Core Viewpoint - The release of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds (Draft for Comments)" marks a new phase in the fee rate reform of the public fund industry, aiming for high-quality development [1] Summary by Sections Fee Rate Reform - The China Securities Regulatory Commission (CSRC) has revised the fund sales management regulations for the first time in 12 years, consisting of 6 chapters and 28 articles, focusing on reducing subscription fees, optimizing redemption fees, and standardizing sales service fees [2] - The fee reduction is significant, with the maximum subscription fee rate reduced to one-third to two-thirds of the previous levels, potentially saving investors around 30 billion yuan, a reduction of approximately 34% [2] - The reform encourages a shift in sales institutions' profit models from relying on traffic income to obtaining income through continuous service [2][3] Industry Response - Fund companies and sales institutions have expressed strong support for the new regulations, committing to enhance investor service systems and improve service capabilities [4] - Companies like E Fund and Huaxia Fund are focusing on long-term, stable returns for investors and are committed to deepening cooperation with sales channels [4] - The reform is seen as a paradigm shift from scale-driven to service-driven approaches in the fund distribution industry [4] Cost Reduction for Investors - The ongoing fee rate reform since July 2023 has already led to reductions in management and custody fees for actively managed equity funds, as well as trading commission rates [6] - The public fund industry has seen a significant decline in management fee income and trading commission expenses, effectively benefiting fund holders [7] - By the first half of 2025, total fees for public funds are expected to decrease by 28.45 billion yuan compared to the same period in 2024, with the total fee rate dropping to 0.34% [7] Long-term Impact - The reform is expected to guide market participants from a scale-oriented approach to one focused on investor returns, promoting a new ecosystem in the public fund industry [3] - The cumulative annual savings for investors from the three phases of fee reductions are projected to exceed 50 billion yuan, reflecting the commitment to financial inclusivity and the welfare of the public [7]
降费让利影响深远 公募基金费率改革迈入新阶段
Zheng Quan Shi Bao·2025-09-07 18:38