基金销售相关费用全线下调，公募基金费率再改革

Core Viewpoint - The final chapter of the long-awaited public fund fee rate reform has been released, aiming to reduce costs for investors and enhance the competitiveness of public funds in the market [1][2]. Summary by Sections Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Management of Sales Fees for Open-End Securities Investment Funds," now renamed as "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" [2][3]. - This marks the first revision in 12 years since the original regulations were implemented in December 2009 and last revised in June 2013 [3]. Fee Reductions - The new regulations include a comprehensive reduction of subscription fees, purchase fees, and sales service fees for various types of funds, aiming to lower investor costs [4]. - The CSRC estimates that the third phase of the fund sales fee reform will result in an overall fee reduction of approximately 30 billion yuan, representing a decrease of about 34% [5][10]. Specific Fee Adjustments - The maximum subscription and purchase fee rates for equity funds have been reduced from 1.2% and 1.5% to 0.8%, while for mixed funds, they have been lowered from 1.2% and 1.5% to 0.5%. For bond funds, the rates have decreased from 0.6% and 0.8% to 0.3% [6]. - Sales service fee rates for equity and mixed funds have been reduced from 0.6% per year to 0.4% per year, and for index and bond funds from 0.4% per year to 0.2% per year [6]. Redemption Fee System - The redemption fee system has been optimized to ensure that all redemption fees are allocated to the fund's assets, encouraging fund sales institutions to provide ongoing services rather than focusing on short-term gains [6][7]. Client Maintenance Fees - The upper limit for client maintenance fees remains unchanged at 50% of management fees for individual investors, while for institutional investors, the limit has been reduced from 30% to 15% for bond and money market funds [11]. Direct Sales Platform - A new direct sales service platform for institutional investors will be established to enhance the efficiency and reduce the operational costs of direct sales in the public fund industry [13][14]. Impact on the Industry - The fee reform is expected to further promote the development of equity funds and enhance long-term profitability for investors, shifting the focus from scale to investor returns [17][18]. - Fund companies are expected to respond positively by adjusting their fee structures and enhancing service capabilities to improve user experience [18].