中国经济网北京6月25日讯 今日，交银施罗德基金管理有限公司发布交银施罗德基金管理有限公司 关于交银施罗德瑞安混合型证券投资基金基金合同生效公告。 该基金募集期间净认购金额合计1,546,554,094.52元，认购资金在募集期间产生的利息合计 690,395.17元，募集份额合计1,547,244,489.69份。 该基金的基金经理为黄鼎。黄鼎2013年至2015年任博时基金管理有限公司研究员。2015年加入交银 施罗德基金管理有限公司，历任行业分析师。现任交银施罗德定期支付双息平衡混合型证券投资基金 (2021年9月29日至今)、交银施罗德启嘉混合型证券投资基金(2023年8月2日至今)的基金经理。 | 份额级别 | | 交银瑞安混合 | 交银瑞安混合 | 交银瑞安混合合 | | --- | --- | --- | --- | --- | | | | A | C | it- | | 募集期间净认购金额(单位: 元) | | 995,522,290.80 | 551,031,803.72 | 1.546.554.094.52 | | 利息(单位:元) | 认购资金在募集期间产生的 | 460.466.47 ...

Group 1 - Recent announcements from public fund managers indicate a trend of self-purchase, with Dachen Fund committing at least 10 million yuan to subscribe to its mixed securities investment fund, demonstrating confidence in its products and market outlook [1][2] - Other fund managers, including Jiao Yin Schroder Fund and Xing Zheng Global Fund, have also announced self-purchases of 20 million yuan each for their respective mixed securities investment funds, reflecting a broader industry trend [2] - The self-purchase actions are seen as a signal of optimism regarding the market and are expected to boost investor sentiment, as fund managers express willingness to share risks and rewards with investors [2][3] Group 2 - The self-purchase behavior is viewed as a commitment that enhances the brand image and market reputation of public fund managers, potentially attracting more investor interest and capital inflow [3] - Fund managers' self-purchases are particularly focused on equity funds, indicating a belief in the long-term value of equity assets and expectations of market valuation recovery and economic improvement [2] - Regulatory encouragement for fund managers to increase self-purchases of equity funds has led to a net subscription amount of 1.317 billion yuan for stock funds as of July 6 this year [2]

Core Insights - China Pacific Insurance launched a private equity fund with a target size of 20 billion yuan, emphasizing long-term investment strategies [1][2] - China Chengtong's investment in three ETFs signals confidence in the long-term value of state-owned enterprises [1][2] - The approval of the first batch of new floating fee rate funds indicates a shift towards performance-based fee structures [3][4] Group 1: Long-term Capital Inflow - There is an increasing trend of long-term capital inflow into the capital market, with social security funds, enterprise annuities, and insurance funds showing significant investment activity [1][2] - The total net purchase of A-shares by long-term funds has exceeded 200 billion yuan this year, indicating a positive cycle of capital inflow and market stability [2][5] Group 2: Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) has introduced a floating management fee mechanism linked to fund performance, encouraging long-term investment behavior [3][4] - Recent regulatory changes allow private equity funds to shorten lock-up periods for shares, enhancing liquidity and investment efficiency [4][5] Group 3: Future Outlook - The ongoing implementation of policies aimed at promoting long-term capital participation is expected to optimize the investment environment for insurance and pension funds [5] - There is potential for further increases in the equity investment ratio of insurance funds, as regulatory limits remain significantly below current levels [5]

