刷屏！37万亿市场，大消息！

Core Viewpoint - The release of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" marks a significant milestone in the reform of sales fee rates in China's public fund industry, set to take effect on January 1, 2026, and aims to promote high-quality development in the sector [2][4][8]. Summary by Sections Sales Fee Rate Adjustments - The new regulations will lower the maximum subscription fees for various fund types: active equity funds to 0.8%, mixed funds to 0.5%, index funds to 0.3%, and bond funds to 0.3% [4]. - The redemption fee structure will be simplified from four tiers to three, with all fees included in the fund's assets. The fee for redemptions held for more than 7 days but less than 30 days will increase from 0.75% to 1% to discourage short-term trading [5]. Long-term Holding Incentives - No sales service fees will be charged for fund shares held for over one year (excluding money market funds), encouraging long-term investment. The sales service fee cap for equity and mixed funds will be reduced to 0.4% per year, and for index and bond funds to 0.2% per year [5][10]. Institutional Client Adjustments - The trailing commission for non-equity funds sold to institutional clients will be reduced from 30% to 15%, while maintaining the 30% rate for equity and mixed funds [5]. Support for Direct Sales Platforms - The regulations support the establishment of the Fund Industry Service Platform (FISP), encouraging institutional investors to use this platform for fund subscriptions and redemptions [6]. Cost Savings for Investors - The overall sales fee reduction is expected to save investors approximately 300 billion yuan annually, with the comprehensive fee level in the public fund industry decreasing by nearly 20% [7][10]. - The reforms are projected to save investors a total of 510 billion yuan in investment costs each year once fully implemented [11]. Focus on Investor Experience - The regulations emphasize improving service for individual investors and enhancing the competitiveness of equity investments, with a cap on client maintenance fees not exceeding 50% of management fees [11]. Phased Implementation - The fee reform is structured in three phases: the first phase focused on reducing management and custody fees, the second on lowering trading commissions, and the third on reducing sales fees, with significant savings expected at each stage [11].