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].

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 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].