公募基金方面，本期较上一季度新披露的公募基金共计17个，主要包括交银先进制造混合A、交银趋势 混合A、交银均衡成长一年混合A、交银启诚混合A、银华成长智选混合A等。 2025年10月28日，悍高集团(001221.SZ)发布2025年第三季报。截至2025年10月27日，共有29个机构投 资者披露持有悍高集团A股股份，合计持股量达3.31亿股，占悍高集团总股本的82.79%。其中，前十大 机构投资者包括广东悍高管理集团有限公司、佛山市锦益管理咨询合伙企业(有限合伙)、广东悍高企业 管理有限公司、海南二鸣投资合伙企业(普通合伙)、广东顺德科创基金投资有限公司-广东顺德科创智谷 进取股权投资合伙企业(有限合伙)、德华兔宝宝投资管理有限公司、佛山市锦悦管理咨询合伙企业(有限 合伙)、广东顺德科创基金投资有限公司-广东顺德科创智造进取股权投资合伙企业(有限合伙)、青岛华 真卓盈创业投资基金合伙企业(有限合伙)、中国农业银行股份有限公司-交银施罗德先进制造混合型证券 投资基金，前十大机构投资者合计持股比例达81.53%。相较于上一季度，前十大机构持股比例合计上 涨了81.53个百分点。 对于社保基金，本期新披露持有悍高 ...

Group 1 - The first batch of new floating rate funds has been launched, with most funds showing positive net value growth and a significant performance divergence among them [1][2] - The average return of the first batch of floating rate funds is close to 13%, with a performance gap of nearly 45 percentage points between the best and worst performers [1] - The introduction of floating rate mechanisms is expected to shift fund managers' focus from scale to performance, potentially expanding to bond funds and fixed income+ products in the future [1][4] Group 2 - The China Securities Regulatory Commission issued a plan in May to promote high-quality development in public funds, establishing a fee structure linked to fund performance [2] - The new floating rate funds are seen as a significant step in the fee reform of the public fund industry, aiming to align the interests of fund managers and investors [2][3] - The operational model of floating rate funds is shifting towards open-ended structures, allowing for emergency redemptions while encouraging long-term holding through fee rules [3] Group 3 - The high operational thresholds and research requirements of floating rate funds present challenges for fund companies, with larger firms likely to have an advantage due to their resource reserves [3] - The weighted management fee rates of various fund types have significantly decreased compared to the end of 2022, indicating effective fee reduction efforts in the public fund industry [4] - There is still potential for further fee reductions in China's fund industry compared to overseas markets, suggesting ongoing opportunities for fee reform and product innovation [4]

Core Insights - The first batch of floating rate funds has been established, with a total scale of 12.6 billion yuan and an average fund size of 969 million yuan, indicating strong investor participation [1][2] - The floating rate fund mechanism links management fees directly to performance, marking a significant shift in the public fund fee structure [4][5] - The rapid fundraising of these funds is attributed to policy benefits, market timing, and product innovation, suggesting a new phase for the public fund industry focused on performance-driven strategies [3][5] Fund Establishment - As of June 21, 13 floating rate funds have been established, with the top three funds being Dongfanghong Core Value Mixed A, Yifangda Growth Progress Mixed A, and Ping An Value Enjoyment Mixed A, collectively accounting for nearly 40% of the total scale [2] - The average number of subscriptions per fund is approximately 11,500, with the highest being 47,301 for Yifangda Growth Progress Mixed A [2] Fee Structure - The floating rate mechanism replaces the traditional fixed management fee model, with fees based on holding period and annualized returns [4] - This structure reduces opportunity costs for investors, as management fees decrease when fund performance is below expectations, while higher fees correspond to better performance, aligning interests between investors and managers [4] Industry Impact - The floating rate mechanism presents both opportunities and challenges for fund managers, compelling them to enhance their research and investment capabilities [5] - The emergence of floating rate funds is expected to accelerate the transition of the public fund industry from a scale-driven model to a performance-driven one [5]