编者按： 当前，中国资本市场风生水起，公募基金行业一场以投资者为本、以推动行业高质量发展为目标的系统性改革，悄然拉开大幕。这场深刻变革，正以前所未有的 力度与广度，重塑着行业的新生态，催生出新活力。一个正在脱胎换骨、以实际行动赢回投资者信赖、服务实体经济质效更高的公募基金新时代，正在迎面走 来。今日起，本报特别策划推出"公募十变.共塑高质量发展新生态"系列报道，敬请垂注。 多位基金行业资深人士向证券时报记者表示，费率改革两大关键环节有望再迎实质性突破：其一，作为探索管理人与投资者利益绑定的核心举措，浮动费率基金已 转入常态化注册，并有望扩容至"固收+"产品；其二，公募基金销售费用相关的管理规定可望公开征求意见。 这意味着费率改革已从费用的"表"，切入机制的"里"，有望破除规模崇拜与渠道依赖的沉疴，真正构建起基金管理人、销售渠道与投资者利益荣损与共、同向而行 的发展新范式，并最终重塑行业利益分配格局。 浮动费率基金已经 转为常态化注册 作为费率改革的"第一枪"，管理费用的调降已率先破局并纵深推进。 公募基金费率改革正在迎来从降费让利到机制重构的纵深推进。 自2023年7月证监会发布实施《公募基金行业费率改革工作 ...

编者按： 当前，中国资本市场风生水起，公募基金行业一场以投资者为本、以推动行业高质量发展为目标的系统性改革，悄然拉开大幕。这场深刻变革，正以前所未有的 力度与广度，重塑着行业的新生态，催生出新活力。一个正在脱胎换骨、以实际行动赢回投资者信赖、服务实体经济质效更高的公募基金新时代，正在迎面走 来。今日起，本报特别策划推出"公募十变.共塑高质量发展新生态"系列报道，敬请垂注。 公募基金费率改革正在迎来从降费让利到机制重构的纵深推进。 自2023年7月证监会发布实施《公募基金行业费率改革工作方案》以来，公募基金费率改革正在按照"管理费用－交易费用-销售费用"三阶段稳步推进，特别是2025 年5月，证监会发布的《推动公募基金高质量发展行动方案》中再次提到，优化主动权益类基金收费模式，大力推行基于业绩比较基准的浮动管理费收取模式。随 后，两批新型浮动费率基金陆续获批发行。 多位基金行业资深人士向证券时报记者表示，费率改革两大关键环节有望再迎实质性突破：其一，作为探索管理人与投资者利益绑定的核心举措，浮动费率基金未 来有望转入常规化审批，并有望扩容至"固收+"产品；其二，公募基金销售费用相关的管理规定可望公开征求意见。 ...

多位基金行业资深人士向证券时报记者表示，费率改革两大关键环节有望再迎实质性突破：其一，作为 探索管理人与投资者利益绑定的核心举措，浮动费率基金未来有望转入常规化审批，并有望扩容至"固 收+"产品；其二，公募基金销售费用相关的管理规定有望公开征求意见。 这意味着费率改革已从费用的"表"，切入机制的"里"，有望破除规模崇拜与渠道依赖的沉疴，真正构建 起基金管理人、销售渠道与投资者利益荣损与共、同向而行的发展新范式，并最终重塑行业利益分配格 局。 人民财讯8月25日电，公募基金费率改革正在迎来从降费让利到机制重构的纵深推进。 自2023年7月证监会发布实施《公募基金行业费率改革工作方案》以来，公募基金费率改革正在按照"管 理费用—交易费用—销售费用"三阶段稳步推进，特别是2025年5月，证监会发布的《推动公募基金高质 量发展行动方案》中再次提到，优化主动权益类基金收费模式，大力推行基于业绩比较基准的浮动管理 费收取模式。随后，两批新型浮动费率基金陆续获批发行。 ...

