Core Viewpoint - The public fund industry in China is experiencing a wave of fee rate discounts at the beginning of 2026, with 19 fund managers, including Huashang Fund and Galaxy Fund, launching promotional activities primarily for actively managed equity products [1][2] Group 1: Fee Rate Discounts - As of January 8, 2026, various fund managers have introduced fee rate discounts, with some channels offering subscription rates as low as 10% of the original [1] - Huashang Fund announced a promotional activity for its Huashang Kechuan Chuangye Selected Mixed A fund, with discounts ranging from 40% to 80% based on payment methods [1] - The trend of fee rate discounts is primarily seen in actively managed equity products, indicating institutional confidence in the equity market [1][2] Group 2: Market Trends and Policy Influence - The implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" on January 1, 2026, has facilitated a smooth fee rate reform in the public fund industry [3] - The fee discounts are a response to the anticipated "spring rally" in the A-share market, aimed at reducing investor entry costs and enhancing the attractiveness of equity assets [2][3] - The new regulations encourage long-term holding of non-monetary funds, prompting institutions to attract long-term capital through fee discounts rather than focusing on short-term fundraising [3] Group 3: Changes in Sales Channels - The fee discount activities reflect a significant transformation in fund sales channels, with direct sales channels gaining advantages due to lower costs, while traditional distribution channels face increased pressure to adapt [3] - The new regulations compel channels to shift from a short-term commission-based model to a focus on asset allocation and value-added services [3] Group 4: Implications for Fund Managers - The trend of fee discounts places higher demands on fund managers, requiring them to focus on the sustainability of product performance and stable scale rather than merely chasing initial fundraising [4] - The core support for management fee income is shifting towards long-term scale and performance reputation, necessitating consistent excess returns to attract long-term investors [4] - The fee rate discount trend is seen as a reflection of the industry's ecological restructuring, aiming for a healthier and more sustainable development model that better supports wealth management and economic growth [4]
基金纷纷降费让利 行业生态重塑进行时
Zheng Quan Ri Bao·2026-01-08 17:10