2025年12月31日，中国证监会发布《公开募集证券投资基金销售费用管理规定》（以下简称《规定》），为持续两年多的公募基金费率改革画上了圆满句 号。这纸承载着行业转型期待的新规，自2026年1月1日起正式实施，不仅以每年300亿元的真金白银让利，更以系统性的制度重构，推动公募基金行业从"规 模导向"向"价值导向"的深层转型。 作为费率改革第三阶段，此次发布的《规定》全文分六章共29条，以"让利投资者、优化生态、引导长期投资"为核心导向，推出六大关键举措，构成了一套 系统性的改革方案。主要内容包括：一是合理调降公募基金认申购费、销售服务费率水平，切实降低投资者成本。二是简化赎回费收费安排，明确赎回费全 部计入基金财产。三是明确对投资者持有期限超过一年的基金份额(货币市场基金除外)，不再收取销售服务费，鼓励长期持有。四是设置差异化的客户维护 费支付比例上限，鼓励大力发展权益类基金。五是强化基金销售费用规范，明确基金销售结算资金利息归属于投资者，要求基金投顾业务不得双重收费:六 是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、安全的服务。 据业内人士测算，如公募基金费率改革三阶段全部完 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report 2.1 Overall Economic Situation - China's economic aggregate in 2025 is estimated to reach 140 trillion yuan. The manufacturing PMI, non - manufacturing PMI, and composite PMI in December 2025 all rose, indicating an overall recovery of the economic climate [4][5]. - The A - share market in 2025 showed a mixed performance. The Shanghai Composite Index rose 18% cumulatively, hitting a ten - year high. The Hong Kong stock market had a "good start" on the first trading day of 2026 [8][6]. 2.2 Commodity Market - **Futures Market**: Based on fundamental analysis, some commodities are in a trend - bearish, shock - bearish, or shock - bullish state. Based on quantitative analysis, some commodities are rated as bearish, shock, or bullish [2]. - **Black Commodities**: Steel is expected to maintain a shock market, and iron ore is recommended to be short - sold on rallies. The prices of coking coal and coke may rise in the short - term but are restricted by the profit pressure of the steel industry chain. Manganese silicon and ferrosilicon are recommended to be short - sold on rallies [11][12][14]. - **Non - ferrous Metals and New Materials**: For Shanghai zinc, it is recommended to wait and see or short - sell on rallies. For Shanghai lead, it is recommended to wait and see, and aggressive investors can enter short positions at high prices. Lithium carbonate may have a short - term price correction but has long - term demand support. For industrial silicon, it is recommended to sell out - of - the - money call options on rallies, and for polysilicon, it is recommended to buy on dips [17][18][20]. - **Agricultural Products**: Zhengzhou cotton is expected to be shock - bullish, and it is recommended to buy on dips. Zhengzhou sugar is in a state of recovering valuation and is recommended for short - term trading. For eggs, the near - month contracts have limited upside, and the far - month contracts have strong support but high valuations. Apples are expected to be in a shock market. Corn prices are expected to be in a range - bound state in the short term. Jujubes are expected to be in a shock state. For live pigs, the spot price is likely to decline in the first half of January, and the futures main contract is recommended to be short - sold on rallies [23][25][27]. - **Energy and Chemicals**: Crude oil prices are expected to be bearish. Fuel oil prices will fluctuate with oil prices. Polyethylene is expected to be in a shock - bullish state. Rubber is expected to be in a shock market, and it is recommended to buy on dips. Synthetic rubber is expected to be shock - bullish in the short term. Methanol's fundamentals are improving, and the far - month contracts can be considered for long positions after a price correction. Caustic soda's near - month contracts are recommended to be short - sold, and the far - month 05 contracts can hold long positions dynamically. Asphalt price fluctuations are expected to increase, and the focus is on the price bottom after the winter storage game. The polyester chain is in a short - term adjustment state, and positive spreads between 5 - 9 contracts of PX and PTA can be considered. Liquefied petroleum gas has limited upside space. Pulp is recommended to wait and see in the short term. Logs are expected to be in a shock - bearish state. Urea is expected to be strong in the short term [32][33][34]. 