基金销售费率改革下的银行代销：或向权益基金与服务升级聚焦

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has solicited opinions on the draft regulations for managing sales fees of publicly raised securities investment funds, which may significantly impact commercial banks that hold a crucial position in the fund distribution market [1][2]. Group 1: Impact on Banks - Banks have anticipated the reform of fund sales fee rates, focusing on personal customer service and equity funds, which may lead them to prefer large, stable fund managers and equity funds in the future [1][2]. - The short-term impact of the reform on banks' product distribution structure is expected to be limited, as banks typically consider customer needs and market trends when planning their distribution strategies [1][2]. - The draft regulations set upper limits on sales service fees for different types of funds and eliminate ongoing sales service fees for fund shares held for over one year, excluding money market funds [2]. Group 2: Changes in Sales Strategy - The draft regulations may enhance banks' willingness to sell equity funds, as they shift focus from high-fee products to those with transparent fees and strong management capabilities [3][2]. - The proportion of equity fund holdings varies significantly among banks, with Minsheng Bank having 96% of its non-money market fund holdings in equity funds, while Industrial Bank has only 16.29% [2]. Group 3: Professional Service Enhancement - The requirement for transparent disclosure of sales fees and limitations on "rebates" paid to channels may disrupt banks' traditional revenue models based on high commissions [3][4]. - As the rebate space shrinks, banks will be compelled to enhance their professional service capabilities, moving beyond simple product sales to providing diversified wealth management services [4].