Core Insights - The article presents the performance returns of various investment products since their inception, highlighting the top performers in the market [1]. Performance Summary - Huashang Zhiyuan Return A achieved a return of 42.72% since inception [1] - Invesco Great Wall Growth Partner recorded a return of 42.41% [1] - Jiashi Growth Win A reported a return of 40.27% [1] - Xin'ao Advantage Industry A had a return of 34.84% [1] - E Fund Growth Progress A achieved a return of 29.23% [1] - Wanjia New Opportunities Share A reported a return of 19.98% [1] - Huashan Competitive Advantage A had a return of 18.83% [1] - ICBC Hongyu Return recorded a return of 14.48% [1] - Yinhua Growth Smart Select A achieved a return of 14.22% [1] - Fortune Balanced Allocation A reported a return of 10.74% [1]

Core Viewpoint - The first batch of new floating-rate funds has shown significant performance differentiation, with 23 out of 26 funds achieving positive returns since inception, and three funds exceeding a 40% return [1][4][5]. Group 1: Fund Performance - As of September 22, 2023, the top-performing funds include Huashang Zhiyuan Return A with a return of 42.72%, and two others with returns exceeding 40% [4][5]. - Seven funds have returns between 10% and 40%, while three funds have reported negative returns since their establishment [4][5]. - The performance variation is attributed to differences in performance benchmarks, timing of fund establishment, and the active management capabilities of fund managers [1][4][6]. Group 2: Fund Structure and Features - The new floating-rate funds implement a differentiated fee structure that charges based on the excess return level of each investment, encouraging long-term investment and enhancing investor experience [3]. - The total scale of the first batch of floating-rate funds reached 258.65 billion yuan, with nine funds exceeding 1 billion yuan in size [2]. Group 3: Market Context and Future Outlook - The second batch of 12 new floating-rate funds has been registered, with a focus on industry themes such as manufacturing and healthcare, alongside broad market selection products [7]. - The market outlook remains optimistic, with expectations of continued economic recovery supported by fiscal and monetary policies, and opportunities in sectors driven by new industries like artificial intelligence and semiconductors [8].

Core Viewpoint - The A-share market has shown unexpected enthusiasm since the beginning of the year, with many active equity funds recovering and achieving significant returns, while the newly established fund, Dachen Xingyuan Qihang, managed by Xu Yan, has remained inactive, leading to widespread controversy and questioning of its strategy [1][2][4]. Fund Performance - Dachen Xingyuan Qihang was established on March 11, 2025, but its net value has barely changed, with A-class shares at 0.9983 and C-class shares at 0.9953 as of September 9, 2025 [2][4]. - The fund has only invested in two stocks, Antu Biology and Meituan, with a stock position of just 0.73% and cash making up 84.95% of its net value [4]. Market Reaction - Since May, market skepticism has grown regarding the fund's "zero allocation" strategy, with investors expressing frustration over missed opportunities in a rising market [4][6]. - Xu Yan acknowledged the lack of systematic investment in the mid-year report, citing significant changes in market conditions and the need for caution due to rational valuation returns [4][5]. Comparison with Peers - In contrast to Dachen Xingyuan Qihang, many newly established active equity funds have quickly completed their allocations and participated in the market rally, with some achieving net value growth exceeding 20% [5][6]. - Funds like Anxin Balanced Growth, established on the same day as Dachen Xingyuan Qihang, have seen net value increases of 20.12% this year, highlighting the stark difference in performance [6]. Industry Trends - The performance of newly established funds this year has shown a clear dichotomy, with some achieving over 50% net value growth while others have recorded losses [7][9]. - The current market environment raises questions about the viability of value investing strategies that prioritize slow and steady approaches, especially in a rapidly changing market [9].

