5月23日，嘉实成长共赢混合型证券投资基金（以下简称"嘉实成长共赢"）正式获批，这标志着全市场 将迎来首批新模式的浮动费率基金，也是《推动公募基金高质量发展行动方案》发布以来行业就大力推行基 于业绩比较基准的浮动管理费收取模式、优化基金运营模式相关部署的落实迈出重要一步。 据了解，与过往浮动费率产品不同，新一批全新模式浮动费率产品在费率机制上做了重大革新。首先， 管理费率挂钩投资者持有一定时间后的实际收益情况、以及相较业绩基准的表现，更强调投资者最佳利益导 向，并首次将费率细化至"单客户、单份额"维度，真正实现"千人千面"差异化；同时明确锚定业绩比较基 准，激励基金管理人不断提升投资能力、完善投研体系，强化对长期超额收益的挖掘；第三，采用开放式运 作模式，兼顾投资者长期投资与流动性管理的需求。新机制下的"新基金"对各家基金公司的综合运营和平台 能力也提出了更高要求。 （责任编辑：华青剑） 嘉实基金表示，包括嘉实成长共赢在内的首批新模式浮动费率基金获批，通过费率机制创新将产品管理 费率与投资者实际回报水平深度挂钩，将进一步强化基金管理人与投资者的"收益共享、风险共担"，同时引 导投资者长期投资形成良性循环。未来 ...

Core Viewpoint - The article emphasizes the proactive response of financial institutions to national policies, focusing on enhancing market stability and investor confidence through innovative fund structures and long-term capital strategies [1][4]. Group 1: Fund Development and Management - The public fund industry in China has surpassed 32 trillion yuan in management scale, becoming essential for capital markets and household finance [2]. - The introduction of floating fee rate funds marks a new paradigm in public fund management, aligning investor interests with fund performance [2][3]. - The floating fee structure includes three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment), promoting a more refined management fee approach [2][3]. Group 2: Investor-Centric Approach - The new floating fee rate funds require a minimum holding period of one year, with fees adjusted based on performance relative to benchmarks, thus encouraging long-term investment behavior [3]. - The emphasis on performance benchmarks aims to better inform investors about fund strategies and align their investment goals with product offerings [4]. Group 3: Market Trends and Opportunities - The capital market's new policies encourage long-term capital inflow and the development of equity public funds, which are seen as vital for wealth management and industry transformation [6]. - The focus on growth investment is highlighted as a timeless theme, with sectors like artificial intelligence and domestic consumption expected to drive significant investment opportunities [6][7]. Group 4: Strategic Asset Allocation - As of December 31, 2024, the stock market value of Jiashi Fund's public products reached 365.82 billion yuan, representing 32.57% of total assets, significantly above the industry average [7]. - The fund's strategic allocation emphasizes technology and consumer sectors, with substantial investments in new energy, high-end manufacturing, and internet services, aligning with national development strategies [7][8].

Core Viewpoint - The public fund industry in China is set to undergo significant fee rate reforms, introducing a floating management fee mechanism linked to fund performance, aiming to align the interests of fund managers and investors more closely [1][3]. Group 1: Floating Management Fee Mechanism - Over 20 large fund companies are expected to submit products based on performance benchmarks with a management fee structure comprising a basic fee, potential fees, and excess management fees [2][5]. - The new floating fee products will charge management fees based on the annualized return during the holding period compared to the benchmark, with differentiated fees for different investors based on their actual returns [2][4]. - This innovation emphasizes the anchoring role of performance benchmarks, incentivizing fund managers to pursue excess returns while penalizing them with reduced fees if performance falls short [2][3]. Group 2: Regulatory Emphasis on Investor Interests - The China Securities Regulatory Commission (CSRC) has highlighted the importance of binding fund company income to investor returns, aiming to eliminate the "guaranteed income" model for fund managers [3][4]. - The action plan mandates that new actively managed equity funds adopt a floating management fee model based on performance benchmarks, with specific fee rates determined by the fund's performance relative to the benchmark [3][4]. - The CSRC aims for leading fund institutions to issue at least 60% of their actively managed equity funds under this floating fee mechanism within the next year [3]. Group 3: Historical Context and Future Outlook - Previous fixed fee structures led to dissatisfaction among investors, prompting the introduction of floating fee products in late 2019, which allowed for performance-based fee extraction [5][6]. - Recent floating fee products have shown positive returns, with some exceeding 28% and others achieving over 40% returns, indicating a successful alignment of interests between fund managers and investors [6]. - The floating management fee model is expected to enhance the competitive edge of fund companies by focusing on research and investment capabilities, promoting long-term investment strategies among investors [6].