Core Viewpoint - Dachen Fund Management Co., Ltd. announced a self-purchase of 20 million yuan in its newly launched floating-rate fund, Dachen Zhi Zhen Return Mixed Securities Investment Fund, reflecting a growing trend of self-purchases in the public fund industry as firms respond to regulatory fee reforms and strengthen ties with investors [1][2]. Group 1: Company Actions - Dachen Fund's self-purchase of 20 million yuan demonstrates confidence in the long-term stability and healthy development of China's capital market and the company's proactive investment capabilities [2]. - The Dachen Zhi Zhen Return Mixed Fund is one of the first floating-rate management fee products, managed by experienced fund manager Du Cong, who has 11 years of industry experience and a strong track record [2][3]. - Other institutions, including Jiao Yin Shi Luo De Fund and Zhong Ou Fund, have also announced similar self-purchase actions, indicating a collective movement within the industry [4][5]. Group 2: Fund Structure and Fee Mechanism - The Dachen Zhi Zhen Return Mixed Fund has a wide investment scope, including domestic stocks, bonds, and asset-backed securities, and employs a floating fee structure linked to fund performance [3]. - The management fee varies based on the holding period and performance, with rates ranging from 0.60% to 1.50%, depending on the fund's excess return relative to benchmarks [3]. - The floating fee mechanism aims to align the interests of fund companies with those of investors, promoting long-term investment and enhancing active management capabilities [3][5]. Group 3: Industry Trends - The self-purchase actions by Dachen Fund and other institutions signify a shift in the public fund industry towards a focus on returns and long-term performance [5]. - The implementation of floating fee mechanisms represents an innovation in fee structures and a reconfiguration of investment philosophies and assessment systems within the industry [5]. - As the regulatory framework evolves, fund companies' revenues will increasingly be tied to investor returns, influencing fund managers' compensation based on long-term performance [5].

Core Viewpoint - The self-purchase of floating rate funds by fund companies is a significant way to express confidence in the market, with a total self-purchase amount reaching 100 million yuan as of June 9, 2023 [1][2][3]. Group 1: Fund Companies' Self-Purchase Activities - On June 9, 2023,交银施罗德基金 self-purchased 20 million yuan, increasing the number of fund companies participating in self-purchase to eight, with a total self-purchase amount of 100 million yuan [1]. - Fund companies such as 东方红资管, 天弘基金, 博时基金, and 中欧基金 each self-purchased 10 million yuan, while 兴证全球基金 and 大成基金 self-purchased 20 million yuan [2][3]. - The self-purchase activities reflect a commitment to aligning the interests of fund companies with those of investors, enhancing the quality of public fund development [4]. Group 2: Benefits of Floating Rate Funds - Floating rate funds optimize fee structures, reducing holding costs for investors, as management fees can decrease significantly when fund performance is poor [5][6]. - The floating fee mechanism incentivizes fund managers to enhance performance, as management fees are linked to fund performance, promoting a shift from a scale-oriented to a performance-oriented industry [6][10]. - The design of floating rate funds encourages long-term holding by reducing the impact of short-term market fluctuations on investor behavior [7][9]. Group 3: Trust and Confidence in Fund Management - The floating fee mechanism strengthens the binding of interests between investors and fund managers, fostering trust as higher fees are only earned when fund performance is strong [8][12]. - Fund companies' self-purchases, such as that of 宏利基金, demonstrate confidence in their management capabilities, further enhancing investor trust [11]. - The floating fee structure improves the overall investor experience by lowering costs during poor performance and focusing on long-term returns [9][10].

