【银行】公募销售新规对银行理财影响几何？——《公开募集证券投资基金销售费用管理规定（征求意见稿）》点评（王一峰/董文欣/黄怡婷）

Core Viewpoint - The article discusses the recent public consultation by the China Securities Regulatory Commission (CSRC) on the draft regulations for managing sales fees of publicly offered securities investment funds, highlighting the potential impacts on bank wealth management and public fund allocation behavior [4][5]. Group 1: Regulatory Changes - The CSRC's draft regulations aim to lower subscription fees, optimize redemption fee arrangements, and standardize sales service fees, which are expected to benefit investors by over 50 billion annually [4]. - The fee reform in the public fund industry is structured in three phases, with significant changes already implemented since April 2022, and further actions planned through 2025 [4][6]. Group 2: Impact on Investment Behavior - The adjustment of redemption fees is anticipated to increase transaction costs for short-term holdings in public funds, potentially leading to a decrease in demand for these funds among wealth management products [5][6]. - There may be a structural shift in asset allocation from traditional bond funds to ETFs and other products due to the increased constraints on redemption fees [5][6]. Group 3: Market Stability and Investment Strategy - The gradual implementation of the fee reform is expected to enhance the stability of public fund sizes and improve the flexibility of investment strategies, reducing market volatility caused by rapid fund inflows and outflows [6]. - In a low-interest-rate environment, there is a growing need for wealth management to strengthen equity investments, which may lead to increased collaboration with public funds or external asset managers [6][7]. Group 4: Demand for Fixed-Income Products - As of Q2 2025, fixed-income products in bank wealth management have grown by 2.3% to 29.81 trillion, indicating a strong preference for these products among investors [7]. - The majority of bank wealth management products currently have zero redemption fees, making them attractive alternatives for investors with high liquidity needs, especially as redemption fees for bond funds become more restrictive [7].