公募销售新规对不同公募产品的影响——《公开募集证券投资基金销售费用管理规定》点评

Core Viewpoint - The new regulations for public fund sales, effective from January 1, 2026, aim to reduce investment costs for investors and standardize the sales market for public funds, thereby protecting investors' rights [1] Group 1: Impact on Different Public Fund Products - The new regulations categorize sales fees into four types based on product type, holder type, and sales channel, leading to a significant reduction in subscription fees for various fund types [2] - Subscription fee rates have been notably decreased, with the maximum rate for actively managed equity funds set at 0.8%, mixed funds at 0.5%, and bond/index funds at 0.3% [2][7] - Redemption fees are standardized across all shares, with specific exemptions for personal investors holding bond funds for over 7 days, which may increase costs for short-term strategies [3] - Sales service fees are capped at 0.4% for equity and mixed funds, 0.2% for bond and index funds, and 0.15% for money market funds, with no fees for funds held over one year [4][11] Group 2: Detailed Changes in Sales Fees - Subscription fees have been significantly reduced from previous regulations, with maximum rates now clearly defined for different fund types [7][8] - Redemption fee structures have been simplified to encourage long-term holding, with all fees now counted towards fund assets [9][10] - Sales service fees are now clearly defined and lower than previous maximums, promoting long-term investment [11][12] - Customer maintenance fees are differentiated based on investor type, with lower rates for institutional investors in non-equity funds [13][14] Group 3: Impact on Bond Funds - The new regulations provide more flexibility for redemption fees, particularly benefiting personal investors and potentially challenging institutional pure bond funds [15] - The majority of bond fund holders are institutions, with 82.97% of the market share, indicating a significant impact on institutional strategies [16] - The focus of institutional investors may shift towards bond ETFs and money market funds for liquidity management, while seeking stable returns from long-term bond funds [22][24]