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 offered securities investment funds, which may significantly impact commercial banks that play a crucial role in the fund distribution market [1] Group 1: Impact on Banks - Banks have anticipated the reform of fund sales fee rates, focusing on personal customer service and equity funds, which encourages long-term investment [1][3] - The draft regulations aim to lower subscription fees overall, with a notable reduction in mixed funds, and set upper limits on sales service fees for different types of funds [2] - The draft also eliminates ongoing sales service fees for fund shares held for more than one year, excluding money market funds [2] Group 2: Sales Intentions for Equity Funds - The draft regulations are expected to enhance banks' willingness to sell equity funds, as traditional preferences leaned towards money market and short-term bond funds due to their liquidity and stable commissions [4] - The reduction of client maintenance fee caps for non-equity funds may lead to a decreased inclination to sell bond funds, thereby increasing the promotion of equity funds [4] - Data shows varying changes in equity fund holdings among banks, with some banks like China Merchants Bank and ICBC seeing increases, while others like Ping An Bank and Postal Savings Bank experienced declines [4] Group 3: Professional Service Enhancement - The draft mandates separate and transparent disclosure of sales fees, limiting the rebates that fund managers can pay to channels, which may disrupt the traditional profit model based on high commissions [5] - As the rebate space shrinks, banks are compelled to enhance their professional service capabilities, transitioning from merely selling products to providing diversified wealth management services [5] - The requirement for transparent fee disclosure may lead to increased scrutiny from clients, pushing banks to improve their marketing, research, and post-investment services to retain customers [5]