公募改革措施逐步落地：机构纷纷免收直销费用，密集调整风险等级

Core Viewpoint - The new regulations in the public fund industry are being implemented, leading to significant changes such as the elimination of subscription fees for direct sales channels by various fund companies [1][2][3]. Group 1: Fee Waivers - From February 24, 2025, investors can subscribe to public fund products through the direct sales channels of Caizheng Asset Management without incurring subscription fees [2] - Xingsheng Global Fund announced a similar initiative starting January 26, 2025, waiving front-end subscription fees for its public fund products [2] - The new regulations from the China Securities Regulatory Commission (CSRC) prohibit fund managers from charging subscription fees and sales service fees, effective from January 1, 2026 [3] Group 2: Risk Level Adjustments - Multiple fund companies are adjusting the risk levels of their funds, with Noan Fund changing the risk level of its Noan Selected Return Mixed Fund from R3 to R4 effective March 5, 2025 [4] - Zhonghai Fund also announced a similar adjustment for its Zhonghai CSI A500 Index Enhanced Fund, moving from R3 to R4 [4] - The China Securities Investment Fund Industry Association is working on guidelines to establish a comprehensive risk level classification system for funds [4] Group 3: Enhanced Risk Disclosure - Fund companies are improving risk disclosures, as seen with Pengyang Fund's announcement regarding the cash portion of its Pengyang 30-Year Treasury ETF, highlighting discrepancies between estimated and actual cash amounts [5] - Pengyang Fund issued multiple risk alerts related to its 30-Year Treasury ETF around the Spring Festival, indicating a proactive approach to investor communication [5]