Market Review - The A-share market showed a mixed performance among major indices, with the Small and Medium-sized Board Index, CSI 300, and ChiNext Index yielding returns of 1.83%, 1.54%, and 1.50% respectively, while the Sci-Tech 50, CSI 1000, and CSI 500 indices lagged with returns of -0.35%, 0.56%, and 0.81% respectively [6][12] - The steel, banking, and building materials sectors performed well, with returns of 5.27%, 3.78%, and 3.63% respectively, while comprehensive finance, computer, and overall sectors underperformed with returns of -4.45%, -0.86%, and -0.72% respectively [18][19] - The People's Bank of China conducted a net withdrawal of 1.3753 trillion yuan through reverse repos, with a total of 2.0275 trillion yuan maturing [20] Fund Issuance - A total of 23 new funds were established last week, with a total issuance scale of 5.328 billion yuan, which is a decrease compared to the previous week [4][43] - Among the newly established funds, 41.72 billion yuan was from equity funds, 0.89 billion yuan from mixed funds, and 10.67 billion yuan from bond funds, while no new alternative or money market funds were issued [43][44] - There were 36 funds that entered the issuance phase last week, and 41 funds are expected to start issuing this week [4][47] Fund Performance - The median returns for active equity, flexible allocation, and balanced mixed funds were 1.16%, 0.99%, and 0.99% respectively last week [31] - Year-to-date, alternative funds have shown the best performance with a median return of 11.34%, while active equity, flexible allocation, and balanced mixed funds had median returns of 6.02%, 3.47%, and 2.06% respectively [31][33] - The median excess return for index-enhanced funds was 0.17%, while quantitative hedging funds had a median return of 0.33% last week [34] New Fund Models - On July 4, the China Securities Regulatory Commission reported the application of 11 new floating-rate products, including those from major fund companies such as Bank of China Fund and Ping An Fund, with fee rates set at three levels: 1.2%, 1.5%, and 0.6% [7][8] New Index Launch - On June 30, the Beijing Stock Exchange and China Securities Index Co., Ltd. launched the North Exchange Specialized and Innovative Index, which selects the top 50 "little giant" companies based on market capitalization to reflect the overall performance of specialized and innovative companies listed on the North Exchange [10][11]

Core Viewpoint - The second batch of performance-based floating fee rate products has been submitted for approval, with a total of 11 new products, including 2 equity funds and 9 mixed funds, emphasizing a fee structure linked to performance benchmarks [1] Group 1: Product Details - The second batch of floating fee rate products includes 11 new models submitted by multiple fund management companies [1] - The fee structure consists of three tiers: 1.2% (benchmark), 1.5% (upward adjustment), and 0.6% (downward adjustment) [1] - Investors redeeming the product after one year will be charged based on the performance relative to the benchmark, while those redeeming within a year will incur a standard management fee [1] Group 2: Regulatory Framework - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, promoting a floating management fee mechanism linked to fund performance [1] - The new fee structure aims to strengthen the binding effect of performance benchmarks on fund management [2] - The design of the products emphasizes investor interests and aims to enhance the perceived benefits for investors [2]

Core Viewpoint - The second batch of 11 new floating fee rate products has been reported, indicating a positive market response and a strong outlook for the development of such products in the asset management industry [1][3]. Group 1: New Products Overview - The second batch includes 2 equity funds and 9 mixed funds, with a total of 11 products submitted by various fund managers [1]. - The products are designed with a tiered management fee structure: 1.2% (base tier), 1.5% (upper tier), and 0.6% (lower tier), similar to the first batch [3]. - The new products focus on specific industries or themes, including high-end equipment, pharmaceuticals, and manufacturing, differing from the first batch which consisted of general market selection funds [3]. Group 2: Market Response and Fundraising - The first batch of 26 new floating fee rate products raised a total of 22.68 billion yuan, with an average fundraising size of 9.45 million yuan per product, significantly higher than the average of 4.4 million yuan for other active management equity funds this year [4][5]. - The rapid approval and successful fundraising of the first batch reflect the regulatory body's commitment to public fund reform and enhancing investor returns [5]. - The floating fee rate products aim to align management fees with the long-term returns of investors, fostering a "shared benefits, shared risks" mechanism [5].

Core Viewpoint - The second batch of 11 new floating fee rate products has been reported, indicating a positive market response and a strong outlook for the development of such products in the industry [2][4]. Group 1: Product Overview - The second batch includes 2 equity funds and 9 mixed equity funds, with a similar fee structure to the first batch, featuring three tiers: 1.2% (base tier), 1.5% (up tier), and 0.6% (down tier) [4]. - The new products differ from the first batch by including 4 funds focused on specific industries or themes, such as high-end equipment, pharmaceuticals, and manufacturing [4]. Group 2: Market Response and Performance - The first batch of 26 new floating fee rate products was reported on May 16 and received approval on May 23, with fundraising starting on May 27 [6]. - By the end of June, 24 products from the first batch had completed fundraising, accumulating a total of 22.68 billion yuan, with an average fundraising size of 944.5 million yuan per product, significantly higher than the average of 440 million yuan for other actively managed equity funds this year [7]. Group 3: Industry Implications - The rapid approval and successful launch of the first batch reflect the regulatory body's and industry institutions' commitment to implementing public fund reform and enhancing investor engagement [7]. - The floating fee rate products aim to align management fees with the actual long-term returns for investors, promoting a "shared benefits, shared risks" mechanism [8].