Core Viewpoint - The revision of the public fund sales fee management rules marks the final stage of the fee reform in the public fund industry, aimed at reducing investor costs and promoting high-quality development of the industry [1][2]. Group 1: Key Aspects of the New Regulations - The new regulations include a reduction in subscription fees, purchase fees, and sales service fee rates for public funds, significantly lowering investor costs [1][2]. - The redemption fee structure has been optimized, with all redemption fees now allocated to the fund's assets, encouraging long-term holding by investors [3]. - The regulations promote the development of equity funds by setting differentiated caps on trailing commission payments and maintaining existing client maintenance fee ratios for personal and institutional investors [3]. Group 2: Fee Reduction Details - The maximum subscription and purchase fee rates for equity funds have been reduced from 1.2% and 1.5% to 0.8%, while for mixed funds, they have been lowered from 1.2% and 1.5% to 0.5%, and for bond funds from 0.6% and 0.8% to 0.3% [2]. - The sales service fee rates for equity and mixed funds have been reduced from 0.6% per year to 0.4% per year, and for index and bond funds from 0.4% per year to 0.2% per year, with money market funds reduced from 0.25% to 0.15% per year [2]. - The overall fee reduction from the third phase of the reform is estimated to be around 30 billion yuan, with a total annual benefit to investors exceeding 50 billion yuan when combined with previous phases [2].

Core Viewpoint - The recent revision of the "Publicly Offered Securities Investment Fund Sales Fee Management Regulations" aims to significantly reduce fund sales fees, enhance investor protection, and promote the healthy development of the fund industry [3][5][11]. Summary by Sections Sales Fee Rate Reform Highlights - The reform includes substantial fee reductions: subscription and purchase fees for equity funds are lowered from 1.2% and 1.5% to 0.8%; for mixed funds from 1.2% and 1.5% to 0.5%; and for bond funds from 0.6% and 0.8% to 0.3% [5] - The sales service fee cap for equity and mixed funds is reduced from 0.6% per year to 0.4% per year, while for index and bond funds it is lowered from 0.4% per year to 0.2% per year, and for money market funds from 0.25% to 0.15% per year [5] - The overall reduction in fund sales fees is estimated to be around 30 billion yuan, with a reduction rate of approximately 34% based on average data from the past three years [6] Optimization of Redemption Fee System - The redemption fee structure is optimized to discourage short-term trading by ensuring that all redemption fees go to the fund property, promoting long-term holding among investors [6][7] - A unified redemption fee standard is established for various fund types, encouraging investors to hold their investments longer [6] Focus on Personal Client Services and Equity Fund Development - The regulations maintain a cap on client maintenance fees at 50% of management fees for personal investors, encouraging better service from fund sales institutions [8] - For institutional investors, the cap for maintenance fees on bond and money market funds is reduced from 30% to 15%, promoting the development of equity funds [8] Establishment of Direct Sales Service Platform - A direct sales service platform for institutional investors is to be established to address high operational costs and inefficiencies in the industry [8] - The platform aims to provide standardized, automated services for institutional investors investing in public funds [8] Cumulative Benefits of Fee Reforms - The fee reform has been implemented in three phases over two years, cumulatively benefiting investors by over 50 billion yuan [9][10] - The first phase focused on reducing management and custody fees, while the second phase targeted trading commission fees, leading to significant annual savings for investors [10][11] - The third phase primarily addresses sales fees, with an estimated annual benefit of around 30 billion yuan for investors [11]

时隔12年，公募基金销售费用管理规则迎修订。 此次修订是贯彻新"国九条"精神、落实《公募基金行业费率改革工作方案》和《推动公募基金高质量发 展行动方案》的重要举措。 《规定》共六章28条，主要内容包括合理调降公募基金认购费、申购费、销售服务费率水平，降低投资 者成本；优化赎回安排，明确公募基金赎回费全额计入基金财产；鼓励长期持有，明确对投资者持有期 限超过一年的股票型基金、混合型基金、债券型基金，不再计提销售服务费；坚持权益类基金发展导 向，设置差异化的尾随佣金支付比例上限；强化基金销售费用规范，统筹解决基金销售结算资金利息归 属、基金投顾业务双重收费等行业乱象；建立基金行业机构投资者直销服务平台，为基金管理人直销业 务发展提供高效、便捷、安全服务。 具体来看，降费力度较大。本次降费，将股票型基金的认购费率、申购费率上限由1.2%、1.5%，调降 至0.8%；将混合型基金的认购费率、申购费率上限由1.2%、1.5%，调降至0.5%；将债券型基金的认购 费率、申购费率上限由0.6%、0.8%，调降至0.3%。将股票型基金和混合型基金的销售服务费率上限由 0.6%／年，调降至0.4%／年；将指数型基金和债券型基金 ...

