5月份，首批新型浮动费率基金重磅发行，行情推演至年末，这批产品的业绩答卷已然揭晓。 有公募基金认为，此类产品将业绩比较基准作为考核的指挥棒，对基金经理的投研能力提出了更高要求。尤其 是面对主题基金的风格限制，基金经理仍有很大的主动空间，需要对产业链中个股作更深刻的研究，并在持股 集中度和仓位调整方面寻找更平衡的组合解。 既有重仓AI赛道的基金斩获超70%的惊人收益，也有聚焦消费、医疗板块的产品表现承压，然而，不足四成的 基准跑赢率也体现了部分基金经理依旧显得"水土不服"。 5月27日，易方达基金、南方基金等公募旗下首批26只新型浮动费率基金产品鸣锣开售，并接连在6月与7月的 行情上行途中公告成立；不仅如此，此类产品发行热持续蔓延，年内已有61只新型浮动费率基金成立。 行情演绎至年末，首批产品交出了不同的"成绩单"。据统计，截至12月26日，华商致远回报成立以来的收益率 居首，约为71.75%。其次是信澳优势行业，涨幅高达54.44%，嘉实成长共赢和易方达成长进取两只基金涨幅 亦超过四成，共计8只基金涨幅超过20%，15只产品涨超10%。 从持仓情况来看，领跑的华商致远回报无疑重仓了年内大火的人工智能赛道，截至 ...

Core Viewpoint - The first batch of new floating-rate funds has shown impressive performance, with 23 out of 26 funds achieving positive returns since their inception, and 3 funds exceeding a 40% return [1][3]. Group 1: Fund Performance - As of September 22, among the 26 new floating-rate funds, 3 funds have achieved returns over 40%, specifically Huashang Zhiyuan Return A (42.72%), Jingshun Changcheng Growth Companion, and Jiashi Growth Win A [3][4]. - A total of 23 funds have reported positive returns since inception, while 3 funds have negative returns, indicating a significant performance disparity among the funds [3][4]. Group 2: Fund Characteristics - The first batch of 26 new floating-rate funds was established between June 6 and July 23, with a total scale of 25.865 billion yuan, and 9 funds exceeding 1 billion yuan in size [2][3]. - The floating-rate funds implement a differentiated fee structure based on the excess return level of each investment, promoting long-term investment and enhancing the investment experience [2][3]. Group 3: Market Outlook - The market is viewed positively for the medium to long term, with opportunities for investment in China's industrial upgrade, and current market fluctuations should lead to reduced speculative behavior [1][7]. - The second batch of 12 new floating-rate funds has been registered, with a focus on industry themes such as manufacturing and healthcare, indicating a trend towards regular registration of new products [5][6].