5月27日，易方达基金、南方基金等公募旗下首批26只新型浮动费率基金产品鸣锣开售，并接连在6月与 7月的行情上行途中公告成立；不仅如此，此类产品发行热持续蔓延，年内已有61只新型浮动费率基金 成立。 5月份，首批新型浮动费率基金重磅发行，行情推演至年末，这批产品的业绩答卷已然揭晓。 首批浮动费率基金业绩参差不齐 行情演绎至年末，首批产品交出了不同的"成绩单"。据统计，截至12月26日，华商致远回报成立以来的 收益率居首，约为71.75%。其次是信澳优势行业，涨幅高达54.44%，嘉实成长共赢和易方达成长进取 两只基金涨幅亦超过四成，共计8只基金涨幅超过20%，15只产品涨超10%。 既有重仓AI赛道的基金斩获超70%的惊人收益，也有聚焦消费、医疗板块的产品表现承压，然而，不足 四成的基准跑赢率也体现了部分基金经理依旧显得"水土不服"。 有公募基金认为，此类产品将业绩比较基准作为考核的指挥棒，对基金经理的投研能力提出了更高要 求。尤其是面对主题基金的风格限制，基金经理仍有很大的主动空间，需要对产业链中个股作更深刻的 研究，并在持股集中度和仓位调整方面寻找更平衡的组合解。 华南某公募投研总监透露："现在一些基金经 ...

Core Insights - The recent market recovery has led to a surge in demand for newly launched mutual funds, with several funds completing their fundraising targets in record time, indicating strong investor confidence [3][5][8] - The introduction of floating fee rate products has shown promising initial performance, with average returns exceeding 12.47% for the first batch, which is expected to positively influence subsequent fund launches [4][7] Fundraising Trends - On October 24, 2023, the Jiashi Growth Sharing Mixed Fund completed its fundraising of approximately 30 billion yuan in just five days, ahead of its scheduled end date [3][5] - Other funds, such as the China Europe Value Navigation Fund and Penghua Manufacturing Upgrade Fund, also completed their fundraising quickly, with the former reaching 20 billion yuan in one day [5][6] - The trend of early fundraising closures is not limited to equity funds but also includes FOFs, ETFs, and QDII funds, reflecting a broader market enthusiasm [5][6] Performance of Floating Fee Rate Products - The first batch of floating fee rate products has delivered strong performance, with some funds achieving over 40% returns within three months of their launch [4][7] - The success of these products is attributed to their innovative fee structure and the overall positive market sentiment, which is expected to encourage further adoption of this model [7] Market Outlook - Multiple asset management firms maintain an optimistic outlook for the market, predicting a "slow bull" trend driven by improving macroeconomic conditions and corporate earnings recovery [8][9] - The ongoing shift in investor sentiment towards more established fund managers and the importance of sales capabilities in fund distribution are also highlighted as key factors influencing fundraising success [6][8]

Core Viewpoint - The article highlights the early closure of the fundraising for the Jiashi Growth Sharing Mixed Fund, which has garnered significant investor interest, reaching approximately 3 billion yuan in just one week, making it one of the largest actively managed equity funds raised recently [2][4][5]. Fundraising Details - Jiashi Fund announced the early closure of Jiashi Growth Sharing Mixed Fund on October 24, just one week after its launch, originally scheduled from October 20 to November 7 [4]. - The fund's fundraising scale reached about 30 billion yuan by October 23, indicating strong demand from investors [4][5]. Innovative Fee Structure - The Jiashi Growth Sharing Mixed Fund employs a new floating fee mechanism designed to prioritize the best interests of investors, reflecting the ongoing exploration and optimization of floating fee rates by Jiashi Fund [4][5]. Market Sentiment - The early closure of multiple actively managed equity funds suggests a significant recovery in market confidence and increased investor interest in positioning for opportunities [5][6]. - The issuance rebound of actively managed equity funds is attributed to investors' recognition of the comprehensive strength of fund managers and companies [6]. Performance of Similar Funds - The first batch of floating fee funds has shown impressive performance, with several products achieving substantial net value growth since their establishment [8]. - For instance, the Huashang Zhiyuan Return Fund managed by Zhang Mingxin has seen a cumulative net value growth rate exceeding 37% since July, while other funds have also reported significant increases [8]. Future Market Outlook - Jiashi Fund maintains an optimistic outlook for the market over the next 6 to 12 months, driven by the expansion of profit-making effects, accelerated capital inflow, and the development of AI industries [8]. - The overall market valuation is considered reasonable, with expectations of improved macroeconomic conditions and corporate earnings recovery, which could serve as key drivers for mid-term upward trends [9].

