基金销售费新规征求意见稿点评：理财规模有望受益，投资基金偏好或生变

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report highlights that the new regulations on fund sales fees are expected to benefit wealth management products with diverse offerings and clear customer advantages [8] - The liquidity preference of residents is shifting towards high liquidity products, which is likely to accelerate the growth of wealth management scales [6] - The report indicates a potential reduction in off-market fund transactions, with a shift towards on-market ETF trading or long-term holding of amortized cost bond funds [7] Summary by Sections Industry Trends - The industry has shown a significant increase in the proportion of public funds held in wealth management, reaching a historical high of 4.2% (1.38 trillion yuan) by the end of Q2 2025 [11][12] Regulatory Changes - The new regulations propose to lower the maximum subscription fees for equity, mixed, and bond funds to 0.8%, 0.5%, and 0.3% respectively, while also adjusting the redemption fees for short-term holdings [4][10] - The simplification of redemption fee tiers is expected to impact the willingness of investors to hold funds short-term, particularly affecting bond funds [5] Wealth Management Product Dynamics - Wealth management products with minimal holding periods are gaining popularity, indicating a strong preference for high liquidity among residents [6] - The report suggests that wealth management may reduce reliance on off-market fund transactions and focus more on ETF trading or direct investments [7] Investment Recommendations - The report recommends that wealth management subsidiaries with diverse product offerings and clear customer advantages, such as Industrial and Commercial Bank of China, Agricultural Bank of China, and others, are likely to benefit from the new regulations [8]