Group 1 - The second batch of 12 new floating rate funds has been approved and will be launched sequentially, with notable fund managers including Huatai-PB, Guotai, Morgan, and others participating for the first time [1] - As of the end of Q2, the total scale of gold ETFs and linked funds reached 260.34 billion yuan, reflecting a quarter-on-quarter growth of 49.73%, with 8 gold funds exceeding 10 billion yuan in scale [2] - The total scale of bond ETFs has surpassed 500 billion yuan, reaching 507.69 billion yuan, which is a 191.82% increase from the beginning of the year [3] Group 2 - Zhu Liang, Vice President and Chief Investment Officer of Lianbo Fund, expressed a positive outlook on long-duration assets, focusing on three main areas: dividend assets, new productivity driven by technology, and new consumer trends [4] - The market experienced fluctuations with the Shanghai Composite Index down 0.33%, the Shenzhen Component Index down 0.22%, and the ChiNext Index down 0.23%, with total trading volume of 1.79 trillion yuan, a decrease of 57.4 billion yuan from the previous trading day [5] - The STAR Market Index ETF saw significant activity, with a 20% increase, while AI-related ETFs on the STAR Market collectively strengthened [6] Group 3 - The medical device industry is entering a phase driven by both policy and technology, with a shift from "compliance control" to "innovation-led" development, highlighting the trends of domestic substitution and technology going abroad [9]

Core Viewpoint - The approval of the second batch of 12 new model floating fee rate funds marks a significant step in the development of the public fund industry, providing investors with innovative investment tools and enhancing the alignment of fund management fees with investor returns [3][10]. Summary by Sections Approval of New Funds - On July 24, the second batch of 12 new model floating fee rate funds received approval and will be launched sequentially [3]. - Among the fund managers, five are applying for the first time, while seven have previously participated in the first batch [3]. Fee Structure - The funds maintain a three-tier management fee structure: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment) [4]. - Investors redeeming after one year will be charged based on performance relative to benchmarks, while those redeeming within a year will incur the base fee [4]. Product Diversification - This batch extends to industry or thematic products for the first time, with four focusing on sectors like manufacturing and healthcare [6]. - The performance benchmarks for these products include major indices like the CSI 300 and thematic indices for specific sectors [6]. Performance Thresholds - The first batch set thresholds for performance adjustments, with the second batch introducing differentiated arrangements for some products, enhancing performance accountability [7]. - The design of these products reflects a deeper push for reform in the public fund industry, aiming to better meet investor needs [7]. Market Response - The first batch raised nearly 26 billion yuan, significantly outperforming the average fundraising for similar funds this year [8][9]. - The approval of floating fee rate funds aligns with the regulatory push for high-quality development in the public fund sector, emphasizing the importance of performance in fund management [9][10]. Future Outlook - The introduction of the second batch is expected to normalize the registration of new model floating fee rate products, further aligning the interests of fund managers and investors [10].

Core Viewpoint - The approval of the second batch of 12 floating-rate funds marks a significant development in the A-share market, following the successful launch of the first batch which raised nearly 26 billion yuan [2][12]. Summary by Sections Approval of New Funds - On July 24, the second batch of 12 floating-rate funds received approval and will be launched for sale soon [4]. - Among the fund managers, five are applying for the first time, while seven participated in the first batch [4]. Fee Structure - The fee structure remains consistent with the first batch, featuring three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment) [5]. - If investors redeem their funds within one year, a flat base fee applies [6]. Product Diversification - This batch extends beyond general market selection to include industry or thematic products, with four focusing on sectors like manufacturing and healthcare [8][9]. - The performance benchmarks for these products include major indices like the CSI 300 and sector-specific indices [9]. Investment Strategy - The average equity investment allocation for these "A-shares + Hong Kong stocks" products is around 80%, emphasizing equity investment as the primary strategy [10]. - The introduction of differentiated performance thresholds for fee adjustments reflects a deeper commitment to fund performance and investor returns [10]. Market Response and Future Outlook - The first batch's fundraising success indicates strong market interest, with an average of 10 billion yuan raised per product, significantly higher than the average of 4.4 million yuan for other active equity funds this year [12]. - The floating-rate fund model aligns with the regulatory push for high-quality development in the public fund industry, aiming to link management fees directly to investor returns [13][14]. - The ongoing introduction of these products is expected to normalize the floating-rate fund model, enhancing the alignment of interests between fund managers and investors [14].

