7月22日，京北方连续4个交易日下跌，区间累计跌幅-2.60%。京北方信息技术股份有限公司[股票代码:002987]作为金融科技服务领域的领航者,旨在为客户 提供全方位、高质量的软件与信息技术解决方案及卓越服务,助力客户全面数字化转型。 财报显示，景顺长城基金旗下景顺长城品质长青混合A进入京北方前十大股东，且为今年二季度新进。今年以来收益率30.35%，同类排名356(总4491)。 景顺长城品质长青混合A基金经理为农冰立。 简历显示，农冰立先生:硕士研究生,曾任泰达宏利基金研究部研究员,天风证券研究所电子行业首席分析师,工银瑞信基金研究部分析师、基金经理。2022年 10月加入景顺长城基金管理有限公司,2023年7月起担任股票投资部基金经理。2020年6月11日至2022年9月30日担任工银瑞信新增益混合型证券投资基金基金 经理。曾任工银瑞信智能制造股票型证券投资基金基金经理。2023年7月6日担任景顺长城品质长青混合型证券投资基金基金经理。2024年8月24日担任景顺 长城北交所精选两年定期开放混合型证券投资基金基金经理。 | ○ 基金经理：农冰立 | | | | | | | | | | --- | -- ...

Core Viewpoint - The new floating management fee rate funds are being issued, which link management fees to the holding period and excess returns of each investment, aiming to create a deeper alignment of interests between fund managers and investors [1][2]. Group 1: Floating Management Fee Structure - The management fee for the Invesco Great Wall Growth Mixed Fund (024454) is set at 1.20% per year for holding periods under one year. If the holding period exceeds one year and the annualized return is positive with excess returns greater than 6%, the fee increases to 1.5%. Conversely, if excess returns fall below -3%, the fee drops to 0.6% [2]. - This "tailored" dual floating mechanism replaces the previous "one-size-fits-all" model, linking management fees to the investment holding time and return levels, which reflects a deeper binding of interests between fund managers and investors, promoting "shared benefits and shared risks" [2]. - The design features an asymmetrical fee structure, where higher fees are charged when performance exceeds benchmarks, while lower fees apply when performance is below benchmarks, potentially offering better protection for investors' interests [2]. Group 2: Fund Manager's Performance - Fund manager Nong Bingli has nearly 11 years of experience, with over 6 years in investment, focusing on capturing high-growth potential companies across various sectors, including technology and high-end manufacturing [3]. - As of May 30, the fund managed by Nong Bingli, Invesco Great Wall Quality Evergreen A, achieved a net value growth rate of 44.84% since July 6, 2023, significantly outperforming its benchmark, which rose only 6.16%, and also surpassing the performance of the CSI 300 and the Wind Mixed Equity Fund Index [3]. - Nong Bingli's disciplined investment approach, including careful observation before increasing positions and gradual exit strategies when trends change, contributes to the fund's ability to generate excess returns [3]. Group 3: Market Outlook - Nong Bingli anticipates a potential shift in the current market stagnation, with a focus on the technology sector in the second half of the year. He notes signs of easing trade tensions and believes that the valuation of tech companies has reached reasonable levels, presenting new investment opportunities [4]. - The emergence of AI-related companies and advancements in smart driving technology are expected to enhance market perceptions and create favorable investment conditions as new applications are introduced [4].

Core Insights - The new floating rate funds have seen significant sales success within just two weeks of issuance, with multiple banks reporting sales exceeding 1 billion yuan, and some surpassing 10 billion yuan [1][2] - The Oriental Red Core Value Mixed Fund has already exceeded its fundraising cap of 2 billion yuan, with a subscription confirmation rate of approximately 94.03% [2][3] - A trend of self-purchase by fund companies has emerged, with Manulife Fund investing 10 million yuan in its own floating rate fund, reflecting a commitment to shared interests and risk with investors [1][5] Fund Sales Performance - As of June 6, several banks, including SPDB, Bank of China, and others, reported that their sales of new floating rate funds exceeded 1 billion yuan, with SPDB and Bank of China surpassing 10 billion yuan [2] - The first batch of 16 floating rate funds launched on May 27 has seen strong initial subscription, with many funds achieving over 1 billion yuan in subscriptions by June 6 [2][3] Fund Company Actions - Multiple fund companies have announced self-purchases of their floating rate funds, with amounts ranging from 10 million to 20 million yuan, indicating confidence in the market [5][6] - The self-purchase actions by companies like Oriental Red Asset Management and Tianhong Fund demonstrate a commitment to aligning interests with investors [5][6] Fund Characteristics - The new floating rate funds have varied performance benchmarks, with some using the CSI 500 Index as a benchmark, while others target the CSI 300 Index or the CSI 800 Index [4] - The introduction of floating rate funds is seen as a response to the policy aimed at linking management fees to fund performance, marking a new approach in the industry [6]

