易方达基金：销售费用管理新规出台 推动公募基金高质量发展

Core Viewpoint - The China Securities Regulatory Commission has revised the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," effective January 1, 2026, aiming to lower investor costs and promote high-quality development in the capital market [1][2]. Group 1: Investor Cost Reduction - The fee caps for subscription of actively managed equity funds, other mixed funds, index funds, and bond funds have been reduced to 0.8%, 0.5%, 0.3%, respectively [2]. - For funds that do not charge subscription fees, the maximum sales service fee has been lowered to 0.4% per year for equity and mixed funds, 0.2% for index and bond funds, and 0.15% for money market funds [2]. - The regulations allow fund sales institutions to waive subscription fees for investors holding funds for over one year and provide certain discounts on sales fees, excluding redemption fees [2]. Group 2: Redemption Fee Structure - The redemption fee structure has been simplified from four tiers to three, with specific rates for different holding periods [2]. - Redemption fees for investors redeeming shares within seven days, thirty days, and one hundred eighty days are set at no less than 1.5%, 1%, and 0.5%, respectively, with all fees now counted as part of the fund's assets [2]. Group 3: Focus on Investor Interests - The new regulations emphasize the principle of prioritizing investor interests, which will help lower costs and promote long-term investment behavior [3]. - The measures are expected to enhance the service quality of industry institutions and improve the overall investment experience for investors [3]. Group 4: Development of Equity Funds - The regulations encourage the development of equity public funds by adjusting the client maintenance fee sharing ratio, maintaining a cap of 50% for personal investors and 30% for equity funds sold to non-personal investors [4]. - The rules also prohibit the establishment of exclusive shares for differential fee rates and require all fund sales settlement funds to be included in the fund property [4]. - These initiatives aim to create a comprehensive regulatory framework for public fund sales, encouraging better services for individual investors and promoting a long-term, investor-centric business model [4]. Group 5: Company Commitment - The company has consistently focused on customer-centric principles, reducing management fees since 2015 and actively implementing industry fee reforms to benefit investors [5]. - The company plans to adhere to the new regulations and continue to lower investor costs while enhancing its product and service offerings to meet diverse investor needs [5].