谁在狂揽管理费？公募基金公司管理费收入盘点：跌幅最深超10％

Core Insights - The public fund industry is experiencing a significant transformation due to the fee rate reform, which has led to a notable decrease in management fees collected compared to pre-reform levels [1][4][7] - The reform aims to shift the industry focus from a "seller's market" to a "buyer's market," emphasizing investor experience and returns [2][7] - The top fund management firms continue to dominate the market, but there is a noticeable divergence in their ability to withstand the pressures of the new fee structure [3][4] Fund Management Fees Overview - In the first half of 2025, the total management fees collected by the industry amounted to 623.13 billion yuan, a slight increase of 1.37% compared to the same period in 2024, but a significant decrease of 89.92 billion yuan from 713.05 billion yuan in July 2023 before the fee rate reform [1] - The top 21 fund managers accounted for 62.35% of the total management fee income, with E Fund and Huaxia Fund leading at 39.19 billion yuan and 30.01 billion yuan, respectively, both showing year-on-year declines [3] Impact of Fee Rate Reform - The new regulations have imposed significant pressure on three types of fund sales institutions, particularly those relying on institutional client sales and frequent trading for revenue [4][5] - The reform has also created opportunities for fund companies to enhance their direct sales channels, potentially lowering costs for investors and attracting more capital [6][8] - The changes are expected to compel fund companies to improve their research and investment capabilities as management fees decline, fostering a more sustainable wealth management ecosystem [8]