3. Summary by Relevant Catalogs 3.1 Macroeconomic Information - China's economic aggregate in 2025 is estimated to reach 140 trillion yuan. The manufacturing PMI, non - manufacturing PMI, and composite PMI in December 2025 rose to the expansion range, indicating an overall recovery of the economic climate [4][5]. - The A - share market in 2025 showed a mixed performance. The Shanghai Composite Index rose 0.09% on the last trading day, and the Shenzhen Component Index and the ChiNext Index fell. The Hong Kong stock market had a "good start" on the first trading day of 2026, with the Hang Seng Index rising 2.76% [8][6]. - The US government issued a full - year license to TSMC, allowing the export of US chip - manufacturing equipment to its Nanjing factory. The US is likely to announce the next Fed Chairman in January [6]. 3.2 Futures Market 3.2.1 Fundamental Analysis - Trend - bearish commodities: caustic soda, live pigs, pulp, etc. - Shock - bearish commodities: lead, corn, zinc, etc. - Shock commodities: synthetic rubber, urea, rubber, etc. - Shock - bullish commodities: none mentioned. - Trend - bullish commodities: none mentioned [2]. 3.2.2 Quantitative Analysis - Bearish commodities: rapeseed oil, polypropylene, soybeans No. 1, etc. - Shock commodities: corn, coke, Shanghai gold, etc. - Bullish commodities: soybean oil, eggs, plastic, etc. [2]. 3.3 Black Commodities 3.3.1 Steel and Iron Ore - Policy: The central economic working conference did not introduce new policies, and the policy interference in the steel production end is low, which is relatively negative for finished products and steel mill profits [11]. - Fundamentals: The demand for building materials is weak, and the demand for coils is good. The supply is relatively stable, and the inventory is still at a high level compared with last year. The iron ore supply is strong, and the demand is stable [11][12]. - Valuation: The futures prices of iron ore and coking coal are oscillating, and the steel price is expected to be between the valley - electricity and flat - electricity costs [12]. - Trend: Steel is expected to maintain a shock market, and iron ore is recommended to be short - sold on rallies [12]. 3.3.2 Coking Coal and Coke - Fluctuation Reason: The "anti - involution" policy led to a rebound in coking coal prices. The supply of coking coal is expected to shrink, and the demand for raw materials from steel mills has decreased in the short term [13]. - Future Outlook: The prices of coking coal and coke may rise in the short - term, but the upside space is limited due to the profit pressure of the steel industry chain [13]. 3.3.3 Ferroalloys - Market Outlook: Manganese silicon is recommended to be short - sold on rallies in the medium and long term, and ferrosilicon is also recommended to be short - sold on rallies [14]. - Fluctuation Reason: The prices of ferrosilicon and manganese silicon fluctuated, and the steel mills had signs of stockpiling before the Spring Festival [14]. 3.3.4 Soda Ash and Glass - Fluctuation Reason: The supply of glass decreased, and the sentiment of the soda ash futures market rose. The supply of soda ash is expected to gradually recover [15]. - View: For soda ash, it is recommended to wait and see. For glass, it is recommended to try long positions after the market sentiment stabilizes [15]. 3.4 Non - ferrous Metals and New Materials 3.4.1 Shanghai Zinc - Inventory: As of December 31, the inventory of zinc ingots decreased. - Supply and Demand: The supply in December decreased, and it is expected to increase slightly in January. The demand has some resilience but is expected to weaken in January [17]. - Operation: It is recommended to wait and see or short - sell on rallies [17]. 