公募基金费率改革进入“关键一步” 年降费约300亿元

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds," aiming to lower fund sales fees and promote long-term investment, which is expected to reduce costs for investors by approximately 30 billion yuan annually, representing a 34% decrease [1][2][7]. Group 1: Key Highlights of the Reform - The reform significantly reduces fees, lowering the maximum subscription and purchase rates for equity funds from 1.2% and 1.5% to 0.8%, for mixed funds from 1.2% and 1.5% to 0.5%, and for bond funds from 0.6% and 0.8% to 0.3% [3]. - The sales service fee cap for equity and mixed funds is reduced from 0.6% per year to 0.4% per year, while for index and bond funds, it is lowered from 0.4% per year to 0.2% per year [3]. - The reform optimizes the redemption fee structure, ensuring that all redemption fees are allocated to fund assets, which encourages fund sales institutions to focus on providing ongoing services rather than short-term gains [3][4]. Group 2: Regulatory Focus and Industry Development - The regulations emphasize the development of equity funds and encourage long-term holding by eliminating sales service fees for investors holding equity, mixed, and bond funds for over a year [2][4]. - The CSRC has established the Fund Industry Service Platform (FISP) to facilitate direct sales channels for institutional investors, enhancing efficiency and reducing operational costs in the fund industry [5][6]. - The reform aims to shift the focus from "scale-oriented" to "investor return-oriented," significantly lowering investor costs and addressing industry issues such as short-term trading behaviors [6][7].