随着权益市场热度回升，不少次新基金已择机入市。 截至8月22日，近期成立28只浮动费率基金，上周（8月18日—8月22日）内最高收益率接近8%。8月中 旬以来成立的其他主动权益基金，上周内均出现净值波动。7月成立的基金，净值波动更明显，上周内 最高收益接近7%。另外，近期上市的股票ETF，在发布上市公告书到正式上市短短几天里，也迅速提 升了股票仓位。 业内人士对记者表示，当前行情热度有所上升，次新基金多数选择快速建仓。但从阶段性看，短期要注 意市场情绪过高以及获利资金了结带来的波动风险。 主动权益基金建仓迹象明显 由于成立时间和本轮行情基本一致，首批26只和第二批2只已成立的新型浮动费率基金，成为观察权益 基金建仓情况的重要窗口。 截至8月22日，28只已成立的浮动费率基金已悉数建仓，从上周一周的收益率情况来看，有8只产品收益 率超过2%，成立于6月19日的嘉实成长共赢A上周收益率为7.81%；银华成长智选A、华商致远回报A、 景顺长城成长同行等收益率均超过6%，成立时间在6月下旬到7月中旬。另外，成立于8月中旬的中欧核 心智选A和易方达价值回报，上周分别微涨0.08%和0.30%。此外，还有10只成立于6月 ...

Group 1 - The core viewpoint of the article is the introduction and implementation of the "Action Plan for Promoting the High-Quality Development of Public Funds," which includes various reform measures and guidelines for the fund industry [2] Group 2 - Floating rate funds are expected to transition to conventional approval processes after the National Day holiday, with existing products potentially adjusting based on market conditions [4] - The approval process for bond funds is anticipated to be optimized, with secondary bond funds having equity positions between 5% and 20% seeing approval timelines reduced to 15 working days [7] - The sales service fee rates for fund products will be uniformly reduced, with retail commissions remaining unchanged while institutional commissions will see a decrease [10] Group 3 - The operational requirements for initiating funds are expected to be relaxed, allowing older products to modify investment scopes without convening a unitholder meeting [12] - There will be a focus on enhancing the readability and relevance of information disclosure, including long-term performance and management fees [12] - Strict scrutiny will be placed on the leakage of fund dividend information and related compliance issues [14]

Core Viewpoint - The active equity funds are gaining attention in the market due to both the scale of issuance and investment performance, with over 95% of these funds achieving profitability in the last three months [1][5]. Group 1: Fund Issuance and Performance - As of August 12, several public funds, including E Fund and China Europe Fund, have announced the early closure of their second batch of floating rate funds due to high demand [3][4]. - New active equity funds are increasingly being launched, with multiple products exceeding 1 billion yuan in size, and the largest fund reaching nearly 2.5 billion yuan, marking the largest issuance scale of the year [1][4]. - The first batch of 26 floating rate funds raised nearly 26 billion yuan, with an average size of nearly 1 billion yuan and over 260,000 effective subscriptions [3][4]. Group 2: Fund Performance Metrics - Over 95% of active equity funds have achieved profitability in the last three months, with an average return of 12.49% across ordinary stock funds [5][9]. - Notably, 169 funds have returned over 20% in the last three months, with 12 funds exceeding 50% returns, including those focused on healthcare and technology sectors [5][9]. - Year-to-date, some funds have reported returns exceeding 100%, with the highest being over 120% [5][9]. Group 3: Sector Performance - The performance of active equity funds is not limited to healthcare; technology sectors such as semiconductors, integrated circuits, and robotics have also shown significant returns [1][9]. - Funds like the Financial Technology Industry A and Debon Technology Innovation Fund have reported returns exceeding 40% in the last three months [9]. Group 4: Market Outlook and Investment Strategy - The market liquidity remains supportive, and there is optimism for the short-term performance of A-shares, with a focus on "big technology + big finance" investment strategies [11][12]. - The rapid advancements in artificial intelligence and other technologies are expected to reshape various industries, indicating potential for significant investment opportunities in the coming years [11][12].