Core Viewpoint - Dachen Fund Management Co., Ltd. announced a self-purchase of 20 million yuan in its newly launched floating rate fund, Dachen Zhi Zhen Return Mixed Securities Investment Fund, reflecting a growing trend of self-purchases in the public fund industry as firms respond to regulatory fee reforms and strengthen ties with investors [2][5][9]. Group 1: Company Actions - Dachen Fund's self-purchase of 20 million yuan demonstrates confidence in the long-term stability and healthy development of China's capital market and the company's proactive investment capabilities [5]. - The Dachen Zhi Zhen Return Mixed Fund is one of the first floating management fee products, managed by experienced fund manager Du Cong, who has a track record of significant returns [5][6]. - Other institutions, including Jiao Yin Schroder Fund and Zhong Ou Fund, have also announced self-purchases, indicating a trend where self-purchase has become a standard practice for newly issued floating rate funds [7][8]. Group 2: Fund Structure and Mechanism - The Dachen Zhi Zhen Return Mixed Fund has a wide investment scope, including domestic stocks, bonds, and asset-backed securities, and employs a floating fee structure linked to fund performance [6]. - The management fee structure varies based on the holding period and performance, with rates ranging from 0.60% to 1.50% depending on the fund's performance relative to benchmarks [6]. - The floating fee mechanism aims to align the interests of fund companies with those of investors, promoting long-term investment and enhancing active management capabilities [6][9]. Group 3: Industry Trends - The self-purchase actions by Dachen Fund and other institutions signify a shift in the public fund industry towards a focus on returns and long-term performance [9]. - The implementation of floating fee mechanisms represents not only an innovation in fee structures but also a reconfiguration of investment philosophies and assessment systems within the industry [9].

Core Insights - The new floating rate funds have seen significant sales success within just two weeks of issuance, with multiple banks reporting sales exceeding 1 billion yuan, and some surpassing 10 billion yuan [1][2] - The Oriental Red Core Value Mixed Fund has already exceeded its fundraising cap of 2 billion yuan, with a subscription confirmation rate of approximately 94.03% [2][3] - A trend of self-purchase by fund companies has emerged, with Manulife Fund investing 10 million yuan in its own floating rate fund, reflecting a commitment to shared interests and risk with investors [1][5] Fund Sales Performance - As of June 6, several banks, including SPDB, Bank of China, and others, reported that their sales of new floating rate funds exceeded 1 billion yuan, with SPDB and Bank of China surpassing 10 billion yuan [2] - The first batch of 16 floating rate funds launched on May 27 has seen strong initial subscription, with many funds achieving over 1 billion yuan in subscriptions by June 6 [2][3] Fund Company Actions - Multiple fund companies have announced self-purchases of their floating rate funds, with amounts ranging from 10 million to 20 million yuan, indicating confidence in the market [5][6] - The self-purchase actions by companies like Oriental Red Asset Management and Tianhong Fund demonstrate a commitment to aligning interests with investors [5][6] Fund Characteristics - The new floating rate funds have varied performance benchmarks, with some using the CSI 500 Index as a benchmark, while others target the CSI 300 Index or the CSI 800 Index [4] - The introduction of floating rate funds is seen as a response to the policy aimed at linking management fees to fund performance, marking a new approach in the industry [6]

Group 1 - The first batch of new floating rate funds was launched on May 27, with 16 products available for subscription, marking a significant transformation in the public fund industry [1][2] - The rapid issuance of these funds occurred just two trading days after receiving approval from the regulatory authority, indicating a swift response from the industry [1][2] - Initial sales were strong, with reports of some products achieving subscription scales exceeding several hundred million yuan on the first day [2] Group 2 - The fund companies have deployed their top-performing fund managers for these new products, emphasizing a balanced and stable investment style [3] - The performance benchmarks for these floating rate funds vary, with many choosing broad market indices like CSI 300 and CSI 500, reflecting the fund managers' market style predictions [4][5] - The management fees for these funds will be dynamically calculated based on the actual returns to investors, introducing a new level of operational and system capability requirements for fund companies [6][7] Group 3 - The floating management fee mechanism links the fee rate to the excess return relative to the performance benchmark, aiming to enhance investor satisfaction and promote long-term investment behavior [7] - The current market environment is viewed as a "golden window" for equity investments, with favorable external conditions and relatively low valuations in both A-share and Hong Kong markets [7]