重磅来了，见证历史

Core Viewpoint - The newly released public fund sales fee reform plan aims to reshape the sales ecosystem of public funds, reduce investor costs, and promote high-quality development in the industry [2][4]. Summary by Relevant Sections Sales Fee Rate Reduction - The reform specifies a reduction in the maximum subscription fee rates for equity funds, mixed funds, and bond funds to 0.8%, 0.5%, and 0.3% respectively, and sales service fee rates to 0.4% per year for equity and mixed funds, 0.2% for index and bond funds, and 0.15% for money market funds [4][5]. Impact on Industry Dynamics - The reform is expected to lead to a significant transformation in the industry, with traditional sales models facing pressure. Smaller fund companies and sales institutions lacking core competitiveness may struggle to adapt [4][5]. - The shift from a "sales volume" model to a "retention" model emphasizes the importance of maintaining client relationships and providing ongoing service [5][11]. Long-term Investor Benefits - The changes are projected to save investors over 30 billion yuan annually, enhancing their long-term returns and encouraging a shift from short-term speculation to long-term investment [8][11]. - The elimination of sales service fees for fund shares held over one year (excluding money market funds) is designed to lower long-term investment costs [7][8]. Focus on Personal Client Services - The reform encourages sales institutions to enhance their service capabilities for individual clients, promoting a shift from merely selling products to providing advisory services [13][16]. - The introduction of a legal framework for the Fund Industry Service Platform (FISP) aims to streamline direct sales to institutional investors, improving service efficiency and attracting long-term capital [19][20]. Encouragement of Equity Fund Development - The reform maintains a focus on the development of equity funds, with differentiated commission structures encouraging sales institutions to allocate more resources to equity fund promotion [21][22]. Transformation of Advisory Services - The prohibition of dual charging in fund advisory services will compel institutions to focus on service quality and client interests, marking a shift from a sales-driven to a service-driven model [24][30]. - The emphasis on professional asset allocation and investment strategy analysis is expected to enhance the overall service quality in the advisory sector [30][32].