Core Insights - The first batch of floating fee funds has raised a total of 21.825 billion yuan, with 23 out of 26 funds announced [1] - The top three funds by fundraising scale are Dongfanghong Core Value at nearly 2 billion yuan, Yifangda Growth Progress at 1.704 billion yuan, and Jiaoyin Ruian at 1.547 billion yuan [1] - The last two floating fee funds, Xin'ao Advantage Industry and Huashang Zhiyuan Return, are scheduled to be issued on July 1 and will end fundraising on July 21 [1] Fundraising Details - The total amount raised by the first batch of floating fee funds is 21.825 billion yuan [1] - Dongfanghong Core Value leads with a fundraising scale of nearly 2 billion yuan [1] - Other funds with significant fundraising include Nanfang Ruixiang, Ping An Value Preferred, and Jingshun Great Wall Growth, each exceeding 1 billion yuan [1] Investor Participation - Yifangda Growth Progress has the highest number of investor subscriptions, exceeding 47,000 [1] - Nanfang Ruixiang ranks second with 24,700 subscriptions [1] - Ping An Value Preferred ranks third with 15,000 subscriptions [1]

Core Viewpoint - The first batch of 26 new floating-rate funds has seen 13 established with a total fundraising scale exceeding 12.6 billion yuan, indicating strong market interest and a shift towards performance-based fee structures [1][3][6]. Fund Establishment and Performance - As of June 24, 13 out of 26 new floating-rate funds have announced their establishment, raising over 12.6 billion yuan in total [1][3]. - The top three funds by fundraising scale are: - Dongfanghong Core Value managed by Zhou Yun at 1.991 billion yuan - E Fund Growth Progress managed by Liu Jianwei at 1.704 billion yuan - Ping An Value Enjoy managed by He Jie at 1.322 billion yuan [3][4]. Fee Structure and Investor Alignment - The floating-rate funds implement a tiered management fee structure with a "reward for excellence and punishment for poor performance" mechanism, aligning the interests of fund managers with those of investors [1][6]. - If a fund's annualized return lags the benchmark by more than 3 percentage points, the management fee is halved to 0.6%. Conversely, if excess returns exceed 6 percentage points, the fee increases to 1.5% [6]. Investment Strategies and Manager Profiles - Fund managers are divided into three styles: growth, value, and balanced strategies, with a focus on A-shares and Hong Kong stocks for diversification [6][7]. - Growth-style managers focus on sectors like technology and emerging consumption, while value-style managers prefer low-valuation, high-return on equity companies [7][10]. Market Trends and Opportunities - Fund managers are encouraged to identify investment opportunities amid uncertainty, with a focus on sectors such as AI and pharmaceuticals [11]. - The dynamic adjustment of investment strategies is emphasized, with a slower pace in bullish markets and an accelerated approach in bearish conditions [11].

Group 1 - The first batch of 26 new floating rate funds has officially launched, with 16 funds from companies like Huatai-PB, GF, and Ping An leading the way [1] - The performance benchmarks for these floating rate funds primarily target mainstream broad-based indices such as CSI 300, CSI A500, CSI 500, and CSI 800, with a focus on equity investments [3] - The equity portion of these funds typically maintains a stock allocation around 80%, with A-shares accounting for 55% to 80% of the performance benchmarks and Hong Kong stocks ranging from 5% to 20% [3] Group 2 - The new floating rate funds feature a more refined management fee structure, which is expected to be charged based on each investor's holding time and annualized return [3] - The floating management fee mechanism is designed to be linked to fund performance, with specific conditions for fee increases and decreases, emphasizing the need for significant outperformance against benchmarks [4] - For example, the management fee for the Jiashi Growth Win-Win Mixed Fund can only increase if it significantly exceeds the performance benchmark and achieves positive absolute returns [4]