Group 1 - The report highlights that the second batch of Sci-Tech Innovation Bonds ETF has started fundraising, with expectations of raising approximately 400+ billion yuan, indicating strong market interest [2][21][23] - The overall bond market has shown a "V" shaped trend, with credit bonds adjusting alongside interest rate bonds, leading to mixed changes in credit spreads [1][7][8] - The report notes that the selling pressure from funds on the second-tier perpetual bonds (二永) has reached its highest level this year, indicating a significant market reaction [1][8] Group 2 - The second batch of 14 Sci-Tech Innovation Bonds ETFs is expected to replicate the growth seen in the first batch, with potential for substantial scale growth post-listing [2][26] - The report suggests that the valuation of the component bonds has shown a significant increase, with the spread between component and non-component bonds widening to around 9-10 basis points [27][28] - It is noted that over two-thirds of the short-term component bonds are currently valued below the yield of one-year time deposits, indicating limited further upside potential for these bonds [27][28] Group 3 - The report maintains a cautious outlook on the bond market, recommending a focus on short-term coupon strategies while avoiding significant exposure to credit risk [3][37] - It emphasizes that the 2-4 year perpetual bonds have become more attractive due to steepening yield curves, presenting trading opportunities [3][37] - The report advises caution regarding long-term credit investments, as the potential for profit from trading is not clearly evident [3][39]

Group 1 - The report analyzes the impact of the third phase of the public fund fee reform, focusing on the structural effects on direct sales and agency sales channels, as well as related estimates [1][2][3] - The reform aims to lower the overall fee levels in the public fund industry through a phased approach, addressing management fees, transaction fees, and sales fees [2][13][16] - The core content of the reform includes reducing subscription fees, optimizing redemption fee arrangements, standardizing sales service fees, focusing on personal customer service, and clarifying the legal positioning of platforms [21][22][34] Group 2 - The reduction of subscription fees will see upper limits set at 0.8% for equity funds, 0.5% for mixed funds, and 0.3% for bond funds, with the aim of lowering investor participation costs [22][23][27] - The optimization of redemption fees will require that all redemption fees be included in the fund's assets, with specific rates set for different holding periods, encouraging long-term investment [34][35] - The standardization of sales service fees will lead to a significant decrease in income for sales institutions, particularly those focused on retail investors with shorter holding periods [3][21][36] Group 3 - The reform is expected to shift the focus of sales institutions from a single fee competition model to a service-oriented approach, enhancing the overall investor experience [3][32] - The estimated impact of the new regulations suggests a potential 43% decline in overall sales service fees by the first half of 2025, with a more significant effect on agency sales [3][20][21] - The report highlights that the changes will likely lead to a decrease in the preference for mixed funds among sales institutions, while potentially increasing the appeal of equity funds [32][33]

Core Viewpoint - The recent recruitment of chief economists by securities firms highlights the ongoing talent movement in the brokerage research sector, driven by multiple factors including policy guidance, industry mergers, fee reforms, and AI empowerment [1][3]. Group 1: Talent Movement in Brokerage Research - There has been a high frequency of personnel changes in key research positions within brokerage firms this year, with notable figures such as Xun Yugen and Yan Xiang switching firms [2]. - The movement of prominent research talents reflects not only personal career choices but also the dynamic adjustments in the brokerage research business landscape [2]. Group 2: Influencing Factors - The deepening reform of public fund fee structures is a key variable triggering talent movement and restructuring within the brokerage research industry, with brokerage commission rates dropping by 33.98% year-on-year in the first half of the year [3]. - Policy guidance has provided direction for the development of brokerage research businesses and talent flow, with new evaluation indicators introduced to encourage positive contributions from chief economists [4]. Group 3: Talent Acquisition Strategies - The demand for research talent is increasing, leading to a clear differentiation in talent acquisition paths, with smaller brokerages relying more on public recruitment to attract top research talent [5]. - Larger brokerages prefer internal cultivation or targeted recruitment to build their research talent pool, ensuring continuity in research style and team stability [6]. Group 4: Future Outlook - The transition of chief economists and core researchers is seen as an inevitable result of changes in industry development stages and competitive landscapes, with expectations for further professional orientation and value creation in brokerage research [6].

