公募基金费率改革 新方向！

Core Viewpoint - The fund advisory share is emerging as a new direction for the public fund industry, with a consensus forming around its importance for fee reform and enhancing investor experience [1][4]. Group 1: Industry Developments - The public fund industry is actively discussing the establishment of advisory shares, with multiple fund companies preparing systems for application [1][4]. - The introduction of the "buy-side advisory" model in 2019 marked a significant shift in the domestic fund market, and the advisory business is now set to undergo further developments [3][4]. Group 2: Benefits of Advisory Shares - Advisory shares aim to lower investors' overall holding costs through optimized fee structures, aligning with the principle of "financial services for the public" [1][5]. - These shares are expected to enhance the interaction between quality products and professional services, improving investor experience and stabilizing the public fund's liability side [1][5]. Group 3: Implementation Challenges - The successful implementation of advisory shares requires a consensus among industry players and a collaborative effort to build a sustainable advisory ecosystem [9][10]. - Fund management companies must adapt to new fee structures that emphasize service value and transparency, drawing lessons from mature markets [9][10]. Group 4: Long-term Trends and Synergies - The development of advisory shares has significant potential for synergy with the proliferation of ETFs and pension investments, which can enhance the service cycle of advisory shares [10][11]. - The combination of low-cost underlying assets, professional asset allocation, and long-term capital can create a healthy ecosystem for the advisory business [11].