再迎实质性突破！从“降费让利”到“机制重构”，公募基金费率改革进深水区

Core Viewpoint - The public fund industry in China is undergoing a significant reform aimed at enhancing investor trust and promoting high-quality development, with a focus on fee rate reform and the establishment of a new industry ecosystem [1] Fee Rate Reform - The fee rate reform is progressing in three phases: management fees, trading fees, and sales fees, with a notable emphasis on optimizing the charging model for actively managed equity funds by implementing performance-based floating management fees [1][2] - Since July 2023, over 3,500 public funds have reduced management fees, saving investors hundreds of billions of yuan [3] - The first batch of 26 new floating fee rate funds raised a total of 25.865 billion yuan, with an average fundraising size of approximately 1 billion yuan, outperforming the overall level of actively managed equity funds [3] Floating Fee Rate Funds - The second batch of floating fee rate funds has introduced more diverse investment strategies and stricter fee reduction thresholds, enhancing the alignment of interests between fund managers and investors [4] - The floating fee rate model is expected to transition to regular approval and may expand to "fixed income plus" products, allowing for clearer product strategy positioning [5] Sales Fee Reform - The sales fee reform is set to include a unified reduction of sales service fees and the cancellation of direct sales channel fees, which will significantly impact fund sales [6][7] - The shift from a sales-driven model to a buyer advisory model is anticipated, with a focus on long-term asset allocation services [8] Addressing Industry Pain Points - The fee rate reform aims to resolve three major pain points in the public fund industry: misalignment of interests, potential conflicts of interest, and a sales-driven approach [9][10] - The reform is expected to attract long-term capital by reducing investor costs and enhancing the appeal of low-fee index funds [11] Ecosystem Development - The reform is entering a new phase focused on creating a new ecosystem that deeply aligns with investor interests, encouraging diverse and flexible fee models [12] - A comprehensive evaluation system reform is necessary to prioritize long-term performance and investor returns, moving away from a scale-oriented assessment [13]