Core Insights - The first batch of floating fee rate funds has shown significant performance differentiation, highlighting the varying capabilities of fund managers in terms of positioning, sector allocation, and market judgment [1][9] Performance Overview - As of December 16, 2025, out of 26 funds, 19 achieved positive returns while 7 reported negative returns. The top performer, Huashang Zhiyuan Return A, delivered a remarkable return of 58.90%, followed by Xin'ao Advantage Industry A at 36.86% and E Fund Growth Progress A at 34.98% [2][10] - Other notable performers include Jiashi Growth Win A and Invesco Great Wall Growth, both exceeding 23% returns. Conversely, funds like Guangfa Value Steady A and Yinhua Growth Smart A reported negative returns of -8.32% and -3.35%, respectively [2][10] - The overall distribution of fund returns is characterized by a "middle large, both ends small" pattern, with most funds yielding between -0.1% and 7% [2][10] Fund Size and Performance Relationship - Notably, high-performing funds are not exclusively large. Huashang Zhiyuan Return A, with a size of 2.838 billion yuan, is the largest, while Jiashi Growth Win A, with a size of 406 million yuan, achieved a return of 32.88%, demonstrating the agility of smaller funds in volatile markets [2][10] Investment Strategies - Top-performing funds tend to focus on high-growth sectors. For instance, Huashang Zhiyuan Return A has concentrated holdings in AI computing-related stocks, with significant contributions from stocks like Zhongji Xuchuang and Shijia Photon, which saw increases of 45.39% and 40.17% over the past three months [3][11] - Xin'ao Advantage Industry A has a high concentration in semiconductor storage, with key stocks like Demingli and Jiangbolong rising by 55.43% and 119.02%, respectively. However, this strategy also led to volatility, as some holdings experienced declines of 13% to 21% [5][13] - E Fund Growth Progress A adopts a more balanced approach, diversifying across sectors such as optical communication and consumer electronics, successfully capturing gains from leading stocks [6][15] Underperforming Funds - Underperforming funds often remain focused on traditional industries or deviate from market trends. Guangfa Value Steady A has a significant allocation to liquor stocks, which have generally declined over 10% in the past three months, contrasting sharply with the strong performance of technology sectors [7][16] - Yinhua Growth Smart A is heavily invested in the real estate sector and certain pharmaceutical stocks, with some holdings experiencing declines as steep as 44.58%, indicating a lack of timely adjustments to market shifts [8][17] Conclusion - The short-term performance of the first batch of floating fee rate funds reflects a collision of different investment strategies and market styles in 2025. Funds aligned with the technology growth narrative performed strongly, while those focused on traditional value or balanced strategies lagged behind [9][17]

Core Viewpoint - The first batch of floating rate funds has shown a trend of performance differentiation, with 22 out of 26 funds achieving positive returns, indicating a successful initial operation period [3][4]. Performance Overview - As of mid-December, 84.6% of the first batch of 26 floating rate funds achieved positive returns, with notable performances from several funds [4]. - The top-performing fund, Huashang Zhiyuan Return A (024459.OF), achieved a return rate of 65.1%, while the lowest-performing fund, Guangfa Value Steady A (024448.OF), recorded a return of -5.96% [5][6]. - The performance gap between the highest and lowest returning funds exceeds 70 percentage points, highlighting significant differentiation in fund performance [8]. Fund Size and Performance Correlation - There is a clear positive correlation between fund size and performance, with larger funds often attracting more capital due to their superior returns [7]. - Huashang Zhiyuan Return A, with a size of 2.838 billion, is the largest fund in this batch, reflecting investor recognition of its outstanding performance [7]. Return Attribution Analysis - The performance differentiation among the funds is attributed to investment strategies, industry allocation, and stock selection capabilities [9]. - Huashang Zhiyuan Return A's success is linked to its manager's strategic focus on the technology sector, particularly in AI computing [9]. - The second-ranked fund, Xin'ao Advantage Industry A (024473.OF), capitalized on structural opportunities in the new energy and high-end manufacturing sectors [11]. Investment Strategy Insights - Funds with conservative value investment strategies, such as Guangfa Value Steady A, underperformed due to a misalignment with the market's growth-oriented trends [14]. - The top-performing funds predominantly focused on sectors like technology and AI, which were key drivers of market performance during the reporting period [14]. Fee Mechanism Impact - The floating fee structure aligns the interests of fund managers and investors, linking management fees to performance outcomes [20][21]. - Under this model, funds that exceed performance benchmarks may see management fees increase, while underperforming funds face fee reductions, incentivizing managers to focus on performance [22]. Selection of Floating Rate Funds - Investors are encouraged to understand the investment strategies and backgrounds of fund managers rather than relying solely on past performance or brand reputation [23]. - The selection process should involve assessing the manager's investment philosophy and ability to navigate market trends effectively [24][26]. Future Outlook - The initial success of the first batch of floating rate funds sets a positive precedent, but the long-term effectiveness of this fee structure in enhancing value for investors remains to be seen [26]. - As more floating rate funds are introduced, a broader range of products catering to different risk-return profiles is expected to emerge, providing investors with more options [26].

