时隔十二年再迎修订，公募基金销售费率改革呈现四大亮点

Core Viewpoint - The recent revision of the public fund sales fee management regulations aims to significantly reduce costs for investors and enhance the quality of service in the public fund industry, with an estimated total benefit exceeding 50 billion yuan over three phases of reform [1][5][6]. Group 1: Key Highlights of the Fee Reform - The fee reduction is substantial, with maximum subscription and purchase fees for equity funds reduced from 1.2% and 1.5% to 0.8%, and for mixed funds from 1.2% and 1.5% to 0.5%. Bond funds see a reduction from 0.6% and 0.8% to 0.3% [2]. - The sales service fee for equity and mixed funds is lowered from 0.6% per year to 0.4%, while for index and bond funds, it is reduced from 0.4% to 0.2% per year, and for money market funds from 0.25% to 0.15% per year [2]. - The overall fee reduction in the third phase is estimated to save investors approximately 30 billion yuan annually, representing a 34% decrease [2][7]. Group 2: Optimization of Redemption Fee System - The redemption fee structure is optimized to ensure that all fees collected go to the fund's assets, encouraging fund sales institutions to focus on providing ongoing services rather than short-term gains [3]. - A unified redemption fee standard is established for various fund types, promoting long-term holding by investors [3]. - Funds held for over a year will no longer incur sales service fees, further incentivizing long-term investment [3]. Group 3: Focus on Personal Client Services and Equity Fund Development - The reform encourages fund sales institutions to maintain a customer service fee cap of 50% of management fees for individual investors, promoting better service [4]. - For institutional investors, the cap for equity funds remains at 30%, while for bond and money market funds, it is reduced from 30% to 15%, promoting the development of equity funds [4]. Group 4: Establishment of Direct Sales Service Platform - A direct sales service platform for institutional investors is being established to address high operational costs and inefficiencies in the industry [4]. - The platform aims to provide standardized, automated, and centralized data exchange services for various institutional investors [4]. Group 5: Summary of the Three Phases of Fee Reform - The fee reform has been implemented in three phases over two years, cumulatively benefiting investors by over 50 billion yuan [6]. - The first phase focused on reducing management and custody fees for actively managed equity funds, saving approximately 14 billion yuan annually [6]. - The second phase targeted reductions in trading commission fees, yielding an annual benefit of about 6.8 billion yuan [6].