Zhong Guo Ji Jin Bao·2025-09-07 07:37Core Viewpoint - The recent reform of public fund sales fee rates in China is expected to reshape the industry ecosystem and significantly impact the long-term stable development of the public fund sector [1]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds," marking the final stage of the public fund fee rate reform [1][3]. - This reform is a crucial measure to implement the spirit of the new "National Nine Articles" and the "Action Plan for Promoting the High-Quality Development of the Public Fund Industry" [3]. Group 2: Institutional Responses - Major institutions such as China Construction Bank, E Fund, and others have expressed strong support for the fee rate reform, emphasizing a focus on investor interests and the need for cost reduction [1][2]. - E Fund's Vice President highlighted that the reform could save investors approximately 30 billion yuan annually, representing a reduction of about 34% in fees [6][18]. Group 3: Industry Implications - The reform aims to lower the costs for investors, enhance their experience, and encourage long-term investment behaviors [10][12]. - It is expected to shift the industry focus from scale-driven growth to investor return-driven growth, promoting a healthier and more sustainable wealth management ecosystem [12][18]. - The changes will compel fund managers to improve their investment management capabilities, product innovation, and customer service to remain competitive [10][11]. Group 4: Future Outlook - The completion of the fee rate reform is seen as the beginning of a new journey towards high-quality development in the public fund industry [11][18]. - Institutions are committed to enhancing their research and investment capabilities, aiming to provide sustainable returns for investors while fostering a more responsible and competitive public fund sector [11][12].