《公开募集证券投资基金销售费用管理规定（征求意见稿）》点评：公募销售新规对银行理财影响几何？

Investment Rating - The report maintains a "Buy" rating for the banking industry, indicating an expected investment return exceeding 15% over the next 6-12 months compared to the market benchmark index [1]. Core Insights - The report discusses the impact of the "Publicly Raised Securities Investment Fund Sales Fee Management Regulations (Draft for Comments)" on bank wealth management, highlighting significant changes in fee structures aimed at benefiting investors [3][4]. - The reform is expected to lead to an annual reduction of over 500 billion yuan in costs for investors across three phases, with the latest phase focusing on sales fees [5][11]. - The shift in fee structures is likely to influence the asset allocation behavior of bank wealth management products, particularly in the context of public funds [8][11]. Summary by Sections Regulatory Changes - The draft regulations propose lowering subscription fees for various fund types, optimizing redemption fee arrangements, and standardizing sales service fees [4][6]. - Specific fee reductions include lowering the maximum subscription fees for equity and mixed funds from 1.2%/1.5% to 0.8% and 0.5%, respectively [4][7]. Impact on Wealth Management - As of Q2 2025, bank wealth management products held approximately 1.38 trillion yuan in public funds, with a notable increase of 450 billion yuan in Q2 [8][13]. - The report indicates that public bond funds are becoming a crucial liquidity management tool for bank wealth management, driven by their high liquidity and operational convenience [11][20]. Market Dynamics - The adjustments in redemption fees are expected to increase transaction costs for short-term holdings, potentially leading to a decrease in the willingness to allocate to public funds [9][11]. - The report anticipates a structural shift in asset allocation from traditional bond funds to ETFs and other products with lower redemption fee constraints [11][12]. Future Outlook - The report suggests that while the immediate impact of the regulations may be limited, the long-term effects could enhance the stability of public fund scales and improve the flexibility of investment strategies [12]. - There is an emerging demand for equity investments in a low-interest-rate environment, indicating a potential shift in investment strategies for wealth management products [12][20].