中国基金报·2026-01-02 09:14Core Viewpoint - The implementation of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" marks a significant milestone in the public fund industry, promoting "mechanism optimization" and "ecological reshaping" for high-quality development [2][4][10]. Group 1: Regulatory Changes - The new regulations are a key measure to implement the spirit of the new "National Nine Articles" and the "Public Fund Industry Fee Rate Reform Work Plan," marking the successful completion of the three-phase fee rate reform [4][16]. - The regulations focus on investor interests, standardizing industry development order, and enhancing the mission of financial politics and people's welfare [4][10]. - The maximum subscription fee rates for different fund types have been reduced to 0.8% for actively managed equity funds, 0.5% for mixed funds, and 0.3% for index and bond funds [7][17]. Group 2: Impact on Investor Experience - The regulations aim to lower transaction costs for investors, enhance their holding experience, and promote long-term investment behaviors [4][7][10]. - The introduction of floating fee rate fund products in 2025 is expected to align the interests of fund managers, sales institutions, and investors, receiving positive feedback from clients [4][10]. - The regulations also eliminate sales service fees for fund shares held for over one year, effectively reducing long-term holding costs for investors [23]. Group 3: Industry Transformation - The fee rate reform is seen as a significant institutional innovation in the development of China's capital market, transitioning the industry focus from "scale" to "return" [10][13]. - The new regulations encourage the development of equity funds and aim to attract quality incremental capital into the market, stimulating market vitality [23][24]. - The establishment of the Fund Industry Service Platform (FISP) is expected to enhance direct sales capabilities and optimize customer service experiences [21][27]. Group 4: Future Directions - Fund management companies are required to focus on improving core competencies, such as investment management, product innovation, and customer service, to win market trust [11][24]. - The industry is expected to shift from a sales-driven model to one that prioritizes investor interests, fostering a sustainable and prosperous environment [21][26]. - The regulations are anticipated to save investors hundreds of billions in fees annually, reshaping the fund sales ecosystem and reinforcing the principle of "serving investors" [21][26].