Core Insights - The public fund market is introducing a new generation of floating fee products, with the Yin Hua Growth Smart Mixed Securities Investment Fund set to launch on May 27 [1] - This new product links management fees to the holding period and performance, enhancing the alignment of interests between fund managers and investors [1] Fee Structure - The management fee structure is divided into two tiers based on the holding period: 1.20% annual fee for holding less than one year [1] - For holding periods of one year or more, the management fee is determined by the annualized excess return relative to the benchmark, with three scenarios: - 1.50% if the excess return exceeds 6% and the holding return is positive - 0.60% if the excess return is -3% or below - 1.20% for all other cases [1] Fund Management - The fund will be managed by Wang Xiaochuan, who has 8 years of experience in the securities industry and focuses on high-probability returns for investors [2] - Wang's previous fund, Yin Hua Digital Economy Stock Initiation A, achieved a return of 47.21% since inception, outperforming its benchmark by 32.44% [2] - The reformed fee structure aims to strengthen the anchoring effect of performance benchmarks, potentially enhancing the investor experience [2]