Group 1 - The core viewpoint of the article is that the public fund fee reform is advancing from a focus on reducing fees to a deeper restructuring of mechanisms, aiming to align the interests of fund managers, sales channels, and investors [1][9][10] - The reform is being implemented in three phases: management fees, trading fees, and sales fees, with significant changes expected in the management fee structure by May 2025 [1][6] - The introduction of floating fee rate funds is a key initiative, with the first batch raising a total of 25.865 billion yuan, significantly outperforming the average fundraising levels of actively managed equity funds [2][3] Group 2 - The second batch of floating fee rate funds has introduced more diverse investment strategies and stricter fee reduction thresholds, enhancing the binding of interests between fund managers and investors [3][4] - The regulatory requirement for fund companies to issue two floating fee rate products for every fixed fee product indicates a shift towards increasing the number of floating fee products in the market [4][5] - Sales fee reforms are expected to significantly impact the fund sales landscape, with proposed changes including the unification and reduction of sales service fees and the elimination of certain commissions [6][7] Group 3 - The fee reform addresses three major pain points in the public fund industry: misalignment of interests, potential conflicts of interest, and a sales-driven model that needs to transition to a client-focused advisory model [9][10] - The industry is experiencing a natural drive towards fee reduction, influenced by increasing investor sensitivity to costs and heightened competition among fund companies [10][11] - The overall goal of the fee reform is to lower the cost burden on investors while promoting a return to the core asset management business, ultimately leading to a more sustainable and mature public fund industry [10][11]

Group 1 - The core viewpoint of the news is the rapid market acceptance of floating fee rate funds, highlighted by the successful fundraising of the China Europe Fund's Core Intelligent Mixed Fund, which raised a total of 2.117 billion yuan during its subscription period [1][2] - The China Europe Core Intelligent Mixed Fund became the first floating fee rate product to exceed 2 billion yuan in fundraising, indicating a significant milestone in the market [1][2] - The early closure of fundraising for both the China Europe Core Intelligent Mixed Fund and the E Fund Value Return Mixed Fund reflects a growing recognition of floating fee rate products in the market [1][2] Group 2 - The China Securities Regulatory Commission's action plan emphasizes the establishment of a floating management fee mechanism linked to fund performance, aiming to align the interests of fund managers and investors more closely [2] - The second batch of 12 new floating fee rate funds received approval on July 24, with several asset management companies participating for the first time, indicating a broader industry shift towards this fee structure [2] - The China Europe Core Intelligent Mixed Fund and E Fund Value Return Mixed Fund were among the first to launch in this new batch, with both funds closing their fundraising early [2] Group 3 - The China Europe Core Intelligent Mixed Fund features a unique "quarterly distribution upon meeting standards" clause, allowing for cash dividends to be distributed without requiring investors to redeem their shares, enhancing investor comfort and cash flow [3] - As of August 14, 24 out of 26 funds launched have achieved positive returns since inception, showcasing the performance potential of floating fee rate funds [4] - The average fundraising amount for new floating fee rate funds this year is approximately 1.014 billion shares, significantly higher than the average of 420 million shares for actively managed equity funds, indicating strong market demand [4]

Core Viewpoint - The issuance of new floating-rate funds is gaining momentum in the market, with the E Fund Value Return Mixed Fund raising over 2 billion yuan and ending its subscription early [2][4][6]. Fund Issuance Details - The E Fund Value Return Mixed Fund announced the early closure of its fundraising on August 13, having started on August 4, with a target end date originally set for August 20, 2025 [4][6]. - This fund is part of the second batch of floating-rate funds, which includes the China Europe Core Select Mixed Fund and the Jianxin Medical Innovation Stock Fund, both of which also launched on the same day [4][6]. - The second batch of floating-rate funds has seen two out of three funds reach a fundraising scale of over 2 billion yuan, indicating a significant increase in market interest compared to the first batch [6]. Market Trends - The approval and issuance of new floating-rate products have accelerated since May 2023, following the China Securities Regulatory Commission's action plan to promote high-quality development of public funds [8]. - The first batch of 26 floating-rate funds launched on May 27, raising a total of over 25.8 billion yuan [9]. - As of August 12, most of the first batch of floating-rate funds have achieved positive returns, with some funds showing significant net asset value growth since their inception [10]. Future Outlook - Analysts suggest that the positive performance of the A-share market, particularly the Shanghai Composite Index breaking the 3600-point mark, is likely to attract more capital into the market as new floating-rate products are issued [11].