Macro Dynamics - The People's Bank of China reported a net liquidity injection of 100 billion yuan through MLF and 200 billion yuan through reverse repos in July 2025, with no public market transactions of government bonds [2] Market Data - In July 2025, A-share new account openings reached 1.96 million, a year-on-year increase of 71%, and a month-on-month increase of 19.27% [3] - The second batch of floating rate funds raised over 1 billion yuan on its first day of sale, with specific funds like China Europe Core Select raising over 800 million yuan and E Fund Value Return raising over 400 million yuan [4] - The Shanghai Composite Index rose by 0.66% on August 4, with significant gains in military stocks and semiconductor sectors, while over 3,800 stocks increased in value [8] - The total margin balance in the two markets decreased by 4.659 billion yuan as of August 1, with the Shanghai Stock Exchange reporting a balance of 998.673 billion yuan and the Shenzhen Stock Exchange reporting 961.366 billion yuan [9] Company Dynamics - Nanjing Bank announced that its shareholder, Nanjing High-Tech, increased its stake from 8.94% to 9.00% by acquiring 7.5077 million shares [5] - Zhongyuan Securities received approval from the China Securities Regulatory Commission to issue bonds totaling up to 2.5 billion yuan [6] - Xi'an Bank reported the release of 857,200 shares from pledge by its shareholder, Xi'an Qujiang Cultural Industry Venture Capital [7] - Anta Sports responded to rumors regarding the acquisition of Reebok, stating that it does not comment on market speculation [11] - Victory Technology announced the completion of a share reduction plan, with a total of 2.37 million shares sold, representing 0.2765% of the total shares [11] - CATL reported a total share buyback of 6.641 million shares, amounting to 1.551 billion yuan [12] - China Shipbuilding announced plans for a merger with China Shipbuilding Industry Corporation, which may lead to the termination of its stock listing [13] - Green通科技 plans to use excess funds of 450 million yuan to acquire a 46.9167% stake in Damo Semiconductor and invest an additional 80 million yuan for capital increase, aiming for a strategic shift towards the semiconductor industry [15]

2. 第二批浮动费率基金获批，最快下周开售。 证监会批准第二批12只浮动费率基金产品，最快将于下 周上市。与首批产品类似，这些基金设置了1.2%、1.5%和0.6%三档费率，部分产品还将降档阈值上调 为跑输基准2个百分点。此举旨在通过费率与业绩挂钩，激励基金管理人提升投资能力，同时为投资者 提供更多选择。 3. 成长与价值"一个不能少"，百亿级基金经理业绩跑出"加速度"。 凭借二季度的积极调仓换股，近期 多位"百亿级"全市场选股基金经理业绩显著回暖。从二季度调仓换股的情况来看，"成长派"主动权益基 金经理积极挖掘AI算力、创新药等板块机会；"价值派"基金经理深耕大金融、资源品等方向；执行"哑 铃型策略"的基金经理则兼顾科技成长与高股息品种的配置。部分基金经理表示，不仅是个别行业景气 上行，国内市场将迎来全面重估。 4. 券商资管公募赛道表现亮眼，创新药主题基金收益领跑。 券商资管今年在公募赛道上的业绩表现正 浮出水面。整体而言，创新药主题的演绎推动多只医药主题基金净值近期不断攀高。截至7月22日，东 方红医疗升级A目前年内净值已增长了71.54%。创新药主题基金收益领跑，券商公募资管产品排名前三 均为医药主题 ...

智通财经7月24日电，首批浮动费率基金近日完成募集，26只基金合计募集规模约259亿元。今年5月7 日，《推动公募基金高质量发展行动方案》印发后，行业首批26只新模式浮动管理费率主动管理权益类 基金5月16日上报，5月23日获批注册，27日陆续启动募集。从结果来看，募集情况较好，单只均募集规 模约10亿元，显著优于年内主动管理偏股型基金只均4.4亿元的整体水平。（智通财经记者 闫军） 首批浮费基金合计募集金额约259亿 ...

Core Viewpoint - The second batch of 12 floating fee funds has been approved and will be launched successively, with a mix of both new and returning fund companies participating in this initiative [1] Group 1: Fund Companies Involved - 12 fund companies have submitted applications for the second batch of floating fee funds, including 7 that participated in the first batch: Southern, E Fund, Huatai-PB, China Universal, Invesco Great Wall, Dongzheng Asset Management, and Ping An Fund [1] - The remaining 5 companies, including Bank of China, Guotai Asset Management, Morgan Stanley, Huatai-PB, and Jianxin Fund, are participating for the first time [1] Group 2: Fund Product Types - This batch includes 8 funds that are all-market stock selection products and 4 funds that focus on specific industries or themes, covering sectors such as manufacturing, high-end equipment, and healthcare [1] Group 3: Fee Structure Adjustments - Notably, Huatai-PB and Dongzheng Asset Management have differentiated their management fee thresholds, maintaining the upper threshold while raising the lower threshold to a 2% underperformance, which enhances the constraints on performance deviation [1]