ETF改名倒计时，国泰基金能承受降费之痛？

Core Viewpoint - The recent ETF renaming regulation has intensified the competition in the fee structure of ETFs, shifting the focus from brand names to management fees, which will now be prominently displayed in ETF names [1][3][12] Group 1: ETF Renaming Regulation - All existing ETFs must complete renaming by March 31, 2026, with a new naming structure that includes the management company's name [1] - The new naming convention will make management fees more visible, allowing investors to compare fees directly alongside brand names [3][12] Group 2: Impact on Fund Companies - Fund companies with high fee structures, like Guotai Fund, face pressure to reassess their pricing strategies as the visibility of fees increases [1][5][12] - Guotai Fund's ETF management fee structure is outdated, with over 70% of its products still charging a 0.5% management fee, compared to a market average of 27% for 0.15% fee products [6][9] Group 3: Market Trends and Comparisons - The U.S. ETF market has seen a significant decline in fees over the past decade, with Vanguard's VOO leading the way at a 0.03% management fee, illustrating a trend that may be mirrored in China [4] - As of November 26, 2025, there are 371 ETFs with a management fee of 0.15%, indicating a growing low-fee segment in the market [11] Group 4: Competitive Landscape - Guotai Fund's A500 ETF, once a leader in its category, has seen its assets shrink by over 20% as competition intensifies from other fund companies [7][8] - A recent collective action by major fund companies to lower management fees to 0.15% for various core ETFs marks a significant shift in the industry, indicating a new era of low-fee ETFs [10][11]