专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 公募基金费率改革又迎来重磅里程碑事件。日前证监会发布《公开募集证券投资基金销售费用管理规定 （征求意见稿）》，并向全社会公开征求意见。这也意味着公募基金按照"基金管理人—证券公司—基 金销售机构"分阶段推进费率改革进入"收官之战"。 在汇安基金看来，此次销售费用改革影响深远，意义不仅仅在于多维度降费让利，更关键在于正本清 源，切实以投资者利益为核心，回归"受人之托、代客理财"本源，引导行业商业模式的重构、投资行为 的变革、服务能力的升级与行业生态的优化，真正从规模导向转向客户导向。同时，费率改革收官并不 意味着资管服务的结束，公募基金高质量发展征程仍在路上。 对于基金公司而言，需要从根本上转变思想提高认知、推动组织内部改革，调整业务发力点和部门工作 流程，切实地将客户利益与公司及行业高质量发展有机结合，形成正向且可持续的"投资者获益、机构 稳健经营、市场健康运行"良性循环，由个体改善辐射到行业共赢，与各方合力书写高质量发展全新答 卷。 汇安基金分析认为，本次销售费率规定有六大亮点值得关注。首先，此次新规核心要点之一在于"降费 让利"。股票型、混合型 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft regulation aimed at reforming the sales fee structure of public funds, marking the third phase of fee rate reform in the industry, which is expected to significantly lower investor costs and shift the focus back to fiduciary responsibilities [1][8]. Group 1: Fee Rate Adjustments - The maximum subscription and redemption fee rates for equity, mixed, and bond funds will be reduced to 0.8%, 0.5%, and 0.3% respectively, representing a decrease of 33%-67% from current standards [2]. - The redemption fee structure will be simplified from four tiers to three, with rates set at 1.5%, 1%, and 0.5% for holding periods of 7 days, 30 days, and 6 months, respectively, encouraging long-term investment [3]. Group 2: Sales Service Fee Regulations - The maximum sales service fee rates for different fund types will be reduced to 0.4% per year for equity and mixed funds, 0.2% for index funds, and 0.15% for money market funds, with no service fees for holdings over one year [4]. - Fund managers are prohibited from treating different investors unfairly by setting exclusive share classes or differential fee rates, promoting a more equitable sales environment [4]. Group 3: Client Maintenance Fee Adjustments - The client maintenance fee for individual investors will remain capped at 50%, while for institutional investors, it will be reduced from 30% to 15% for non-equity funds, encouraging a focus on equity investments [5]. Group 4: Prohibition of Double Charging and Interest Transfer - Fund managers must allocate all interest generated from fund sales settlement funds to the fund property, with sales institutions required to credit interest at no less than the benchmark interest rate set by the People's Bank of China [6]. Group 5: Establishment of Direct Sales Platforms - A unified direct sales service platform for institutional investors will be launched to reduce operational costs and enhance investment efficiency, transitioning the industry focus from channel-driven to product and service-driven [7][8]. - The implementation of the new sales fee management regulation is projected to save investors approximately 30 billion yuan annually, with cumulative savings exceeding 50 billion yuan over three phases of reform [8].

