证监会：公募基金费率改革顺利收官！

Core Viewpoint - The recent revision of the sales fee management regulations for publicly offered funds by the China Securities Regulatory Commission (CSRC) marks a significant milestone in the fee reduction initiative, indicating the completion of the third phase of the fee reform in the public fund industry, which is expected to drive high-quality development in the sector [1]. Group 1: Fee Reduction Impact - The new regulations significantly lower investor costs by reducing the upper limits of subscription and redemption fees for various fund types, including stock funds (from 1.2%/1.5% to 0.8%), mixed funds (from 1.2%/1.5% to 0.5%), and bond funds (from 0.6%/0.8% to 0.3%) [2]. - The sales service fee caps for stock and mixed funds are reduced from 0.6% per year to 0.4% per year, while for index and bond funds, the cap is lowered from 0.4% to 0.2% per year, and for money market funds, from 0.25% to 0.15% per year [2]. - This fee reduction is expected to enhance investor rights and shift the market focus from "scale-oriented" to "return-oriented" strategies [2]. Group 2: Redemption Fee Optimization - The reform optimizes the redemption fee structure by ensuring that all redemption fees are allocated to the fund's assets, benefiting the fund holders directly [3]. - The new standardization of redemption fees encourages long-term holding by investors, as it applies uniformly across various fund types, excluding specific funds like ETFs and money market funds [3][4]. Group 3: Encouragement of Long-term Investment - The regulations eliminate sales service fees for investors holding stock, mixed, and bond funds for over one year, promoting a long-term investment approach [4][5]. - This initiative is seen as a positive step towards protecting investor interests and discouraging speculative short-term trading behaviors [5]. Group 4: Focus on Equity Fund Development - The reform emphasizes the development of equity funds by maintaining a higher cap on client maintenance fees for equity funds compared to non-equity funds, thus encouraging sales institutions to focus on equity fund growth [7]. - The overall fee reduction is projected to lower costs by approximately 30 billion yuan, representing a 34% decrease, which is anticipated to foster a favorable environment for long-term capital investment in the market [10]. Group 5: Industry Platform Development - The establishment of a direct sales service platform for institutional investors aims to enhance the efficiency and safety of direct sales operations within the fund industry [10]. - This platform is designed to address traditional operational challenges in direct sales, thereby improving service levels across the industry [10].