关于中国证监会修订发布《公开募集证券投资基金销售费用管理规定》的点评：公募基金费率改革收官

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [10]. Core Insights - The report discusses the recent revision of the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" by the China Securities Regulatory Commission (CSRC), which aims to enhance investor benefits and promote long-term value investment [2][3]. - The public fund industry is entering a new phase of healthy and high-quality development following the comprehensive implementation of fee reforms [3]. - The report anticipates continued growth in the scale of publicly offered funds, driven by long-term capital inflows and the need for diversified asset management in a low-interest-rate environment [3]. Summary by Sections Regulatory Changes - The revised regulations differentiate subscription fees for mixed and index funds, aligning the subscription fee for index funds with that of bond funds, which is capped at 0.3% [3][4]. - The redemption fee structure has been adjusted to protect individual investors while encouraging institutional investors to focus on long-term value [3]. Industry Review - In 2025, the public fund industry saw a significant transformation with the implementation of 25 measures aimed at promoting high-quality development, including optimizing fee structures and enhancing performance benchmarks [3]. - The total scale of publicly offered funds grew from 8.3 trillion yuan to 36.3 trillion yuan over the past decade, with a compound annual growth rate (CAGR) of 16% [3]. Future Outlook - The report projects that the scale of publicly offered funds will continue to grow in 2026, supported by the influx of long-term capital from insurance institutions and pension funds [3]. - Equity and fixed-income plus products are expected to become the main drivers of growth, as they align with the demand for asset appreciation in a low-risk environment [3]. Investment Analysis - The comprehensive reform of public funds is expected to benefit brokerage firms in both investment and distribution segments, with a shift towards long-term value investment [3]. - The report highlights the potential for brokerage firms to leverage their expertise in equity and index products as a competitive advantage in the evolving market landscape [3].