managers when they exceed benchmarks and penalizing them when they do not, thus promoting a culture of accountability [5][6]. - The performance benchmark for the Zhongyin Quality Emerging Fund is a composite of various indices, ensuring a comprehensive reflection of market trends [8]. Investment Strategy - Li Sijia's investment framework combines macroeconomic analysis with industry-specific insights, focusing on sectors with long-term growth potential, particularly in technology and cyclical industries [12][14]. - The strategy emphasizes risk control through balanced asset allocation and a focus on high Sharpe ratio portfolios, aiming for stable long-term returns [14][16]. Market Outlook - The current market phase is viewed as a "consolidation stage" within a bull market, with structural changes and new opportunities emerging [15]. - Li Sijia expresses confidence in China's economic transition towards high-quality development, suggesting that the A-share market holds significant long-term investment value [15].