——《公开募集证券投资基金销售费用管理规定》点评：公募销售新规落地，理财配置如何演变？

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 [1]. Core Insights - The implementation of the new public fund sales regulations is expected to significantly enhance the liquidity and flexibility of fund redemption, thereby positively influencing the asset allocation behavior of bank wealth management products [3][4]. - The new regulations include adjustments to redemption fees, subscription fees, and a transition period, which are designed to be more favorable for wealth management configurations [5][6][8]. - The report anticipates a continued increase in the allocation of public funds within bank wealth management, particularly in equity assets, driven by a recovering capital market and the need for improved investment returns [10][15]. Summary by Sections Regulatory Changes - The new regulations reduce the minimum holding period for redemption fee exemptions from 6 months to 30 days for institutional investors and from 30 days to 7 days for individual investors, enhancing liquidity [5][9]. - Subscription fees for passive index funds have been lowered from 0.8% to 0.3%, which is expected to reduce costs for wealth management products [6][7]. - The transition period for fund managers to adjust to the new fee structures has been extended from 6 months to 12 months, allowing for a smoother implementation [8][9]. Market Trends - As of Q3 2025, the total amount of public funds held by bank wealth management products reached 1.34 trillion, indicating a growing trend in fund allocation [10][15]. - The report highlights a shift in asset allocation, with a notable increase in equity fund holdings, reflecting a strategic move to enhance returns in a low-interest-rate environment [15][18]. - The anticipated growth in wealth management product scale is projected to be around 3 trillion, with a focus on maintaining a balance between stable and high-risk assets [17][18]. Future Outlook - The report suggests that the demand for equity assets will continue to rise, as wealth management firms seek to improve their investment capabilities and diversify their portfolios [15][18]. - It is expected that the allocation to fixed-income assets will remain strong, while the demand for equity investments will increase, creating a dynamic shift in the overall asset allocation strategy [18][19].