3.4.2 Shanghai Lead - Inventory: As of December 31, the inventory of lead ingots increased. - Supply and Demand: The production of recycled lead decreased in December, and the spot market was lightly traded. The consumption during the New Year's Day holiday decreased, and the inventory accumulation expectation increased [18][19]. - Operation: It is recommended to wait and see, and aggressive investors can enter short positions at high prices [18]. 3.4.3 Lithium Carbonate - Fundamental: The fundamentals are weakening in the short term, and the inventory accumulation expectation in the first quarter is strong. - Outlook: The price may correct in the short term, but the long - term demand is good, and it is recommended to buy on dips [20]. 3.4.4 Industrial Silicon and Polysilicon - Industrial Silicon: It has some valuation repair space but is still under pressure. It is recommended to sell out - of - the - money call options on rallies [21]. - Polysilicon: It is recommended to buy on dips. The price is expected to be supported by the anti - involution policy and the downstream demand [21]. 3.5 Agricultural Products 3.5.1 Cotton - Fluctuation Reason: The price of ICE cotton fell, and the domestic cotton market was affected by supply and demand and policy expectations [24]. - Future Outlook: The global cotton supply and demand are slightly loose, and the domestic cotton supply is temporarily loose. It is expected to be shock - bullish, and it is recommended to buy on dips [23][24]. 3.5.2 Sugar - Fluctuation Reason: The price of ICE raw sugar fell due to oversupply, and the domestic sugar market was affected by supply and demand and cost [25]. - Future Outlook: The global sugar supply is in surplus, and the domestic sugar market is in a season of strong supply and demand. It is recommended for short - term trading [25][26]. 3.5.3 Eggs - Current Situation: The near - month contracts are close to the spot price, and the spot price may rise before the Spring Festival, but the upside is limited. The far - month contracts are supported by the expectation of inventory "break", but the valuation is high [27][28]. - Outlook: It is recommended to wait and see for the far - month contracts, and the near - month contracts have limited upside [27][28]. 3.5.4 Apples - Fluctuation Reason: The出库 volume decreased, and the sales in the distribution area were slow, leading to a weakening of the futures price [29]. - Future Outlook: The market is expected to be in a shock state, and attention should be paid to the price changes in the distribution area [29]. 3.5.5 Corn - Fluctuation Reason: The domestic corn spot price fluctuated, and the futures price was in a shock state. The selling sentiment of farmers and the policy grain auction are the key factors [29]. - Future Outlook: The price is expected to be in a range - bound state in the short term, and attention should be paid to the selling sentiment in March [29][30]. 3.5.6 Jujubes - Fluctuation Reason: The prices in the production and sales areas are stable, and the market is in a shock state. - Future Outlook: It is expected to be in a shock state in the short term, and attention should be paid to the sales rhythm in the distribution area [30]. 3.5.7 Live Pigs - Fluctuation Reason: The scale enterprises reduced the supply before the New Year's Day, and the social pig supply was tight, leading to a rise in the spot price [31]. - Future Outlook: The spot price is likely to decline in the first half of January, and the futures main contract is recommended to be short - sold on rallies [31]. 3.6 Energy and Chemicals 3.6.1 Crude Oil - Geopolitical Impact: The US attack on Venezuela has limited impact on the market, and the long - term impact on oil prices is negative [32]. - Supply and Demand: OPEC's suspension of production increase in the first quarter is difficult to sustain, and the oil price is expected to be bearish [32]. 