Core Insights - A total of 19 public funds have launched their initial fundraising on August 4, including three products from the second batch of new floating-rate funds: E Fund Value Return Mixed, China Europe Core Select Mixed, and Jianxin Medical Innovation Stock [1] Fund Details - China Europe Core Select Mixed is set to end its fundraising on August 15, E Fund Value Return Mixed on August 20, and Jianxin Medical Innovation Stock on August 22 [1] - Jianxin Medical Innovation has a fundraising cap of 3 billion yuan [1] Fund Management - E Fund Value Return is managed by Tang Bolun, Jianxin Medical Innovation by Ma Muqing, and China Europe Core Select by Zhang Cong and Song Ting [1] Fund Approval and Themes - The second batch of new floating-rate funds was approved on July 24, covering various industry themes such as pharmaceuticals, manufacturing, and high-end equipment, along with initiator funds [1] - Among the new products, there are 2 stock-type funds and 10 equity-mixed funds, including: Invesco Great Wall High-end Equipment Stock, Jianxin Medical Innovation Stock, Bank of China Quality Emerging Mixed, Ping An Research-Driven Mixed, Southern Ruijing Mixed, Oriental Red Medical Innovation Mixed, E Fund Value Return Mixed, Huatai-PB Manufacturing Theme Mixed, Guotai Quality Core Mixed, China Europe Core Select Mixed, and Morgan Huikai Growth Mixed [1]

Core Viewpoint - The second batch of new floating-rate funds has been officially submitted for registration, following the first batch's successful fundraising, indicating a significant reform in the public fund industry aimed at enhancing investor returns and aligning fund management fees with actual long-term performance [1][2][4]. Group 1: Fund Registration and Types - On July 4, the China Securities Regulatory Commission (CSRC) announced that 11 public fund companies, including E Fund and Huatai-PB, have submitted applications for the second batch of floating-rate funds [1][2]. - Unlike the first batch, which consisted entirely of all-market funds, the second batch includes industry-themed products such as Huatai-PB's manufacturing theme mixed fund and Invesco Great Wall's high-end equipment stock fund [2]. Group 2: Fund Performance and Fundraising - As of July 4, 24 out of 26 funds from the first batch have completed fundraising, totaling approximately 22.68 billion yuan, with an average fundraising size of about 944.5 million yuan per fund [4]. - Notably, three funds exceeded 1.5 billion yuan in fundraising, while 14 funds raised between 500 million yuan and 1 billion yuan, indicating a strong market response [4]. Group 3: Fee Structure and Investor Alignment - The floating-rate fund model aims to enhance the alignment of interests between fund managers and investors by linking management fees to the actual long-term returns achieved by investors [3][7]. - The new fee structure is designed to encourage a long-term investment perspective among investors, moving away from a focus on short-term gains [3][7]. Group 4: Future Trends and Industry Impact - The CSRC plans to promote the floating management fee model for newly established actively managed equity funds, aiming for at least 60% of such funds to adopt this model within a year [7]. - This shift is expected to transform the public fund industry from a focus on scale to a focus on investor returns, marking a significant trend in supply-side reform [7][8].