Core Viewpoint - The reform of public fund fee rates represents a shift from scale-driven to value-driven approaches, enhancing investor experience, with floating fee rates as a key tool for aligning the interests of fund managers and investors [1] Group 1: Background and Initial Developments - The public fund industry previously operated on a fixed management fee plus custody fee model, leading to a growing contradiction where fund companies profited while funds underperformed [1] - In 2023, eight floating fee rate funds linked to performance were approved, but their design was still rudimentary, lacking comprehensive mechanisms for performance benchmarks and imposing liquidity constraints due to a three-year lock-up period [1] Group 2: Policy and Market Response - By 2025, the "Action Plan for Promoting High-Quality Development of Public Funds" mandates that over 60% of new actively managed equity funds from leading companies must adopt floating fee rates, guiding the industry towards standardized designs [2] - As of now, 30 floating fee rate funds established this year have raised a total of 33 billion yuan, accounting for 24% of the total raised in actively managed equity funds, indicating strong investor demand for performance-linked products [2] Group 3: Operational Challenges and Requirements - The new floating fee rate funds require advanced backend systems to dynamically match investor shares with holding periods and returns, creating a high operational threshold for fund companies [3] - Fund companies must outperform benchmarks to earn higher management fees, which raises the bar for their research and investment capabilities [3] Group 4: Mechanism and Product Innovations - The 2025 floating fee rate funds have introduced a mechanism where excess returns relative to benchmarks play a decisive role in fee structures, enhancing accountability for fund managers [6] - Unlike the previous closed-end model, the new funds operate on an open-ended basis, allowing for emergency redemptions while encouraging long-term holding through fee structures [6] Group 5: Product Diversity and Investor Benefits - The new floating fee rate funds include thematic and style funds, addressing gaps in the market and catering to investor preferences for specific sectors [7] - These funds allow investors to participate in thematic investments while reducing costs associated with underperformance, promoting a shared risk and reward structure [8] Group 6: Importance of Benchmark Selection - The performance benchmarks for the new funds utilize price indices rather than total return indices, which may lead to easier outperformance but could misrepresent actual returns [8] - The choice of benchmarks is critical as it directly impacts investor costs and fund performance assessments [8] Group 7: Overall Significance - The issuance of the new floating fee rate funds is significant for investors, providing diverse options that align with their investment needs while lowering costs through flexible fee mechanisms [9] - This shift encourages fund managers to focus on long-term investment capabilities, steering the public fund industry towards high-quality development and better wealth management services for residents [9]

Core Viewpoint - The "9·24" policy has significantly reshaped the A-share market, enhancing investor confidence and leading to a substantial increase in market capitalization and stock prices over the past year [2][5][15]. Market Performance - A-share total market capitalization grew from approximately 70 trillion yuan to over 100 trillion yuan, an increase of over 30% [2][6]. - More than 1,400 stocks have doubled in price, with the ChiNext Index and the Sci-Tech Innovation 50 Index both rising over 100% [2][6]. Policy Impact - The "9·24" policy, introduced on September 24, 2024, included measures to boost medium- and long-term capital inflows, reform mergers and acquisitions, and support technological innovation [2][4]. - Following the policy announcement, the Shanghai Composite Index surged by 4.15% in a single day, while the ChiNext Index soared by 5.54% [4]. Structural Changes - The A-share market has seen a profound transformation, with a focus on sustainable growth and a "slow bull" market trajectory following initial rapid responses to policy changes [5][6]. - The volatility of the market has decreased, with the annualized volatility of the Shanghai Composite Index at 15.9%, down 2.8 percentage points from the previous five-year period [6]. Mergers and Acquisitions - Over 230 major asset restructurings have been disclosed since the implementation of the "9·24" policy, marking a recent high [9]. - Innovative merger tools such as targeted convertible bonds and acquisition loans have revitalized market activity, facilitating a clearer direction for industrial integration [9][10]. Investor Sentiment - The investor base has evolved, with a significant increase in new accounts, totaling 30.57 million, an 83.86% increase compared to the previous period [13]. - Long-term capital, including insurance and social security funds, has also increased its presence in the market, with insurance funds' stock investments reaching 3.06 trillion yuan, a net increase of about 1 trillion yuan [14]. Future Outlook - The ongoing reforms are expected to further enhance market quality and foster a culture of long-term investment, with a focus on improving the quality of listed companies and refining foundational systems [14][15].

