Group 1 - The core viewpoint of the news is that the launch of the Jiashi Growth Win Mixed Fund marks a new phase in the public fund industry's fee rate reform, with a total net subscription amount of 927 million yuan achieved during the fundraising period [1][3]. - The Jiashi Growth Win Mixed Fund employs a dual floating fee mechanism linked to performance benchmarks, with management fees adjusted based on the holding period and annualized excess return [3][4]. - The fund's final net subscription amount includes 685.3 million yuan for Class A shares and 242.1 million yuan for Class C shares, with a total of 5,564 valid subscription accounts [2][3]. Group 2 - Jiashi Fund has optimized the on-site abbreviations for 22 index products to enhance investor recognition and promote standardized development in the ETF market [1][6]. - The abbreviation changes involve major products, including the largest rare earth theme ETF with a scale exceeding 20 billion yuan, and the first batch of the CSI A500 ETF [6][7]. - As of June 2025, the ETF market in China reached a scale of 4.17 trillion yuan, with 1,186 products and over 21 million investors, highlighting the increasing issue of product homogeneity [6].

Core Viewpoint - The introduction of the first batch of floating rate funds is a significant reform in the public fund industry, aimed at better meeting investor needs and enhancing fund performance through a flexible fee structure [1][2]. Group 1: Fund Characteristics and Design - The first batch of floating rate funds includes 26 funds, designed to incentivize fund managers and improve performance while aligning with regulatory requirements for high-quality development [2][3]. - The Jia Shi Growth Win Mixed Fund, managed by Li Tao, is based on a growth style, primarily referencing the CSI 800 Growth Index, reflecting the manager's investment philosophy [2][4]. - The fund's fee structure is closely tied to performance benchmarks, with management fees decreasing significantly when returns are below benchmarks and increasing when returns exceed benchmarks [2][3]. Group 2: Investment Strategy and Market Outlook - Li Tao expresses optimism about the long-term growth of the A-share market, citing rapid iterations in China's technology industry and the potential for higher added value and consumption capacity due to industrial upgrades [4]. - Key sectors identified for growth include AI, innovative pharmaceuticals, and robotics, with China positioned as a core engine for global AI development [4]. - The fund aims to provide a diversified investment approach, not limited to index constituents, to navigate market uncertainties [4]. Group 3: Risk Management and Investor Experience - The floating fee product has strict terms for fee increases, ensuring that management fees only rise when significant relative and absolute returns are achieved, while conditions for fee reductions are straightforward [3][5]. - Li Tao emphasizes the importance of constructing diversified asset portfolios to mitigate volatility, suggesting that different asset classes can offset each other's fluctuations [5][6]. - The fund will implement dividend policies to enhance investor returns and improve the overall holding experience, supported by a leading research team within Jia Shi Fund [6].

Group 1 - The approval of the first batch of new model floating rate funds, including the "Jia Shi Growth Win-Win Mixed Fund," marks a significant step in implementing the floating management fee model based on performance benchmarks, as outlined in the "Action Plan for Promoting High-Quality Development of Public Funds" [1][2] - The new floating rate products feature a significant innovation in fee mechanisms, linking management fees to the actual returns of investors after holding for a certain period, emphasizing the best interests of investors and introducing a "one client, one share" approach for true differentiation [1][2] - The new mechanism requires fund managers to continuously enhance their investment capabilities and research systems, aiming for long-term excess returns while adopting an open operation model to balance long-term investment and liquidity management needs [1][2] Group 2 - Jia Shi Fund Management Company states that the innovative fee mechanism will deepen the connection between management fees and actual investor returns, reinforcing the concept of "shared profits and shared risks" between fund managers and investors, and promoting a virtuous cycle of long-term investment [2] - The public fund industry has surpassed 32 trillion yuan in management scale, becoming an essential part of China's capital market and household financial management, continuously innovating towards a new development stage [2] - Since 2013, Jia Shi Fund has actively explored floating rate funds, establishing various types including fixed income, active equity, and REITs, with the "Jia Shi Innovation Power" fund achieving a return of 44.14% since its inception, outperforming its benchmark by approximately 32% [2]

Core Viewpoint - The approval of 26 new floating-rate funds by the regulatory authority reflects a strong commitment to implementing public fund reform and aligning fund company income with investor returns [1] Group 1: Regulatory Approval - 26 new floating-rate funds have been registered and are expected to be available for investors soon through commercial banks and internet platforms [1] - The funds were collectively submitted for approval on May 16, received acceptance on May 19, and were quickly approved on May 23, indicating the regulatory body's efficiency [1] Group 2: Fund Companies and Products - The following fund companies have submitted new floating-rate fund products: - E Fund: E Fund Growth Progress Mixed Securities Investment Fund - Fuguo Fund: Fuguo Balanced Allocation Mixed Securities Investment Fund - Value Fund: Value Stable Mixed Securities Investment Fund - Zhongou Fund: Zhongou Large Cap Smart Selection Mixed Fund - Jingshun Longcheng Fund: Jingshun Longcheng Growth Companion Mixed Fund - Others include Jia Shi, Huitianfu, Huaxia, Yinhua, and many more with a total of 26 products listed [1]

Core Viewpoint - The first batch of innovative floating fee rate products based on performance benchmarks has been reported, with 26 fund managers participating, indicating strong representation and capability in equity management [1][3][11]. Group 1: Product Overview - 26 fund management companies have quickly responded to the public fund reform policy by reporting the first batch of new model floating management fee products within ten days of the reform's implementation [3]. - The reported products are managed by well-performing fund managers, focusing on creating returns for investors [2][11]. Group 2: Fee Structure - Unlike traditional floating fee rate funds, the new model will have a more detailed fee structure based on each investor's holding time and annualized return during the holding period [7]. - If the holding period is less than 365 days, only the basic management fee can be charged; if it is 365 days or more, the management fee will be linked to the annualized return compared to the performance benchmark [7]. Group 3: Investment Strategy - The first batch of products will primarily invest in a broad market selection, benchmarking against mainstream indices such as CSI 300, CSI A500, and CSI 500 [8]. - The aim is to encourage long-term investment from investors, enhancing their overall investment experience [8][11]. Group 4: Future Developments - More fund managers are expected to follow suit in reporting similar products as they prepare adequately [9][11]. - The "Action Plan" stipulates that leading institutions should issue at least 60% of such funds compared to their actively managed equity funds within a year [10].