Core Viewpoint - The recent revision of the public fund sales fee management regulations aims to significantly reduce costs for investors and improve the operational efficiency of fund sales institutions, marking a critical step in the phased fee reform process [1][2][6]. Group 1: Key Highlights of the Sales Fee Reform - The reform includes a substantial reduction in subscription and redemption fees, with stock fund subscription fees reduced from 1.2% to 0.8%, mixed fund fees from 1.2% to 0.5%, and bond fund fees from 0.6% to 0.3% [2][6]. - The sales service fee rates are also lowered, with stock and mixed funds reduced from 0.6% to 0.4% per year, and bond and index funds from 0.4% to 0.2% per year [2][6]. - The overall fee reduction is estimated to save investors approximately 30 billion yuan annually, representing a 34% decrease based on average data from the past three years [2][6]. Group 2: Optimization of Redemption Fee System - The reform optimizes the redemption fee structure by ensuring that all redemption fees are allocated to the fund's assets, encouraging sales institutions to focus on providing ongoing services rather than short-term gains [3][7]. - A unified redemption fee standard is established, promoting long-term holding of funds by investors [3][7]. - Funds held for over a year will no longer incur sales service fees, further incentivizing long-term investment [3][4]. Group 3: Focus on Personal Client Services and Equity Fund Development - The reform emphasizes the importance of personal client services, maintaining a cap on client maintenance fees at 50% of management fees for individual investors, which encourages better service from sales institutions [3][4]. - For institutional investors, the maintenance fee cap for equity funds remains at 30%, while it is reduced to 15% for bond and money market funds, promoting the development of equity funds [4][6]. Group 4: Establishment of Direct Sales Service Platform - A new direct sales service platform for institutional investors is being established to address high operational costs and inefficiencies in the industry, providing a standardized and automated service for fund investments [5][6]. - This platform aims to enhance data interaction and streamline processes for various institutional investors [5][6]. Group 5: Historical Context of Fee Reforms - The current round of public fund fee reforms has been ongoing for over two years, divided into three phases, cumulatively saving investors over 50 billion yuan [6][7]. - The first phase focused on reducing management and custody fees, while the second phase targeted trading commission rates, leading to significant annual savings for investors [6][7].
时隔12年再迎修订 公募基金销售费率降超三成
Sou Hu Cai Jing·2025-09-07 16:35