公募基金：回归代客理财本源

Core Viewpoint - The public fund industry in China plays a crucial role in the capital market, serving as a key hub for investment and financing, and is essential for inclusive finance, wealth management, and supporting the real economy. As of September 2025, the public fund scale reached 36.74 trillion yuan, marking a historical high [1] Group 1: Fee Reform and Investor Benefits - The public fund industry has actively reduced costs for investors through fee reforms, enhancing the development of inclusive finance. The China Securities Regulatory Commission (CSRC) released a three-phase fee reform plan, with the first two phases implemented in 2023 and 2024, and the third phase focusing on reducing sales fees [5][6] - The CSRC's recent draft regulation aims to lower subscription, purchase, and sales service fees, indicating the completion of the fee reform process, which is expected to promote high-quality development in the public fund industry [5][6] - The introduction of floating fee rate funds aligns the interests of fund managers and investors, with performance-based fee structures being implemented to enhance investor returns [7][8] Group 2: Investment Advisory Services - The emergence of buy-side investment advisory services addresses the lack of product understanding among individual investors, aligning with the core principles of inclusive finance. Since the pilot program began in 2019, 60 institutions have qualified for fund advisory services [9] - As of the third quarter of 2025, a significant portion of clients served by investment advisory services reported profitability, with 88% of clients achieving gains since the service's launch [9] - Investment advisory strategies have diversified to include active management, stable investment, and aggressive investment, reflecting the industry's commitment to providing comprehensive financial services [10]