本报讯 （记者昌校宇）随着《推动公募基金高质量发展行动方案》的发布，首批新型浮动管理费产品 迅速落地。 从已披露发行信息的首批产品来看，在业绩比较基准设置上，权益资产的基准均采用了"A股+港股宽基 指数"的结构。其中，在A股资产基准的选择上，正在发行中的景顺长城成长同行混合型基金是当前唯 一一只采用中证A500指数为业绩基准的产品。中证A500指数以其均衡的行业分布和对科技成长领域的 侧重，较好体现了中国经济转型升级的特征。同时，该产品业绩比较基准对于中证港股通指数的纳入， 将有助于丰富组合的收益来源。 展望后市，农冰立表示，只要风险得到合理的定价，即使存在不确定性，股票的价值仍然值得关注，而 经过4月份的市场调整，部分优质公司已显现投资价值。特别关注AI技术在国内的应用演进，预计下半 年，围绕着大模型的迭代和变现会有更多的应用场景可以期待。同时，军工部分细分领域和芯片领域的 结构性机会也值得关注。 从景顺长城成长同行混合型基金的具体费率来看，若持有满一年，业绩跑赢基准6%以上且收益为正， 管理费率为1.5%/年；业绩跑输基准3%以上，管理费率为0.6%/年；业绩的其他情形及持有不满一年则 按1.2%/年的管 ...

将采用相对于基金业绩比较基准的年化超额收益率挂钩的分档管理费率设置，综合了基金份额的持有期 限和年化超额收益率来进行分档。具体来看，条件如下： 策略：判断产业趋势、企业经营周期和公司质地精选个股 重点考察四大方面 该基金投资组合中股票投资比例为基金资产的 60%-95%，投资于港股通标 的股票的比例不得超过股票 资产的 50%。本基金每个交易日日终在扣除股指期货、 国债期货和股票期权合约需缴纳的交易保证金 后，应当保持不低于基金资产净值 5%的现金或者到期日在一年以内的政府债券，其中现金不包括结算 备付金、存出保证金及应收申购款等。本基金的资产配置将根据宏观经济形势、金融要素运行情况、中 国经济发展 情况进行调整，并根据风险的评估和建议适度调整资产配置比例，使基金在保持 总体风险 水平相对稳定的基础上优化投资组合。 投资策略包括资产配置策略、股票投资策略、存托凭证投资策略、债券投资策略、股指期货投资策略、 国债期货投资策略等，其中股票投资策略，1、通过对产业趋势、企业经营周期和公司质地的判断精选 个股。将利用基金管理人股票研究数据库（SRD）对公司内在价值进行再 深入细致的分析，并进一步 挖掘出优质上市公司股 ...

Core Insights - The new floating management fee rate funds have raised approximately 2.6 billion yuan within five days of their launch, with significant sales concentration in a few products [1][2] - The Eastern Red Core Value Fund has led the fundraising efforts, reaching 1.5 billion yuan and is expected to end its fundraising early [2][3] - Several fund companies are actively purchasing their own floating rate funds to demonstrate confidence in the market and their products [4][6] Fundraising Performance - The overall fundraising for the new floating management fee rate products reached about 2.6 billion yuan, with at least six products exceeding 100 million yuan [2] - The Eastern Red Core Value Fund achieved nearly 400 million yuan in its first half-day of sales, making it the largest among the newly launched products [2] - Other notable funds include the Tianhong Quality Value Fund, which has raised over 200 million yuan, and the combined fundraising of E Fund and others reaching 760 million yuan [2][3] Market Dynamics - The issuance of floating management fee rate funds has been met with varying levels of success, with some products struggling to attract investment [1][2] - Banks are offering promotional discounts on fees to stimulate interest, such as the one offered by China Bank for certain funds [3] - The market is currently seeing a trend of increased investor inquiries about floating rate funds, indicating a growing interest [2] Fund Company Actions - Multiple fund companies have announced plans to invest their own capital into their floating rate funds, with amounts typically around 10 million yuan [4][5][6] - This self-investment strategy is seen as a way to align the interests of fund managers and investors, reinforcing the commitment to high-quality fund management [6] Equity Fund Trends - In May, the total fundraising for equity funds reached approximately 65.8 billion yuan, with equity products accounting for nearly 45% of the total [7] - Passive index funds have emerged as leaders in fundraising, with specific funds raising significant amounts, such as the Jianxin Science and Technology Innovation Fund at 1.96 billion yuan [7] - The market outlook for equity products is positive, driven by policy support and improving investor sentiment [7]

每经记者｜肖芮冬 每经编辑｜叶峰 天赐良基日报第657期 今年以来，A股和港股的潮玩盲盒、黄金珠宝、宠物经济、美妆个护、量贩零食等公司股价显著上涨。恒越基金大消费研究组组长宋佳龄公开表示，"新兴 消费领域会持续涌现新标的，还有很多机会待挖掘，这是时代发展和人口结构变迁形成的文化趋势。" 宋佳龄表示，部分个股尽管短期涨幅较大，但企业上涨逻辑主要基于业绩兑现，新兴消费股价严格跟随业绩数据，新品未推出前，盈利预测难以上修，需待 业绩验证后逐步提升，多数企业下半年仍有新品规划，长期空间明确，短期震荡或是逢低分批调仓时间窗口。 一、今日基金新闻速览 1、6月公募新发市场迎"小高峰" Choice数据显示，6月，共有89只基金（份额分开）进入发售期，部分公募新发数量超过5只。仅端午假期后的首个交易日，就有41只基金启幕，包括易方 达、博时、富国、汇添富、鹏华等多家头部公募旗下产品。（Via：上海证券报） 2、基金经理提醒REITs投资风险 今年以来公募REITs迎来一波大行情。Wind数据显示，中证REITs全收益指数年内涨幅12.62%，但近期该指数出现高位震荡。有基金经理提醒道，短期受宏 观波动等因素影响，REITs ...

