【非银金融*孙婷】公募基金降费第三阶段落地，引导权益类基金发展，平滑对短债基金的影响

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the regulations on public fund sales fees, leading to a significant reduction in fees, which is expected to benefit investors and promote the development of equity funds [1][2]. Summary by Relevant Sections Fee Reduction Impact - The third phase of the fee reduction is estimated to lower overall fund sales fees by approximately 30 billion yuan, representing a 34% decrease [1]. - The maximum subscription and purchase fees for equity, mixed, and bond funds have been reduced from 1.2%/1.5% and 0.6% to 0.8%, 0.5%, and 0.3% respectively [2]. - The maximum annual sales service fee for equity and mixed funds has been reduced from 0.6% to 0.4%, while for index and bond funds, it has decreased from 0.4% to 0.2% [2]. Encouragement of Long-term Investment - The new regulations encourage long-term holding by eliminating sales service fees for funds held for over a year, except for money market funds [2]. - Redemption fees will now be fully allocated to fund assets, shifting the focus of fund sales institutions from transaction volume to asset retention [2]. Differentiated Commission Structure - The tail commission for sales to individual investors remains capped at 50%, while for non-individual sales, the cap for equity funds is set at 30% and for other funds reduced from 30% to 15% [3]. - This differentiated structure aims to promote retail business development and guide the growth of equity funds [3]. Overall Fee Reduction Strategy - The cumulative fee reduction across three phases is projected to save investors around 500 billion yuan annually, with the first two phases contributing approximately 140 billion yuan and 68 billion yuan respectively [3].