降费力度大！公募基金这一规定时隔十二年再修订

Core Viewpoint - The recent revision of the "Publicly Offered Securities Investment Fund Sales Fee Management Regulations" aims to significantly reduce fund sales fees, enhance investor protection, and promote the healthy development of the fund industry [3][5][11]. Summary by Sections Sales Fee Rate Reform Highlights - The reform includes substantial fee reductions: subscription and purchase fees for equity funds are lowered from 1.2% and 1.5% to 0.8%; for mixed funds from 1.2% and 1.5% to 0.5%; and for bond funds from 0.6% and 0.8% to 0.3% [5] - The sales service fee cap for equity and mixed funds is reduced from 0.6% per year to 0.4% per year, while for index and bond funds it is lowered from 0.4% per year to 0.2% per year, and for money market funds from 0.25% to 0.15% per year [5] - The overall reduction in fund sales fees is estimated to be around 30 billion yuan, with a reduction rate of approximately 34% based on average data from the past three years [6] Optimization of Redemption Fee System - The redemption fee structure is optimized to discourage short-term trading by ensuring that all redemption fees go to the fund property, promoting long-term holding among investors [6][7] - A unified redemption fee standard is established for various fund types, encouraging investors to hold their investments longer [6] Focus on Personal Client Services and Equity Fund Development - The regulations maintain a cap on client maintenance fees at 50% of management fees for personal investors, encouraging better service from fund sales institutions [8] - For institutional investors, the cap for maintenance fees on bond and money market funds is reduced from 30% to 15%, promoting the development of equity funds [8] Establishment of Direct Sales Service Platform - A direct sales service platform for institutional investors is to be established to address high operational costs and inefficiencies in the industry [8] - The platform aims to provide standardized, automated services for institutional investors investing in public funds [8] Cumulative Benefits of Fee Reforms - The fee reform has been implemented in three phases over two years, cumulatively benefiting investors by over 50 billion yuan [9][10] - The first phase focused on reducing management and custody fees, while the second phase targeted trading commission fees, leading to significant annual savings for investors [10][11] - The third phase primarily addresses sales fees, with an estimated annual benefit of around 30 billion yuan for investors [11]