国金证券：销售端改革有望降低投资者成本 引导代销机构重视保有

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation on the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds," aimed at reducing investor costs and improving the public fund sales market order [1] Group 1: Key Changes in Fee Structure - The maximum subscription fees for equity funds, mixed funds, and bond funds will be reduced to 0.8%, 0.5%, and 0.3% respectively [1] - Redemption fees will be fully included in the fund property, simplifying the structure from four tiers to three, and optimizing the redemption fee arrangements for holding periods of 7 days, 30 days, and 6 months [1] - The maximum sales service fees for equity and mixed funds, index funds, and bond funds will be reduced to 0.4% per year, 0.2% per year, and 0.15% per year respectively, with no further sales service fees for fund shares held for over one year (excluding money market funds) [1] Group 2: Encouragement of Long-term Investment - The revised redemption fee structure encourages long-term holding, with fees set at no less than 1.5% for holdings under 7 days, 1% for 7-30 days, and 0.5% for 30 days to 6 months [3] - For shares of equity, mixed, and bond funds held for over one year, no sales service fees will be charged, promoting investor willingness to hold funds long-term [3] Group 3: Strengthening Direct Sales Services - The establishment of a direct sales service platform for institutional investors in the public fund industry is approved, enhancing service levels and supporting long-term capital inflow [4] - A unified direct sales platform is particularly beneficial for small and medium-sized fund companies, helping them reduce reliance on distribution agencies [4] Group 4: Shift in Focus from Sales to Retention - The draft encourages a shift in focus for sales institutions towards maintaining asset retention, with the retention ratio for individual clients remaining at 50% and for institutional investors at 30% for equity funds, while reducing the ratio for bond and money market funds to 15% [2]