Core Insights - The public fund industry in China is undergoing significant transformation due to the fee reduction reform initiated by the China Securities Regulatory Commission (CSRC) in July 2023, which has led to a shift in focus from active to passive fund management [1][3][8] - The reform has resulted in a notable decline in management fees, particularly affecting small and medium-sized fund management companies, which are struggling to maintain profitability [6][10] - The emergence of new fund models, such as floating fee rate funds, aims to align the interests of fund managers and investors more closely, enhancing the overall investment experience [9][11] Group 1: Fee Reduction Impact - The fee reduction reform has set a cap on management fees for active equity funds at 1.2% and custody fees at 0.2%, effective from July 7, 2023, impacting both new and existing funds [3][4] - As a result of the reform, the issuance of equity index funds has surged, with new issuance reaching 1,880.59 billion yuan in the first half of 2023, marking a significant shift towards passive investment strategies [4][5] - The competitive landscape for ETFs has intensified, with many large public funds focusing on passive products to drive revenue growth amid declining management fees [5][10] Group 2: Challenges for Small and Medium-sized Firms - Small and medium-sized public funds are facing severe challenges, with over 56% of fund managers reporting a decline in management fee income, some experiencing drops exceeding 50% [6][7] - These firms are focusing on improving product performance rather than expanding their offerings, as they struggle to compete for market share and access to distribution channels [7][10] - The pressure to reduce costs has led to cuts in marketing and operational expenses, impacting the overall growth potential of these smaller firms [8][10] Group 3: Strategic Adaptations - The industry is witnessing a structural reform aimed at enhancing the quality of fund offerings, with a focus on consolidating resources towards leading products [8][10] - Fund managers are increasingly investing in research and development capabilities to improve performance and attract investors, despite the pressure on fees [10][11] - The introduction of floating fee rate funds is seen as a way to better align the interests of fund managers with those of investors, potentially improving investor satisfaction and retention [9][11]

Group 1 - The second batch of 11 innovative floating fee rate fund products was submitted for approval on July 4, with new fund managers and industry themes included, such as pharmaceuticals and high-end equipment [1][2] - The first batch of 26 innovative floating fee rate funds launched on May 27 raised over 22.6 billion yuan by the end of June, significantly outperforming the average fundraising of active equity funds during the same period [1][4] - The new floating fee rate products reflect a shift from a focus on scale to prioritizing investor returns, aligning with the regulatory push for high-quality development in the public fund industry [1][5] Group 2 - The second batch includes products from new fund managers, with a mix of stock and mixed-asset funds, and maintains a three-tier fee structure based on performance relative to benchmarks [2][3] - The introduction of industry-focused funds marks a shift towards more specialized investment strategies, enhancing the benchmark system for performance evaluation [3][6] - Fund companies are optimistic about the floating fee rate model, which ties management fees to performance, encouraging long-term investment strategies among investors [3][6] Group 3 - The first batch of floating fee rate funds demonstrated strong market confidence, with 24 out of 26 products successfully raising funds, averaging 9.45 million yuan per product [4][5] - The innovative fee structure allows for differentiated charges based on individual investor performance, promoting a more personalized investment approach [5][6] - The China Securities Regulatory Commission aims to promote the floating fee rate model, targeting that at least 60% of new active management equity funds from leading firms will adopt this model within a year [6]

