富国基金：以投资者为本，共筑高质量发展新生态

Core Viewpoint - The release of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" marks a significant milestone in the public fund industry, aimed at enhancing investor benefits and promoting high-quality industry development [1][4]. Summary by Sections Sales Fee Rate Reform - The overall reduction in sales expenses across the industry is 34%, expected to save investors approximately 30 billion yuan annually [2]. - Specific fee reductions include a decrease in the sales service fee for money market funds from 0.25% to a lower rate, saving investors 10 yuan annually on a 10,000 yuan investment, and a reduction in the subscription fee for actively managed equity funds from 1.5% to 0.8%, saving 70 yuan on the same investment [2]. Mechanism Optimization - The reform aims to shift the focus from short-term trading to long-term investment by ensuring that redemption fees are fully allocated to fund assets, thus decoupling sales agency income from short-term trading behaviors [3]. - Non-money market funds will have a one-year holding period to waive sales service fees, encouraging long-term investment [3]. Development Orientation - The regulations encourage a focus on personal investors by limiting the client maintenance fee for personal investors to no more than 50% of management fees, enhancing service experiences [3]. - A new direct sales service platform (FISP) is established to improve cost efficiency and risk control for fund managers [3]. Key Transformations - The reform emphasizes a shift from a "scale" to a "return" orientation, reducing "traffic fees" to promote a healthier long-term relationship with clients [4]. - It encourages a long-term investment philosophy by implementing measures such as redeeming fees being returned to assets and waiving sales service fees for long-term holders [4]. - The regulations clarify long-standing ambiguities regarding fund interest allocation and advisory fees, aiming to create a fairer and more transparent industry ecosystem [4]. Reform Progress - Since the initiation of the fee rate reform in July 2023, significant progress has been made, with cumulative annual savings for investors exceeding 50 billion yuan [5]. - The reform is viewed as not just a fee reduction but also a mechanism optimization and ecosystem restructuring effort [5].