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：费率改革进入收官阶段

Fee Reform Overview - The fee reform for public funds in China has entered its final stage, initiated by the China Securities Regulatory Commission (CSRC) in July 2023[2] - The reform includes a phased approach to reduce management fees, trading fees, and sales fees, with management fees for active equity funds reduced to 1.2% and custody fees below 0.2%[8] Key Changes in Fee Structure - Subscription and redemption fees for equity funds are reduced from 1.2% and 1.5% to 0.8%, while mixed funds are reduced from 1.2% and 1.5% to 0.5%[8] - Sales service fees for equity and mixed funds are lowered from 0.6% per year to 0.4%, and for index and bond funds from 0.4% to 0.2%[9] Impact on Fund Industry - The adjustment in redemption and sales service fees is expected to stabilize the long-term scale of public funds, with a potential decline in bond fund sizes and growth in passive index equity and money market funds[12] - The revenue structure for fund sales institutions will shift towards client maintenance and sales service fees, promoting a focus on maintaining existing clients rather than just new sales[12] Investor Implications - The reduction in fees lowers the cost of investing and holding public funds, while the full allocation of redemption fees to fund assets protects investor rights[13] - The extension of the redemption fee holding period to 6 months may lead to an estimated outflow of 2.8 trillion yuan from bond funds, affecting institutional investors' allocations[13] Institutional Investor Behavior - Institutional investors primarily hold about 9 trillion yuan in public bond funds, with a significant portion likely to shift towards direct bond investments or bank wealth management products due to the new fee structure[16][17] - The anticipated shift in investment strategies may result in approximately 0.7 trillion yuan moving from public bond funds to bank wealth management products[17] Sales Institutions' Adaptation - Fund sales institutions are expected to transition from a focus on new fund launches to a model prioritizing client retention and investment returns[18] - The new regulations will encourage institutions to utilize direct sales platforms for institutional investors, reducing reliance on third-party sales channels[18]