Core Insights - The third phase of public fund fee reform has been implemented, expected to save investors approximately 51 billion yuan annually in investment costs [1][2] Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds," effective January 1, 2026 [1] - The new regulations aim to lower subscription and sales service fee rates, simplify redemption fee structures, and encourage long-term holding of fund shares [1][2] - The maximum subscription fee for actively managed equity funds is set at 0.8%, while for other mixed funds it is capped at 0.5%, and for index and bond funds at 0.3% [3] Group 2: Fee Structure Adjustments - Redemption fee structures have been simplified from four tiers to three, with all fees now included in the fund's assets [3] - The redemption fee for holding periods exceeding 7 days but less than 30 days has been increased from 0.7% to 1% to deter short-term trading [3] - Sales service fees for equity funds are capped at 0.4%, while for index and bond funds, the cap is set at 0.2%, aligning with the average subscription fee rates for similar products [3] Group 3: Industry Growth - As of November 2025, the total scale of publicly offered funds in China has surpassed 37 trillion yuan, marking a historical high [4] - There are currently 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [4] - The net asset value of publicly offered funds managed by these institutions increased by 58.068 billion yuan from October to November 2025 [4]
证监会重磅新规发布，公募基金费率改革迎来收官，预计每年为投资者节省约510亿元投资成本，综合费率水平下降约20%！
Jin Rong Jie·2025-12-31 13:04