BABA(US:BABA) Shang Hai Zheng Quan Bao·2025-09-06 11:15Core Viewpoint - The China Securities Regulatory Commission has revised the regulations on sales fees for publicly offered securities investment funds, marking the third phase of the fee reform initiated in July 2023, aimed at reducing investor costs and enhancing the quality of wealth management services [1][6]. Group 1: Regulatory Changes - The revised regulations include a reduction in the maximum subscription and sales service fee rates for equity funds, mixed funds, and bond funds to 0.8%, 0.5%, and 0.3% respectively [3]. - The sales service fee rates for equity and mixed funds, index funds, and money market funds have been lowered to 0.4% per year, 0.2% per year, and 0.15% per year respectively [3]. - For fund shares held for more than one year (excluding money market funds), no sales service fee will be charged [3]. Group 2: Industry Impact - The fee reform is expected to lower investor costs and enhance the investor experience, aligning with the industry's shift towards high-quality development [1][6]. - The reform encourages long-term holding of funds and aims to improve the service capabilities of sales institutions [4][6]. - The industry has seen a significant decline in management fees and trading commissions, with equity fund management fee income down year-on-year, and brokerage commission income dropping from 6.618 billion to 4.284 billion, a decrease of over 35% [5]. Group 3: Market Sentiment - Industry experts emphasize that the focus should not only be on fee reductions but also on providing wealth management services that meet the needs of investors in a complex economic environment [1][8]. - The shift from a "scale-driven" to a "service-driven" model in the fund distribution industry is seen as a necessary evolution to better serve investors [6][8]. - Fund distribution platforms are increasingly adopting a buyer-centric approach, enhancing their services to improve investor satisfaction and experience [7][8].