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%。 记者丨 余纪昕 编辑丨周炎炎 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。 影响多大 那么，此次新规正式发布，对债市走向将产生怎样的影响？ 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。 | | 债券型基金赎回费用 | | ...

近日，中国证监会修订发布了《公开募集证券投资基金销售费用管理规定》（以下简称《规定》），自 2026年1月1日起正式施行，标志着公募基金行业费率改革工作正式进入第三阶段。 这些举措构筑完善了公募基金销售全链条监管，将有助于引导基金销售机构积极向个人投资者提供更好 服务，鼓励基金销售机构大力发展权益类基金业务，同时促进行业机构进一步回归坚持长期主义和投资 者为本的业务本源，共同构建行业长期健康发展的新生态。 《规定》还优化了基金赎回的制度安排，将四档赎回费率简化为三档，明确除个人投资者持续持有期限 满七日的指数型和债券型基金份额、机构投资者持续持有期限满三十日的债券型基金份额，以及ETF、 同业存单基金、货币市场基金等外，投资者赎回基金份额按照持续持有期限少于七日、少于三十日、少 于一百八十日分别收取不低于1.5%、1%、0.5%的赎回费，并规定赎回费由"部分归基金资产所有，部分 归基金销售机构所有"优化为"全额计入基金财产"。 这些制度安排充分体现了坚持以投资者利益为核心的理念，将进一步降低投资者成本，既切实维护了投 资者利益，又利于促进投资者投资行为的长期化。同时，还有助于引导行业机构更加重视投资者回报和 ...

中国基金报公募基金报道组 【导读】《公开募集证券投资基金销售费用管理规定》正式实施，将推动公募行业"机制优化"和"生态 重塑" 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。 《规定》发布后， 建行、易方达、华夏、国泰、汇添富、招商、中欧基金 等头部机构密集发声，积极 拥护公募基金销售费率改革，此举不仅是"降费让利"，更是在"优化机制"和"重塑生态"，将成为推动公 募基金行业高质量发展的重要里程碑。 建设银行：积极落实费率改革新政策 推动构建公募基金销售发展新生态 本次证监会发布《规定》，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》的关键举措，也标志着公募基金行业"三阶段"费率改革的顺利收官，意 义重大。 《规定》以投资者利益为核心，规范行业发展秩序，彰显金融政治性和人民性的使命担当。建设银行作 为国有大型商业银行，将坚定不移贯彻落实证监会关于推动公募基金高质量发展的系列决策部署，深入 践行财富管理转型，切实保护投资者合法权益，让优质专业服务触达更多人民群众。 投资 ...

Core Viewpoint - The implementation of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" marks a significant milestone in the public fund industry, promoting "mechanism optimization" and "ecological reshaping" for high-quality development [2][4][10]. Group 1: Regulatory Changes - The new regulations are a key measure to implement the spirit of the new "National Nine Articles" and the "Public Fund Industry Fee Rate Reform Work Plan," marking the successful completion of the three-phase fee rate reform [4][16]. - The regulations focus on investor interests, standardizing industry development order, and enhancing the mission of financial politics and people's welfare [4][10]. - The maximum subscription fee rates for different fund types have been reduced to 0.8% for actively managed equity funds, 0.5% for mixed funds, and 0.3% for index and bond funds [7][17]. Group 2: Impact on Investor Experience - The regulations aim to lower transaction costs for investors, enhance their holding experience, and promote long-term investment behaviors [4][7][10]. - The introduction of floating fee rate fund products in 2025 is expected to align the interests of fund managers, sales institutions, and investors, receiving positive feedback from clients [4][10]. - The regulations also eliminate sales service fees for fund shares held for over one year, effectively reducing long-term holding costs for investors [23]. Group 3: Industry Transformation - The fee rate reform is seen as a significant institutional innovation in the development of China's capital market, transitioning the industry focus from "scale" to "return" [10][13]. - The new regulations encourage the development of equity funds and aim to attract quality incremental capital into the market, stimulating market vitality [23][24]. - The establishment of the Fund Industry Service Platform (FISP) is expected to enhance direct sales capabilities and optimize customer service experiences [21][27]. Group 4: Future Directions - Fund management companies are required to focus on improving core competencies, such as investment management, product innovation, and customer service, to win market trust [11][24]. - The industry is expected to shift from a sales-driven model to one that prioritizes investor interests, fostering a sustainable and prosperous environment [21][26]. - The regulations are anticipated to save investors hundreds of billions in fees annually, reshaping the fund sales ecosystem and reinforcing the principle of "serving investors" [21][26].

