国泰海通｜策略：海外降息节奏临近，国内基金费率改革

Group 1: Economic and Policy Insights - The third phase of public fund fee reform has commenced in China, focusing on enhancing market efficiency and investor protection [2] - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued a growth action plan for the electronic information manufacturing industry for 2025-2026 [2] - The State Council has initiated pilot programs for market-oriented allocation of factors in select regions, aiming to improve urban development models [2] Group 2: Capital Market Developments - The China Securities Regulatory Commission (CSRC) has revised the regulations on sales fees for open-end securities investment funds to lower costs for investors [3] - A joint meeting between the Ministry of Finance and the People's Bank of China emphasized the coordination of fiscal and monetary policies to support the stable development of the bond market [3] - The CSRC is focused on enhancing the attractiveness and inclusivity of the capital market, as highlighted in a recent expert meeting [3] Group 3: Global Economic Tracking - The U.S. non-farm payroll data for August was significantly below expectations, with only 22,000 jobs added, indicating a notable slowdown in the labor market [4] - The unemployment rate in the U.S. rose to 4.3% in August, further confirming the trend of labor market deterioration [4] - Federal Reserve officials, including Powell and Waller, have signaled the potential for interest rate cuts in response to the weakening job market and inflation concerns [4]