Core Insights - The Chinese public fund market experienced a "universal rise" in the first half of 2025, with over 87% of the more than 12,600 funds achieving positive returns, reflecting an optimistic market sentiment [1][2] - The structural bull market was driven by policy benefits, deep valuation recovery, and high growth expectations, with thematic investments, particularly in innovative pharmaceuticals and the Beijing Stock Exchange, standing out [1][3] - Fund performance showed significant differentiation, with the top-performing funds concentrated in thematic investments, especially in innovative pharmaceuticals [2][4] Thematic Fund Performance - The top 10 funds in the performance rankings were dominated by thematic funds, with 7 out of 10 focusing on innovative pharmaceuticals [2][3] - The champion fund, Huatai-PB Hong Kong Advantage Selection A, achieved an impressive return of 86.48%, heavily investing in Hong Kong innovative pharmaceutical stocks [2][3] - The second place, CITIC Securities Beijing Stock Exchange Selection Two-Year Open A, recorded a return of 82.45%, benefiting from policy advantages and valuation increases in the Beijing Stock Exchange [2][3] Non-Thematic Fund Opportunities - Non-thematic funds also showed potential, with GF Growth Navigator One-Year Holding A achieving a return of 68.29%, ranking seventh on the list [3] - The resurgence of the innovative pharmaceutical sector was attributed to factors such as aging population demands, supportive policies, and valuation recovery [3][4] Fund Company Performance - Fund companies overall reported positive performance in the first half of 2025, but differentiation among them intensified [4][5] - E Fund led in revenue and net profit, with 5.896 billion yuan in revenue and 1.877 billion yuan in net profit, while GF Fund showed the most significant growth in net profit, increasing by 43.54% [5] - Some companies faced challenges with profit declines, attributed to product structure imbalances and high sales channel costs [5][6] Industry Trends - The public fund industry is transitioning from a "scale-oriented" to a "quality-oriented" approach, focusing on enhancing investor experience [6] - Key factors influencing the industry landscape include the sustainability of strong performances in innovative pharmaceuticals and the Beijing Stock Exchange, market style shifts, and responses to fee reform pressures [6]

Fee Reform Overview - The fee reform for public funds in China has entered its final stage, initiated by the China Securities Regulatory Commission (CSRC) in July 2023[2] - The reform includes a phased approach to reduce management fees, trading fees, and sales fees, with management fees for active equity funds reduced to 1.2% and custody fees below 0.2%[8] Key Changes in Fee Structure - Subscription and redemption fees for equity funds are reduced from 1.2% and 1.5% to 0.8%, while mixed funds are reduced from 1.2% and 1.5% to 0.5%[8] - Sales service fees for equity and mixed funds are lowered from 0.6% per year to 0.4%, and for index and bond funds from 0.4% to 0.2%[9] Impact on Fund Industry - The adjustment in redemption and sales service fees is expected to stabilize the long-term scale of public funds, with a potential decline in bond fund sizes and growth in passive index equity and money market funds[12] - The revenue structure for fund sales institutions will shift towards client maintenance and sales service fees, promoting a focus on maintaining existing clients rather than just new sales[12] Investor Implications - The reduction in fees lowers the cost of investing and holding public funds, while the full allocation of redemption fees to fund assets protects investor rights[13] - The extension of the redemption fee holding period to 6 months may lead to an estimated outflow of 2.8 trillion yuan from bond funds, affecting institutional investors' allocations[13] Institutional Investor Behavior - Institutional investors primarily hold about 9 trillion yuan in public bond funds, with a significant portion likely to shift towards direct bond investments or bank wealth management products due to the new fee structure[16][17] - The anticipated shift in investment strategies may result in approximately 0.7 trillion yuan moving from public bond funds to bank wealth management products[17] Sales Institutions' Adaptation - Fund sales institutions are expected to transition from a focus on new fund launches to a model prioritizing client retention and investment returns[18] - The new regulations will encourage institutions to utilize direct sales platforms for institutional investors, reducing reliance on third-party sales channels[18]

