累计让利超500亿元！基金行业费率改革收官

Core Viewpoint - The revised "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" aims to significantly reduce investment costs for investors and promote high-quality development in the public fund industry, effective from January 1, 2026 [1][4]. Summary by Sections Key Measures - The regulations include six chapters and 29 articles, focusing on six major measures to benefit investors, such as lowering subscription fees, optimizing redemption arrangements, and encouraging long-term holding [2][3]. Investor Benefits - The reform is expected to reduce overall sales expenses by 34%, saving investors approximately 30 billion yuan annually. For example, the annual cost for holding 10,000 yuan in a money market fund will decrease by 10 yuan, and for an actively managed equity fund, it will decrease by 70 yuan [5]. Long-term Investment Encouragement - The new rules aim to shift the focus from short-term trading to long-term holding by ensuring that redemption fees are fully allocated to fund assets and exempting sales service fees for non-money market funds held for over a year [6][14]. Focus on Equity Funds - The regulations emphasize the development of equity funds, setting a cap on customer maintenance fees for individual investors and promoting the competitiveness of equity funds [7][10]. Direct Sales Platform - A new industry direct sales service platform (FISP) will be established to enhance the efficiency and safety of direct sales operations for fund managers, thereby improving service capabilities [8]. Regulatory Precision - The regulations reflect a comprehensive consideration of market feedback, enhancing regulatory precision and effectiveness to maintain a healthy sales market for public funds [9]. Product Classification and Fee Structure - The regulations detail product classification standards and fee caps, such as a maximum subscription fee of 0.8% for actively managed equity funds and 0.15% for money market funds, ensuring a clear benefit direction for investors [10]. Redemption Fee Optimization - The redemption fee arrangements for bond and index funds have been optimized, allowing personal investors to avoid redemption fees after holding for 7 days, while institutional investors must hold for 30 days [12][13]. Commitment to Investor Rights - The reform explicitly prioritizes the protection of fund shareholders' rights, aiming to shift the industry focus from scale to returns and encouraging a long-term investment philosophy [14][15]. Cumulative Benefits - The phased fee reform is projected to save investors over 50 billion yuan annually, significantly reducing their overall financial burden and enhancing the competitiveness of the public fund industry [16].