从规模导向转为回报导向 公募销售费率改革诚意满满

Core Viewpoint - The revised regulations aim to reduce costs for investors by lowering subscription fees, purchase fees, and sales service fee rates, which is expected to save investors approximately 30 billion yuan annually [1][3][5]. Group 1: Cost Reduction for Investors - The regulations focus on reducing the costs associated with public funds, including subscription fees, purchase fees, and sales service fees, thereby enhancing the investment experience for investors [2][3]. - The expected reduction in fees is projected to reach 34%, translating to annual savings of around 30 billion yuan for investors [3][4]. - Cumulatively, the fee reduction reforms across three phases are anticipated to benefit investors by over 50 billion yuan each year [3]. Group 2: Encouraging Long-term Investment - The regulations promote long-term holding by eliminating sales service fees for investors who hold equity, mixed, and bond funds for over a year [4][5]. - The optimization of redemption fees and sales service fees is designed to shift the focus from short-term trading to long-term investment, enhancing investor trust and experience [4][6]. - The reforms are expected to attract more long-term capital into the market, thereby stabilizing market expectations and reducing volatility caused by frequent trading [5][6]. Group 3: Development of Equity Funds - The regulations emphasize the development of equity funds by setting differentiated caps on trailing commission payment ratios, encouraging fund sales institutions to focus on equity fund services [7][8]. - The cap on customer maintenance fees for equity funds is maintained at a maximum of 30%, while for non-equity funds, it is reduced to 15%, incentivizing the growth of equity fund business [7]. - The competition in the industry is expected to shift towards enhancing investment research capabilities and aligning products with customer needs, fostering high-quality development [8].