峰回路转，基金销售费率新规的三个变化

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds," which includes three significant changes that may guide the future direction of the bond market [1]. Group 1: Changes in Fund Sales Fee Regulations - Change One: The new regulation specifies that for individual investors holding index and bond funds for more than seven days, and for institutional investors holding bond funds for more than thirty days, fund managers can set their own redemption fee standards [2]. - Change Two: An additional provision has been added, stating that fund managers must reasonably select sales institutions based on the fund's positioning and operational characteristics, prohibiting discriminatory or exclusive sales arrangements [3]. - Change Three: The deadline for fund managers to adjust their sales fee structures to comply with the new regulations has been extended from six months to twelve months, allowing more time for market adaptation [4]. Group 2: Implications for the Bond Market - The changes indicate a regulatory intent to mitigate the impact of the new rules on market pricing, potentially easing concerns within the bond market [5]. - The adjustments to redemption fee rules aim to reduce the liquidity management attributes of bond funds, preventing liquidity risks from accumulating during bear markets [5]. - The emphasis on fairness in public offerings suggests that discussions around customized bond funds may continue to be a focal point for future adjustments in the bond market [5]. Group 3: Market Reactions and Future Outlook - Following the release of the draft regulations, the bond market saw a rise in the 10-year government bond yield, which reached approximately 1.90% before stabilizing at around 1.85% by the end of 2025 [7]. - The total scale of open-end bond funds increased by 256.1 billion yuan from January to October 2025, but this was a significant decrease compared to the previous year, indicating a cautious market response [10]. - As the new sales fee regulations take effect, there is potential for a positive market reaction in early 2026, driven by a recovery in interest rate pricing and a return of funds to the market [13].