2025年12月24日，国泰研究精选正式成立6周年。 作为市场首批浮动管理费基金，国泰研究精选成立于2019年12月24日，管理费0.8%/年，低于主流主动 权益类产品一般水平，同时还将业绩与费用绑定，采用逐笔计提法提取业绩报酬，若单个基金份额持有 人的单笔份额在其持有期间的年化收益率超过业绩报酬计提基准（8%）时提取业绩报酬。 产品设计上，国泰研究精选采用2年持有期设计和浮动费率机制。2年持有期设计一方面鼓励投资者长期 投资，另一方面稳定的资金结构也有助于基金经理追求超额收益。浮动费率机制则进一步强化了管理人 与投资者的利益绑定，鼓励管理团队聚焦业绩提升，真正实现与投资者利益捆绑、风雨同舟。 展望后续市场走势，徐治彪认为当前A股慢牛格局仍将延续，相对看好科技成长。他表示，科技成长不 仅是慢牛格局下的核心进攻方向，更是中国经济的核心优势领域，其中已完成"出海"布局的企业值得重 点关注。此处的"出海"并非简单的产品出口，而是指跟随国际巨头实现本地化运营布局的企业，这类企 业有望充分受益于全球市场拓展，释放长期成长潜力。 从行业发展来看，随着浮动费率机制成为主动权益基金的主流模式，国泰研究精选的六年实践经验无疑 ...

Core Viewpoint - The article highlights the launch of the Guotai Quality Core Mixed Fund, managed by Guotai Fund, which aims to enhance investor experience through its unique advantages and is expected to inject new vitality into the A-share market [2][4]. Fund Management - The fund will be managed by Li Hai, who has 14 years of experience in the securities industry and 9 years in investment management, focusing on value growth investment [4]. - Li Hai's investment style emphasizes bottom-up stock selection complemented by mid-level industry analysis, aiming to identify valuable companies for long-term growth [4]. - Under Li Hai's management, the Guotai Jintai fund has achieved a total return of 116.22% since January 2017, significantly outperforming its benchmark [4]. Performance Metrics - The Guotai Consumer Preferred Fund, managed by Li Hai since August 2019, has a total return of 100.74% as of mid-2023, with impressive annualized returns over the last three and five years [5]. - The Guotai Quality Core Mixed Fund has a balanced allocation across sectors, including internet, electronics, and consumer medicine, with a 43.46% investment in Hong Kong stocks as of mid-2023 [5]. Market Outlook - Li Hai is optimistic about short-term market recovery and long-term revaluation of core Chinese assets, citing a decrease in the proportion of trade with the U.S. and the global competitiveness of Chinese manufacturing leaders [8]. - The article suggests that core Chinese assets remain undervalued, with potential for significant revaluation as the economy recovers and policies are implemented [8]. Company Background - Guotai Fund, established in 1998, focuses on independent research and long-term value investment, demonstrating strong profitability and professional capabilities in the industry [10][12]. - The company has generated a profit of 16.4 billion yuan for investors over the past six years, ranking among the top five fund companies in this regard [12]. Floating Rate Fund Experience - Guotai Fund has been a pioneer in the floating rate fund sector, with its first floating rate fund launched in 2019, showcasing its expertise in managing such products [15]. - The Guotai Research Select Fund has achieved a return of 78% since its inception, ranking first among similar funds, indicating the company's ability to balance risk and return [15].

Group 1 - The core viewpoint of the news is the approval of a new batch of floating management fee funds by the China Securities Regulatory Commission (CSRC), including the Guotai Quality Core Mixed Fund, which will be launched for issuance at an opportune time [2] - The CSRC's action plan emphasizes a floating management fee mechanism linked to fund performance, promoting a performance-based fee model for newly established actively managed equity funds [2] - The floating fee structure aligns the interests of fund managers and investors, encouraging better investment returns and avoiding a "one-size-fits-all" fee approach [2][3] Group 2 - Guotai Fund highlights that the reformed fee system strengthens the anchoring effect of performance benchmarks, deeply binding the interests of managers and investors [3] - The product design focuses on protecting investor interests and emphasizes the importance of long-term holding while managing liquidity needs [3] - Investors are advised to consider the investment capabilities and philosophies of fund companies and managers when selecting floating fee products, ensuring alignment with their investment goals [3]