Group 1 - The fund name is "招商价值严选混合型证券投资基金" (招商 Value Select Mixed Securities Investment Fund) with a code of 024464 [25] - The fund is classified as a mixed securities investment fund and operates as a contractual open-end fund [25][26] - The fund's minimum total subscription target is 200 million units [29] Group 2 - The subscription period for the fund is from June 4, 2025, to July 4, 2025, with the possibility of adjustments based on subscription conditions [31][16] - The fund's initial subscription price is set at 1.00 RMB per unit [28][34] - Investors can subscribe multiple times during the subscription period, with a minimum initial subscription amount of 1 RMB through non-direct sales institutions and 500,000 RMB through direct sales [40][41] Group 3 - The fund is managed by 招商基金管理有限公司 (招商 Fund Management Co., Ltd.) and custodied by 交通银行股份有限公司 (Bank of Communications Co., Ltd.) [1][65] - The fund's sales institutions include both direct and non-direct sales channels [1][32] - Investors must ensure that the funds used for subscription are legally sourced and not from loans or other non-self-owned funds [2][8] Group 4 - The fund allows for interest generated from effective subscription funds during the fundraising period to be converted into fund shares for the holders [11][63] - The fund's management can adjust the subscription fee rates and categories of fund shares based on operational conditions [27][19] - The fund's legal documents, including the prospectus, will be available on the management company's website and the China Securities Regulatory Commission's electronic disclosure website [12][4]

Group 1 - The company offers a 90% discount on subscription fees for pension clients who complete account authentication at the direct sales counter for the "招商价值严选混合型证券投资基金" [1] - Pension clients include various types of funds such as the National Social Security Fund, local social security funds, enterprise annuities, and individual tax-deferred commercial pension insurance products [1] - The applicable fund for this discount is the "招商价值严选混合型证券投资基金" with the fund code 024464 [1] Group 2 - Pension clients can authenticate their accounts through the counter or by fax, providing relevant documentation to prove their status as pension clients [3] - The company provides multiple channels for investors to inquire about details, including its website and customer service hotline [6]

Core Viewpoint - The first batch of innovative floating rate funds based on performance benchmarks has been officially approved, marking a significant development in the public fund industry aimed at enhancing fund quality and aligning the interests of fund managers and investors [1][2][6]. Group 1: Fund Structure and Mechanism - The newly approved floating rate funds will implement a three-tier fee structure: 1.2% (benchmark tier), 1.5% (upward adjustment), and 0.6% (downward adjustment), with management fees linked to the fund's performance relative to a benchmark [2][3]. - The fee mechanism emphasizes a "single customer, single share" approach, allowing for personalized fee structures based on individual investor performance, thus promoting a tailored investment experience [3][4]. Group 2: Industry Impact and Response - The introduction of these floating rate funds is seen as a positive response to the "Action Plan for Promoting High-Quality Development of Public Funds," reflecting the industry's exploration of diverse fee models [6][7]. - Fund companies are expected to enhance their operational capabilities and investment research systems to meet the new requirements posed by the floating rate mechanism, which aims to improve long-term investment performance [3][5]. Group 3: Investor Benefits and Long-term Focus - The floating rate mechanism is designed to encourage long-term holding by investors, providing benefits to those who maintain their investments for a certain period, thereby reducing irrational trading behaviors [7]. - By linking management fees to excess returns over benchmarks, the new structure aims to enhance the professional investment research capabilities of fund managers, fostering a culture focused on generating alpha returns rather than relying solely on market beta [7].

Core Viewpoint - The approval of 26 new floating-rate funds by the regulatory authority reflects a strong commitment to implementing public fund reform and aligning fund company income with investor returns [1] Group 1: Regulatory Approval - 26 new floating-rate funds have been registered and are expected to be available for investors soon through commercial banks and internet platforms [1] - The funds were collectively submitted for approval on May 16, received acceptance on May 19, and were quickly approved on May 23, indicating the regulatory body's efficiency [1] Group 2: Fund Companies and Products - The following fund companies have submitted new floating-rate fund products: - E Fund: E Fund Growth Progress Mixed Securities Investment Fund - Fuguo Fund: Fuguo Balanced Allocation Mixed Securities Investment Fund - Value Fund: Value Stable Mixed Securities Investment Fund - Zhongou Fund: Zhongou Large Cap Smart Selection Mixed Fund - Jingshun Longcheng Fund: Jingshun Longcheng Growth Companion Mixed Fund - Others include Jia Shi, Huitianfu, Huaxia, Yinhua, and many more with a total of 26 products listed [1]

Core Viewpoint - The first batch of innovative floating fee rate products based on performance benchmarks has been reported, with 26 fund managers participating, indicating strong representation and capability in equity management [1][3][11]. Group 1: Product Overview - 26 fund management companies have quickly responded to the public fund reform policy by reporting the first batch of new model floating management fee products within ten days of the reform's implementation [3]. - The reported products are managed by well-performing fund managers, focusing on creating returns for investors [2][11]. Group 2: Fee Structure - Unlike traditional floating fee rate funds, the new model will have a more detailed fee structure based on each investor's holding time and annualized return during the holding period [7]. - If the holding period is less than 365 days, only the basic management fee can be charged; if it is 365 days or more, the management fee will be linked to the annualized return compared to the performance benchmark [7]. Group 3: Investment Strategy - The first batch of products will primarily invest in a broad market selection, benchmarking against mainstream indices such as CSI 300, CSI A500, and CSI 500 [8]. - The aim is to encourage long-term investment from investors, enhancing their overall investment experience [8][11]. Group 4: Future Developments - More fund managers are expected to follow suit in reporting similar products as they prepare adequately [9][11]. - The "Action Plan" stipulates that leading institutions should issue at least 60% of such funds compared to their actively managed equity funds within a year [10].