（一）降低认申购费率。将股票型基金、混合型基金、债券型基金的认申购费率上限分别调降至0.8%、0.5%、0.3%。同时，鼓励销售机构在覆盖成本的前 提下，进一步加大认申购费打折力度。（二）优化赎回费安排。将赎回费全部计入基金财产，并将四档赎回费率安排简化成三档，降低收费机制复杂性。同 时，优化7日、30日、6个月持有期限的赎回费安排，引导投资者长期投资。（三）规范销售服务费。将股票型基金和混合型基金、指数型基金和债券型基 金、货币市场基金的销售服务费率上限分别调降至0.4%/年、0.2%/年、0.15%/年。同时，对持有期超过1年的基金份额（货币市场基金除外），不再继续收 取销售服务费。（四）聚焦个人客户服务。对个人客户的销售保有量，维持现行50%的客户维护费比例不变，对机构投资者销售权益类基金的保有量维持现 行30%的比例不变，鼓励销售机构提升个人客户服务能力。（五）明确平台法律定位。明确基金行业机构投资者直销服务平台（FISP平台）的法律依据及功 能定位，要求行业机构积极对接平台，并鼓励机构投资者通过FISP平台申赎公募基金，增强行业直销服务能力。（六）其他修改内容。明确代销机构清算账 户沉淀资金应当按照 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 据中国证监会9月5日消息，证监会对《开放式证券投资基金销售费用管理规定》进行了修订，并更名为 《公开募集证券投资基金销售费用管理规定》（下称《规定》），现向社会公开征求意见。 《规定》调降公募基金认购费、申购费、销售服务费率水平，据测算改革将整体降费约300亿元。同 时，文件聚焦权益类基金发展、鼓励投资者长期持有，设置差异化的尾随佣金支付比例上限的同时，优 化了赎回安排，明确公募基金赎回费全额计入基金财产。 业内人士表示，该文件是落实《公募基金行业费率改革工作方案》和《推动公募基金高质量发展行动方 案》的重要举措，也是分阶段推进费率改革的"最后关键一步"。公募基金行业费率改革的平稳落地，标 志着我国公募基金行业迈向高质量发展的新阶段。 销售费率改革"亮点多""诚意满" 《规定》共六章28条，主要包括六方面内容：合理调降公募基金认购费、申购费、销售服务费率水平， 降低投资者成本；优化赎回安排，明确公募基金赎回费全额计入基金财产；鼓励长期持有，明确对投资 者持有期限超过一年的股票型基金、混合型基金、债券型基金，不再计提销售服务费；坚持权益类 ...

券商中国记者了解到，后续和费率改革相关的政策还包括了业绩比较基准和相关配套规则，随着销售费率逐步改革到 位，在已经降低基金管理费率、托管费率、交易费率的基础上，预计每年向投资者让利超500亿元。 业内人士指出，公募基金行业近年来，通过系统性费率改革，在降低投资者成本、重塑行业生态等方面取得显著进展， 其背后的意义不仅在于短期让利，更在于推动行业长期价值导向的转型。 降费力度大，让利投资者 时隔12年，公募基金销售费用管理规则迎修订。 9月5日，证监会发布修订后的《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）， 并向社会公开征求 意见， 这是分阶段推进费率改革的"最后关键一步"，标志着公募基金行业费率改革顺利进入收官阶段。 此次修订是贯彻新"国九条"精神、落实《公募基金行业费率改革工作方案》和《推动公募基金高质量发展行动方案》的 重要举措。 《规定》共六章28条，主要内容包括合理调降公募基金认购费、申购费、销售服务费率水平，降低投资者成本；优化赎 回安排，明确公募基金赎回费全额计入基金财产；鼓励长期持有，明确对投资者持有期限超过一年的股票型基金、混合 型基金、债券型基金，不再计提销售服务费；坚持权 ...

历时两年多，公募基金行业费率改革迈出"最后关键一步"。 9月5日，为落实《推动公募基金高质量发展行动方案》，进一步降低基金投资者成本，规范公募基金销 售市场秩序，保护基金投资者合法权益，推动公募基金行业高质量发展，中国证监会对《开放式证券投 资基金销售费用管理规定》进行了修订，并更名为《公开募集证券投资基金销售费用管理规定》，向社 会公开征求意见。 此次修订将合理调降公募基金认购费、申购费、销售服务费率，优化赎回安排等，降低投资者成本，促 进形成良好的行业发展新生态。 2023年7月份，证监会启动公募基金行业费率改革，按照"基金管理人—证券公司—基金销售机构"的实 施路径，分三阶段推进公募基金费率改革工作，逐步降低公募基金综合投资成本。此次基金销售费用改 革，意味着公募基金行业费率改革平稳落地，也标志着我国公募基金行业迈向高质量发展新阶段。据测 算，三阶段费率改革累计每年向投资者让利超500亿元。 速览要点： 1.合理调降公募基金认购费、申购费、销售服务费率水平，降低投资者成本。 2.优化赎回安排，明确公募基金赎回费全额计入基金财产。 3.鼓励长期持有，明确对投资者持有期限超过一年的股票型基金、混合型基金、债 ...

