自2026年1月1日起，公募基金销售新规正式实施，延续让利基金投资者、鼓励长期持有等宗旨之外，正式 稿与旧规、征求意见稿相比之下出现了三大变化：赎回制度适度放宽，债基区分机构和个人投资者，免赎 回费的持有时长缩短；认/申购费的上限较旧规下调，持有满一年的基金免收销售服务费，范围扩大到 FOF、QDII等；整改期统一为12个月。 多位机构人士认为，新规短期对债基需求有一定的冲击，不过正式稿比意见稿有所松绑，集中赎回风险可控。 而新规对代销渠道的影响也是立竿见影的，ETF在费用方面竞争力进一步增强，直销因免认购费及销售服务费 成本优势显著，代销机构需在投顾费与尾随佣金之间取舍。 基金销售新规的变与不变 2025年底最后一天，公募基金销售新规正式公布，并于2026年初正式实施。新规与旧规最大的变化在于全面降 费，让利于基金投资者，包括认/申购费、销售服务费、客户维护费等。 其中，认/申购费方面，主动偏股型基金的认购、申购费率上限从1.2%、1.5%降至0.8%；其他类型的混合型基 金同档费率从1.2%、1.5%降至0.5%；债券型基金从0.6%、0.8%降至0.3%。此外，指数型基金的认/申购费率上 限为0.3%。 ...

销售服务费率方面，股票型基金和混合型基金的上限调降至0.4%/年，指数型基金和债券型基金调降至 0.2%/年，货币市场基金降至0.15%/年。 记者｜曹璐 编辑｜瑜见 公募基金降费福利落地，不同类型基金费率上限精准下调。 据最新销售费率规定，如主动偏股型基金、其他混合型基金的认申购费率上限分别调降至0.8%、 0.5%；指数型基金、债券型基金则不高于0.3%。 ...

2025年岁末，基金圈多了几个段子。 两位基金报的记者跳槽去了基金公司，一家在上海，一家在深圳。 一家ETF缺位主动权益公募，近期频现中后台人员离职，尤其PR。 一家首次公开招标的头部公募，一下子来了十几家供应商。 一家中字头财经媒体的新记者，自爆月收入不足4000元。 ………………………… 基金降费率的涟漪，正波及依赖"管理费再分配"整个生态链。 两年前的景象，参考老陈之前写的：。 "在CBD，除了高大上的金融机构独栋和摩天大厦外，也有不少金融供应商聚集的写字楼，从律所、会计师所，到品牌公关、直播机构、甚至专供金融机 构的印务、鲜花公司，也都星罗棋布在这方圆几公里的土地上。" 而在其中，自然也包括券商研究所。 前几天，一段来自某券商研究所的内部聊天，在网上疯传。 大意是，两位首席研究员（计算机、电子&AI），因为一家上市公司（海光信息）属于谁"覆盖"，在群里吵了起来。 智通财经跟进了一篇报道："这个我要了，你不能看"，两首席开撕，佣金收缩下的地盘争夺战。 我在小红书发了笔记：俩首席为了点佣金，至于吗？ 没想到，短短几个小时，就有超10万人围观，评论区更是热闹。 点赞最多的一个留言说： "覆盖的票被人抢一次， ...

近日，易方达丰华债券基金公告称，为更好满足广大投资者的投资理财需求，降低投资者理财成本，自 12月17日起调低该基金的管理费率和托管费率。其中，管理费率由0.8%/年降至0.6%/年，托管费率由 0.2%/年降至0.15%/年。今年以来，易方达基金已陆续调低旗下近10只产品管理费率、近20只产品托管 费率，涉及多资产、固收、货币、指数、QDII等类型产品，积极让利投资者。 此次降费的易方达丰华债券（A/C：000189/006867）是一只中波定位的二级债基，致力于在较低回撤下 实现稳健收益。其中，债券类资产以信用债为底仓，以利率债调节组合久期；股票、转债等权益资产通 盘考量配置，风格互补，力争实现增强收益。数据显示，截至12月12日，易方达丰华债券（A/C： 000189/006867）年内收益率达到5.49%、5.1%，跑赢同期业绩比较基准，同时年内最大回撤为2.19%、 2.25%，整体表现较为稳健。 ...

Group 1 - The core viewpoint is that wealth management institutions are expected to see rapid growth in large wealth income in the first half of 2025, driven by an increase in AUM growth rate and fee rate optimization [1] - In 1H25, large wealth income for sample banks, brokerages, and platform institutions grew by 11.4%, 21.4%, and 27.7% year-on-year, with revenue contribution ratios increasing for the first time in two years [1] - The growth in large wealth income is primarily attributed to wealth management business, contributing 98% of the incremental growth, driven by a recovering capital market, low interest rates prompting asset reallocation, and increased marketing of wealth products by institutions [1] Group 2 - As of the end of 1H25, retail AUM and wealth AUM for sample banks grew by 11.2% and 10.7% year-on-year, with growth rates accelerating compared to 2024 [2] - The average wealth management fee rate for five sample banks in 1H25 was 0.27%, an increase of 2 basis points from 2024, indicating a potential turning point in fee rates [2] Group 3 - The number and AUM of high-net-worth clients and brokerage clients are growing faster than the overall retail client base, indicating greater growth potential [3] - As of the end of 1H25, the number of retail clients for sample banks grew by 2.6% year-on-year, while the number of high-income private banking clients and brokerage clients grew by 14% and 11% respectively [3]