Core Viewpoint - Several fund companies in China are purchasing their own newly launched floating rate funds, indicating confidence in the long-term stability and health of the capital market and their investment management capabilities [1][3][4]. Group 1: Fund Companies' Self-Purchases - On June 9, China International Fund announced a plan to invest 20 million yuan in its newly launched floating rate fund, "China International Fund Rui'an Mixed Securities Investment Fund" [1]. - Other leading public fund institutions, including China Europe Fund, Bosera Fund, and Orient Securities Asset Management, have also announced self-purchases, with a cumulative investment amount reaching 70 million yuan [3]. - Manulife Fund announced on June 7 that it would invest 10 million yuan in its "Manulife Smart Navigation Mixed Securities Investment Fund" [3]. - On June 3, Xingzheng Global Fund stated it would invest 20 million yuan in its "Xingzheng Global Heqi Mixed Securities Investment Fund" [3]. - China Europe Fund committed 10 million yuan to its floating rate fund, "China Europe Large Cap Smart Selection Mixed Initiated Fund," with a holding period of no less than three years [3]. - Bosera Fund announced investments of 10 million yuan each in two of its equity funds on May 28, one of which is a floating rate fund [3]. - Orient Securities Asset Management stated it would invest 10 million yuan in its "Orient Red Core Value Mixed Fund" [3]. - Tianhong Fund also announced a 10 million yuan investment in its floating rate fund, "Tianhong Quality Value Mixed Fund" [4]. Group 2: Purpose and Industry Trends - The introduction of floating rate products aims to alleviate the issue where funds do not generate profits for investors while fund companies do, and to promote high-quality development within the fund industry [4]. - Industry insiders view the recent reforms in public fund fees, particularly the launch of floating rate products, as a significant exploration and attempt to drive further high-quality development in the industry [5]. - According to CITIC Securities, the weighted management fee rates of various fund products have significantly decreased compared to the end of 2022, indicating a successful fee reduction trend [5]. - The fund industry in China still has considerable room for further fee reductions compared to overseas markets, suggesting that the practice of fee reform and product innovation is ongoing [5]. - Future developments in floating rate funds may extend to bond funds, with fixed income + products being prioritized [5]. - Huabao Securities noted that the asymmetric fee structure of new floating rate products will enhance the importance of performance benchmarks, which may influence investors' decisions [5].

Core Viewpoint - The article highlights the increasing involvement of long-term capital in China's capital markets, driven by policy initiatives aimed at promoting long-term investments and enhancing the investment environment for institutional investors [1][2][5]. Group 1: Long-term Capital Initiatives - China Pacific Insurance has launched the Taibao Zhiyuan No. 1 private securities investment fund with a target size of 20 billion yuan, marking a commitment to long-term investment strategies [1][2]. - The China Securities Regulatory Commission (CSRC) has reported that social security, insurance, and pension funds have net purchased over 200 billion yuan in A-shares this year, indicating a positive cycle of long-term capital inflow and market stability [2][5]. - The approval of the first batch of new floating fee rate funds, which link management fees to fund performance, aims to encourage long-term holding by investors [3][4]. Group 2: Policy and Regulatory Changes - The CSRC has introduced a floating management fee structure that aligns the interests of fund managers and investors, promoting a focus on risk-return balance and long-term goals [3][4]. - Recent regulatory changes allow private equity funds that hold investments for over four years to reduce their lock-up periods, enhancing liquidity and investment efficiency [4]. - The government plans to expand the pilot scope for long-term insurance investments by an additional 60 billion yuan, further encouraging insurance companies to increase their market participation [5]. Group 3: Market Outlook and Recommendations - Experts suggest that the ongoing implementation of policies to facilitate long-term capital entry into the market will optimize the investment environment and address existing barriers [5]. - There is potential for growth in personal pension contributions, with recommendations to increase contribution limits and develop low-fee index products to attract more long-term capital [5].

