国泰海通证券研究·2026-01-04 13:14Core Viewpoint - The new regulations aim to enhance the competitiveness of public funds while considering the liquidity needs of holders of off-market index and bond funds, thus promoting high-quality development in the public fund industry [2][3]. Summary by Sections Regulatory Changes - The new regulations, effective from January 1, 2026, optimize short redemption fee policies for off-market index and bond funds, addressing feedback from the consultation draft [2][3]. - The maximum subscription fee for actively managed mixed equity funds has been raised from 0.5% to 0.8%, while the maximum for index funds is set at 0.3% [2]. - New provisions allow for different redemption fee standards for individual investors holding off-market index and bond funds for more than seven days, and for institutional investors holding bond funds for more than thirty days [2][3]. Impact on Fund Sales - The regulations continue to guide fund sales towards a focus on long-term holding, while also accommodating liquidity needs for off-market index and bond fund holders [3]. - The average maximum subscription fee for stock index funds, previously at 0.73%, is expected to decrease further, enhancing the attractiveness of these funds for long-term investors [3]. Investment Recommendations - The new regulations are seen as favorable for the development of bond funds, with ETF holdings becoming a key focus in the fund distribution model [3]. - It is recommended to prioritize brokers with strong ETF comprehensive service capabilities and investment advisory business [3].