Investment Rating - The report maintains an investment rating of "Leading the Market - A" for the non-bank financial industry [1]. Core Insights - The non-bank financial industry has shown significant performance improvements, particularly in brokerage firms, which have reported substantial earnings growth. The report emphasizes the importance of focusing on the investment value of the sector [3]. - Recent regulatory changes, including the ongoing reform of public fund sales fees, aim to reduce investor costs and shift the focus from "scale" to "service" in the public fund industry [4][12]. - The introduction of a new evaluation system for securities firms, focusing on their contributions to key financial areas, is expected to enhance service quality and align with national economic development goals [6][13]. Summary by Sections Investment Recommendations - The report highlights the ongoing reform of public fund sales fees, which includes lowering subscription and service fees, encouraging long-term holding, and establishing a direct sales service platform for institutional investors [12][25]. Market Review - The major indices showed mixed performance, with the Shanghai Composite Index down 1.18% and the Shenzhen 300 Index down 0.81%, while the ChiNext Index increased by 2.35%. The non-bank financial index fell by 4.96%, ranking 29th among 31 sectors [14][19]. Key Industry Data Tracking 1) Market Performance and Scale: The total A-share trading volume was 13.02 trillion yuan, with a daily average of 2.60 trillion yuan, reflecting a 12.74% decrease [14][19]. 2) Credit Business: As of September 5, the market had 3,023.32 million pledged shares, accounting for 3.70% of total equity, with a margin balance of 2.29 trillion yuan, up 1.14% [19][21]. 3) Fund Issuance: In August 2025, new fund issuance reached 1,020.22 billion units, with a 6.62% increase from the previous month [19][22]. 4) Investment Banking: The equity underwriting scale in August 2025 was 234.77 billion yuan, with IPOs amounting to 40.93 billion yuan [19]. 5) Bond Market: The total price index of bonds fell by 1.57% since the beginning of the year, with the 10-year government bond yield at 1.83%, up 21.83 basis points [19][27]. Regulatory Policies and Industry Dynamics - The China Securities Regulatory Commission (CSRC) has solicited opinions on the draft regulations for public fund sales fees, aiming to optimize fee structures and enhance investor protection [25][28]. The CSRC has also approved the launch of a direct sales service platform to improve operational efficiency in the public fund industry [28].

Core Insights - The public fund industry is experiencing a significant transformation due to the fee rate reform, which has led to a notable decrease in management fees collected compared to pre-reform levels [1][4][7] - The reform aims to shift the industry focus from a "seller's market" to a "buyer's market," emphasizing investor experience and returns [2][7] - The top fund management firms continue to dominate the market, but there is a noticeable divergence in their ability to withstand the pressures of the new fee structure [3][4] Fund Management Fees Overview - In the first half of 2025, the total management fees collected by the industry amounted to 623.13 billion yuan, a slight increase of 1.37% compared to the same period in 2024, but a significant decrease of 89.92 billion yuan from 713.05 billion yuan in July 2023 before the fee rate reform [1] - The top 21 fund managers accounted for 62.35% of the total management fee income, with E Fund and Huaxia Fund leading at 39.19 billion yuan and 30.01 billion yuan, respectively, both showing year-on-year declines [3] Impact of Fee Rate Reform - The new regulations have imposed significant pressure on three types of fund sales institutions, particularly those relying on institutional client sales and frequent trading for revenue [4][5] - The reform has also created opportunities for fund companies to enhance their direct sales channels, potentially lowering costs for investors and attracting more capital [6][8] - The changes are expected to compel fund companies to improve their research and investment capabilities as management fees decline, fostering a more sustainable wealth management ecosystem [8]

截至2025年9月11日收盘，中证香港证券投资主题指数(930709)上涨0.88%，香港证券ETF(513090)上涨 0.91%，实现3连涨。换手60.22%，成交197.30亿元，市场交投活跃。 拉长时间看，截至9月10日，香港证券ETF(513090)最新规模达325.02亿元，最新份额达140.94亿份，创 成立以来新高。 从资金净流入方面来看，香港证券ETF(513090)近9天获得连续资金净流入，最高单日获得10.21亿元净 流入，合计"吸金"33.05亿元。 Wind数据显示，按上市日期计，截至9月9日，今年以来港股再融资规模达2144.37亿港元，规模远超过 同期新股募资额。业内机构指出，受美联储9月降息预期升温、主动型外资结束连续净流出等利好因素 影响，港股流动性有望提升，看好后续流动性改善对市场的支撑作用。 近期，公募基金费率改革第三阶段正式落地，标志着行业生态重塑迈出关键一步。证监会修订发布《公 开募集证券投资基金销售费用管理规定》，明确调降认购费、申购费、销售服务费率标准，并优化赎回 安排，推动行业由"规模导向"向"投资者回报导向"转变。此举不仅有助于降低投资者成本，更将促进机 构业 ...