重磅发布 | 晨星《2025年中国公募基金费率研究》

Core Viewpoint - The fee rates of public funds in China have been continuously declining, benefiting investors [5][6] Group 1: Fee Rate Trends - The asset-weighted average fee rate for public funds in China has decreased to 0.76% in 2024, down 19% from 2023 [6][7] - The total fees paid by fund investors have dropped by approximately 29.9 billion yuan [7] - Active equity and mixed funds saw significant fee reductions in 2023, with asset-weighted average rates falling by 17% and 14%, respectively, leading to rates of 1.48% and 1.45% in 2024 [7] - Passive equity funds experienced a more substantial fee decline of 29%, with rates dropping from 0.69% in 2023 to 0.49% in 2024 [7] Group 2: Regulatory Impact - The acceleration of the fee reduction trend is closely linked to the China Securities Regulatory Commission's fee reform plan initiated in July 2023, which includes multiple phases of fee adjustments [7] Group 3: Fee Rate Dynamics by Fund Type - The equal-weighted average fee rate for active equity funds decreased from 1.96% at the end of 2022 to 1.69% at the end of 2023, reflecting a double-digit decline [9] - Active bond funds saw a fee reduction of 11.4% from 2020 to 2024, with a further decrease of 5 basis points to 0.78% in 2024 [9] - The equal-weighted average fee rates for ETFs have remained around half of the overall fee rates for open-end funds in recent years [9] Group 4: Investor Behavior and Fund Flows - By the end of 2024, a majority of investors have concentrated their funds in lower-fee products, with over 60% of funds in the lowest 40% fee tier among mixed, equity, and bond funds [12]