Group 1 - BlackRock Fund appointed Liu Yingzhou as the new deputy general manager on July 4, 2023, who previously served as the Chief Information Officer and has a background in Morgan Stanley and Microsoft [1] - Eleven new floating fee rate fund products have been reported, including 2 equity funds and 9 mixed equity funds, with fee rates set at 1.2%, 1.5%, and 0.6% for different tiers [2] - Ten Science and Technology Innovation Bond ETFs were launched on July 7, 2023, with major fund managers like E Fund and Huaxia participating [3] Group 2 - Fund manager Wan Minyuan increased his stake in Dongfang Biological, with his fund holding 77.83 million more shares compared to the end of the first quarter [4] - The market experienced fluctuations with the Shanghai Composite Index rising by 0.02% and the Shenzhen Component Index falling by 0.7%, with a total trading volume of 1.21 trillion yuan, down by 219.9 billion yuan from the previous trading day [4] - Power and real estate sectors showed strong performance, while biopharmaceuticals and innovative drugs faced declines, with power-related ETFs rising by up to 2.02% [4][5] Group 3 - The real estate sector is expected to see increased policy support, particularly in special bond acquisitions for idle land and progress in existing housing, which may stimulate demand and accelerate inventory reduction [7]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - Last week, the performance of major broad - based indices in the A - share market was divergent. The ChiNext Index, Shanghai Composite Index, and CSI 300 Index had relatively high returns of 0.22%, - 0.25%, and - 0.25% respectively, while the STAR 50, CSI 1000, and SME Board Index had relatively low returns of - 1.89%, - 0.76%, and - 0.65% respectively [1]. - In terms of trading volume, the trading volume of major broad - based indices increased last week. In the industrial sector, non - ferrous metals, petroleum and petrochemicals, and pharmaceuticals had the highest returns of 3.95%, 3.31%, and 1.54% respectively, while food and beverages, computers, and building materials had the lowest returns of - 4.42%, - 2.25%, and - 2.16% respectively [1][20]. - As of last Friday, the central bank had a net reverse - repurchase fund withdrawal of 72.7 billion yuan, with reverse - repurchase maturities of 930.9 billion yuan and a net open - market injection of 858.2 billion yuan. The yields of government bonds with different maturities declined, and the yield spread narrowed by 0.07 BP [1]. - This year, alternative funds have had the best performance, with a median return of 12.15%. The median returns of active equity, flexible allocation, and balanced hybrid funds are 3.23%, 1.15%, and 0.41% respectively [2]. - As of last weekend, there were 240 ordinary FOF funds, 119 target - date funds, and 154 target - risk funds among open - end public funds. This year, target - date funds have had the best median performance, with a cumulative return of 2.81% [3]. 3. Summary According to the Directory 3.1 Market Review 3.1.1 Fund Declaration and Distribution Dynamics - Last week, 24 funds were declared, a decrease from the previous week. The declared products included 2 FOFs, such as the Harvest Hang Seng Consumption ETF, Penghua China Securities Hong Kong Stock Connect Innovation Pharmaceutical ETF, etc. [2][9] - On June 11, Huatai - PineBridge Fund announced that the Huatai - PineBridge CSI 300 ETF would implement a cash dividend. The dividend plan is 0.880 yuan per 10 fund shares. If there are no significant changes in the product shares before the ex - dividend date, the total dividend may exceed 8 billion yuan [10]. - As of June 15, 7 public funds have self - purchased their newly issued floating - rate funds, with a total self - purchase amount of 110 million yuan [11] 3.1.2 Stock Market - Last week, the performance of major broad - based indices in the A - share market was divergent. The ChiNext Index, Shanghai Composite Index, and CSI 300 Index had relatively high returns, while the STAR 50, CSI 1000, and SME Board Index had relatively low returns. In the past month, the CSI 1000 Index had the highest return of 0.81%, and the STAR 50 Index had the lowest return of - 2.80%. Since the beginning of the year, the CSI 1000 Index has had the highest cumulative return of 2.49% [14] - In terms of trading volume, the trading volume of major broad - based indices increased last week. On a monthly basis, except for the Shenzhen Component Index, ChiNext Index, CSI 