中金：公募费改三阶段正式落地，债基生态重塑，市场风险降低

Core Viewpoint - The new regulations on public fund sales fees aim to lower fee rates, simplify redemption fee arrangements, and encourage long-term holding and the development of equity funds while strengthening the regulation of fund sales fees [5][11]. Summary by Sections New Regulations Overview - The new regulations, effective from January 1, 2026, include a reduction in subscription and sales service fee rates, a simplification of redemption fee arrangements, and a clear stipulation that redemption fees will be fully included in fund assets [11][12]. Impact on Bond Funds - The new rules set upper limits on subscription and sales service fees for bond funds, with specific rates established for different fund types, significantly reducing costs for investors [12][13]. - The redemption fee structure has been revised, allowing for lower fees for personal investors holding funds for more than 7 days and institutional investors for more than 30 days, which is a significant change from previous proposals [15][17]. Investor Behavior Changes - For individual investors, the new rules are expected to enhance the attractiveness of bond funds due to lower fees and the potential for improved post-fee returns [7][20]. - Institutional investors may reduce short-term investment demand but are unlikely to make large-scale redemptions due to limited alternative options and increased long-term investment appeal [25][26]. Market Dynamics - The new regulations are anticipated to lead to structural changes in the fund market, with some funds potentially shifting towards ETFs, money market funds, or other alternatives due to the new redemption fee structure [6][8]. - The overall impact on the bond market is expected to be limited, with a stable demand for credit bonds and a potential reduction in volatility due to the encouragement of long-term holding [9][10]. Fund Adjustment Requirements - Funds that do not comply with the new redemption fee arrangements must adjust within 12 months, with a significant portion of funds being minimally affected due to existing structures [17][18]. - The majority of bond funds currently have redemption fee structures that align with the new regulations, minimizing the need for adjustments [19][20].