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - Huashang Fund's Zhang Mingxin is a fund manager with profound research background and a systematic investment framework, managing a total fund size of 4.241 billion yuan as of the end of the second quarter of 2025. His investment philosophy of "value as the foundation, trend as the wings" enables him to maintain strong adaptability and competitiveness in complex market environments [2]. - Zhang Mingxin's two current public - offering funds, Huashang Equal - Growth and Huashang Advantage Industry, have excellent performance. As of September 22, 2025, their excess returns relative to similar funds reached 67.07% and 57.18% respectively, and their performance rankings are among the top 0.86% and 1.25% in similar funds [2]. - Another fund he manages, Huashang Zhiyuan Return, is a floating - rate fund, which reflects the confidence of Huashang Fund and the fund manager in its future performance [3]. - The product YDZC - Taihe Preferred No. 2 managed by Zhang Mingxin at Yingda Insurance Asset Management achieved an excess return of 75.05% relative to the CSI 300 index. From early 2021 to early 2025, it achieved a positive return of 44.01% while the market declined by 31.04% [3]. - Based on the fund TM attribution analysis, Zhang Mingxin shows significant and positive stock - selection ability and strong adaptability under different market conditions and value - growth style dominance [3]. - Zhang Mingxin is long - term optimistic about the AI industry trend, believing that overseas computing power is the starting point of a long - cycle, and AI applications are reshaping the world. He also believes that there may be systematic investment opportunities in new consumption, innovative drugs, and military trade and defense industries [4]. Summary According to the Directory 1. Investment Philosophy Kernel: Value as the Foundation, Trend as the Wings 1.1 Investment Framework - Zhang Mingxin believes that investment is to find the paradigm of "stocks will rise in this situation", and the essence of stock - selection is to find the market's feedback mechanism to information. He has formed an investment philosophy of industry trend investment driven by value [9]. - Value investment aims to achieve the highest - probability investment paradigm. He believes that value = deep value + growth value + gaming value, and mainly earns from company growth value and partial deep - value regression. He participates in different stages of the industry cycle [11]. - The core investment concept is industry trend investment driven by value, which can balance short - term and long - term performance. It requires comprehensive value assessment, cross - industry tracking, and finding alpha targets in booming industries. Zhang Mingxin is good at rotating investments in multiple industries [13]. 1.2 Views on the Market - In 2025, the market first strengthened due to the global large - model equalization wave led by DeepSeek, then declined due to the global trade war initiated by the US, and finally gradually returned to trading fundamentals after a series of policies [17][18]. - Zhang Mingxin continued to follow the investment philosophy of industry trend investment based on value. After the market decline in early April, he adjusted his positions and increased the allocation of overseas computing power sectors in May, achieving good returns [18]. - Looking forward to the second half of the year, the economy has a bottom line, policies support the capital market, and the AI industry's progress is expected to drive the long - term bullishness of the capital market [19]. 2. Fund Performance: Past Managed Funds Achieved Excess Returns of 75.05% in a Bear Market, and Currently Managed Funds Continue the Excellent Historical Performance 2.1 Overview of the Fund Manager's Managed Fund Performance - As of the end of the second quarter of 2025, Zhang Mingxin managed a total fund size of 4.241 billion yuan. The product YDZC - Taihe Preferred No. 2 achieved an excess return of 75.05% relative to the CSI 300 index from early 2021 to early 2025, ranking first among 68 similar products [21]. - Huashang Equal - Growth and Huashang Advantage Industry had excess returns of 67.07% and 57.18% respectively relative to similar funds as of September 22, 2025, and their performance rankings were among the top 0.86% and 1.25% in similar funds [22]. 2.2 Introduction to Fund Basic Information - Huashang Equal - Growth A (011369.OF) is a partial - stock hybrid fund. Zhang Mingxin took over on March 4, 2025, and the fund size was about 185 million yuan as of June 30, 2025 [24]. - Huashang Advantage Industry (000390.OF) is a flexible - allocation fund. Zhang Mingxin took over on March 12, 2025, and the fund size was about 4.055 billion yuan as of June 30, 2025 [25]. 3. Fund Performance: Currently Managed Products Have Outstanding Excess Performance, and Past Managed Products Had Positive Excess Returns in Each Full Year 3.1 Performance of Currently Managed Funds - Zhang Mingxin has strong performance - acquisition ability. From March 4, 2025, to September 22, 2025, Huashang Equal - Growth A had a fund return of 93.25%, ranking 37/4488 (top 0.82%) among similar funds, with an excess return of 71.23% relative to the benchmark [27]. - Huashang Advantage Industry A had a recent quarterly return of 79.29%, ranking 36/2326 (top 1.54%) among similar funds, with a Sharpe ratio of 4.83 [29]. 3.2 Historical Performance of Past Managed Products - From January 28, 2021, to January 19, 2025, the Taihe Preferred No. 2 product managed by Zhang Mingxin had positive excess returns in each full year, with excess returns of +22.69%, +29.48%, and +9.62% relative to the CSI 300 index in 2022, 2023, and 2024 respectively [33]. - Zhang Mingxin adheres to the investment idea based on fundamentals and industry trends, and achieved significant absolute and relative returns for clients by selecting booming growth industries during the volatile capital market from 2022 to 2024 [33]. 4. Source of Excess Returns: Significant and Positive Stock - Selection Ability and Strong Adaptability under Different Market Conditions and Value - Growth Style Dominance 4.1 Stock - Selection and Timing Ability of the Fund Manager - The T - M model is used to measure the stock - selection and timing ability of the fund manager. The analysis shows that the Taihe Preferred No. 2 fund showed significant and continuous positive stock - selection ability during certain periods [36][39]. 4.2 Strong Adaptability under Different Market Conditions and Value - Growth Style Dominance - The analysis shows that Zhang Mingxin showed strong adaptability under different market rise - fall ranges and different value - growth style dominance when managing the Taihe Preferred No. 2 fund, and had stronger adaptability to the small - cap style compared to the large - cap style [42][49]. 5. Conclusion - Zhang Mingxin is a fund manager with strong investment ability. His currently managed funds have excellent performance, and his past managed products also achieved good results. He is long - term optimistic about the AI industry and other sectors, and investors interested in relevant fields are recommended to pay attention to Huashang Equal - Growth, Huashang Advantage Industry, and Huashang Zhiyuan Return [50][52].

