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Core Viewpoint - The new regulations on fund sales fees by the China Securities Regulatory Commission (CSRC) aim to significantly reduce costs for investors and promote a shift in the public fund industry from a focus on scale to one centered on investor returns, marking the third phase of fee reform in the industry [1][2]. Fee Reduction Impact - The new regulations will lower the maximum sales service fee for equity and mixed funds from 0.6% to 0.4% per year, for index and bond funds from 0.4% to 0.2% per year, and for money market funds from 0.25% to 0.15% per year. It is estimated that this will result in over 50 billion yuan in annual savings for investors [4][5]. - The reform is expected to push the public fund industry towards a performance-driven model, enhancing the marketization of fee structures and promoting healthy industry development [4][5]. Industry Response - Major fund sales institutions, including Tencent and Ant Group, have expressed strong support for the new regulations, emphasizing the importance of prioritizing investor interests and improving service capabilities [3][6][8]. - The new regulations are seen as a transformative shift from a "scale-driven" to a "service-driven" model in the fund distribution industry, encouraging institutions to enhance their service offerings to better meet investor needs [8][10]. Long-term Industry Changes - The fee reform is anticipated to reshape the ecological landscape of the fund sales industry, with larger firms potentially benefiting from economies of scale, while smaller firms may face significant operational pressures [10][11]. - The shift in revenue models from transaction-based fees to ongoing service fees based on asset management and investment advice is expected to lead to improved client experiences and more comprehensive advisory services [10][11]. Investor Benefits - The reduction in fees is projected to lower passive investment and transaction costs for investors, while also addressing short-termism among fund managers, ultimately enhancing investor protection and improving overall investment returns [5][11]. - The anticipated increase in public interest in equity funds, driven by the fee reductions, is expected to support the stabilization and growth of the A-share market in China [5].