3.6.2 Fuel Oil - Price Fluctuation: The price fluctuates with the oil price, and the supply is loose, and the demand is weak [33]. - Geopolitical Impact: The geopolitical premium is weakening, and the price is under pressure [33]. 3.6.3 Polyethylene - Supply and Demand: The supply pressure is large, and the demand is weak, but the upstream losses may provide some support [34]. - Outlook: It is expected to be in a shock - bullish state [34]. 3.6.4 Rubber - Fluctuation Reason: The international macro - environment and trading system may increase the capital participation, but the seasonal factors limit the upside space [35]. - Outlook: It is expected to be in a shock market, and it is recommended to buy on dips [35]. 3.6.5 Synthetic Rubber - Fluctuation Reason: The cost is supported, and the short - term sentiment fluctuates [36]. - Outlook: It is recommended to wait and see, and it may be shock - bullish in the short term [36]. 3.6.6 Methanol - Supply and Demand: The supply may decrease, and the demand may increase, and the fundamentals are improving [37]. - Outlook: The near - month contracts are in a shock - bullish state, and the far - month contracts can be considered for long positions after a price correction [37][38]. 3.6.7 Caustic Soda - Current Situation: The near - month contracts are weak, and the far - month 05 contracts have macro - positive expectations [39]. - Outlook: The near - month contracts are recommended to be short - sold, and the far - month 05 contracts can hold long positions dynamically [39]. 3.6.8 Asphalt - Price Fluctuation: The price fluctuation is expected to increase due to the uncertainty of raw materials [40]. - Outlook: The focus is on the price bottom after the winter storage game [40]. 3.6.9 Polyester Chain - Fluctuation Reason: The market has digested the positive expectations, and the price is in a short - term adjustment state [41]. - Outlook: Positive spreads between 5 - 9 contracts of PX and PTA can be considered [41]. 3.6.10 Liquefied Petroleum Gas - Supply and Demand: The supply in the Middle East is tight, but the domestic demand has pressure, and the upside space is limited [42][43]. - Outlook: It has some support, but the upside space is limited [42][43]. 3.6.11 Pulp - Fluctuation Reason: The spot trading is weak, and the futures price is under pressure from hedging [44]. - Outlook: It is recommended to wait and see in the short term [44]. 3.6.12 Logs - Fundamental: The supply is strong, and the demand is weak, and the price is under pressure [45]. - Outlook: It is expected to be in a shock - bearish state [45]. 3.6.13 Urea - Current Situation: The spot trading has improved, and the futures price is expected to be strong [46]. - Outlook: It is expected to be strong in the short term, and attention should be paid to the domestic demand and Indian procurement [46].

Abstract 摘要 点击小程序查看报告原文 公募销售费用新规正式稿落地：赎回费率相关安排相较征求意见稿有所放松 2025年9月5日，证监会发布《公开募集证券投资基金销售费用管理规定》（后文简称《规定》）征求意见稿，旨在坚持投资者利益优先原则，稳步降低基 金投资者成本，该项新规中涉及赎回费率的相关安排引发市场广泛关注。2025年12月31日，《规定》正式稿发布，对其中赎回费率安排做出一定的修订， 并约定在2026年1月1日起正式实施。 至此，公募基金费率改革三阶段正式收官。 《规定》正式稿中的赎回费率相关安排相较征求意见稿有所放松。在征求意见稿中，赎回费率新规对于不同基金品类以及不同持有人类型均采用"一视同 仁"的态度：对于股票型基金、混合型基金、债券型基金和公募FOF，依据不同持有期间设置阶梯式赎回费率安排，持有7天以下收取不低于1.5%的赎回 费，7-30日收取不低于1%，30日-6个月收取不低于0.5%。仅有ETF、同业存单基金、货币市场基金等品类豁免此项规定。 而在正式稿中，赎回费率新规 对债券型基金和指数型基金新增了条件性豁免规定：若个人投资者持有指数型基金、债券型基金满7日，或机构投资者持有债券 ...

（来源：经济参考报） 华夏基金表示，此次《规定》出台，作为费率改革的"最后关键一步"，标志着我国公募基金行业费率改 革平稳落地。这场以投资者利益为核心的改革，它的深远意义不仅在于"降费"，更在于"优化机 制"和"重塑生态"，切实提升投资者体验与获得感。 南开大学金融发展研究院院长田利辉对记者表示，此次《规定》的制度安排，将"以投资者利益为核 心"转化为一套精细、可执行、可验证的经济激励与约束系统。《规定》从三个方面实现对于代理人问 题的约束和保护投资者利益。一是显性的成本削减；二是隐性的权益保障，例如将赎回费全额计入基金 财产，让短期交易行为的外部成本内部化，补偿给长期持有的投资者；三是根本的行为引导，通过"持 有一年以上免收销售服务费"和"提高短期赎回费率"等举措，修正了投资者与销售机构之间的激励错 位。 田利辉进一步表示，本轮改革令中国公募基金行业的发展范式发生了根本转向，从过去某种程度上依 赖"渠道霸权"和"流量变现"的规模竞赛，转向未来围绕投资者实际获得感和资产配置专业能力的服务竞 争。对于资本市场而言，此举极大降低了公众进行普惠金融投资的入门门槛和长期持有成本，有助于培 育更为稳定、理性的中长期资金 ...