Core Viewpoint - The article highlights a significant surge in the issuance of equity funds, particularly active equity funds, in October, with notable fundraising achievements from several funds [1][2][3]. Fundraising Overview - Two major active equity funds, the E Fund Hong Kong Stock Connect Technology Mixed Fund and the Penghua Manufacturing Upgrade Mixed Fund, each raised nearly 2 billion yuan, marking them as the largest and second-largest active equity funds issued in October [2][3]. - As of October 15, 127 equity funds have raised over 1 billion yuan this year, with more than 70% being index funds, predominantly non-ETF products [2][4]. Active Equity Funds - Many large-scale active equity funds were established in the third quarter, with the largest being the CMB Balanced Optimal Fund, which raised 4.955 billion yuan and had 38,355 effective subscriptions [4]. - Other notable funds established in the third quarter include the Dacheng Insight Advantage Fund, E Fund Value Return Fund, and others, each raising over 2 billion yuan [4]. New Fee Structure Funds - Nearly 40 new floating fee structure funds have been established this year, raising over 42 billion yuan in total, with 16 of these funds exceeding 1 billion yuan in fundraising [5]. Index Funds Performance - Among the 127 equity funds that raised over 1 billion yuan, 90 are index funds, accounting for over 70% of the total, with 51 being non-ETF index funds [6]. - The top four funds by fundraising are all ETF-linked funds, with significant contributions from the Huaxia and E Fund series [6]. Emerging Fund Managers - The article notes that several large-scale index funds have been launched by both major firms and smaller public funds, indicating a diverse market landscape [7].

