公募基金费率改革正在迎来从降费让利到机制重构的纵深推进。 此外，第二批浮动费率基金也发行提速，其中易方达价值回报、中欧核心智选两只新型浮动费率基金已 经提前结束募集，募集金额均超20亿元。 相比首批产品，第二批新型浮动费率模式已再次有所创新。一是投资策略更加多元，除了全市场选股产 品外，第二批还有聚焦行业或者主题的产品，比如建信医疗创新、华泰柏瑞制造业主题混合等产品；二 是费率降档阈值设定更加严格。比如，相较新型浮动费率产品普遍"跑赢6个百分点、跑输3个百分点"的 年化超额升降档阈值，华泰柏瑞制造业主题混合基金将降档阈值调整为"跑输2个百分点"，对基金管理 人提出了更高要求。 华泰柏瑞基金表示，新型浮动费率模式的意义远不止于费率本身的变化，同时，它还通过费率机制设 计，强化管理人与投资者利益的深度绑定，建立了更公平的利益共享、风险共担机制。在浮动费率模式 下，管理费收入直接与基金创造的超额收益挂钩，这直接推动基金管理人将核心资源投入到提升主动管 理能力、创造超额收益上，努力帮投资者多赚钱。 自2023年7月证监会发布实施《公募基金行业费率改革工作方案》以来，公募基金费率改革正在按照"管 理费用—交易费用—销售 ...

Core Viewpoint - The first batch of 26 new floating-rate funds has seen 13 established with a total fundraising scale exceeding 12.6 billion yuan, indicating strong market interest and a shift towards performance-based fee structures [1][3][6]. Fund Establishment and Performance - As of June 24, 13 out of 26 new floating-rate funds have announced their establishment, raising over 12.6 billion yuan in total [1][3]. - The top three funds by fundraising scale are: - Dongfanghong Core Value managed by Zhou Yun at 1.991 billion yuan - E Fund Growth Progress managed by Liu Jianwei at 1.704 billion yuan - Ping An Value Enjoy managed by He Jie at 1.322 billion yuan [3][4]. Fee Structure and Investor Alignment - The floating-rate funds implement a tiered management fee structure with a "reward for excellence and punishment for poor performance" mechanism, aligning the interests of fund managers with those of investors [1][6]. - If a fund's annualized return lags the benchmark by more than 3 percentage points, the management fee is halved to 0.6%. Conversely, if excess returns exceed 6 percentage points, the fee increases to 1.5% [6]. Investment Strategies and Manager Profiles - Fund managers are divided into three styles: growth, value, and balanced strategies, with a focus on A-shares and Hong Kong stocks for diversification [6][7]. - Growth-style managers focus on sectors like technology and emerging consumption, while value-style managers prefer low-valuation, high-return on equity companies [7][10]. Market Trends and Opportunities - Fund managers are encouraged to identify investment opportunities amid uncertainty, with a focus on sectors such as AI and pharmaceuticals [11]. - The dynamic adjustment of investment strategies is emphasized, with a slower pace in bullish markets and an accelerated approach in bearish conditions [11].

Group 1 - Several floating rate funds have been announced today, with total establishment sizes exceeding 600 million yuan, including E Fund Growth Progress exceeding 1.7 billion yuan [1][2] - The established floating rate funds have begun building positions, with some funds showing significant movements shortly after their establishment [1][4] - The cumulative establishment size of five floating rate funds has surpassed 6 billion yuan [3] Group 2 - New funds established in the second quarter have shown notable building actions, with over 1,000 million yuan in total establishment size for stock and mixed funds [5][6] - Among the new funds, some have already exceeded 50% in stock asset allocation within a short time frame [6] - The top holdings of newly established funds indicate a concentration in the banking sector, benefiting from recent strong performance in that sector [6][7]

