实实在在让利 鼓励长期持有 公募基金费率改革迈入第三阶段

Core Viewpoint - The recent public fund fee reform aims to lower investors' overall costs and promote a shift from scale-driven to value-driven approaches in the industry, encouraging long-term investment and benefiting both investors and the industry [1][3]. Group 1: Fee Reduction Measures - The new regulations lower the maximum subscription fees for equity funds, mixed funds, and bond funds to 0.8%, 0.5%, and 0.3% respectively, while also encouraging sales institutions to offer further discounts [2]. - The sales service fee rates for equity funds, mixed funds, index funds, bond funds, and money market funds have been reduced to 0.4% per year, 0.2% per year, and 0.15% per year respectively [2]. - The overall fee reduction is estimated to save investors approximately 30 billion yuan, representing a 34% decrease based on average data from the past three years [2]. Group 2: Long-term Investment Encouragement - The regulations simplify the redemption fee structure and eliminate sales service fees for fund shares held for over one year, promoting long-term investment and reducing transaction costs for investors [4][5]. - The reform aims to shift investor behavior from short-term trading to long-term holding, enhancing the investment experience and returns [4][5]. Group 3: Industry Transformation - This fee reform is the third phase of a broader initiative to transform the public fund industry from a focus on scale to one centered on investor returns, addressing long-standing issues in the industry [3][6]. - The regulations are expected to reshape the industry value chain, encouraging sales institutions to prioritize investor interests and improve service capabilities [6][7]. - The shift towards a performance-driven model will enhance investor protection and improve overall investment experiences, while larger firms may benefit from economies of scale during this transition [7][8].