Core Insights - The new fund issuance is experiencing a peak following the National Day and Mid-Autumn Festival, marking the final "battle season" for fund managers in 2023 [2] - A total of 23 funds were launched on October 9, with nearly 70 new funds scheduled for October, including several actively managed equity funds led by high-performing fund managers [2][4] Fund Types and Performance - Actively managed equity funds, index funds, and hybrid bond funds are the main types driving new fund issuance, which is expected to bring additional capital to the equity market [2] - 19 actively managed equity funds are set to be launched post-holiday, with notable managers like Yan Siqian and Jin Zicai leading new offerings, reflecting strong performance in their previous funds [4][5] - Technology-themed funds have shown robust performance, prompting fund companies to increase their focus on this sector in Q4 [4] Market Trends - The issuance of index funds is also significant, with over 30 new products planned for October, covering various indices to meet diverse investor needs [7] - The bond fund market is shifting towards hybrid bond funds, with no pure bond funds scheduled for October, reflecting recent poor performance in the bond market [8] - The overall new fund issuance has stabilized and rebounded in 2023, with a notable increase in actively managed equity funds, while bond fund issuance has significantly declined [10][13] Fund Issuance Statistics - In the first three quarters of 2023, a total of 1,148 new funds were established, surpassing the total for the previous year [11] - The number of actively managed equity funds launched has reached a record high, with 654 new stock funds and a total issuance of 3,366 billion units, the highest since 2022 [12] - The largest actively managed equity fund launched this year raised nearly 50 billion units, indicating strong investor interest in equity funds [12][13]

Core Viewpoint - The article discusses the surge in new fund issuances in the fourth quarter, highlighting the competitive environment among fund managers as they aim to capitalize on market opportunities following the National Day and Mid-Autumn Festival holidays [2][7]. Fund Issuance Trends - After the "Double Festival," there is a significant increase in new fund launches, with nearly 70 new funds scheduled for October, including many actively managed equity funds led by high-performing fund managers [2][3]. - On October 9, 23 funds were launched simultaneously, indicating a strong market response [2]. Active Equity Funds - A total of 19 actively managed equity funds are set to be issued post-holiday, with notable managers like Yan Siqian and Jin Zicai leading new offerings, reflecting their successful track records this year [3][4]. - The technology-themed funds have shown remarkable performance, prompting fund companies to increase their focus on this sector [3]. Value Theme Funds - Although value-themed funds have not outperformed technology funds, they have demonstrated steady growth and have gained investor trust, with several funds reaching historical net asset value highs [3][4]. Index Funds - October will see over 30 new index funds launched, covering various indices such as the Shanghai 180 and CSI 500, catering to diverse investor needs [5]. - Quantitative funds have also performed well, with many near historical highs, leading to increased issuance from smaller fund companies [5]. Bond Funds - All bond funds scheduled for October are classified as mixed-asset funds, with no pure bond funds being launched, reflecting a shift in market conditions and regulatory changes [6]. - The approval process for bond funds has changed, with a focus on encouraging the creation of mixed-asset and thematic bond ETFs [6]. Market Recovery - The new fund issuance market has shown signs of recovery, with a total of 1,148 new funds established in the first three quarters, surpassing the total for the previous year [8][10]. - The issuance of active equity funds has increased significantly, with 654 stock funds launched, marking the highest number in recent years [9][10].