Core Viewpoint - The release of the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" marks a significant milestone in the public fund industry, aimed at promoting high-quality development and benefiting investors through reduced fees and improved service structures [1][4]. Summary by Sections Sales Fee Rate Reform - The overall reduction in sales fees across the industry is 34%, expected to save investors approximately 30 billion yuan annually [2]. - Specific fee reductions include a decrease in the sales service fee for money market funds to 0.25% per year, and a reduction in subscription fees for actively managed equity funds from 1.5% to a maximum of 0.8% [2]. Mechanism Optimization - The reform aims to shift the focus from short-term trading to long-term investment by decoupling sales agency income from short-term redemption behaviors [3]. - Non-money market funds will have a one-year holding period to waive sales service fees, encouraging long-term investment [3]. Development Orientation - The regulations encourage a focus on individual investors by limiting the client maintenance fee for personal investors to no more than 50% of management fees, enhancing service experiences [3]. - A new direct sales service platform (FISP) is established to improve efficiency and risk control for fund managers [3]. Key Transformations - The reform emphasizes a shift from a "scale" to a "return" orientation, reducing "traffic fees" and promoting a long-term, healthy investment model [4]. - It encourages a long-term investment philosophy through measures like redeeming fees being allocated to fund assets and waiving sales service fees for long-term holders [4]. - The regulations clarify various previously ambiguous areas, aiming to create a fairer and more transparent industry ecosystem [4]. Reform History - Since the initiation of the fee rate reform in July 2023, significant progress has been made, with cumulative annual savings for investors exceeding 50 billion yuan [5]. - The reform is viewed as not just a fee reduction but also a mechanism optimization and ecosystem restructuring effort [5]. Future Outlook - The industry aims to enhance research capabilities and service systems in line with the new regulations, striving to build a trustworthy investment institution that prioritizes investor satisfaction [6].

【导读】《公开募集证券投资基金销售费用管理规定》正式实施，四大基金销售巨头第一时间表态 展望2026年，蚂蚁基金将始终坚持"投资者利益导向"，真正以财富管理的理念服务投资者，致力于提升 投资者的获得感。 中国基金报公募基金报道组 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，公募基金三阶 段费率改革顺利收官。 在《规定》正式实施的第一天，蚂蚁基金、腾安基金、天天基金、盈米等头部基金销售机构密集发声， 第一时间全面、严格落实《规定》的各项要求，积极响应降费号召，持续践行低费率，让利投资者，并 将持续优化产品线及服务体系，用更专业的服务，切实提升投资者的获得感与满意度。 蚂蚁基金董事长王珺： 以投资者为本，持续降费让利，助力公募基金高质量发展 2025年12月31日，证监会修订并正式发布《公开募集证券投资基金销售费用管理规定》，提出合理调降 公募基金认申购费、销售服务费率水平等，标志着公募基金费率改革正式迎来收官。 公募基金费率改革有助于稳步降低投资者成本，提升投资者获得感，进一步推动行业高质量发展。蚂蚁 基金积极响应降费要求，持续践行低费率，让利投资者。自2015年开始实行买入 ...

蚂蚁基金董事长王珺： 【导读】《公开募集证券投资基金销售费用管理规定》正式实施，四大基金销售巨头第一时 间表态 中国基金报公募基金报道组 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， 公募基金三阶段费率改革顺利收官。 在《规定》正式实施的第一天， 蚂蚁基金、腾安基金、天天基金、盈米 等头部基金销售机构 密集发声，第一时间全面、严格落实《规定》的各项要求，积极响应降费号召，持续践行低 费率，让利投资者，并将持续优化产品线及服务体系，用更专业的服务，切实提升投资者的 获得感与满意度。 以投资者为本，持续降费让利，助力公募基金高质量发展 2025 年 12 月 31 日，证监会修订并正式发布《公开募集证券投资基金销售费用管理规 定》，提出合理调降公募基金认申购费、销售服务费率水平等，标志着公募基金费率改革正 式迎来收官。 公募基金费率改革有助于稳步降低投资者成本，提升投资者获得感，进一步推动行业高质量 发展。蚂蚁基金积极响应降费要求，持续践行低费率，让利投资者。自 2015 年开始实行买 入费率折扣，蚂蚁基金十年预估累计为投资者节省了超 500 亿元交易手续费。 作为连接机 ...

