国泰海通｜固收：基金费率新规落地如何影响债市

Core Viewpoint - The new regulations on sales fees for publicly offered securities investment funds will take effect on January 1, 2026, with specific exemptions for redemption fees on certain bond and index funds, which is expected to stabilize the bond market and reduce redemption pressure on bond funds [1][2]. Group 1: Regulatory Changes - The revised regulations provide exemptions for redemption fees for individual investors holding index and bond funds for more than 7 days, and for institutional investors holding bond funds for more than 30 days [1]. - The transition period for existing funds that do not comply with the new regulations is set at 12 months, which is more lenient compared to the previous draft [1]. Group 2: Market Impact - The new rules are expected to alleviate the passive redemption pressure on bond funds, thereby supporting the bond market [1]. - If the central bank resumes the buying and selling of government bonds, it could further stabilize the long-term bonds, leading to a gradual decline in deposit rates [1]. Group 3: Fund Types and Performance - The stability of the liability side for bond funds is expected to benefit medium to high-grade, medium to long-term credit bonds and perpetual bonds, with flexible trading funds being the main buyers [2]. - Short-term bond funds may see reduced liquidity advantages as the exemption threshold for institutional investors has increased from 7 days to 30 days, potentially shifting funds towards money market funds or bond fund ETFs [2]. - Bond ETFs are projected to grow significantly, with net asset value expected to exceed 800 billion yuan by 2025, reflecting a year-on-year increase of over 370% [2]. Group 4: Fee Structure Changes - The new fee structure allows for a maximum subscription fee of 0.8% for actively managed equity funds and 0.5% for other mixed funds, while bond funds can charge up to 0.5% [3]. - Redemption fees for investors holding funds for less than 7 days will be no less than 1.5% of the redemption amount, while those holding for 7 to 30 days will incur a fee of at least 1% [3].