专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近日，在北京证监局指导下，北京证券业协会携手北京公募基金管理人、基金销售机构及多家主流媒 体，共同启动"北京公募基金高质量发展系列活动"，活动以"新时代・新基金・新价值——北京公募基 金高质量发展在行动"为主题，结合行业政策解读、投资者教育、产品创新实践、风险管理经验等方 向，开展多种形式的宣传宣讲。东兴基金积极响应此次主题活动，结合近期行业政策及相关举措要求， 重点关注浮动费率改革给行业发展带来的机遇与挑战。 2025年5月7日，中国证监会发布《推动公募基金高质量发展行动方案》（以下简称"《行动方案》"）， 这份包含25条举措的纲领性文件，标志着中国公募基金行业迎来从"重规模"向"重回报"的积极转变。 《行动方案》明确提出，要建立与基金业绩表现挂钩的浮动管理费收取机制，对新设立的主动管理权益 类基金大力推行基于业绩比较基准的浮动管理费收取模式，对符合一定持有期要求的投资者，根据其持 有期间产品业绩表现确定具体适用管理费率水平。浮动费率的改革，如同一块巨石，激起公募基金行业 的层层涟漪；这一制度改革为行业发展带来难得的机遇，同时也掀起多重挑战。 三 ...

Core Viewpoint - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" signifies a profound systemic transformation in China's public fund industry, with 25 measures outlined to guide future development [1] Group 1: Investment Research Capability - Enhancing core investment research capabilities is fundamental for public funds to adhere to the "investor-centric" philosophy, aiming to create sustainable returns for investors [1] - The plan proposes establishing a performance evaluation system for fund companies' investment research capabilities, promoting a collaborative team approach rather than individual-driven models [2] - Silver Hua Fund has been exploring an "industrialized" approach to active equity investment, moving away from the star fund manager model to a modular capability framework [2] Group 2: Floating Fee Rate Funds - The plan emphasizes the promotion of floating fee rate funds that align the interests of fund managers with those of investors, encouraging long-term holding [3] - The floating fee mechanism adjusts management fees based on actual fund performance, incentivizing fund managers to focus on generating returns rather than merely managing scale [3][4] - This mechanism aims to reshape the industry's long-termism philosophy and enhance investor satisfaction [3] Group 3: Performance Benchmarking - The plan introduces regulatory guidelines for performance benchmarks, ensuring strict oversight of how fund companies set and modify these benchmarks [4][6] - Silver Hua Fund is committed to developing a benchmark system that reflects fund managers' investment styles, enhancing investor confidence and market health [5][6] Group 4: Long-Term Assessment and Incentives - The plan calls for a reform in performance assessment mechanisms, prioritizing fund investment returns over operational metrics [6] - Silver Hua Fund adopts a long-term assessment approach, focusing on three to five-year performance metrics to discourage short-termism [6] Group 5: Innovation in Equity Fund Products - The plan identifies standardized products like ETFs as key to public fund innovation, reflecting a shift in investor attitudes [7] - Silver Hua Fund has developed a diverse product matrix covering core indices, focusing on low-volatility strategies and aligning with national innovation strategies [7] Group 6: Industry Development Focus - The industry is shifting its focus from management scale to improving investor returns, with public funds acting as a bridge between resident wealth growth and high-quality economic development [8]

Group 1 - The core viewpoint of the article emphasizes the profound changes in the public fund industry driven by the floating fee rate reform, which aims to enhance the quality of fund management and align the interests of fund managers and investors [1][2]. Group 2 - The public fund industry has seen continuous expansion, with 2,986 products managed by Beijing-based fund managers, totaling over 8 trillion yuan as of August 2025 [2]. - The floating fee rate reform is designed to shift the focus from scale-driven revenue to performance-driven revenue, addressing investor dissatisfaction with fund performance amid macroeconomic fluctuations [2][3]. Group 3 - The floating fee rate reform presents three major opportunities: 1. It encourages fund managers to enhance active management capabilities, fostering a competitive environment focused on performance [3]. 2. It allows investors to share in the profits and risks, with management fees adjusted based on fund performance, thus controlling investment costs [3]. 3. It opens avenues for product innovation, enabling the design of funds tailored to various investment strategies and risk preferences [3]. Group 4 - The reform faces three significant challenges: 1. Investors need to improve their understanding of floating fee rates, as many are accustomed to fixed rates and may be apprehensive about the new model [4]. 2. Fund managers will experience pressure as their income becomes directly linked to performance, necessitating stronger research and risk management capabilities [4]. 3. Sales channels must transition from product sales to comprehensive wealth management, requiring collaboration with professional advisory institutions [4]. Group 5 - In response to the reform, the company is enhancing investor education through partnerships with licensed advisory institutions, optimizing product selection mechanisms, and deepening collaboration with these institutions to provide personalized investment planning [5]. - The floating fee rate reform is viewed as a critical step towards the high-quality development of the public fund industry, with the company committed to improving service capabilities and creating value for investors [5].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, focusing on improving investment capabilities, optimizing customer experience, and enhancing investor trust [1][2]. Group 1: Industry Reform and Development - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry aimed at high-quality development [2]. - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a crucial role in serving the real economy and maintaining financial stability [3]. - The action plan aims to address issues arising from rapid growth, encouraging institutions to focus on their core business and optimize supply to create diverse financial products and services [3][4]. Group 2: Innovation and Service Optimization - The Beijing Securities Regulatory Bureau is guiding local fund institutions to innovate and optimize their business structures, promoting the development of floating fee rate products and increasing the number of equity funds [5][6]. - As of the first half of 