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。 此外，第二批浮动费率基金也发行提速，其中易方达价值回报、中欧核心智选两只新型浮动费率基金已 经提前结束募集，募集金额均超20亿元。 相比首批产品，第二批新型浮动费率模式已再次有所创新。一是投资策略更加多元，除了全市场选股产 品外，第二批还有聚焦行业或者主题的产品，比如建信医疗创新、华泰柏瑞制造业主题混合等产品；二 是费率降档阈值设定更加严格。比如，相较新型浮动费率产品普遍"跑赢6个百分点、跑输3个百分点"的 年化超额升降档阈值，华泰柏瑞制造业主题混合基金将降档阈值调整为"跑输2个百分点"，对基金管理 人提出了更高要求。 华泰柏瑞基金表示，新型浮动费率模式的意义远不止于费率本身的变化，同时，它还通过费率机制设 计，强化管理人与投资者利益的深度绑定，建立了更公平的利益共享、风险共担机制。在浮动费率模式 下，管理费收入直接与基金创造的超额收益挂钩，这直接推动基金管理人将核心资源投入到提升主动管 理能力、创造超额收益上，努力帮投资者多赚钱。 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 ...

Core Viewpoint - The first batch of 26 new floating-rate funds has seen 13 established with a total fundraising scale exceeding 12.6 billion yuan, indicating strong market interest and a shift towards performance-based fee structures [1][3][6]. Fund Establishment and Performance - As of June 24, 13 out of 26 new floating-rate funds have announced their establishment, raising over 12.6 billion yuan in total [1][3]. - The top three funds by fundraising scale are: - Dongfanghong Core Value managed by Zhou Yun at 1.991 billion yuan - E Fund Growth Progress managed by Liu Jianwei at 1.704 billion yuan - Ping An Value Enjoy managed by He Jie at 1.322 billion yuan [3][4]. Fee Structure and Investor Alignment - The floating-rate funds implement a tiered management fee structure with a "reward for excellence and punishment for poor performance" mechanism, aligning the interests of fund managers with those of investors [1][6]. - If a fund's annualized return lags the benchmark by more than 3 percentage points, the management fee is halved to 0.6%. Conversely, if excess returns exceed 6 percentage points, the fee increases to 1.5% [6]. Investment Strategies and Manager Profiles - Fund managers are divided into three styles: growth, value, and balanced strategies, with a focus on A-shares and Hong Kong stocks for diversification [6][7]. - Growth-style managers focus on sectors like technology and emerging consumption, while value-style managers prefer low-valuation, high-return on equity companies [7][10]. Market Trends and Opportunities - Fund managers are encouraged to identify investment opportunities amid uncertainty, with a focus on sectors such as AI and pharmaceuticals [11]. - The dynamic adjustment of investment strategies is emphasized, with a slower pace in bullish markets and an accelerated approach in bearish conditions [11].

Core Viewpoint - The article discusses the investment philosophy of Wang Xiaochuan, the proposed fund manager of Yinhua Growth Smart Selection, emphasizing a stable approach to achieve excess returns in the new floating fee fund market [1][2]. Group 1: Fund Overview - Yinhua Growth Smart Selection is among the first batch of new floating fee funds approved, with a performance benchmark set against the challenging CSI 800 Growth Index, indicating a bold strategy [2][5]. - The fund aims to leverage a flexible investment strategy with a position range of 60%-95%, allowing for strategic adjustments in response to market volatility [5]. Group 2: Investment Philosophy - Wang Xiaochuan's investment philosophy is characterized by a focus on consistent performance rather than seeking extraordinary gains, encapsulated in the principle of "not seeking miraculous hands, but seeking cumulative victories" [3][4]. - The investment framework involves a systematic approach to identify high-growth sectors by analyzing cash flow and revenue trends, filtering out noise to select stable, high-performing companies [4]. Group 3: Performance and Strategy - In 2024, the fund managed by Wang Xiaochuan, Yinhua Digital Economy A, achieved a remarkable 50% return, ranking first among all actively managed open-end equity funds [2]. - The dual binding fee mechanism links management fees to performance, promoting a commitment to delivering superior returns while protecting investors during underperformance [5].

Core Viewpoint - The popularity of floating management fee funds is on the rise, driven by structural opportunities in the A-share market and a positive long-term outlook for the Chinese economy and stock market [1][2]. Group 1: Fund Performance and Market Trends - Xingsheng Global Fund announced a subscription of 20 million yuan for its floating management fee fund, Xingsheng Global Hexi Mixed Fund, which officially launched on June 4 [1]. - Dongfanghong Asset Management's floating management fee fund, Dongfanghong Core Value Mixed Fund, reached its fundraising cap of 2 billion yuan within just six working days and ended its subscription early [1][2]. - Analysts believe that the recent structural opportunities in the A-share market and the clear long-term upward trend are significant factors contributing to the popularity of actively managed products [1]. Group 2: Economic and Market Outlook - Fund managers express optimism about the future of the Chinese economy and stock market, citing China's industrial advantages and international competitiveness as key growth drivers [1][2]. - The capital market reforms are underway, focusing on improving corporate governance and asset quality, which could enhance the stock market's role as a vehicle for existing wealth [2]. Group 3: Investment Directions - Fund managers are particularly bullish on innovation in pharmaceuticals and artificial intelligence (AI) as key investment areas [2][3]. - The current valuation of innovative pharmaceutical stocks is perceived to be significantly undervalued, with only about 50% of their fundamental value reflected in stock prices [2]. - AI is seen as a transformative force, with expectations that 2025 could mark a significant breakthrough in AI applications, similar to the impact of smartphones [3]. - Investment opportunities in AI are identified in three main areas: infrastructure for computing power, data element valuation, and industry-specific applications [3].

Core Viewpoint - The article discusses the launch of floating fee rate products, highlighting their significance in the active equity market since 2025, aligning the interests of fund managers and investors, and the potential for restoring the reputation of active equity funds [1]. Group 1: Fund Performance - Wang Xiaochuan, the fund manager of Yinhua Digital Economy A, achieved a 50% return in 2024, ranking first among 867 similar funds and significantly outperforming the benchmark and the CSI 800 index [1][3]. - The performance comparison shows that Wang Xiaochuan's fund closely followed the performance benchmark during a challenging market period from May 2022 to September 2024, and exhibited substantial performance elasticity when the growth stock market rallied [3][5]. Group 2: Investment Philosophy - Wang Xiaochuan emphasizes the importance of selecting the right industry over finding the right company, believing that a correct industry often contains multiple companies with over 30% growth potential [5][6]. - The investment strategy includes identifying opportunities with a certain expectation gap, focusing on "different yet correct" investment opportunities, and employing moderate rotation to smooth portfolio volatility [6][7]. - Wang Xiaochuan respects common sense and market rules, avoiding the pitfalls of chasing highs and selling lows [7][26]. Group 3: Investment Process - The investment process involves identifying high-growth industries, selecting high-growth companies within those industries, and conducting valuation comparisons to find companies with expected pricing discrepancies [16][17]. - Wang Xiaochuan's approach includes a four-step stock selection method, focusing on industry growth, profit growth, reasonable valuation, and upstream/downstream research to identify expectation gaps [15][17]. Group 4: New Product Features - The newly launched Yinhua Growth Smart Selection fund offers greater flexibility in stock allocation (60-95% for mixed funds) compared to the Yinhua Digital Economy fund (80-95% for equity funds), enhancing risk resistance during market downturns [28][29]. - The floating fee rate design serves as an incentive for fund managers while providing greater protection for investors [29][30].