Core Viewpoint - The approval of 26 new floating-rate funds by the China Securities Regulatory Commission (CSRC) reflects a significant shift in the public fund industry towards a model that aligns the interests of institutions and investors, promoting mutual growth and success [2][7]. Fund Details - All 26 products are mixed funds with a tiered management fee structure of 1.2% (base), 1.5% (upper tier), and 0.6% (lower tier), indicating a more than 100% difference between the lowest and highest fee rates [2][3]. - The performance indicators for adjusting fee tiers are based on annualized returns exceeding or falling short of the benchmark by 6 percentage points and 3 percentage points, respectively [3][4]. Fee Structure - For an investment of 1 million yuan, if the fund outperforms the benchmark by 6 percentage points after one year, the management fee increases from 12,000 yuan to 15,000 yuan; conversely, if it underperforms by 3 percentage points, the fee decreases to 6,000 yuan [6]. - The fee adjustment mechanism is asymmetric, with the increase in fees being half the magnitude of the decrease, demonstrating a focus on protecting investor interests [6]. Investment Focus - The 26 funds primarily invest in equities, with a typical stock allocation centered around 80%, targeting major indices such as the CSI 300, CSI A500, and others, while also participating in Hong Kong stocks and bonds [6]. - The initiative aligns with the "Action Plan for Promoting High-Quality Development of Public Funds," which aims for leading institutions to issue floating-rate funds at least 60% of the number of actively managed equity funds within a year [6][7]. Industry Response - The launch of floating-rate products is seen as a proactive response from the public fund industry to the regulatory action plan, indicating a beneficial exploration of fund fee structures [7]. - This new fee model is designed to encourage long-term holding by investors and enhance the accountability of fund management to performance benchmarks, fostering a healthier industry ecosystem [7].

5月23日，南都.湾财社记者获悉，26只新型浮动费率基金今日获证监会注册，预计很快就会向投资者发 售，投资者可通过商业银行、互联网平台等便利认购相关产品。记者了解到，首批产品均设置了1.2% (基准档)、1.5%(升档)、0.6%(降档)三档费率水平。 博时基金认为，此次获批浮动管理费率基金产品，与传统固定费率基金相比，一是通过费率优化设计， 让利持有一定期限以上的投资者，强化与投资者的利益绑定，有利于长期投资，进一步提升投资者获得 感。二是浮动管理费率基金产品强调超额收益，有利于激励和发挥公司专业化投研能力，为投资者创造 更好的回报。 值得关注的是，5月7日，证监会发布《推动公募基金高质量发展行动方案》，提出对新设立的主动权益 基金大力推行浮动管理费收取模式，推动行业实现从重规模向重投资者回报转型，督促行业回归"受人 之托、代客理财"的本源。方案中"建立与基金业绩表现挂钩的浮动管理费收取机制"，成为各方关注的 重点。 "此次新模式浮动费率产品的推出，标志着我国公募基金费率改革迈入新阶段。"中欧基金表示，与此前 的浮动费率试点相比，本次管理费率改革更突出的特点在于，进一步强化了业绩比较基准在基金投资过 程中的 ...

| | | 26家基金公司上报新模式浮动费率基金产品名 | | --- | --- | --- | | | 基金公司 | 基金产品名称 | | | 易方达基金 | 易方达成长进取混合型证券投资基金 | | | 富国县金 | 富国均衡配置混合型证券投资基金 | | | 发基金 | 发价值稳进混合型证券投资基金 | | 4 | 中欧基金 | 中欧大盘智选混合型发起式证券投资基金 | | | 景顺长城基金 | 景顺长城成长同行混合型证券投资基金 | | 6 | 草或者等 | 嘉实成长共赢混合型证券投资基金 | | 71 | 汇添富基金 | 汇添富均衡潜力优选混合型证券投资基金 | | | 花夏基等 | 华夏瑞享回报混合型证券投资基金 | | 9 | 【银瑞信基金 | 银瑞信泓裕回报混合型证券投资基金 | | 10 | 兴证全球基金 | 兴证全球合熙混合型证券投资基金 | | 11 | 南方基金 | 南方瑞享混合型证券投资基金 | | 12 | 花安基金 | 华安竞争优势混合型证券投资基金 | | 13 | 腿在基金 | 鹏华共赢未来混合型证券投资基金 | | 14 | 招商基金 | 招商价值严选混合型证券投资基金 ...