直销渠道“零费率”落地 公募行业服务比拼开赛

Core Viewpoint - The announcement by Caitong Asset Management to waive subscription fees for all public funds in direct sales channels marks a significant shift in the public fund industry towards a service-oriented competition model, as the industry prepares for the implementation of new regulations in 2026 [1][2]. Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has issued new regulations that prohibit fund managers from charging subscription fees and sales service fees starting January 1, 2026, with a 12-month transition period [1]. - The actions of Caitong Asset Management and Xingzheng Global Fund are seen as a proactive response to these upcoming regulations, indicating a move away from price competition [1]. Group 2: Industry Impact - The implementation of the new regulations is expected to standardize and democratize the public fund sales fee structure, significantly reducing investor costs and reshaping the competitive landscape [2]. - The shift towards a "zero-fee" era in direct sales is viewed as a direct benefit for investors, leading to lower investment costs and compelling institutions to enhance their professional services and long-term value creation capabilities [2]. Group 3: Strategic Focus - Fund companies are increasingly focusing on upgrading their services rather than competing solely on price, with an emphasis on research capabilities, asset allocation, and digital services [2]. - Xingzheng Global Fund plans to enhance its direct sales platform through technological improvements, optimizing transaction processes, and providing tangible fee reductions to investors, thereby promoting a focus on long-term asset management [2].