公募基金还需早日推出第二轮行业费率改革

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," which will take effect on January 1, 2026, marking the completion of the fee reform in the public fund industry initiated in July 2023 [1] Group 1: Fee Reform Phases - The first round of fee reform in the fund industry is divided into three phases: the first phase reduces management and custody fees for actively managed equity funds, resulting in an annual benefit of approximately 14 billion yuan; the second phase lowers stock trading commission rates, yielding an annual benefit of about 7 billion yuan; the third phase focuses on reducing sales expenses, providing an annual benefit of around 30 billion yuan [1] - The cumulative annual benefit to investors from all three phases of the reform reaches 51 billion yuan, leading to an overall reduction of approximately 20% in the comprehensive fee rate of public funds [1] Group 2: Importance of Fund Performance - While reducing sales expenses is crucial, enhancing the investment performance of funds is even more important for attracting investors [3] - Funds with strong performance in 2025 achieved returns exceeding 200%, while poorly performing funds faced losses of over 20% [3] - Fund companies must prioritize improving investment performance to maintain their reputation and attract investors [3] Group 3: Management Fee Reform - Current fund management fees are calculated based on fund size rather than performance, necessitating a second round of reform to address this issue [4] - The second round of management fee reform should apply to both new and existing funds, with a significant reduction in the proportion of fees based on fund size, ideally lowering the standard by more than half [4] - Introducing performance-based fee structures, where management fees are tied to fund profitability, could enhance the focus on improving fund performance and increase the attractiveness of investment funds to the public [4]