Core Insights - The article presents the performance returns of various investment products since their inception, highlighting the top performers in the market [1]. Performance Summary - Huashang Zhiyuan Return A achieved a return of 42.72% since inception [1] - Invesco Great Wall Growth Partner recorded a return of 42.41% [1] - Jiashi Growth Win A reported a return of 40.27% [1] - Xin'ao Advantage Industry A had a return of 34.84% [1] - E Fund Growth Progress A achieved a return of 29.23% [1] - Wanjia New Opportunities Share A reported a return of 19.98% [1] - Huashan Competitive Advantage A had a return of 18.83% [1] - ICBC Hongyu Return recorded a return of 14.48% [1] - Yinhua Growth Smart Select A achieved a return of 14.22% [1] - Fortune Balanced Allocation A reported a return of 10.74% [1]

Core Viewpoint - The first batch of new floating-rate funds has shown significant performance differentiation, with 23 out of 26 funds achieving positive returns since inception, and three funds exceeding a 40% return [1][4][5]. Group 1: Fund Performance - As of September 22, 2023, the top-performing funds include Huashang Zhiyuan Return A with a return of 42.72%, and two others with returns exceeding 40% [4][5]. - Seven funds have returns between 10% and 40%, while three funds have reported negative returns since their establishment [4][5]. - The performance variation is attributed to differences in performance benchmarks, timing of fund establishment, and the active management capabilities of fund managers [1][4][6]. Group 2: Fund Structure and Features - The new floating-rate funds implement a differentiated fee structure that charges based on the excess return level of each investment, encouraging long-term investment and enhancing investor experience [3]. - The total scale of the first batch of floating-rate funds reached 258.65 billion yuan, with nine funds exceeding 1 billion yuan in size [2]. Group 3: Market Context and Future Outlook - The second batch of 12 new floating-rate funds has been registered, with a focus on industry themes such as manufacturing and healthcare, alongside broad market selection products [7]. - The market outlook remains optimistic, with expectations of continued economic recovery supported by fiscal and monetary policies, and opportunities in sectors driven by new industries like artificial intelligence and semiconductors [8].

Core Viewpoint - The issuance of new floating-rate funds is gaining momentum in the market, with the E Fund Value Return Mixed Fund raising over 2 billion yuan and ending its subscription early [2][4][6]. Fund Issuance Details - The E Fund Value Return Mixed Fund announced the early closure of its fundraising on August 13, having started on August 4, with a target end date originally set for August 20, 2025 [4][6]. - This fund is part of the second batch of floating-rate funds, which includes the China Europe Core Select Mixed Fund and the Jianxin Medical Innovation Stock Fund, both of which also launched on the same day [4][6]. - The second batch of floating-rate funds has seen two out of three funds reach a fundraising scale of over 2 billion yuan, indicating a significant increase in market interest compared to the first batch [6]. Market Trends - The approval and issuance of new floating-rate products have accelerated since May 2023, following the China Securities Regulatory Commission's action plan to promote high-quality development of public funds [8]. - The first batch of 26 floating-rate funds launched on May 27, raising a total of over 25.8 billion yuan [9]. - As of August 12, most of the first batch of floating-rate funds have achieved positive returns, with some funds showing significant net asset value growth since their inception [10]. Future Outlook - Analysts suggest that the positive performance of the A-share market, particularly the Shanghai Composite Index breaking the 3600-point mark, is likely to attract more capital into the market as new floating-rate products are issued [11].

Core Viewpoint - The first batch of 26 new floating rate funds has begun to build positions, with overall positive performance, which may serve as a model for subsequent fund offerings [2][11][13] Fund Performance - As of August 4, 22 out of the 26 funds have achieved positive returns since inception, with the highest return nearing 8% and several funds around 6% [2][4] - Among the funds, the top performers include: - Invesco Great Wall Growth Fund with a return of 7.8% since June 27 - Harvest Growth Co-Winning A and E Fund with returns of 6.62% and 6.23% respectively since June 19 [4][5] - The performance of the remaining funds varies, with some showing minimal returns, such as: - Silver Hua Growth Smart A at 3.55% and Oriental Red Core Value A at 2.64% [4][5] Market Conditions - The establishment of these funds occurred during a favorable market period, as the Shanghai Composite Index reached 3600 points for the first time this year, aiding the overall fund positioning [2][8] - The net asset value (NAV) fluctuations among the funds are attributed to different building speeds and market conditions, reflecting the dynamic nature of fund management [9][10] Future Implications - The initial performance of the floating rate funds is expected to positively influence the fundraising and operation of the second batch of funds, which includes products like E Fund Value Return and China Europe Core Selection [11][12][13] - The floating rate fund model aims to align fund company revenues with investor returns, promoting long-term investment strategies [12][13]

Group 1 - The A-share market has shown resilience in the second quarter, with the Shanghai Composite Index rebounding 9.2% from its low of 3040.69 points on April 7 to 3381.58 points by June 23 [1] - There is significant performance differentiation among newly established funds, with a gap exceeding 46 percentage points due to varying investment strategies and timing of market entry [2][3] - The healthcare sector, particularly innovative drugs, has been a key driver of fund performance, with some funds achieving returns over 20% despite market volatility [3] Group 2 - The second quarter has seen a notable increase in the issuance of equity funds, with over half of the 247 newly established products raising funds in less than 15 days, indicating a rush to capitalize on market opportunities [5] - The market is currently characterized by both opportunities and risks, with sectors like AI, humanoid robots, and innovative drugs showing high local interest, although some companies may still face valuation challenges [6][8] - The overall valuation of the A-share market remains historically low, supported by a dual easing monetary and fiscal policy environment, while uncertainties from global trade tensions pose risks [8]