Fund Overview - The fund is named "Jiao Yin Shi Luo De Rui An Mixed Securities Investment Fund" and is classified as a mixed securities investment fund [16] - The fund operates as a contractual open-end fund with an indefinite duration [16] Fund Categories - The fund offers two categories of shares: Class A and Class C. Class A shares charge subscription fees, while Class C shares do not charge subscription fees but deduct service fees from the fund's assets [2][17] - Each category has a separate fund code and net asset value calculation [2][17] Fund Subscription Details - The subscription period for the fund is from May 27, 2025, to June 20, 2025, with a maximum duration of three months [3][23] - The minimum subscription amount for direct sales institutions is 1 million RMB for the first subscription and 100,000 RMB for additional subscriptions. For online subscriptions, the minimum is 1 RMB [5][33] Fund Management and Custody - The fund is managed by Jiao Yin Shi Luo De Fund Management Co., Ltd., and the custodian is Shanghai Pudong Development Bank Co., Ltd. [1][58] Subscription Process - Investors must open a fund account with the management company before subscribing. Each investor can only have one fund account [4] - Subscription applications cannot be revoked once accepted by the registration institution [6] Fund Fees - The management fee is calculated at an annual rate of 1.20% based on the previous day's net asset value [12] - Subscription fees for Class A shares are calculated separately for each application, while Class C shares do not have upfront subscription fees [26] Fund Investment Scope - The fund can invest in various securities, including stocks, bonds, and asset-backed securities, and may also invest in stock index futures [9][11] - The fund is subject to various risks, including market risk, liquidity risk, and credit risk [9][10] Fund Registration and Verification - The fund must meet specific conditions, including a minimum of 200 investors and a total subscription amount of at least 200 million RMB, to become effective [53] - The management company will conduct verification and submit reports to the China Securities Regulatory Commission after the subscription period ends [53][54]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which includes 25 systematic reform measures aimed at enhancing the alignment of interests between fund companies and investors [1] Group 1: Action Plan and Fund Management Fee Structure - The Action Plan emphasizes the importance of binding the interests of fund companies with those of investors, proposing a floating management fee model based on performance benchmarks for newly established actively managed equity funds [1] - The floating management fee reform is seen as a significant step towards optimizing actively managed equity funds and transforming the operational model of the fund industry [1] - The new floating fee structure allows management fees to fluctuate based on the annualized return of each fund share and its relative performance against a benchmark, with a maximum increase of 25% and a potential decrease of 50% based on performance [2][3] Group 2: Company Initiatives and Product Development - The company,交银施罗德基金, has actively participated in the floating fee product pilot program, launching the "交银瑞元三年定开基金," which has shown stable performance since its inception [1][2] - The new floating fee fund design aims to align the interests of fund managers and investors, promoting a shared approach to risk and reward, thereby enhancing the overall investment experience [3] - The company is committed to continuous research and development of floating fee funds, focusing on improving market cycle awareness and controlling product volatility to achieve a win-win situation for both the company and investors [3][4] Group 3: Performance and Market Confidence - The company expresses confidence in its ability to discover value and price actively managed equity products, especially in the current favorable market conditions [4] - The management of fund products is characterized by long cycles, requiring a combination of effective design, investment capability, and a rational approach to market fluctuations to create value for investors [4] - The company aims to enhance its asset and wealth management capabilities while maintaining a strong focus on investor interests [4]

Core Viewpoint - The approval of 26 new floating-rate funds by the regulatory authority reflects a strong commitment to implementing public fund reform and aligning fund company income with investor returns [1] Group 1: Regulatory Approval - 26 new floating-rate funds have been registered and are expected to be available for investors soon through commercial banks and internet platforms [1] - The funds were collectively submitted for approval on May 16, received acceptance on May 19, and were quickly approved on May 23, indicating the regulatory body's efficiency [1] Group 2: Fund Companies and Products - The following fund companies have submitted new floating-rate fund products: - E Fund: E Fund Growth Progress Mixed Securities Investment Fund - Fuguo Fund: Fuguo Balanced Allocation Mixed Securities Investment Fund - Value Fund: Value Stable Mixed Securities Investment Fund - Zhongou Fund: Zhongou Large Cap Smart Selection Mixed Fund - Jingshun Longcheng Fund: Jingshun Longcheng Growth Companion Mixed Fund - Others include Jia Shi, Huitianfu, Huaxia, Yinhua, and many more with a total of 26 products listed [1]

Core Viewpoint - The first batch of innovative floating fee rate products based on performance benchmarks has been reported, with 26 fund managers participating, indicating strong representation and capability in equity management [1][3][11]. Group 1: Product Overview - 26 fund management companies have quickly responded to the public fund reform policy by reporting the first batch of new model floating management fee products within ten days of the reform's implementation [3]. - The reported products are managed by well-performing fund managers, focusing on creating returns for investors [2][11]. Group 2: Fee Structure - Unlike traditional floating fee rate funds, the new model will have a more detailed fee structure based on each investor's holding time and annualized return during the holding period [7]. - If the holding period is less than 365 days, only the basic management fee can be charged; if it is 365 days or more, the management fee will be linked to the annualized return compared to the performance benchmark [7]. Group 3: Investment Strategy - The first batch of products will primarily invest in a broad market selection, benchmarking against mainstream indices such as CSI 300, CSI A500, and CSI 500 [8]. - The aim is to encourage long-term investment from investors, enhancing their overall investment experience [8][11]. Group 4: Future Developments - More fund managers are expected to follow suit in reporting similar products as they prepare adequately [9][11]. - The "Action Plan" stipulates that leading institutions should issue at least 60% of such funds compared to their actively managed equity funds within a year [10].