国新国证基金：公募基金高质量发展行动方案解读之如何降低您的投资成本

Core Viewpoint - The article discusses the "Action Plan for Promoting the High-Quality Development of Publicly Offered Funds," which aims to systematically reduce costs for investors and enhance investment returns through a series of fee reforms [1] Group 1: Fee Reduction Measures - The first phase of the fee reform focuses on lowering management fees and custody fees for actively managed equity funds, reducing rates from 1.5% to 1.2% and from 0.25% to below 0.2% respectively [2] - The second phase involves reducing the commission rates for stock trading, with limits set on the distribution of trading commissions for fund managers, ensuring that passive equity funds do not exceed the average market trading commission rate [2] Group 2: Direct Benefits to Investors - Subscription fees for equity, mixed, and bond funds have been significantly reduced, with new upper limits set at 0.8%, 0.5%, and 0.3% respectively, representing a decrease of approximately one-third to two-thirds from previous levels [3] - The new regulations eliminate sales service fees for shares held longer than one year (excluding money market funds), encouraging long-term investment and further reducing holding costs for investors [3] Group 3: Redemption Fee Mechanism Optimization - The redemption fee structure has been simplified to better protect the interests of long-term holders, with fees now fully allocated to the fund's assets, compensating remaining investors for costs incurred due to redemptions [4] Group 4: Sales Behavior Regulation - The proposal prohibits "double charging," requiring investment advisory firms to choose between charging advisory fees or client maintenance fees, promoting a focus on value creation for investors [5] - Strict regulations against improper benefit transfers are enforced to ensure that sales recommendations prioritize investor needs rather than commission incentives [5] - The cumulative effect of these reforms is projected to save investors over 50 billion yuan annually, marking a significant shift from a "channel-driven" to a "service-driven" industry model [5]