公募费率改革两年：单只基金平均让利170万元

Core Viewpoint - The public fund industry in China has seen significant fee reforms since July 2023, with a notable reduction in management fees and the introduction of floating fee structures, indicating a shift towards aligning the interests of fund managers and investors [1][5]. Summary by Sections Fee Reduction Progress - Since the implementation of the fee reform plan, the average management fee per fund has decreased from 5.226 million yuan to 4.957 million yuan, a reduction of 26.9 thousand yuan [1]. - The total management fees collected by public funds in the first half of 2025 amounted to 62.313 billion yuan, a slight increase from 61.469 billion yuan in the same period of 2024, but a significant drop from 71.305 billion yuan in the first half of 2023, reflecting an overall decrease of 12.6% in management fees over two years [1]. Major Fund Companies - The top 10 public fund companies accounted for nearly 40% of the total management fees in the market, with a total of 24.142 billion yuan in management fees, showing a slight decrease of 0.15% compared to 2024 [2]. - Four public fund companies reported a decline in management fees exceeding 100 million yuan, with E Fund, CCB Principal Asset Management, and Huatai-PB Asset Management being the most affected [2]. Fund Types and Performance - Active equity funds collected 19.583 billion yuan in management fees in the first half of 2025, down 6.79% from the previous year, with mixed performance across different fund types [4]. - The introduction of floating fee structures has led to the issuance of 31 new floating fee funds, with a total scale exceeding 34 billion yuan, indicating a shift towards performance-based fee models [5]. Trading Commission Trends - Public funds have seen a significant reduction in trading commissions, with a total of 4.472 billion yuan paid to brokers in the first half of 2025, down 33.98% from 6.774 billion yuan in the same period of 2024 [6]. - The top three public funds in terms of trading commissions were E Fund, GF Fund, and Fortune Fund, all experiencing a decline in commission payments compared to the previous year [6][7]. Future Outlook - The ongoing fee reform is expected to continue along the lines of "management fees - trading fees - sales fees," aiming to reshape the industry's profit distribution and enhance investor satisfaction [7].