Core Viewpoint - The "Action Plan" for promoting the high-quality development of public funds marks a significant reform in the public fund industry, shifting the focus from scale to investor-centric goals, indicating a new phase in the industry's evolution [1] Group 1: Floating Management Fee Model - The "Action Plan" introduces a performance-linked floating management fee model, addressing previous criticisms of fixed fees regardless of fund performance [3] - The new model allows for differentiated management fees based on the fund's performance relative to a benchmark, with three tiers of fees depending on the annual excess return [3][4] - This model aims to ensure that fund products are accountable to each new investor, promoting long-term holding of fund products [4] Group 2: Benchmark Selection - The Huazhong Fund has chosen the CSI 800 index as the performance benchmark for its floating fee products, which offers broader coverage and a more balanced representation of both value and growth styles compared to other indices [6] - The CSI 800 index includes both undervalued blue-chip stocks and growth companies, reflecting a combination of past and future economic structures [6] Group 3: Fund Manager Profile - Fund manager Luan Chao, known for his balanced growth investment approach, combines top-down industry allocation with bottom-up stock selection, focusing on sustainable profit growth [8] - Luan Chao emphasizes a cyclical perspective, identifying investment directions based on macro, industry, and company cycles [8] - His investment strategy includes a focus on industries with upward trends and companies with strong competitive advantages, leading to a selective stock pool [8][10] Group 4: Research and Investment Platform - Huazhong Fund is recognized as a leading growth investment platform, having pioneered industry chain investment strategies and being an early investor in key sectors like 5G and electric vehicles [12] - The fund's research team has a global perspective, leveraging insights from international markets to identify growth opportunities in the technology sector [12][13] - The strong research capabilities of the team are expected to support Luan Chao's potential for excess returns, aligning the interests of fund managers and investors [13]

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].