Group 1 - Dachen Fund and its senior management will jointly invest no less than 10 million yuan to purchase the Dachen Insight Advantage Mixed Securities Investment Fund, committing to hold for at least one year [1][2] - The Dachen Insight Advantage Mixed Fund is set to launch on July 7, with the proposed fund manager being Li Bo, Deputy Director of the Stock Investment Department, who has a track record of outperforming the CSI 300 Index for ten consecutive years [4] - This marks the second self-purchase announcement by Dachen Fund this year, having previously announced a 20 million yuan investment in the Dachen Ultimate Return Mixed Fund [4] Group 2 - As of July 3, 110 fund companies have net subscriptions totaling 4.125 billion yuan for their fund products (excluding money market funds) [5] - The emergence of new floating management fee rate funds has become a highlight in the fund issuance market this year, with several public fund companies actively self-purchasing using their own funds [5] - Self-purchases signal confidence in the long-term value of products and indicate a shift in the industry towards prioritizing investor returns, driven by regulatory reforms in floating fee rates [5]

Core Viewpoint - Dachen Fund announced a self-purchase of its fund products, demonstrating confidence in the high-quality development of China's capital market and its investment management capabilities [4][5]. Group 1: Fund Self-Purchase Details - On July 4, Dachen Fund announced that it and its senior management, along with the proposed fund manager, will jointly invest no less than 10 million yuan to subscribe to the Dachen Insight Advantage Mixed Fund, committing to hold it for at least one year [4]. - This is the second self-purchase announcement by Dachen Fund in 2023, following a previous commitment to invest 20 million yuan in the Dachen Ultimate Return Mixed Fund on June 7 [5]. Group 2: Market Context and Trends - As of July 3, 2023, 110 fund companies have net subscriptions totaling 4.125 billion yuan for their fund products (excluding money market funds) [7]. - The emergence of new floating management fee rate funds has become a highlight in the fund issuance market this year, with several public fund companies actively self-purchasing using their own funds [8]. - Industry insiders suggest that self-purchases signal confidence in the long-term value of products and indicate a shift towards a model focused on "investor returns," driven by regulatory reforms in floating fee structures [8].

Core Viewpoint - The approval of 26 new floating-rate funds by the China Securities Regulatory Commission (CSRC) reflects a significant shift in the public fund industry towards a model that aligns the interests of institutions and investors, promoting mutual growth and success [2][7]. Fund Details - All 26 products are mixed funds with a tiered management fee structure of 1.2% (base), 1.5% (upper tier), and 0.6% (lower tier), indicating a more than 100% difference between the lowest and highest fee rates [2][3]. - The performance indicators for adjusting fee tiers are based on annualized returns exceeding or falling short of the benchmark by 6 percentage points and 3 percentage points, respectively [3][4]. Fee Structure - For an investment of 1 million yuan, if the fund outperforms the benchmark by 6 percentage points after one year, the management fee increases from 12,000 yuan to 15,000 yuan; conversely, if it underperforms by 3 percentage points, the fee decreases to 6,000 yuan [6]. - The fee adjustment mechanism is asymmetric, with the increase in fees being half the magnitude of the decrease, demonstrating a focus on protecting investor interests [6]. Investment Focus - The 26 funds primarily invest in equities, with a typical stock allocation centered around 80%, targeting major indices such as the CSI 300, CSI A500, and others, while also participating in Hong Kong stocks and bonds [6]. - The initiative aligns with the "Action Plan for Promoting High-Quality Development of Public Funds," which aims for leading institutions to issue floating-rate funds at least 60% of the number of actively managed equity funds within a year [6][7]. Industry Response - The launch of floating-rate products is seen as a proactive response from the public fund industry to the regulatory action plan, indicating a beneficial exploration of fund fee structures [7]. - This new fee model is designed to encourage long-term holding by investors and enhance the accountability of fund management to performance benchmarks, fostering a healthier industry ecosystem [7].