Core Viewpoint - The first batch of 26 new floating rate funds has begun to build positions, with overall positive performance, which may serve as a model for subsequent fund offerings [2][11][13] Fund Performance - As of August 4, 22 out of the 26 funds have achieved positive returns since inception, with the highest return nearing 8% and several funds around 6% [2][4] - Among the funds, the top performers include: - Invesco Great Wall Growth Fund with a return of 7.8% since June 27 - Harvest Growth Co-Winning A and E Fund with returns of 6.62% and 6.23% respectively since June 19 [4][5] - The performance of the remaining funds varies, with some showing minimal returns, such as: - Silver Hua Growth Smart A at 3.55% and Oriental Red Core Value A at 2.64% [4][5] Market Conditions - The establishment of these funds occurred during a favorable market period, as the Shanghai Composite Index reached 3600 points for the first time this year, aiding the overall fund positioning [2][8] - The net asset value (NAV) fluctuations among the funds are attributed to different building speeds and market conditions, reflecting the dynamic nature of fund management [9][10] Future Implications - The initial performance of the floating rate funds is expected to positively influence the fundraising and operation of the second batch of funds, which includes products like E Fund Value Return and China Europe Core Selection [11][12][13] - The floating rate fund model aims to align fund company revenues with investor returns, promoting long-term investment strategies [12][13]

Core Insights - The first batch of floating fee funds has raised a total of 21.825 billion yuan, with 23 out of 26 funds announced [1] - The top three funds by fundraising scale are Dongfanghong Core Value at nearly 2 billion yuan, Yifangda Growth Progress at 1.704 billion yuan, and Jiaoyin Ruian at 1.547 billion yuan [1] - The last two floating fee funds, Xin'ao Advantage Industry and Huashang Zhiyuan Return, are scheduled to be issued on July 1 and will end fundraising on July 21 [1] Fundraising Details - The total amount raised by the first batch of floating fee funds is 21.825 billion yuan [1] - Dongfanghong Core Value leads with a fundraising scale of nearly 2 billion yuan [1] - Other funds with significant fundraising include Nanfang Ruixiang, Ping An Value Preferred, and Jingshun Great Wall Growth, each exceeding 1 billion yuan [1] Investor Participation - Yifangda Growth Progress has the highest number of investor subscriptions, exceeding 47,000 [1] - Nanfang Ruixiang ranks second with 24,700 subscriptions [1] - Ping An Value Preferred ranks third with 15,000 subscriptions [1]

Group 1 - The core viewpoint of the articles highlights the ongoing enthusiasm for new fund issuances, with 36 new products launched in a week despite only having four trading days [1][2] - The total issuance of newly established funds this year has exceeded 410 billion units, with equity funds accounting for 166.34 billion units, representing a significant increase to 39.93% of the total [1][3] - Index products continue to expand, with 11 passive index funds among the newly launched products, indicating a growing variety of investment tools for investors [1][2] Group 2 - The issuance of new floating fee rate funds has gained momentum since late May, with all 11 newly launched mixed funds being equity mixed funds [2][3] - The new floating management fee rate products link management fees to the investor's holding period and fund performance, enhancing the investment experience for investors [2] - A total of 522 new funds have been established this year, with a combined issuance of 416.61 billion units [2][3] Group 3 - The issuance of equity funds has become a key focus for fund companies this year, particularly in passive index products, with the proportion of equity fund issuance rising from 21.14% to 39.93% [4]

Group 1 - The first batch of 16 floating rate funds was launched on May 28, with significant sales performance, particularly the Dongfanghong Core Value Mixed Fund, which surpassed 1.5 billion yuan in sales by June 3 [1] - Major contributions to the sales of the Dongfanghong fund came from its custodial bank, SPD Bank, and shareholder brokerage, Dongfang Securities, with initial sales reaching nearly 400 million yuan on the first day [1] - Other floating rate funds have also seen sales exceeding 100 million yuan, with sales performance closely linked to channel capabilities, as evidenced by the Tianhong Quality Value Fund, which also surpassed 400 million yuan in sales [1] Group 2 - The sales competition for floating rate funds is expected to remain strong into June, as several fund companies anticipate a surge in main client participation after the Dragon Boat Festival [2] - New floating rate funds are being launched, with 26 funds already filed for issuance, including Dachen Zhi Zhen Return and Wan Jia New Opportunities, which started issuing on June 3 [3] - Many public fund institutions are committing their own capital to invest in floating rate funds, such as Xingzheng Global Fund planning to invest 20 million yuan in its fund, and other firms like Bosera and Dongfanghong also announcing similar self-investments [3][4]