Group 1 - Zhongyin Fund announced the resignation of Chairman Zhang Yan due to work adjustments, effective June 16, with Executive President Zhang Jiawen acting as interim chairman [1] - Zhang Yan had a long tenure at Bank of China, serving in various senior roles before becoming chairman of Zhongyin Fund in August 2017 [1] - Zhang Jiawen has extensive experience at Bank of China and joined Zhongyin Fund in 2013 [1] Group 2 - Xinyuan Fund appointed two new deputy general managers, Zhang Pengfei and Yang Xiaoyu, with backgrounds in finance and technology [2] - Zhang Pengfei previously held positions at Huatai Securities and Nanjing Bank before joining Xinyuan Fund in December 2022 [2] - Yang Xiaoyu has a background in technology and joined Xinyuan Fund in December 2022 as Chief Information Officer [2] Group 3 - Dongfanghong Yingfeng Stable 6-Month Holding FOF announced an early closure of its fundraising period, reaching a cap of 8 billion RMB [3] - The FOF market has seen significant inflows, with a total growth of 17.9 billion RMB in the first quarter of this year, marking a new high since 2022 [3] Group 4 - As of June 17, four new floating rate funds, including E Fund Growth Progress and GF Value Stability, have completed their fundraising [4] - Huashan Competitive Advantage Fund also announced an early closure of its fundraising period, moving the deadline to June 18 [4] Group 5 - Over 100 bond funds have announced restrictions on large subscriptions in June, with a notable increase in announcements on June 16 and 17 [5][6] - Specific funds like E Fund Fucai Pure Bond and Wanjia Xinyao Pure Bond have set limits on large subscriptions, with caps of 4 million RMB and 1 million RMB respectively [6] Group 6 - Wu Huijuan resigned from her roles as fund manager for three products at Green Fund due to personal reasons, with her funds now managed by Yin Zixin [7] - Wu Huijuan had a return rate of 1.35%, 1.02%, and 0.67% for the funds she managed as of June 16 [7] - She has 14 years of experience in the securities industry and joined Green Fund in December 2023 [7] Group 7 - On June 18, the market saw a slight recovery, with the Shanghai Composite Index up 0.04% and the Shenzhen Component Index up 0.24% [8] - The total trading volume in the two markets was 1.19 trillion RMB, a decrease of 161 billion RMB from the previous trading day [8] - Sectors such as consumer electronics and wind power equipment performed well, while beauty care and rare metals sectors faced declines [8][9]

Group 1 - The total fundraising scale of floating fee funds has exceeded 8 billion yuan as of June 10, with significant contributions from bank channels [1] - Among the first batch of 26 floating fee funds, 24 are currently in the fundraising process, with 16 funds surpassing the 200 million yuan establishment threshold [1] - The leading fund,交银施罗德瑞安, has raised nearly 700 million yuan through Bank of Communications and Pudong Development Bank, while 易方达成长进取 has raised over 560 million yuan through China Merchants Bank [1] Group 2 - 东方红核心价值 has successfully completed a fundraising of 2 billion yuan and has been established, while 信澳优势行业 has not yet finalized its issuance schedule [1] - Other funds like 天弘品质价值 and 嘉实成长共赢 have raised close to 500 million yuan each through their respective custody channels [1]

Core Viewpoint - The first batch of 26 floating fee funds has been fully issued, with a total issuance scale exceeding 7 billion yuan, indicating strong market demand and participation from various financial institutions [1] Fund Issuance Overview - The total issuance scale of the first batch of floating fee funds has surpassed 7 billion yuan, with banks contributing over 6 billion yuan [1] - Major banks such as China Construction Bank, Agricultural Bank of China, and Industrial and Commercial Bank of China have shown significant activity, with daily issuance exceeding 100 million yuan [1] - The leading issuer, Shanghai Pudong Development Bank, has achieved a cumulative issuance of 1.45 billion yuan, while Bank of China has nearly reached 1.3 billion yuan [1] Individual Fund Performance - The fund "Oriental Red Core Value" has reached its fundraising cap of 2 billion yuan and has been established first [1] - Other leading funds in the current issuance phase include "E Fund Growth Progress" and "Harvest Growth Win," with issuance exceeding 500 million yuan and 400 million yuan respectively through Bank of China channels [1] - Other notable funds include "Tianhong Quality Value," "Jiaoyin Schroder Ruian," and "Dacheng Ultimate Return," which are also performing well in terms of issuance [1] Securities Channel Contribution - In the securities channel, Dongfang Securities has contributed nearly 500 million yuan in sales for "Oriental Red Core Value," while CITIC Securities has surpassed 200 million yuan in sales for floating fee funds [1]

