【银行】公募销售新规落地，理财配置如何演变？——《公开募集证券投资基金销售费用管理规定》点评（王一峰/董文欣）

Core Viewpoint - The article discusses the implementation of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds," which aims to optimize the sales fee structure and enhance the flexibility of redemption fees, thereby impacting the asset allocation behavior of bank wealth management products [4][5]. Group 1: Key Changes in Sales Fee Regulations - The new regulations introduce more flexible redemption fee structures, significantly reducing liquidity constraints for wealth management products [5]. - The minimum holding period for certain funds has been reduced from 6 months to 30 days, allowing for easier access to funds for investors [5]. - The maximum subscription fees for passive index funds have been lowered from 0.8% to 0.3%, which helps in reducing the cost of wealth management allocations [4][5]. Group 2: Impact on Wealth Management Asset Allocation - As of Q3 2025, the total amount of wealth management products holding publicly raised funds reached 1.34 trillion [6]. - The allocation of wealth management products to public funds is primarily driven by the need to quickly deploy excess funds, especially during periods of asset scarcity [6]. - There is a notable increase in the demand for equity asset allocation within wealth management products, indicating a shift in investment strategy [6].