● 本报记者 昝秀丽 （申）购金额的0.8%；其他混合型基金，认（申）购费不高于认（申）购金额的0.5%；指数型基金、 债券型基金，认（申）购费不高于认（申）购金额的0.3%。销售服务费方面，主动偏股及混合型基金 不高于基金财产的0.4%/年，指数型基金与债券型基金不高于基金财产的0.2%/年，货币市场基金不高于 基金财产的0.15%/年。 市场人士表示，本次销售费率改革清晰展现了改革的决心与诚意，最直接的感受就是投资成本大幅降 低。举例来看，对于销售服务费率为0.25%/年的货币市场基金，降费后投资者持有10000元每年可降低 投资成本10元（降费前25元、降费后15元）；对于认购费率为1.5%的主动偏股型基金，降费后投资者 认购10000元可降低投资成本70元（降费前150元、降费后80元，不考虑打折因素）。 改革通过硬核调整，坚决扭转当前"重首发、轻持营"的运作逻辑。将赎回费全额归入基金财产，让销售 机构收入与投资者短期"赎旧买新"行为脱钩；同时，非货币市场基金持有满一年即免销售服务费，降低 长期投资成本，通过一系列精心安排，引导投资者告别短炒，拥抱长期。 规定引导行业资源投向两大关键领域。一是服务好个 ...

历时两年多，公募基金费率改革正式收官。 业内人士表示，相较于征求意见稿，《规定》进一步完善了产品分类，使规则更贴合实际，并未改变整 体大幅让利于投资者的改革初衷。 另一方面，赎回费安排更优化，兼顾监管导向与投资者需求。 与征求意见稿相比，《规定》多项条款得以优化完善，监管的精准度和有效性显著提升，旨在切实堵漏 洞、补空白、提效能，全力维护公募基金销售市场的健康秩序。 一方面，产品分类更科学，让利导向更清晰。针对认（申）购费、销售服务费，《规定》进一步细化了 产品分类标准与费率上限，体现了精准施策的监管智慧：主动偏股型基金，认（申）购费不高于 0.8%；其他混合型基金，认（申）购费不高于0.5%；指数型基金、债券型基金认（申）购费不高于 0.3%。销售服务费方面，主动偏股及混合型基金不高于0.4%/年，指数型基金与债券型基金不高于0.2%/ 年，货币基金不高于0.15%/年。 2025年12月31日，为进一步降低基金投资者投资成本，规范公募基金销售市场秩序，保护基金投资者合 法权益，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》（以下简称《规定》 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [10]. Core Insights - The report discusses the recent revision of the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" by the China Securities Regulatory Commission (CSRC), which aims to enhance investor benefits and promote long-term value investment [2][3]. - The public fund industry is entering a new phase of healthy and high-quality development following the comprehensive implementation of fee reforms [3]. - The report anticipates continued growth in the scale of publicly offered funds, driven by long-term capital inflows and the need for diversified asset management in a low-interest-rate environment [3]. Summary by Sections Regulatory Changes - The revised regulations differentiate subscription fees for mixed and index funds, aligning the subscription fee for index funds with that of bond funds, which is capped at 0.3% [3][4]. - The redemption fee structure has been adjusted to protect individual investors while encouraging institutional investors to focus on long-term value [3]. Industry Review - In 2025, the public fund industry saw a significant transformation with the implementation of 25 measures aimed at promoting high-quality development, including optimizing fee structures and enhancing performance benchmarks [3]. - The total scale of publicly offered funds grew from 8.3 trillion yuan to 36.3 trillion yuan over the past decade, with a compound annual growth rate (CAGR) of 16% [3]. Future Outlook - The report projects that the scale of publicly offered funds will continue to grow in 2026, supported by the influx of long-term capital from insurance institutions and pension funds [3]. - Equity and fixed-income plus products are expected to become the main drivers of growth, as they align with the demand for asset appreciation in a low-risk environment [3]. Investment Analysis - The comprehensive reform of public funds is expected to benefit brokerage firms in both investment and distribution segments, with a shift towards long-term value investment [3]. - The report highlights the potential for brokerage firms to leverage their expertise in equity and index products as a competitive advantage in the evolving market landscape [3].

