Group 1 - The core viewpoint of the article emphasizes the launch of the new floating fee rate product, Zhongyin Quality Emerging Mixed Fund, which aims to align with industry trends through a diversified performance benchmark [2][3] - The performance benchmark consists of 60% CSI 300 Index, 15% Hang Seng Index, 20% China Bond Composite Index, and 5% bank demand deposits, reflecting a comprehensive market trend across stocks and bonds [2][3] - The fund manager, Li Sijia, is noted for her balanced investment approach, focusing on multiple sources of returns to mitigate single beta exposure while aiming for stable risk-adjusted returns [2][3] Group 2 - Li Sijia has managed the Zhongyin Strategic Emerging Industries Stock Fund since October 2023, achieving a 43.92% return over the past year, significantly outperforming the benchmark return of 15.37% [3][5] - The article highlights Li Sijia's long-term optimism towards technology growth assets and cyclical industries, driven by strong industry trends and improving fundamentals [3] - The emergence of AI applications and related sectors, such as humanoid robots and semiconductors, is identified as a key investment opportunity, spurred by structural demand and technological advancements [3]

Core Viewpoint - The launch of the "Action Plan for Promoting the High-Quality Development of Public Funds" marks a significant reform in the fund industry, particularly with the introduction of floating fee rate products, which are expected to enhance investor engagement and align interests between fund managers and investors [1][2]. Fund Industry Reform - The China Securities Regulatory Commission (CSRC) issued the action plan on May 7, 2025, which establishes a floating management fee mechanism linked to fund performance, aiming to optimize the fee structure of actively managed equity funds and promote cost reduction in the public fund sector [1][2]. - The floating management fee structure allows for varying fees based on the investor's holding period and performance, with higher fees for better performance and lower fees for underperformance [1][2]. Product Details - The newly launched Zhongyin Quality Emerging Mixed Securities Investment Fund features a tiered management fee structure that includes fixed management fees, contingent management fees, and excess management fees, depending on the investor's holding duration and investment results [1][2]. - If the holding period is less than one year, a management fee of 1.2% is charged; for longer holding periods, the fee adjusts based on performance, with a maximum of 1.5% for annualized excess returns above 6% and a minimum of 0.6% for returns below -3% [2]. Performance Benchmarks - The performance benchmarks for Zhongyin Quality Emerging are aligned with industry trends, incorporating the CSI 300 Index, Hang Seng Index, China Bond Composite Index, and bank demand deposit rates, reflecting a comprehensive view of market performance [2]. Fund Management - The fund is managed by Li Sijia, who emphasizes large-cap growth and balanced sector allocation, utilizing a combination of top-down and bottom-up investment strategies to select leading companies with high barriers to entry and market potential [3]. - Li Sijia has demonstrated strong historical performance, with the Zhongyin Strategic Emerging Industries Fund achieving a 43.92% return over the past year, significantly outperforming its benchmark [3]. Market Outlook - The outlook for the market is positive, with a new capital expenditure cycle in A-shares and a focus on technology growth as a key driver for expansion, particularly in AI and cyclical commodity pricing [4].

Group 1 - The core issue in the investment fund industry is the disconnect between fund managers' compensation and fund performance, leading to a loss of trust among investors [1][4] - The introduction of the "floating fee rate" mechanism aims to align the interests of fund managers with those of investors, promoting a "shared risk and reward" philosophy [1][4] - The first batch of floating fee rate funds launched in May has shown promising results, with an average increase of approximately 12.1% by the end of October [1][2] Group 2 - The second batch of 12 floating fee rate funds is set to launch, with the new fund "Bank of China Quality Emerging" being highlighted for its replicable investment philosophy [2][3] - Fund manager Li Sijia emphasizes the importance of a flexible investment strategy that adapts to market changes, rather than relying on a single approach [2][8] Group 3 - The floating fee rate mechanism is designed to bind the fate of fund managers and investors, ensuring that management fees are tied to performance against a benchmark [4][5] - The fee structure of the "Bank of China Quality Emerging" fund includes a tiered fee system that adjusts based on performance, encouraging long-term investment behavior [5][6] Group 4 - The performance benchmark for the "Bank of China Quality Emerging" fund is a composite of various indices, providing a comprehensive measure of market performance [6][7] - Li Sijia's investment philosophy focuses on "replicability" and "cognitive compounding," aiming for sustainable growth through a well-structured investment framework [8][9] Group 5 - Li Sijia's successful management of the "Bank of China Strategic Emerging Industries A" fund, which achieved a net value growth rate of 43.92% over the past year, demonstrates the effectiveness of her investment approach [9][15] - The investment strategy includes a balanced allocation across sectors, with a focus on emerging technologies and industries aligned with national strategic transformations [11][12] Group 6 - Li Sijia identifies the current market phase as a "bull market mid-stage," suggesting that structural changes and new opportunities are emerging [12][13] - The floating fee rate funds are particularly suitable for long-term investors who can benefit from the dual advantages of compounding and fee optimization [13]

Core Viewpoint - The article discusses the launch of the floating fee rate product "Zhongyin Quality Emerging Mixed Securities Investment Fund" by Zhongyin Fund, in response to the implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds" which emphasizes a performance-linked fee structure [1][2]. Fund Fee Structure - The floating management fee structure links fees to the investor's holding period and performance, allowing for higher fees if returns exceed certain thresholds and lower fees if returns are negative [2]. - If the holding period is less than one year, a management fee of 1.2% is charged; for one year or more, the fee varies based on performance, with a maximum of 1.5% for annualized excess returns over 6% and a minimum of 0.6% for returns below -3% [2]. Performance Benchmark - The performance benchmark for Zhongyin Quality Emerging is aligned with industry trends, including the CSI 300 Index, Hang Seng Index, and the China Bond Composite Index, reflecting a comprehensive view of market performance [2]. Fund Manager Profile - The fund manager, Li Sijia, focuses on large-cap growth and balanced sector allocation, employing a combination of top-down and bottom-up investment strategies [3]. - Li Sijia has demonstrated strong historical performance, with the Zhongyin Strategic Emerging Industry Fund achieving a 43.92% return over the past year, resulting in a 28.55% excess return [3]. Market Outlook - The article suggests that as China's economy transitions, a new capital expenditure cycle is beginning, with the equity market expected to perform well, particularly in technology growth sectors [4]. - Li Sijia remains optimistic about investment opportunities arising from AI and the impact of cyclical price changes on asset pricing [4].