Core Viewpoint - The article discusses the innovative design and strategy behind the "Jia Shi Growth Win" floating fee rate fund, which aims to achieve both market returns (β) and excess returns (α) by anchoring to the CSI 800 Growth Index, covering sectors like technology, high-end manufacturing, and biomedicine [1][2]. Group 1: Fund Design and Fee Structure - The floating fee rate fund is designed to align the interests of investors and the fund manager, with fees adjusting based on individual investor performance, creating a "one size fits one" approach [1][2]. - The management fee structure is tiered based on the holding period and performance relative to the benchmark, with a standard fee of 1.2% for holdings under one year, and three tiers for longer holdings based on performance [2]. - The upward fee adjustment conditions are stricter than downward adjustments, emphasizing investor protection [2]. Group 2: Investment Strategy and Manager Profile - The fund manager, Li Tao, is recognized for his strong performance, having achieved a total return of 35% since the fund's inception, significantly outperforming the benchmark [3]. - Li Tao's investment strategy focuses on identifying leading companies in high-growth sectors and dynamically adjusting the portfolio to mitigate risks associated with overexposure to any single sector [3][4]. - The fund's strategy emphasizes a diversified approach across multiple sectors, including technology and high-end manufacturing, to capture various growth opportunities [3][4].

Core Insights - The first batch of floating fee funds has entered its 8th day, with 25 out of 26 funds already open for issuance [1] - The total amount raised by these 25 funds has exceeded 5.3 billion yuan, with the Dongfanghong Core Value Fund reaching its fundraising cap of 2 billion yuan ahead of schedule [1] Fund Distribution - In terms of sales through bank channels, Pufa Bank leads with a distribution scale of 1.4 billion yuan [1] - Bank of China follows closely with nearly 1.2 billion yuan in sales, while China Construction Bank and Industrial and Commercial Bank of China are both approaching 700 million yuan [1] Product Performance - Among the fund products, E Fund Growth Progress and Harvest Growth Win have each raised over 400 million yuan through Bank of China [1] - Tianhong Quality Value and Jiao Yin Schroder Ruian have exceeded 300 million yuan in sales through Pufa Bank and Bank of Communications [1]

Group 1 - The core point of the article is that the first batch of floating fee funds has raised over 3.3 billion yuan within six days, indicating strong demand in the market [1] - Among the banks, Pudong Development Bank leads with a total sales of 1.3 billion yuan from three funds, while Bank of China has sold nearly 900 million yuan from three other funds [1] - The Oriental Red Core Value fund is approaching its 2 billion yuan fundraising cap and may close early due to high demand [1] Group 2 - China Merchants Bank has entered the floating fee fund issuance competition, achieving nearly 100 million yuan in sales on its first day [1] - Other funds that have exceeded 300 million yuan in single-channel sales include E Fund Growth Progress, Harvest Growth Win, and Tianhong Quality Value [1]

Group 1: New Energy Vehicles - The Ministry of Industry and Information Technology, National Development and Reform Commission, and Ministry of Commerce are organizing the 2025 New Energy Vehicle promotion activities in underdeveloped county-level cities to enhance market potential [1] Group 2: IPO and Fundraising - Circle Internet Group has increased its IPO scale to $880 million, planning to issue 32 million shares at a price range of $27 to $28 per share, which is a 47% increase from previous expectations [2] Group 3: Robotics and AI - Beijing Humanoid Robot Innovation Center has increased its registered capital from 350 million RMB to 460 million RMB, marking a 31% increase, focusing on industrial robot manufacturing and intelligent robot development [3] Group 4: Quantum Computing - The "Benyuan Wukong" quantum computer has completed over 500,000 quantum computing tasks for users in 143 countries since its launch, with a global access volume exceeding 29 million [4] Group 5: Marine Economy - Guangdong Province is promoting the development of new marine equipment such as deep-sea submersibles and underwater robots, aiming to integrate technologies like IoT and AI into the marine sector [5] Group 6: Fund Sales - The first batch of floating fee funds has achieved cumulative sales of 2.6 billion RMB within five days, with significant contributions from various banks [6] Group 7: Machine Vision Market - The Chinese machine vision market is projected to exceed 21 billion RMB in 2025, with a year-on-year growth rate of over 14%, despite a slight decline in 2024 [7] Group 8: Energy Sector Reforms - The National Energy Administration is optimizing qualification management to support new business models in the electricity sector, including exemptions for distributed solar and wind power [8] Group 9: Rural Housing Renovation - Zhejiang Province has expanded the subsidy scope for rural housing renovations to include gates and protective railings, aiming to accelerate rural housing improvement [9] Group 10: Green Electricity Promotion - The National Development and Reform Commission and National Energy Administration are encouraging the use of green electricity among key energy-consuming units and improving electric vehicle charging infrastructure [10]