Core Viewpoint - The article discusses the recent reforms in public fund fee structures in China, emphasizing the importance of reducing costs for investors and enhancing their experience, which aligns with the broader goal of promoting high-quality development in the public fund industry [1][3]. Group 1: Fund Fee Reform - The China Securities Regulatory Commission (CSRC) has officially released revised regulations aimed at lowering public fund subscription fees and sales service rates, marking the completion of the fee reform process [1]. - The fee reform is expected to help reduce investor costs and improve their sense of gain, thereby promoting high-quality development in the industry [1][3]. - Ant Fund has actively responded to the fee reduction requirements, implementing discounts on purchase fees since 2015, which has saved investors over 50 billion yuan in transaction fees over the past decade [1]. Group 2: Industry Growth and Development - The public fund industry in China has experienced significant growth, with total market size surpassing 37 trillion yuan, reflecting a shift from scale-driven to return-oriented strategies [3]. - The industry is focusing on protecting customer interests and promoting long-term investment practices, positioning public funds as stabilizers in the capital market and as a means to safeguard residents' wealth [3]. Group 3: Investor-Centric Approach - Ant Fund is committed to an investor-centric approach, aiming to enhance the overall investment experience and promote healthy investment behaviors among a broader audience [7]. - The platform has generated over 500.4 billion yuan in returns for investors through its product offerings, with a significant portion of investors coming from lower-tier cities [7]. - Ant Fund emphasizes the importance of providing standardized and transparent information to help investors set realistic return expectations and understand market volatility [7]. Group 4: Long-Term Investment Philosophy - The article highlights the need for a long-term investment evaluation system that prioritizes sustainable growth and genuine investor profitability, moving away from short-term sales incentives [9]. - Ant Fund believes in the value of maintaining investments over the long term, with an average holding period of over 1,198 days for non-money market fund users on its platform [9]. - The platform has successfully enabled over 210 million non-money market fund investors to achieve profitability, reinforcing the belief that a long-term approach fosters trust and sustainable growth [9].

公募基金行业费率改革，重磅消息！ 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》），自2026年1月1日 起正式施行。 业内人士表示，此次公募基金销售费率改革方案的出台，作为费率改革的最后一步，标志着我国公募基金行业费率改革平稳落地，这不仅是对十余年前规 定的全面升级，更是贯彻新"国九条"、推动公募基金行业高质量发展的关键落子。 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%。 《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。 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 ...

Group 1 - The People's Bank of China has announced a synchronized reduction in the interest rates for existing "public housing fund + commercial loans" starting January 1, 2026, with first-time homebuyers seeing rates drop to 2.1% for loans under five years and 2.6% for loans over five years [3] - The China Securities Regulatory Commission (CSRC) has released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," marking the completion of the third phase of fee rate reforms in the public fund industry, which is expected to save investors approximately 51 billion yuan annually [3] Group 2 - The gold and silver markets experienced a significant year in 2025, with gold prices hovering around $4,320 per ounce and silver prices at $71 per ounce, despite a decline on the last trading day of the year. Gold futures rose 55.51% for the year, while silver futures surged 129.83% [4] - Warren Buffett officially stepped down as CEO of Berkshire Hathaway on December 31, 2025, leaving a market anxious about the capabilities of his successor, Greg Abel, while Buffett's stock holdings remain valued at approximately $150 billion [4] Group 3 - China's economy is projected to reach 140 trillion yuan in 2025, with President Xi Jinping emphasizing the need for high-quality development and comprehensive reforms in his New Year address [5] - The State Council has approved a budget of approximately 295 billion yuan for early-stage construction projects in 2026, aiming to accelerate the pace of fund allocation and usage [5] - China's service trade showed steady growth in 2025, with total service import and export reaching 72,023.7 billion yuan, a year-on-year increase of 7.1% [6] Group 4 - The CSRC has officially released pilot rules for commercial real estate REITs, allowing shopping centers, office buildings, and hotels to raise funds through public REITs [7] - The A-share market closed 2025 with the Shanghai Composite Index rising 0.09% to 3,968.84 points, while the Shenzhen Component Index fell 0.58%. The Shanghai Composite Index saw an annual increase of over 18% [7] - The Hong Kong stock market experienced a slight decline on the last trading day of 2025, with the Hang Seng Index down 0.87%, but recorded an annual increase of nearly 28%, marking its best performance in eight years [7] Group 5 - The CSRC has introduced new regulations specifically targeting board secretaries of listed companies to clarify their responsibilities and enhance compliance [8] - The CSRC has also published measures to further standardize its enforcement procedures, ensuring the protection of the legal rights of administrative counterparts [8] - The Shanghai and Shenzhen Stock Exchanges are seeking public opinion on revisions to stock listing rules aimed at regulating the behavior of key stakeholders in listed companies [8] Group 6 - The fifth set of listing standards for the Sci-Tech Innovation Board has been expanded to include the commercial rocket sector, with Blue Arrow Aerospace's IPO application accepted by the Shanghai Stock Exchange [9] - The Nanjing Intermediate People's Court ruled that a listed company must compensate over 43,000 investors for 770 million yuan due to false statements [9] - The Shanghai Stock Exchange issued a regulatory notice to Tianpu Co., involving potential violations of information disclosure [9]