2025, 73 new equity funds were launched in the region, totaling 41.5 billion yuan, with 1,106 equity funds under management amounting to 1.66 trillion yuan [5][6]. - The industry is shifting towards an "investor-centered" service model, enhancing personal pension product offerings and improving investor support systems [6][7]. Group 3: Enhancing Research and Investment Capabilities - The industry is focusing on building a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and integrated research teams [7]. - There is an emphasis on optimizing investment decision-making processes and strengthening talent development to cultivate skilled investment management professionals [7]. Group 4: Contribution to the Real Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [8][9]. - The industry is also involved in the development of REITs, with 37 REITs issued, amounting to 103.395 billion yuan, to support infrastructure projects [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023, and enhancing investor education [10]. - A comprehensive risk management framework is being established to identify and mitigate key risks, ensuring the stability of the financial system [10].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reforms and enhancing quality, focusing on improving investment capabilities, optimizing customer experience, and increasing investor trust [1][3][4]. Group 1: Industry Development - The public fund industry has grown to manage over 30 trillion yuan, with more than 800 million investors, playing a vital role in serving the real economy and maintaining financial stability [3]. - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry [1][2]. - Beijing aims to create a "Beijing model" for high-quality public fund development, leveraging its financial resource advantages [2]. Group 2: Reform and Innovation - The action plan emphasizes the need for reforms to address issues such as the focus on scale over returns and to enhance investor satisfaction [4]. - The industry is encouraged to innovate and optimize its business structure, including the introduction of floating fee rate products and the development of equity products [6][7]. - As of the first half of 2025, 73 new equity funds were launched in the region, totaling 41.5 billion yuan, with 1,106 equity funds managing a total of 1.66 trillion yuan [6]. Group 3: Service Enhancement - The public fund industry is shifting towards an "investor-centered" service model, enhancing the supply of personal pension products and improving investor engagement [7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for retirement investment [7]. - The industry is also focusing on digital transformation to improve service efficiency and investor experience [7]. Group 4: Contribution to the Economy - The public fund industry is actively supporting national strategies, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan [8]. - As of the first half of 2025, there are 37 ESG-themed funds with a total scale of 24.809 billion yuan [8]. - The industry is also involved in the development of REITs, with 37 products issued, totaling 103.395 billion yuan [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive complaint handling mechanism has been established to ensure efficient resolution of investor disputes [10]. - The regulatory framework is being strengthened to enhance risk prevention and control, focusing on governance, liquidity, and credit risks [11].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and enhancing quality and efficiency, focusing on improving investment capabilities, optimizing customer experience, and enhancing investor trust [1][2]. Group 1: Industry Development and Reform - The China Securities Regulatory Commission (CSRC) released an action plan on May 7, 2025, marking a new development stage for the public fund industry, emphasizing high-quality development [2]. - Beijing, as a national financial management center, is expected to leverage its financial resource advantages to create a "Beijing model" for high-quality public fund development [2][4]. - The public fund industry has over 30 trillion yuan in managed assets and more than 800 million investors, playing a crucial role in serving the real economy and maintaining financial stability [3]. Group 2: Key Initiatives and Innovations - The action plan aims to address issues such as the focus on scale over returns and to enhance investor satisfaction through various policy measures [4]. - The Beijing Securities Regulatory Bureau is guiding local fund management institutions to innovate and optimize their business structures, including the introduction of floating fee rate products and the development of equity products [5][6]. - As of the first half of 2025, 73 new equity funds were launched in the region, with a total scale of 41.5 billion yuan [6]. Group 3: Enhancing Investor Services - The industry is shifting towards an "investor-centered" service model, with an increase in personal pension product offerings and a focus on long-term investment education [6][7]. - A total of 81 public fund products have been included in the personal pension product catalog, providing more options for investors [6]. - The industry is also advancing digital transformation to improve service efficiency and enhance investor experience [7]. Group 4: Supporting National Strategies - The public fund industry is actively supporting national strategic initiatives, including technology innovation and green development, with 48 managed science and technology innovation board funds totaling 173.236 billion yuan as of mid-2025 [8][9]. - The industry is also promoting the development of ESG products, with 37 ESG-themed funds amounting to 24.809 billion yuan [8]. - The issuance of REITs products has reached a cumulative scale of 103.395 billion yuan, supporting infrastructure development [8][9]. Group 5: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan since July 2023 [10]. - A comprehensive regulatory framework is being established to enhance risk management, focusing on early identification and resolution of operational risks [10]. - The industry is committed to a "zero tolerance" policy for illegal activities, ensuring strict enforcement against violations [10].

