Zhong Guo Zheng Quan Bao·2025-03-31 20:40Core Insights - The domestic public fund industry has seen significant results since the initiation of the first phase of fee reductions in 2023, with a management scale growth of over 10% in 2024, while management fees and custody fees decreased by 8% and 3.79% respectively [1] - The third phase of fee reductions is expected to further standardize sales charges, benefiting investors and optimizing sales behavior [1] Group 1: Fee Reduction Impact - The management fees for public funds in 2024 amounted to 122.68 billion yuan, while custody fees reached 27.42 billion yuan, reflecting a broader scope of fee reductions [1] - Leading public fund institutions such as E Fund, Huaxia Fund, and GF Fund reported management fee revenues of 8.218 billion yuan, 6.721 billion yuan, and 5.857 billion yuan respectively in 2024 [1] - Only Huaxia Fund experienced an increase in management fee revenue in 2024, while E Fund saw a decrease of over 1 billion yuan [2] Group 2: Client Maintenance Fee Trends - The total client maintenance fees for public funds in 2024 were 35.48 billion yuan, showing a year-on-year decrease of 8.38% [2] - E Fund, GF Fund, and Huaxia Fund were the top five institutions in client maintenance fee payments, with E Fund paying over 2 billion yuan [2][3] - Smaller public fund institutions continue to have high client maintenance fee ratios, with several exceeding 40% [3] Group 3: Sales Service Fee Growth - Sales service fees for public funds grew by 13.16% in 2024, reaching 27.674 billion yuan, with Tianhong Fund, E Fund, and South Fund leading the revenue [3] - Significant increases in sales service fees were noted for institutions like Zhongyin Fund and E Fund, with the main contributors being money market funds and other popular asset categories [3][4] - The sales service fee has been a stable revenue source for sales channels over the past decade, driven by the stable growth of money market fund scales and changes in fee structures [4]