浮动费率基金审批常规化渐近，公募基金费率改革持续深化

Core Viewpoint - The public fund industry is transitioning to a return-oriented, high-quality development phase, guided by the recently released "Action Plan" from the China Securities Regulatory Commission (CSRC) [1] Group 1: Action Plan and Implementation - The CSRC's "Action Plan" includes 25 measures aimed at shifting the industry focus from scale to returns, establishing a clear direction for high-quality development [1] - Following the release of the "Action Plan," a series of reform measures and supporting rules are being implemented, including training sessions on floating fee fund approvals and adjustments to sales service fees [1][2] - The first batch of 26 fund managers has submitted products under the new floating fee model, with a total issuance scale nearing 26 billion yuan [2] Group 2: Floating Fee Structure - The first batch of floating fee funds has a fee structure with three tiers: a base rate of 1.2%, an upper tier of 1.5%, and a lower tier of 0.6%, which adjusts based on performance relative to a benchmark [2] - The floating fee model emphasizes the importance of performance benchmarks, encouraging fund managers to align their investment strategies closely with these benchmarks [3] Group 3: Future Developments and Market Impact - The floating fee products are expected to transition to regular approval processes, with potential adjustments for existing products based on market conditions [4] - Currently, floating fee funds are limited to actively managed equity funds, with possibilities for expansion into "fixed income plus" funds in the future [5] - The ongoing fee reform has led to a significant reduction in total fees, with a 7.07% decrease in management, custody, sales service, and trading fees in 2024 compared to 2023 [6] - The industry is expected to see improvements in investor experience and a stronger focus on performance benchmarks, which will enhance investment management practices [7]