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reform and improving quality and efficiency, with a focus on enhancing investment capabilities, optimizing customer experience, and increasing investor trust [1][2]. Group 1: Importance of High-Quality Development - The public fund industry has become a significant institutional investor in the capital market, managing over 30 trillion yuan and serving more than 800 million investors, playing a crucial role in supporting the real economy and maintaining financial stability [2][3]. - There is a pressing need for reform to address existing deficiencies in operational philosophy, functionality, and governance within the industry, aiming to better serve national strategies [2][3]. Group 2: Reform Initiatives - The action plan aims to address market and societal concerns by encouraging institutions to focus on their core business, optimize supply, and enhance value creation capabilities [2][3]. - The plan emphasizes the importance of aligning the interests of fund managers with those of investors, reducing costs, and improving services to strengthen the industry's commitment to the public [3]. Group 3: Business Innovation and Service Optimization - The industry is encouraged to innovate and optimize its business structure, including the introduction of floating fee rate products and the development of equity products, with 73 new equity funds launched in the first half of 2025, totaling 41.5 billion yuan [4]. - There is a focus on enhancing the investor service system, including the introduction of personal pension products and a comprehensive investor support mechanism [4][5]. Group 4: Enhancing Research and Investment Capabilities - The industry is urged to build a research and investment system that aligns with high-quality development, including the establishment of digital research platforms and a team-based investment decision-making process [5]. - Strengthening talent development and creating a robust talent management system is also a priority to cultivate skilled investment management professionals [5]. Group 5: Contribution to the Real Economy - The public fund industry is actively supporting national strategic initiatives, including technology innovation and green development, with 48 managed science and technology innovation funds totaling 173.236 billion yuan as of mid-2025 [6]. - The industry is also involved in the development of REITs, with 37 REITs issued, amounting to 103.395 billion yuan, to support infrastructure projects [6][7]. Group 6: Investor Protection and Risk Management - The industry prioritizes investor protection, implementing fee reforms that have saved investors 7.2 billion yuan in 2024, and enhancing investor education to ensure product risk levels match investor capabilities [8]. - A comprehensive risk management framework is being established to identify and mitigate key risks, ensuring the prevention of systemic risks [9].

Core Viewpoint - The public fund industry in China is undergoing significant fee reforms, with management fees decreasing across various fund types, indicating a shift towards more investor-friendly practices [1][6][12]. Group 1: Fee Reform Progress - Since the implementation of the fee reform plan by the China Securities Regulatory Commission (CSRC) in July 2023, the public fund industry has seen a continuous reduction in management fees [1]. - In the first half of 2025, the total management fees collected by 196 public fund institutions amounted to 62.313 billion yuan, a slight increase from 61.469 billion yuan in the same period of 2024, but the average management fee per fund decreased from 5.226 million yuan to 4.957 million yuan [1]. - Over the past two years, the overall scale of public fund management fees has decreased by 12.6%, with the average management fee per fund dropping by 1.7 million yuan [1]. Group 2: Management Fee Distribution - The top 10 public fund managers accounted for nearly 40% of the total management fees in the market, with a total of 24.142 billion yuan collected, showing a slight decrease of 0.15% compared to the previous year [3][4]. - Four public funds reported a decline in management fees exceeding 100 million yuan, with the largest decreases seen in E Fund, CCB Principal Asset Management, and Huatai-PB Asset Management [3][4]. Group 3: Fund Type Analysis - Active equity funds collected 19.583 billion yuan in management fees in the first half of 2025, down 6.79% from the previous year, with equity mixed funds contributing 12.186 billion yuan [6]. - The introduction of floating fee rate funds marks a significant step in the fee reform, with 31 such funds launched, totaling over 34 billion yuan in scale [7][8]. Group 4: Trading Commission Changes - Public funds have also seen a reduction in trading commissions, with a 33.98% decrease in total commissions paid to brokers in the first half of 2025, amounting to 4.472 billion yuan [10]. - The top three public funds by commission payments were E Fund, GF Fund, and Fortune Fund, all of which experienced significant reductions in their commission expenses compared to the previous year [10][11]. Group 5: Future Directions - The next phase of fee reform will continue to focus on management fees, trading fees, and sales fees, aiming to reshape the industry's profit distribution and enhance investor satisfaction [12].