公募基金费率改革收官

Core Viewpoint - The final step of the public fund fee reform in China has been officially implemented, marking the conclusion of a two-and-a-half-year process aimed at reducing investor costs and promoting long-term investment [1][2]. Summary by Sections Regulatory Changes - The new regulations, effective from January 1, 2026, include a reduction in subscription and sales service fees for public funds, simplification of redemption fee structures, and encouragement of long-term holding by eliminating sales service fees for shares held over one year [1][2][5]. - A new direct sales service platform for institutional investors will be established to facilitate efficient and secure direct sales by fund managers [1]. Fee Adjustments - Subscription fees for index funds have been lowered to match those of bond funds, with maximum rates set at 0.3% for both [3]. - The redemption fee structure has been relaxed, allowing for exemptions based on holding periods for certain funds, which is expected to enhance liquidity and trading attributes [4]. Impact on Investment Behavior - The reforms are anticipated to make long-term investments more attractive, with significant cost reductions for various types of investors, including institutional and retail [6][7]. - The changes are expected to increase the competitiveness of ETFs, as they will be exempt from redemption fees, while also impacting the profitability of distribution agencies due to fee adjustments [6][7]. Industry Development - The implementation of these regulations is seen as a critical opportunity for the public fund industry to enhance its core competitiveness and transition towards a more regulated and transparent environment [7].