中国基金报记者 方丽 李树超 陆慧婧 今年1月1日，《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）正式实施，标志着公募基金行业历经两年多的费率改革 终于全面落地。 【导读】《公开募集证券投资基金销售费用管理规定》正式实施，构建公募行业 高质量发展新生态 加强培训传导。 组织全行基金销售人员、客服人员及运营支持人员进行专题培训，确保一线人员能够准确、清晰地向投资者传达政策变 化。 费率改革对工商银行基金销售业务模式提出了更高要求，也指明了转型方向。工商银行将以提升客户盈利体验为导向，加强专业力量，持 续优化建设科学严谨的基金评价筛选体系，在全市场范围内为投资者甄选真正优质的基金管理人和产品，强化资产配置能力，根据客户风 险承受能力与生命周期需求，提供多元化、个性化的基金投资组合建议。 该《规定》引发市场关注，工行、中行、交行、富国基金等头部机构积极发声。这些机构表示， 公募基金费率改革有助于稳步降低投资者 投资成本，提升投资者获得感，进一步推动行业转型和高质量发展。 工商银行：积极落实公募基金销售费率改革 切实提升投资者获得感 公募基金销售费率改革，是践行金融工作人民性的关键举措，核心在于提升投资 ...

新年伊始，公募基金费率改革的"最后关键一步"正式落地。 在经过近4个月的公开征求意见及修改完善后，2025年12月31日，中国证监会发布《公开募集证券投资 基金销售费用管理规定》（以下简称《规定》），作为改革的最后一个阶段，《规定》自2026年1月1日 起实施，标志着持续近两年半的公募基金费率改革正式收官。 整体来看，《规定》共6章29条，主要内容如下： 一是合理调降公募基金认申购费、销售服务费率水平，切实降低投资者成本。 二是简化赎回费收费安排，明确赎回费全部计入基金财产。 三是明确对投资者持有期限超过一年的基金份额（货币市场基金除外），不再收取销售服务费，鼓励长 期持有。 五是强化基金销售费用规范，明确基金销售结算资金利息归属于投资者，要求基金投顾业务不得双重收 费。 六是建立基金行业机构投资者直销服务平台（FISP平台），为基金管理人直销业务发展提供高效、便 捷、安全的服务。 根据此前透露的数据，公募基金费率改革的三个阶段落地后，每年可累计向投资者让利约510亿元，显 著降低了投资者投资成本。中国证监会表示，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新阶段，意义重大。下一步， ...

元旦假期前的最后一天——2025年12月31日，备受关注的公募基金销售费用新规终于"落地"。中国证监会于当日修订发布了《公开募集证券投资基金销售 费用管理规定》（简称《正式稿》），并明确自2026年1月1日起施行。 据业内人士测算，公募基金费率改革三阶段全部完成后，预计每年会为投资者节省510亿元成本，并让公募基金综合费率水平下降约20%。 一位公募基金债券基金经理告诉记者，债市生态本身较为多元，单一政策变化对基金机构购债积极性的提升效果"不好说"，但相比落地前的不确定 性，"如今有了明确的文件，大家悬着的心总归是放下来了"。 与2025年9月发布的征求意见稿相比，21世纪经济报道记者注意到，此次正式稿中一些细节有所放宽，被业内视为债市投资端的明显利好消息。 针对市场最为关注的赎回费问题，正式稿对债基产品的赎回费给予了部分条件性的豁免：对于个人投资者持有期满7日的指数型基金和债券型基金，以及 机构投资者持有期满30日的债券型基金，基金管理人可另行约定赎回费标准。 | | 贝芬里本亚娱巴贺用 | | | --- | --- | --- | | 持有期 | 正式稿 | 征求意见稿 | | | 2025年12月31 ...