Core Viewpoint - The article highlights the significant growth of C-class fund shares in the third quarter, driven by short-term investors favoring frequent trading, while A-class shares have seen limited growth despite strong fund performance [1][3][5]. Fund Performance and Share Growth - Several high-performing funds have experienced substantial growth in C-class shares, with the Yongying Technology Select fund's C-class shares increasing by 21.6 billion units in the third quarter, while A-class shares only grew by 6 billion units [3]. - The average growth of A-class shares in actively managed equity funds with over 80% gains was only 0.84 million units, compared to an average increase of 5.54 million units for C-class shares [4]. Investor Behavior and Market Trends - The surge in C-class shares indicates a shift towards short-term trading among investors, with many preferring the fee structure that allows for no upfront purchase fees and lower redemption fees after a holding period [5][6]. - The trend of increased trading frequency is attributed to younger investors who are more inclined towards high-frequency, short-term trading strategies, especially in a bullish market [5][7]. Sales Channel Dynamics - Sales channels play a crucial role in the growth of C-class shares, as online platforms are more effective in promoting these shares compared to traditional bank channels that favor A-class shares [7]. - The commission structure for C-class shares, where sales service fees go to the distribution channels, incentivizes these channels to promote C-class shares more aggressively [7]. Fund Company Strategies - Many fund companies are increasingly introducing C-class shares to meet diverse investor needs and adapt to market changes, enhancing competitiveness and attracting more investors [8]. - The introduction of C-class shares is seen as a cost-effective marketing strategy for fund companies, allowing them to leverage existing products' reputations without incurring the costs associated with launching new funds [8].

Core Insights - The surge in C-class shares of high-performing funds indicates a growing preference for short-term trading among investors [1][4][5] - C-class shares have outperformed A-class shares in terms of net subscriptions, highlighting a shift in investor behavior towards more frequent trading [2][3] Fund Performance - Many high-performing funds saw significant growth in their C-class shares, with examples like Yongying Technology Select Fund, which increased from 700 million shares to 3.466 billion shares in Q3, driven largely by C-class subscriptions [2][6] - C-class shares of various funds, including Zhonghang Opportunity Navigator and Debang Xinxing Value C, also experienced substantial net subscriptions exceeding 10 billion shares in Q3 [2][3] Investor Behavior - The increase in C-class shares reflects a trend towards short-term investment strategies, with investors favoring quick entry and exit, as evidenced by over 92 billion shares being purchased and more than 70 billion shares redeemed in Q3 [2][4] - The fee structure of C-class shares, which does not charge a subscription fee and allows for flexible redemption, appeals to younger investors who prefer high-frequency trading [4][5] Distribution Channels - The growth of C-class shares is partly attributed to the preference of online distribution channels, which are more adept at promoting C-class shares compared to traditional banks that favor A-class shares [5][6] - The sales service fee structure of C-class shares incentivizes distribution channels to promote these shares more aggressively [5][6] Fund Management Strategies - Fund companies are increasingly introducing C-class shares to meet diverse investor needs and adapt to market changes, enhancing product competitiveness [6] - The addition of C-class shares is seen as a cost-effective marketing strategy for fund companies, allowing them to leverage existing products and their performance history without incurring the costs associated with launching new funds [6]

Core Insights - The significant increase in C-class shares of high-performing funds indicates a growing trend of short-term investors in the market [1][4][5] - C-class shares have gained popularity due to their fee structure advantages and the changing behavior of investors towards more frequent trading [4][6] Fund Performance - In Q3, many high-performing funds saw substantial growth, with C-class shares being the main driver of this increase [2][3] - For instance, the Yongying Technology Select Fund experienced a remarkable 99.45% increase in Q3, with its C-class shares growing from 700 million to 3.466 billion shares [2] - C-class shares were purchased over 9.2 billion and redeemed over 7 billion in Q3, highlighting a clear trend of "quick in and out" trading behavior among investors [2] Investor Behavior - The surge in C-class shares reflects a shift towards short-term trading strategies among investors, particularly younger ones who prefer high-frequency, short-cycle investments [4][5] - The fee structure of C-class shares, which does not charge a subscription fee and allows for fee waivers after a certain holding period, caters to this trading style [4][6] Sales Channel Dynamics - The growth of C-class shares is also attributed to the preferences of sales channels, with online platforms favoring C-class shares over A-class shares [5] - C-class shares generate sales service fees that are retained by the distribution channels, providing them with a stronger incentive to promote these shares [5] Fund Management Strategies - Many fund companies are increasingly adding C-class shares to their offerings to meet diverse investor needs and adapt to market changes [6] - This strategy allows fund companies to enhance their competitiveness and attract more investors without incurring the costs associated with launching new funds [6]