债市专题研究：如何理解基金费率新规对债市的影响？

Report Industry Investment Rating No information provided on the report industry investment rating. Core View of the Report The new fund fee rate regulations may cause pressure on the liability side of the bond market. However, from the market performance on the first trading day (September 8) after the release of the draft for soliciting opinions on the new regulations, 1.80% still constitutes an upper - limit resistance level that is difficult for the 10 - year Treasury bond to break through, indicating that the pressure from the new regulations may have been digested to some extent in the short term [1][3][35]. Summary According to the Table of Contents 1. How to Understand the Impact of the New Fund Fee Rate Regulations on the Bond Market? 1.1 New Regulation Details and Fee Reduction Impact Calculation - The third stage of the public fund fee reform is being implemented. On September 5, 2025, the China Securities Regulatory Commission issued the "Regulations on the Administration of Sales Fees of Publicly Offered Securities Investment Funds (Draft for Soliciting Opinions)" [10]. - The new regulations mainly reduce sales - link fees such as subscription/purchase/sales service fees, with the greatest impact on fund sales institutions. The new regulations cover six major aspects: reducing subscription rates, optimizing redemption fee arrangements, standardizing sales service fees, focusing on individual customers, and clarifying the legal status of platforms [11]. - Seven key concerns of the new regulations: - Direct sales are free of subscription/purchase/sales fees, reducing the direct - sales business income of fund companies. For example, fund managers cannot charge subscription (purchase) fees or sales service fees when selling their managed funds [16]. - The upper - limit standards for subscription and purchase of three major types of funds are uniformly lowered, reducing the income of sales institutions in the subscription and purchase links. Retail - customer - dominated institutions may be more affected. For instance, the upper - limit subscription/purchase rates for stock - type, hybrid - type, and bond - type funds are reduced to 0.8%, 0.5%, and 0.3% respectively [16]. - Long - term investors can be exempt from back - end subscription/purchase fees, encouraging long - term holding of funds [21]. - Redemption fees are fully included in the fund property instead of belonging to sales institutions, making the "high - turnover" sales model unfeasible [22]. - Bond funds and FOFs are also subject to redemption fees, increasing the cost of earning additional income through band - trading in off - exchange funds and encouraging long - term investment [24]. - The client maintenance fees for institutional clients are significantly reduced, especially for bond - type and money - market funds, where the trailing commission for institutional clients is reduced to 15%, which may significantly reduce the willingness of some institutions to sell bond funds and money - market funds [25]. - Institutions are encouraged to use the unified direct - sales platform FISP, which will significantly reduce the income of third - party platforms relying on institutional sales [26]. 1.2 How to View the Impact of the New Regulations on the Bond Market - The impact of the new regulations on the bond market mainly lies in two aspects: the increase in redemption fees for bond funds and money - market funds, and the reduction of the trailing commission for institutional clients to 15%. - The new regulations may further weaken the investment income of bond funds, and the liability side of bond funds may be diverted to equity - type hybrid funds or wealth management products. The reduction of trailing commissions may also reduce the willingness of fund sales institutions to sell bond funds and money - market funds [30]. - If funds flow from bond funds and money - market funds to wealth management products or bank deposits, there will be changes in the investor structure and preferred bond types in the bond market. If funds flow to equity - containing funds and the stock market, the frictions in the capital and liability sides of the bond market will be more obvious. - Overall, although the new regulations bring certain liability - side pressure, the pressure may have been digested in the short term. The report maintains the view in the previous report, suggesting that the bond market this year may be similar to the first half of 2015, with a long - lasting volatile market. Looking forward, the 10 - year Treasury bond may fluctuate in the range of 1.70% - 1.80%, and the 30 - year Treasury bond may fluctuate in the range of 1.95% - 2.05%. It is advisable to increase positions at the upper limit and take profits at the lower limit [35].