Core Points - Tianhong Fund announced a reduction in the custody fee for its Tianhong Yu'ebao money market fund from 0.08% to 0.07% effective September 23, 2023, alongside other funds reducing their management fees [1][2] - The public fund industry is experiencing a trend of fee reductions across various fund types, including money market funds, driven by declining yields and regulatory changes [3][4] - The average 7-day annualized yield for money market funds is currently 1.12%, with 22% of funds yielding below 1%, primarily due to pressure on underlying assets [5][6] Fee Reductions - Tianhong Yu'ebao's fee reduction is expected to save investors approximately 80 million yuan [2] - Other funds, such as E Fund's Margin Income and Guoxin Guozheng's Cash Increase, have also announced fee reductions, with management fees decreasing from 0.20% to 0.15% and from 0.30% to 0.20%, respectively [2] - The China Securities Regulatory Commission has proposed that the sales service fee for money market funds should not exceed 0.15% per year, prompting further fee reductions across the industry [3] Market Trends - Despite declining yields, money market funds have seen stable growth in scale, attributed to low entry barriers, low risk, and high liquidity, appealing to younger investors [6] - The asset allocation of money market funds is heavily weighted towards bonds (54%) and bank deposits (27%), making their yields closely tied to monetary policy and market interest rates [5]

Core Viewpoint - The public fund industry is experiencing a trend of fee reductions, with various funds announcing lower management and custody fees to enhance investor returns amid declining yields [2][5][6]. Fee Reductions - Tianhong Fund announced a reduction in the custody fee for its Tianhong Yu'ebao money market fund from 0.08% to 0.07% effective September 23 [1][3]. - Other funds, such as E Fund and Guoxin Guozheng, also reduced their management and custody fees, with E Fund lowering its management fee from 0.20% to 0.15% and custody fee from 0.08% to 0.05% [5]. - The overall trend in the public fund industry is towards lowering various fees, including management, sales service, and custody fees, to improve investor returns [2][5]. Market Context - Despite the fee reductions, a significant number of money market funds still maintain sales service fees at 0.25%, which could erode investor returns as yields decline [2][7]. - As of September 23, 271 out of 356 money market funds had sales service fees exceeding the regulatory cap of 0.15% [7]. - The average 7-day annualized yield for these funds is 1.12%, with 22% of the funds yielding below 1% [7]. Asset Allocation and Yield Trends - The decline in yields is attributed to the pressure on the underlying assets of money market funds, which primarily invest in bank deposits, bonds, and repurchase agreements [7]. - As of Q2 2025, the asset allocation of money market funds was 54% in bonds, 27% in bank deposits, and 18.6% in repurchase agreements, indicating a strong correlation between fund yields and market interest rates [7]. Growth in Money Market Funds - Despite declining yields, money market funds have seen consistent growth in scale, becoming a major contributor to the rise in public fund assets [8]. - Factors contributing to this growth include low entry barriers, low risk, high liquidity, and the integration of money market funds with shopping scenarios, appealing to younger investors [8].

Core Points - The China Securities Regulatory Commission (CSRC) has issued a significant document aimed at reducing various sales fees for public funds, which is expected to increase annual earnings for investors by over 50 billion yuan [1] Group 1: Impact on Fund Fees - The new regulations will lower sales service fees for public funds, with a specific example being the reduction of the sales service fee for money market funds like Yu'ebao from 0.25% to a maximum of 0.15%, potentially saving nearly 1.2 billion yuan annually for investors [2] - The new rule mandates a minimum redemption fee of 0.5% for any fund type if held for less than six months, which encourages long-term holding and reduces frequent trading [3][5] Group 2: Changes in Fund Investment Strategy - Investors are encouraged to choose A-share funds and hold them for over six months, as the new rules diminish the advantages of C-share funds for short-term investors [5] - Bond fund investors should be cautious, as the new regulations also apply to bond funds, which will now require a minimum holding period of six months to avoid redemption fees [5] Group 3: Market Dynamics and Competition - The new regulations are likely to exacerbate the trend of consolidation among public funds, as funds with shorter holding periods will see a shift towards A-share funds or ETFs, benefiting larger fund companies [5] - Sales service fee reductions may negatively impact fund distribution platforms that rely heavily on fund sales for revenue, prompting them to pivot towards providing advisory services instead [7]

Core Viewpoint - The article discusses the mixed sentiment in the A-share market, highlighting the influx of foreign capital amid recent market volatility and government policy changes aimed at boosting consumption and attracting investment [1][3]. Group 1: Market Dynamics - A significant drop in the A-share market was observed, with a large number of stocks hitting their daily limit down, indicating a rush of capital out of the market [1]. - The market experienced a rebound on Friday, but the volume was low, raising concerns about the sustainability of this recovery [4]. - The sentiment among retail investors is cautious, with many feeling uncertain about the market's direction and the influence of foreign capital [6]. Group 2: Government Policies - The government is expected to introduce measures to expand service consumption, which includes various sectors such as tourism, healthcare, and property management, aimed at encouraging foreign investment [1][3]. - Recent policy announcements, including a reduction in fund subscription fees, are designed to stimulate market activity and return capital to retail investors [3][5]. Group 3: Foreign Investment Trends - There is a notable interest from foreign investors, with reports of long-term funds increasing their positions in Chinese stocks, particularly in sectors like alcohol, internet, and high-dividend utilities [4][6]. - The recent U.S. labor market data has led to a shift in capital flows, with foreign capital returning to emerging markets, including China, as the dollar weakens [3][5]. Group 4: Sector Performance - The article highlights a divergence in sector performance, with gold stocks surging due to rising prices and expectations of interest rate cuts, while energy stocks faced declines amid concerns over demand [5]. - The market is seeing a rotation among sectors, with stocks related to new consumption policies gaining attention, while traditional sectors struggle [4][5].

Group 1 - The article emphasizes the importance of using authoritative and professional research reports from Jin Qilin analysts for stock trading [1] - It highlights the timely and comprehensive nature of the analysis provided, which aids in identifying potential thematic investment opportunities [1]