Core Viewpoint - The recent trend of fund companies purchasing their own floating-rate funds indicates a strategic shift towards performance-based fee structures, enhancing investor confidence and aligning interests between fund managers and investors [1][6][8]. Group 1: Fund Company Actions - On June 3, Xingzheng Global Fund announced a self-purchase of 20 million yuan in its newly launched floating-rate fund, attracting significant market attention [1]. - Other leading institutions, including China Europe Fund and Bosera Fund, have also announced self-purchases totaling over 50 million yuan, reflecting a collective push towards performance-linked fee reforms [1][2]. - The first batch of 16 floating-rate funds was launched, with a focus on linking management fees to performance, marking a significant industry shift [4][6]. Group 2: Floating-Rate Fund Mechanism - The floating-rate funds utilize a three-tier fee structure based on performance, with management fees adjusted according to the fund's annual returns relative to a benchmark [2][4]. - The fee structure includes a reduction to 0.6% if returns lag the benchmark by 3 percentage points or more, while a higher fee of 1.5% applies if excess returns exceed 6% [2][4]. - This innovative fee model aims to protect investor interests by ensuring that management fees are closely tied to fund performance [4][5]. Group 3: Industry Implications - The self-purchase trend is seen as a response to regulatory guidance and an internal need for industry reform, with a goal of increasing the proportion of floating-rate funds to 60% of actively managed equity funds within a year [6][8]. - The shift from a scale-driven to a performance-driven model is expected to enhance the quality of fund offerings and improve investor returns [8][9]. - The competitive landscape of the mutual fund industry is likely to change, favoring firms with strong investment capabilities and a focus on delivering real returns to investors [8][9].

Core Viewpoint - The recent wave of self-purchases by major Chinese fund companies reflects their long-term confidence in the capital market, with amounts ranging from 10 million to 20 million yuan, particularly targeting floating fee rate funds [2][3]. Group 1: Fund Companies' Actions - Multiple leading fund companies, including Dongfanghong Asset Management and Bosera Funds, have announced self-purchases, with Dongfanghong committing 10 million yuan to its new floating management fee fund [3]. - Bosera Funds followed with a 20 million yuan self-purchase plan, indicating a positive outlook on equity products [3]. - Other companies like Xingzheng Global Fund and Zhongou Fund also participated, with commitments to hold investments for at least three years, showcasing a long-term investment strategy [3][4]. Group 2: Market Implications - The self-purchase actions are seen as a stabilizing force in the market, helping to avoid short-term speculative behaviors and reinforcing the bond between fund managers and investors [4][5]. - The self-purchases are particularly significant in the context of the recent issuance of floating fee rate funds, which are viewed as a major innovation in the industry [6]. Group 3: Strategic Considerations - The self-purchase trend is interpreted as a response to the need for "safeguarding" new fund launches, especially in a challenging market environment [6]. - Historical patterns suggest that self-purchase waves often coincide with market turning points, indicating institutional confidence in market bottoms [7]. Group 4: Investor Guidance - Investors are advised to analyze self-purchase behaviors critically, focusing on the proportion of self-purchase relative to fund size, the length of the lock-up period, and whether fund managers are also investing [8]. - While self-purchases can signal positive sentiment, they should not be the sole basis for investment decisions, as market trends are ultimately driven by fundamental factors [9].