评《公开募集证券投资基金销售费用管理规定》：公募降费让利，鼓励长期持有

Core Insights - The report emphasizes the importance of reducing fund investor costs and promoting long-term holding through the revised regulations on public fund sales fees, which is a significant step towards high-quality development in the public fund industry [3][4][5]. Summary by Sections Focus Point 1: Reduction of Subscription Fees and Sales Service Fees - The proposed regulations aim to lower the maximum subscription fee rates for equity funds, mixed funds, and bond funds to 0.8%, 0.5%, and 0.3% respectively, significantly benefiting investors [5][6]. - The regulations also suggest that sales service fees for equity and mixed funds should not exceed 0.4% per year, while for index and bond funds, it should not exceed 0.2% per year, and for money market funds, it should not exceed 0.15% per year [7][8]. Focus Point 2: Redemption Fees Included in Fund Assets - The new regulations require that all redemption fees collected from investors be fully allocated to the fund's assets, preventing sales institutions from taking a portion of these fees [9][10]. - The redemption fee structure has been simplified, with specific rates set for different holding periods, encouraging long-term investment behavior [9][10]. Focus Point 3: Lowering Client Maintenance Fees for Bond Funds - The regulations stipulate that client maintenance fees for personal investors should not exceed 50% of the fund management fee, while for non-personal investors, it should not exceed 30% for equity and mixed funds [12][13]. - This adjustment is intended to encourage sales institutions to guide institutional investors towards purchasing equity funds, thereby promoting the development of equity products [12][13]. Focus Point 4: Clarification of Platform Legal Positioning - The regulations clarify the legal basis and functional positioning of the Fund Industry Service Platform (FISP), encouraging industry institutions to actively connect with the platform and promote direct sales to institutional investors [15]. - This move aims to create a centralized, standardized, and one-stop service for the fund sales industry, reducing reliance on traditional sales channels [15]. Summary of Overall Impact - The report concludes that the significant reduction in fees will benefit investors and encourage long-term holding, which is crucial for the high-quality development of the public fund industry. The recent fee reform marks a critical step towards achieving this goal, with a focus on investor interests [16].