500, and CSI 1000, the average daily trading volume of major broad - based indices increased in the past month [17][18] - In the industry, non - ferrous metals, petroleum and petrochemicals, and pharmaceuticals had the highest returns last week, while food and beverages, computers, and building materials had the lowest returns. In the past month, the pharmaceutical industry had the highest cumulative return of 7.72%, and the food and beverage industry had the lowest cumulative return of - 8.34%. Since the beginning of the year, non - ferrous metals, comprehensive finance, and banks have had relatively high cumulative returns [20] 3.1.3 Bond Market - As of last Friday, the central bank had a net reverse - repurchase fund withdrawal of 72.7 billion yuan, with reverse - repurchase maturities of 930.9 billion yuan and a net open - market injection of 858.2 billion yuan. The 7D pledged repurchase rate increased by 2.97 BP compared to the previous week, and the 2W SHIBOR decreased by 4.50 BP [24] - The yields of government bonds with different maturities declined, and the yield spread narrowed by 0.07 BP. The yields of credit bonds with different ratings for 5 - year, 7 - year, and 10 - year maturities also declined [25] 3.1.4 Convertible Bond Market - Last week, the CSI Convertible Bond Index fell 0.02%, with a cumulative trading volume of 346.5 billion yuan, an increase of 90.2 billion yuan from the previous week. As of last Friday, the median conversion premium rate of the convertible bond market was 30.36%, an increase of 0.92% from the previous week, and the median pure bond premium rate was 14.94%, a decrease of 0.89% from the previous week [27] 3.2 Open - end Public Fund Performance 3.2.1 Ordinary Public Funds - Last week, the returns of active equity, flexible allocation, and balanced hybrid funds were 0.07%, 0.02%, and - 0.28% respectively. This year, alternative funds have had the best performance, with a median return of 12.15%. The median returns of active equity, flexible allocation, and balanced hybrid funds are 3.23%, 1.15%, and 0.41% respectively [29][30] 3.2.2 Quantitative Public Funds - Last week, the median excess return of index - enhanced funds was 0.23%, and the median return of quantitative hedging funds was - 0.06%. This year, the median excess return of index - enhanced funds is 2.38%, and the median return of quantitative hedging funds is 0.87% [31] 3.2.3 FOF Funds - As of last weekend, there were 240 ordinary FOF funds, 119 target - date funds, and 154 target - risk funds among open - end public funds. Last week, 1 new FOF fund was established. In general, target - date funds have a higher equity position, mainly distributed in the 50% - 65% range. Most target - risk funds have an equity position of less than 50%, and the equity positions of ordinary FOF funds are mainly distributed in the ranges of less than 25% and 65% - 100% [34] - Last week, the median returns of ordinary FOF, target - date, and target - risk funds were 0.40%, 0.64%, and 0.37% respectively. This year, target - date funds have had the best median performance, with a cumulative return of 2.81% [34] 3.3 Fund Manager Changes - Last week, the fund manager situations of 46 fund products of 28 fund companies changed, including 4 products of Huaan Fund, 4 products of Chunhou Fund, and 4 products of China Merchants Fund [37] 3.4 Fund Product Issuance 3.4.1 Newly Established Funds Last Week - Last week, 16 new funds were established, with a total issuance scale of 8.934 billion yuan, a decrease from the previous week. Among them, equity funds were issued at 1.155 billion yuan, hybrid funds at 0.127 billion yuan, and bond funds at 7.653 billion yuan. There were no new issuances of alternative funds and money funds [39] - The types of newly established funds with a relatively large number were partial - equity hybrid (6) and passive index (4), with issuance scales of 0.606 billion yuan and 0.549 billion yuan respectively [40] 3.4.2 Funds Launched for the First Time Last Week - Last week, 34 funds entered the issuance stage for the first time, among which the AVIC Smart Selection Leading A has completed issuance and been established [43] 3.4.3 Funds to be Issued This Week - This week, 17 funds will enter the issuance stage, including 10 passive index funds, 2 enhanced index funds, and 2 passive index bond funds [45]