盈米基金：以公募基金降费为契机 激活财富管理生态正循环

Core Viewpoint - The recent release of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" by the China Securities Regulatory Commission marks a systematic overhaul of the fee structure in China's fund industry, aimed at enhancing investor returns and promoting a positive cycle of long-term investment and market stability [1] Group 1: Benefits for Investors - The reform is expected to lower transaction and holding costs, directly benefiting investors by redistributing profits. For example, the cost of subscribing to a 10,000 yuan actively managed equity fund has decreased from 150 yuan to 80 yuan, a reduction of 46.7% [2] - Long-term holders will benefit from a new rule that exempts them from sales service fees after holding for one year, significantly enhancing their post-fee returns through compounding effects [2] - The new regulations ensure that interest generated from fund sales settlement funds will either belong to investors or be included in fund assets, and redemption fees will now be allocated entirely to fund assets, benefiting investors directly [2] Group 2: Industry Transformation - The fee reduction plan represents a profound self-revolution for fund companies and sales institutions, compelling them to focus on long-term client retention and enhancing customer experience to generate sustainable income [3] - The regulations will encourage fund companies to prioritize quality by deepening research and product innovation, attracting investors through superior long-term performance [3] - The decline in sales fees disrupts the old model of "fee-driven sales," pushing sales institutions to create value for clients through financial planning and asset allocation services, transitioning to a model that aligns more closely with investor interests [3] Group 3: Market Dynamics and Long-term Growth - The fee reform is expected to inject long-term positive momentum into the capital market by encouraging long-term holding, thereby reducing irrational market fluctuations [4] - The differentiated cap on trailing commissions aims to focus industry efforts on enhancing the competitiveness of equity funds, attracting more social wealth into the stock market to support high-quality economic development [4] - The deeper value of the fee reform lies in fostering a virtuous cycle in the capital market, characterized by rational investor behavior, professional institutional services, corporate value growth, and investor returns, leading to more efficient and precise market pricing [4]