Core Viewpoint - The revised regulations for public fund sales fees mark a significant step in the fee reform process, aiming to reduce investor costs and reshape the industry ecosystem, ultimately benefiting investors by over 50 billion yuan annually [1][9]. Group 1: Fee Reduction Measures - The new regulations will lower subscription and purchase fee caps for equity funds from 1.2% and 1.5% to 0.8%, and for mixed funds from 1.2% and 1.5% to 0.5%, while bond funds will see reductions from 0.6% and 0.8% to 0.3% [3]. - The sales service fee cap for equity and mixed funds will decrease from 0.6% per year to 0.4%, and for index and bond funds from 0.4% to 0.2%, with money market funds seeing a reduction from 0.25% to 0.15% [3]. - The overall fee reduction in the third phase of the reform is estimated to be around 30 billion yuan, representing a 34% decrease [3]. Group 2: Encouraging Long-term Investment - The regulations will eliminate sales service fees for investors holding equity, mixed, and bond funds for over one year, effectively lowering long-term investment costs [5]. - The redemption fee will now be fully allocated to fund assets, discouraging short-term trading behaviors and promoting long-term holding [4][5]. Group 3: Strengthening Regulatory Framework - The revised regulations enhance the regulatory framework for public fund sales, addressing long-standing issues such as the allocation of interest from idle funds and double charging in fund advisory services [6]. - The regulations aim to shift the focus from scale-driven growth to investor return-driven strategies, encouraging sales institutions to prioritize long-term client relationships [4][9]. Group 4: Industry Development and Service Improvement - The establishment of a direct sales service platform for institutional investors aims to streamline operations and improve service efficiency in the public fund industry [7]. - The reforms are expected to foster a new ecosystem focused on personal client services and the development of equity funds, with specific caps on maintenance fees for different types of investors [6][7]. Group 5: Overall Impact of Fee Reforms - Cumulatively, the three phases of fee reforms are projected to save investors over 50 billion yuan annually, significantly reducing investment costs [9]. - The industry is transitioning from a focus on scale to one on quality, emphasizing value creation for investors through product innovation and enhanced customer service [9].

时隔12年，公募基金销售费用管理规则迎修订。 9月5日，证监会发布修订后的《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）， 并 向社会公开征求意见， 这是分阶段推进费率改革的"最后关键一步"，标志着公募基金行业费率改革顺利进 入收官阶段。 记者了解到，后续和费率改革相关的政策还包括了业绩比较基准和相关配套规则，随着销售费率逐步改革 到位，在已经降低基金管理费率、托管费率、交易费率的基础上，预计每年向投资者让利超500亿元。业 内人士指出，公募基金行业近年来通过系统性费率改革，在降低投资者成本、重塑行业生态等方面取得显 著进展，其背后的意义不仅在于短期让利，更在于推动行业长期价值导向的转型。 降费力度大 让利投资者 针对沉淀资金孳息归属、基金投顾重复收费、基金份额设置不公平对待投资者等行业长期存在的问题， 《规定》完善公募基金销售全链条监管，强化廉洁从业防线，明确基金管理人强化渠道能力建设要求，推 动行业高质量发展。并且还兼顾不同类型机构的业务发展模式差异的客观事实，统筹不同类型费用改革的 协调一致，促进行业的长期健康稳定发展。 此次修订是贯彻新"国九条"精神、落实《公募基金行业费率改革工作方案》 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds," marking the third phase of fee reform in the public fund sector, focusing on sales fees to reduce investor costs [1][2]. Group 1: Key Aspects of the Regulations - The regulations aim to reasonably lower subscription fees, purchase fees, and sales service fee rates to reduce costs for investors [1]. - The redemption arrangements are optimized, with the full amount of the redemption fee being allocated to the fund's assets [2]. - Long-term holding is encouraged by exempting sales service fees for investors holding equity, mixed, and bond funds for over one year [2]. Group 2: Industry Response - Ant Group's fund sales company expressed that the fee reform will help lower investor costs and enhance their experience, committing to continue reducing fees and improving services [5]. - Ant Group has reportedly saved investors over 50 billion yuan in transaction fees from 2016 to 2024, while also enhancing buyer services through digital solutions [5]. - Teng'an Fund stated that the regulations are part of a broader initiative to promote high-quality development in the public fund sector, emphasizing investor interests and encouraging the development of equity funds [6].