文|咚夏 来源|博望财经 要说最近基金圈的大热点，在公募基金费率改革下诞生的——新一代浮动费率基金，必须拥有姓名。近期，公募新规后首批 26只浮动管理费率基金正在浮出水面。 在笔者看来，新浮动费率模式，确实是一种很好的激励机制，可以鼓励基金经理把业绩做好。但面对26只新浮动费率基金同 台竞技，具体到产品上，选对基金经理和基金公司也很关键。 经过一番精挑细选，笔者发现正在发行的南方瑞享混合（A类024462，C类024463）作为首批新浮动费率基金之一，无论是 在拟任基金经理、基金公司维度，还是既往同类型产品管理经验上都值得优选。 01 新浮动费率基金，新在哪里？ 新一代浮动费率产品深度践行与持有人利益共担机制，将管理费率与持有时间和业绩挂钩，即按照每个投资者、每笔基金份 额的持有时间、持有期间的年化收益率分档收取。 我们以正在发行的南方瑞享混合为例，如果您持有该基金份额一年后赎回，若期间年化超额收益率跑输业绩比较基准3个百 分点及以上，管理费则按0.6%/年收取；若跑赢业绩比较基准6个百分点及以上且基金年化收益为正，则适用1.5%/年；其他情 形则适用1.2%/年。 南方瑞享混合浮动费率收费标准 资料来源：南 ...

Core Viewpoint - The "spring of consumption" is expected to re-emerge in the capital market by 2025, driven by sustained fiscal policies aimed at boosting domestic demand and the potential for funds to favor resilient consumer sectors amidst increasing market volatility and uncertainty [1] Group 1: Market Overview - As of the first quarter of this year, there are 172 LOF funds in the market, with only 16 achieving over 10% returns in the past three years, and just 11 maintaining positive returns in the first quarter of this year [2] - The dual focus on technology and consumption since the beginning of 2025 indicates a significant differentiation in fund performance based on managers' understanding of niche industries and risk management capabilities [1][2] Group 2: Fund Performance - The Hongde Fengze fund has achieved a three-year return of 13.92%, ranking 10th among actively managed LOF funds, with a first-quarter return of 7.93% placing it in the top 15% of flexible allocation funds [3] - The fund's portfolio includes a mix of new consumption brands and traditional giants, with significant holdings in companies like Dongpeng Beverage and Anta Sports [3][4] Group 3: Investment Strategies - The fund manager, Ji Yu, employs a GARP (Growth at a Reasonable Price) strategy, focusing on stocks with low average P/E ratios, which have not exceeded 20 since the second half of 2023 [6] - The fund demonstrates a low investment concentration, with a concentration ratio of only 0.02% at the end of 2024, significantly below the industry average of 0.18% [6] Group 4: Consumer Sector Insights - The domestic consumption market is seen as having substantial potential, with a stable consumption environment and a unified market structure that supports the growth of leading consumer enterprises [9] - Despite pressures from external demand, the resilience of domestic consumption is becoming more apparent, with fund managers increasingly focusing on companies with strong brand and product positioning [8][9]

有银行紧急下调大额存单利率 在银行上调消费贷利率之际，存款利率也在下调。2025年3月31日，某民营银行宣布于2025年4月1日起 分别调整大额存单三年及五年期存款利率。三年期大额存单年利率调整至2.4%、五年期大额存单年利 率调整至2.5%。另一家民营银行也宣布，2.5%的大额存单到2025年3月31日就下架。一位业内人士指 出，如果消费贷利率低于存款利率，消费贷资金被挪用于投资或其他套利行为，则容易造成资金空转， 也扰乱了金融市场的正常秩序。因此，银行上调消费贷利率、下调存款利率，能够避免无序竞争。(中 国经营报) "退费"0.23亿元 市场首现"负管理费"基金 南方瑞合三年定开混合2024年年报显示，基金年内发生的管理费为-0.23亿元。基金公司表示，主要是 因为去年9月进入三年一次申赎期，由于上一个封闭期没有带来收益，基金全额退还了期内所预收的管 理费。据悉，该基金也是2024年统计的基金管理费中，唯一年度管理费为负的基金。未来，随着浮动费 率基金的运作持续推进，类似情况或仍有可能出现。 (每经) 前十位基金管理人2024年管理费合计同比下降6.54% 随着降费改革的稳步推进，公募基金2024年基金管 ...