近期上报的新模式浮动管理费产品，不仅为投资者带来了新的 选择，也对基金行业的运营模式和投资策略提出了新的挑战， 同时亦标志着公募基金在费率改革方面又迈出了实质性步伐。 作者： 洪小棠 封图：图虫创意 5月22日，经济观察报记者获悉，近期上报的浮动管理费基金产品或于月内获批，第二批浮动管理 费基金产品也在积极筹备中。 这是继5月16日易方达基金、华夏基金、广发基金等26家基金管理人上报浮动管理费产品并显示被 证监会接收材料后的又一最新动向。 记者了解到，近期上报的新模式浮动管理费产品，不仅为投资者带来了新的选择，也对基金行业的 运营模式和投资策略提出了新的挑战，同时亦标志着公募基金在费率改革方面又迈出了实质性步 伐。 产品上报 证监会官网显示，近期上报的浮动管理费率产品，涵盖了易方达基金、华夏基金、广发基金、南方 基金、富国基金等26家头部及具有代表性的机构。这些机构在基金管理规模或主动权益类基金管 理规模上均处于行业前列，其中还包括4家中小基金管理人和1家外商独资公募机构。这意味着， 无论是大型机构还是中小基金公司，都对此次费率改革给予了高度重视，并积极参与其中。 从经济观察报了解到的产品投向和业绩比较基准选 ...

Core Viewpoint - The recent approval of floating management fee fund products marks a significant step in the fee reform of public funds, providing new options for investors while posing challenges to the fund industry’s operational models and investment strategies [2][10]. Product Submission - The recent submission of floating management fee products includes 26 leading fund management institutions such as E Fund, Huaxia Fund, and GF Fund, indicating strong participation from both large and small fund companies [3][4]. Fee Structure Innovation - The new floating management fee products innovate the fee structure by linking management fees to both the holding period and the performance during that period, contrasting with previous models that primarily linked fees to fund size or investor holding time [5][10]. Challenges Faced - Fund managers face new challenges in managing floating fee funds, as their fees are closely tied to performance, necessitating precise market assessments and optimized investment portfolios to exceed performance benchmarks [6][7]. Operational Changes - The introduction of floating management fee products necessitates significant changes in fund operations, requiring advanced systems to handle complex fee calculations based on individual investor performance and holding periods [8][10]. Investor Implications - The design of floating management fee products encourages long-term investment by linking fees to holding periods and performance, potentially reducing short-term trading and promoting a focus on long-term returns [9][10]. Future Outlook - The floating management fee product is seen as a potential mainstream model for future fund issuance, with expectations for more refined designs and diverse investment strategies as regulatory frameworks evolve [10][11].