Core Viewpoint - The A-share market has shown unexpected enthusiasm since the beginning of the year, with many active equity funds recovering and achieving significant returns, while the newly established fund, Dachen Xingyuan Qihang, managed by Xu Yan, has remained inactive, leading to widespread controversy and questioning of its strategy [1][2][4]. Fund Performance - Dachen Xingyuan Qihang was established on March 11, 2025, but its net value has barely changed, with A-class shares at 0.9983 and C-class shares at 0.9953 as of September 9, 2025 [2][4]. - The fund has only invested in two stocks, Antu Biology and Meituan, with a stock position of just 0.73% and cash making up 84.95% of its net value [4]. Market Reaction - Since May, market skepticism has grown regarding the fund's "zero allocation" strategy, with investors expressing frustration over missed opportunities in a rising market [4][6]. - Xu Yan acknowledged the lack of systematic investment in the mid-year report, citing significant changes in market conditions and the need for caution due to rational valuation returns [4][5]. Comparison with Peers - In contrast to Dachen Xingyuan Qihang, many newly established active equity funds have quickly completed their allocations and participated in the market rally, with some achieving net value growth exceeding 20% [5][6]. - Funds like Anxin Balanced Growth, established on the same day as Dachen Xingyuan Qihang, have seen net value increases of 20.12% this year, highlighting the stark difference in performance [6]. Industry Trends - The performance of newly established funds this year has shown a clear dichotomy, with some achieving over 50% net value growth while others have recorded losses [7][9]. - The current market environment raises questions about the viability of value investing strategies that prioritize slow and steady approaches, especially in a rapidly changing market [9].

Core Viewpoint - The issuance of actively managed equity funds is experiencing a rebound, driven by the recovery of the A-share market and improved fund performance, with significant fundraising activities observed recently [1][2]. Fund Issuance and Performance - As of September 2, 26 actively managed equity funds have confirmed their issuance periods, with the招商均衡优选混合基金 exceeding its fundraising cap of 50 billion yuan on its first day of issuance [2][4]. - The招商均衡优选混合基金 aims for excess returns through a balanced approach across market, industry, style, and individual stocks, managed by 吴潇, who has over 8 years of experience [2][3]. - The overall issuance scale of actively managed equity funds this year has reached 785.28 billion yuan, with 29 funds exceeding 10 billion yuan in issuance [5]. Market Conditions and Future Outlook - The A-share market has shown positive performance, with the Shanghai Composite Index rising by 12% and the ChiNext Index increasing by 33.4% since the second half of the year [5][6]. - The macroeconomic environment is favorable for equity markets, with expectations of U.S. Federal Reserve rate cuts and a stable U.S.-China relationship contributing to a positive outlook [6][7]. - Investment opportunities are identified in sectors such as AI technology, retail, non-bank financials, and innovative pharmaceuticals, with a focus on technology sectors like semiconductors and computing [7].

Group 1 - The core viewpoint of the news is that the issuance of actively managed equity funds is recovering, driven by the rebound in the A-share market and improved fund performance, with a notable increase in the number and scale of new products [1][2] - On September 2, the招商均衡优选混合基金 (Zhaoshang Balanced Optimal Mixed Fund) set a fundraising cap of 5 billion yuan, and its first-day fundraising exceeded this limit, leading to an early closure of the fundraising period [2][3] - The fund aims for excess returns through a balanced approach across market, industry, style, and individual stocks, managed by Wu Xiao, who has over 8 years of experience [2][3] Group 2 - The active equity fund issuance has reached a record high this year, with the招商均衡优选混合基金 potentially becoming the largest actively managed equity fund launched this year if it reaches the 50 billion yuan cap [4] - As of September 2, the total issuance scale of active equity funds this year has reached 78.528 billion yuan, with 29 funds exceeding 1 billion yuan in scale [5] - The A-share market has shown significant recovery, with the Shanghai Composite Index rising by 12% in the second half of the year, contributing to the increased interest in actively managed equity products [4][5] Group 3 - The overall macro environment remains favorable for the equity market, with expectations of U.S. Federal Reserve rate cuts and a recovering economic cycle [7][8] - Investment opportunities are identified in sectors such as AI technology, retail, non-bank financials, and innovative pharmaceuticals, particularly in semiconductor and computing fields [8] - The market is experiencing a liquidity-driven rally, with a notable increase in trading volumes and investor confidence in Chinese assets [7][8]