Core Viewpoint - The introduction of the new model floating management fee rate funds is a response to the China Securities Regulatory Commission's action plan aimed at enhancing the quality of public funds, linking management fees directly to the performance of the funds, thereby aligning the interests of fund managers and investors [1][2]. Group 1: New Fund Model - The second batch of 11 new model floating management fee rate funds has been reported, including stock funds from Invesco Great Wall Fund and CCB Fund, and mixed equity funds from nine other institutions [1]. - The fee structure for these new funds includes three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment), similar to the first batch [1]. - The new fee model strengthens the performance benchmark's binding effect, with management fees adjusted based on the fund's performance relative to the benchmark [1]. Group 2: Fund Performance and Market Response - The first batch of 26 new model funds reported on May 16, 2023, received approval on May 23, and began fundraising on May 27, raising a total of 22.68 billion yuan, with an average fundraising size of 944.5 million yuan per fund [2]. - The new model funds focus on various sectors, including high-end equipment, pharmaceuticals, and manufacturing, with some adopting an initiator arrangement to further align interests with investors [2]. - Invesco Great Wall Fund has continued to innovate by applying for a new high-end equipment stock fund, aiming to meet investor demand for quality technology investment tools [2]. Group 3: Industry Implications - The fee reform is expected to help public fund institutions focus more on generating excess returns, promoting a return to the core of the asset management industry [3]. - Huashang Fund has also engaged in the new model by investing 20 million yuan of its own funds into its mixed fund, indicating a commitment to the new fee structure [3].

Core Viewpoint - Dachen Fund announced a self-purchase of its fund products, demonstrating confidence in the high-quality development of China's capital market and its investment management capabilities [4][5]. Group 1: Fund Self-Purchase Details - On July 4, Dachen Fund announced that it and its senior management, along with the proposed fund manager, will jointly invest no less than 10 million yuan to subscribe to the Dachen Insight Advantage Mixed Fund, committing to hold it for at least one year [4]. - This is the second self-purchase announcement by Dachen Fund in 2023, following a previous commitment to invest 20 million yuan in the Dachen Ultimate Return Mixed Fund on June 7 [5]. Group 2: Market Context and Trends - As of July 3, 2023, 110 fund companies have net subscriptions totaling 4.125 billion yuan for their fund products (excluding money market funds) [7]. - The emergence of new floating management fee rate funds has become a highlight in the fund issuance market this year, with several public fund companies actively self-purchasing using their own funds [8]. - Industry insiders suggest that self-purchases signal confidence in the long-term value of products and indicate a shift towards a model focused on "investor returns," driven by regulatory reforms in floating fee structures [8].