公募基金销售费用迎新规 每年为投资者让利超500亿

Core Viewpoint - The Chinese public fund industry is undergoing a significant transformation, shifting from a focus on "scale" to "returns" as a result of the newly revised regulations by the China Securities Regulatory Commission (CSRC) [1][4]. Group 1: Fee Reduction Measures - The revised regulations will lead to a comprehensive reduction in subscription fees, redemption fees, and sales service fees across various fund types, with estimated annual savings for investors of approximately 30 billion yuan [1][2]. - Subscription fee rates for stock funds will decrease from a maximum of 1.2% and 1.5% to 0.8%, while mixed funds will drop from 1.2% and 1.5% to 0.5%, and bond funds from 0.6% and 0.8% to 0.3% [2][3]. - The redemption fee structure has been simplified, with all fees now allocated to fund assets, and the number of holding period tiers reduced from four to three, encouraging long-term investment [2][4]. Group 2: Sales Service Fee Adjustments - Sales service fee rates for stock and mixed funds will be capped at 0.4%, down from 0.6%, while index and bond funds will see a reduction from 0.4% to 0.2%, and money market funds from 0.25% to 0.15% [3][4]. - Notably, no sales service fees will be charged for investors holding stock, mixed, or bond funds for over a year, promoting long-term holding [3]. Group 3: Regulatory Enhancements - The regulations aim to enhance market order and transparency by prohibiting disguised commission payments and ensuring fair competition among sales institutions [4][5]. - The legal status and functions of the Direct Sales Service Platform (FISP) have been established, which will help reduce operational costs and improve efficiency [4][5]. Group 4: Overall Impact and Future Outlook - The three-phase fee reform initiated in July 2023 is expected to result in cumulative annual savings exceeding 50 billion yuan for investors, significantly lowering the overall investment costs in the public fund industry [5]. - The industry is anticipated to transition towards a focus on "returns and services," with sales institutions shifting from a "traffic-driven" model to one that emphasizes client retention [5].