Core Insights - The first batch of floating fee funds has raised a total of 21.825 billion yuan, with 23 out of 26 funds announced [1] - The top three funds by fundraising scale are Dongfanghong Core Value at nearly 2 billion yuan, Yifangda Growth Progress at 1.704 billion yuan, and Jiaoyin Ruian at 1.547 billion yuan [1] - The last two floating fee funds, Xin'ao Advantage Industry and Huashang Zhiyuan Return, are scheduled to be issued on July 1 and will end fundraising on July 21 [1] Fundraising Details - The total amount raised by the first batch of floating fee funds is 21.825 billion yuan [1] - Dongfanghong Core Value leads with a fundraising scale of nearly 2 billion yuan [1] - Other funds with significant fundraising include Nanfang Ruixiang, Ping An Value Preferred, and Jingshun Great Wall Growth, each exceeding 1 billion yuan [1] Investor Participation - Yifangda Growth Progress has the highest number of investor subscriptions, exceeding 47,000 [1] - Nanfang Ruixiang ranks second with 24,700 subscriptions [1] - Ping An Value Preferred ranks third with 15,000 subscriptions [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 - Da Cheng Fund has launched the Da Cheng Zhi Zhen Return Fund, which is a mixed equity fund managed by Du Cong, aiming for long-term growth and performance exceeding its benchmark [1][2]. Fund Details - The fund is open for public subscription from June 3, 2025, to June 23, 2025, with a minimum total subscription of 200 million shares [2]. - The investment objective focuses on companies with long-term growth potential, targeting a benchmark composed of 70% CSI 800 Index, 10% Hang Seng Index (adjusted for valuation), and 20% China Bond Composite Index [2]. - The fund will invest 60%-95% of its assets in stocks and depositary receipts, with a maximum of 50% in Hong Kong Stock Connect stocks [2]. Fee Structure - The fund employs a floating fee structure with three tiers: 1.2% for holdings under 365 days, 1.5% for annualized excess returns over 6%, and 0.6% for annualized excess returns at -3% or below [4]. Fund Manager Profile - Du Cong, the proposed fund manager, has a master's degree in economics from Fudan University and 10 years of experience in the securities industry [5][6]. - As of April 2024, Du Cong manages two funds with a total scale exceeding 3 billion yuan [6]. Performance Metrics - Under Du Cong's management, the Da Cheng Growth Progress Fund achieved a return of 19.25% since April 2024, outperforming its benchmark by over 10 percentage points [7][8]. - The Da Cheng Technology Consumption Fund, managed since December 2024, reported a return of -1.94% during its tenure, with a slight gain of 1.21% this year [8]. Holdings - Major holdings in the funds include Tencent Holdings, Alibaba, and SMIC [9].