Core Viewpoint - The article highlights the investment performance and strategies of Liu Jianwei, a fund manager at E Fund, particularly focusing on the E Fund Kairong Mixed Fund (006533) and E Fund Kexun Mixed Fund (110029), which have achieved annualized returns exceeding 20% and 17% respectively [1][9][10]. Group 1: Fund Performance - As of Q2 2025, the total management scale of Liu Jianwei's funds reached 9.41 billion yuan, with both E Fund Kairong and E Fund Kexun achieving returns of over 1.6 times their initial investment [9][10]. - Liu Jianwei's funds have significantly outperformed the CSI 300 Index, with total returns reaching 165.8%, surpassing the index by 158.2 percentage points [10][11]. Group 2: Investment Strategy - Liu Jianwei employs a dual framework of "top-down industry analysis and bottom-up stock selection," focusing on industries with high growth potential and favorable supply-demand dynamics [17][19]. - He emphasizes investing in stocks during the "1-10" growth phase, where companies benefit from rapid demand growth, leading to high performance and potential valuation increases [17][18]. Group 3: Risk Management - Liu Jianwei prioritizes risk control, reflecting his conservative personality, which influences his investment decisions and helps mitigate volatility in growth stocks [21][28]. - His investment approach includes maintaining a diversified portfolio and ensuring that no single industry is overly exposed, allowing for sufficient margin of error [24][26].

Core Viewpoint - The new regulation from the China Securities Regulatory Commission (CSRC) is transforming the fee structure of public funds, promoting a performance-based floating management fee model for newly established actively managed equity funds [1][2]. Group 1: New Fee Structure - The newly introduced floating fee model links management fees to actual investment returns and holding periods, moving away from fixed fees [1][5]. - Fund companies have quickly launched the first batch of new floating fee products, such as the E Fund Growth Progress Mixed Fund [3]. - Unlike previous performance-linked funds, the new products tie fees to each investor's holding time and excess returns, allowing for a personalized fee structure [5][10]. Group 2: Fee Calculation Mechanism - For short-term holdings (typically less than one year), investors will pay a basic fee rate (e.g., 1.2% per year) [6]. - If an investment is held for over a year and exceeds the performance benchmark by more than 6 percentage points, the management fee can increase to 1.5% [7]. - Conversely, if the fund underperforms the benchmark by 3 percentage points or more, the fee can drop to 0.6% [7]. Group 3: Investor Considerations - The floating fee model does not guarantee returns; it merely alters the fee structure, with fund performance still reliant on the fund manager's capabilities [10]. - Investors should understand the performance benchmark's composition to gauge the fund's characteristics [12]. - Patience in holding investments is crucial, as the fee structure typically requires a minimum holding period of one year [12]. Group 4: Fund Manager and Performance - The fund manager for the E Fund Growth Progress Mixed Fund, Liu Jianwei, has a history of delivering significant excess returns in other managed products [11][17]. - Liu Jianwei emphasizes long-term industry trends and risk-reward ratios, focusing on selecting competitively advantageous companies at reasonable prices [14]. - Historical performance data shows that Liu Jianwei's managed funds have significantly outperformed their respective benchmarks [17].

Group 1 - The enthusiasm for public fund dividends continues to rise, with total dividends approaching 90 billion yuan this year, marking a 1.4 times increase compared to the same period last year and reaching a three-year high [1] - Equity funds have shown a significant increase in dividend distribution, with the total dividend amount being nearly seven times that of the same period last year [1] - The trend of increasing dividends has become a consensus among many fund companies, driven by public fund reforms that emphasize investor returns over scale [1] Group 2 - ETFs have emerged as a major contributor to equity fund dividends, accounting for 70% of the total dividend amount in this category this year, with 20 ETFs distributing dividends five times or more [2] - Many high-performing equity funds have also increased their dividend distributions, with over 80% of equity funds that have distributed dividends this year showing positive returns over the past year [2] - The combination of "regular dividends + excess return distribution" is expected to be adopted by more fund companies as market effectiveness improves and economic recovery expectations strengthen [2]