TF Securities(SH:601162) Tianfeng Securities·2025-09-07 02:43Report Industry Investment Rating No relevant content provided. Core View of the Report The China Securities Regulatory Commission revised the "Regulations on the Sales Fees of Publicly Offered Securities Investment Funds (Draft for Comment)" on September 5, 2025, aiming to further reform the public - fund fee rate, which includes significant reduction of sales - link fees, adjustment of redemption fees and sales service fees to encourage long - term investment, and promotion of the development of equity funds to attract long - term funds [1][6]. Summary by Related Catalogs 1. Substantially Lower the Fee Rate at the Sales Stage of Public - Offering Funds - The reduction of sales fees is the "last crucial step" in the three - stage fee - rate reform of public - offering funds. The reform began in July 2023, with the first stage focusing on management fees, the second on transaction fees, and the current third on sales fees [1][7]. - The reduction of sales - stage fees has a large scope and a significant rate cut. Only 49%, 11%, and 34% of equity, hybrid, and bond funds, respectively, currently meet the new upper - limit requirements for the highest subscription fees. The reduction of sales - stage fees can save investors about 30 billion yuan annually, and the three - stage fee - rate reform can save investors over 50 billion yuan annually in total [2][8]. 2. Adjust Regulations on Redemption Fees and Sales Service Fees - "Full inclusion of redemption fees in the fund property" helps reduce the behavior of sales agents encouraging frequent redemptions, promotes long - term investment by investors, and stabilizes the net value of the fund. After the adjustment, it is expected to effectively correct the phenomenon of some agents relying on redemption fees as a major source of income [2][12]. - Different redemption rates are set for different holding periods, which restricts short - term arbitrage and encourages medium - and long - term investment. The new regulations unify the redemption - rate standards, and redemption fees may be waived only after holding for more than six months. ETFs, inter - bank certificate of deposit funds, and money - market funds can set their own redemption - fee collection standards, which may attract short - term funds [3][12]. - For shares of equity, hybrid, and bond funds held for more than one year, sales service fees will no longer be charged. For investors choosing the back - end payment method and holding for more than one year, back - end subscription fees can be waived, which also encourages long - term investment [13][14]. 3. Further Encourage the Development of Equity Funds - Different customer - maintenance fee ratios are set for different types of funds, which encourages sales agents to allocate more resources to equity funds. The upper - limit ratio of customer - maintenance fees for bond funds sold to non - individual investors is 15%, lower than that of equity and hybrid funds [3][16]. - This policy continues the orientation of promoting the entry of long - term funds and the development of equity funds. The expansion momentum of pure - bond products may weaken. Currently, the product structure of China's fund market is unbalanced, with bond and money - market funds accounting for 32.15% and 40.99% of the net asset value respectively, while equity funds only account for 14.11%. It is necessary to focus on whether policies will strengthen regulatory requirements for bond funds and the transfer of funds from the bond market to the stock market [4][16].