Core Insights - The third phase of public fund fee reform has been implemented, expected to save investors approximately 51 billion yuan annually in investment costs [1][2] Group 1: Regulatory Changes - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds," effective January 1, 2026 [1] - The new regulations aim to lower subscription and sales service fee rates, simplify redemption fee structures, and encourage long-term holding of fund shares [1][2] - The maximum subscription fee for actively managed equity funds is set at 0.8%, while for other mixed funds it is capped at 0.5%, and for index and bond funds at 0.3% [3] Group 2: Fee Structure Adjustments - Redemption fee structures have been simplified from four tiers to three, with all fees now included in the fund's assets [3] - The redemption fee for holding periods exceeding 7 days but less than 30 days has been increased from 0.7% to 1% to deter short-term trading [3] - Sales service fees for equity funds are capped at 0.4%, while for index and bond funds, the cap is set at 0.2%, aligning with the average subscription fee rates for similar products [3] Group 3: Industry Growth - As of November 2025, the total scale of publicly offered funds in China has surpassed 37 trillion yuan, marking a historical high [4] - There are currently 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public qualifications [4] - The net asset value of publicly offered funds managed by these institutions increased by 58.068 billion yuan from October to November 2025 [4]

专题：公募基金费率改革圆满收官：综合费率降约20%，累计让利超500亿元 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。 12月31日，证监会正式发布《公开募集证券投资基金销售费用管理规定》，标志着公募基金行业历时三 年的费率改革工作全面完成。该规定将于2026年1月1日起正式实施，旨在通过系统性的制度设计，进一 步降低投资者成本、规范销售市场秩序。 《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； 此次改革的核心在于对基金销售费用结构进行重塑。新规明确将合理调降公募基金的认申购费和销售服 务费率水平，同时简化赎回费的收费安排，并规定赎回费将全部计入基金财产。对于持有期限超过一年 的基金份额 ...

据证监会官网12月31日消息，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。 下一步，中国证监会将做好《规定》实施工作，坚持投资者利益优先原则，稳步降低基金投资者成本。 有分析称，这标志着公募基金行业第三阶段费率改革落地，这也是公募基金费率改革工作的收官政策。据介绍，全部三个阶段费率改革工作完成后，公募 基金综合费率水平下降约20%，每年预计为投资者节省约510亿元的投资成本。 腾安基金相关负责人表示，《规定》是《推动公募基金高质量发展行动方案》的关键落地举措之一，彰显了监管层"以投资者为本"、切实推动行业让利于 民的坚定决心。 此次正式发布的《规定》充分听取行业声音，体现了监管规则制定过程的公开与审慎，有效响应了行业发展阶段的实际情况，有利于新规的平稳落地与长 远执行。我们认为，《规定》将进一步督促销售机构牢固树立以投资者为本的经营理念，加速推动行业从"重销售规模"向 ...

Core Viewpoint - The release of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" marks the completion of the three-phase fee reform in the public fund industry, which is expected to save investors approximately 51 billion yuan annually and reduce the overall fee level by about 20% [1][13]. Summary by Relevant Sections Fee Reduction Impact - The third phase of the fee reform is projected to save investors around 30 billion yuan each year, contributing to a total annual savings of 51 billion yuan after all three phases are completed [1][13]. - The comprehensive fee level for public funds is expected to decrease by approximately 20% [1][13]. Key Measures of the Regulations - The regulations include six major measures aimed at reducing investor costs, such as lowering subscription and sales service fees, optimizing redemption arrangements, and encouraging long-term holding [3][4]. - Specific fee caps have been established: active equity funds' subscription fees are capped at 0.8%, mixed funds at 0.5%, and index and bond funds at 0.3% [4][5]. Long-term Investment Encouragement - The regulations promote long-term investment by eliminating sales service fees for non-money market funds held for over one year, thereby protecting long-term investors [3][7]. - The reform aims to shift the industry focus from short-term trading to long-term investment strategies [7][11]. Industry Transformation - The fee reform is part of a broader transition in the public fund industry from a focus on scale to a focus on returns, emphasizing quality improvement and value creation for investors [13]. - The establishment of a direct sales service platform aims to enhance the efficiency and safety of direct sales operations for fund managers [8][11]. Optimization of Redemption Fees - The regulations have optimized redemption fee arrangements, differentiating between individual and institutional investors to encourage longer holding periods [10][11]. - For bond funds, individual investors can avoid redemption fees after holding for 7 days, while institutional investors must hold for 30 days [10]. Overall Industry Ecosystem - The reform addresses issues such as high subscription fees and complex redemption fee structures, aiming to create a more transparent and sustainable industry ecosystem [3][11].

费率改革收官。 12月31日，证监会发布《公开募集证券投资基金销售费用管理规定》（简称《管理规定》），这是公募基金行业三阶段费率改革工作的收 官之策，标志着费率改革工作全面平稳落地。 记者了解到，第三阶段费率改革将每年为投资者让利约300亿元。三个阶段降费工作全部完成后，预计每年为投资者节省510亿元投资成 本，公共基金综合费率水平下降约20%。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。 大幅让利投资者 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，着重解决 认购费申购费率水平相对偏高、赎回费收取机制设计复杂、销售服务费缺乏有效规制等突出问题。 《管理规定》共六章29条，核心围绕六大举措切实让利投资者： 一是合理调降公募基金认购费、申购费、销售服务费率水平，切实降低投资成本。二是优化赎回安排，明确公募基金赎回费全额计入基金财 产。 三是鼓励长期持有，明确对投资者持有期限超过一年的非货币市场基金，不再计提销售服务费，保 ...

12月31日，证监会发布《公开募集证券投资基金销售费用管理规定》（简称《管理规定》），这是公募基 金行业三阶段费率改革工作的收官之策，标志着费率改革工作全面平稳落地。 记者了解到，第三阶段费率改革将每年为投资者让利约300亿元。三个阶段降费工作全部完成后，预计每年为 投资者节省510亿元投资成本，公募基金综合费率水平下降约20%。 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。 大幅让利投资者 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，着重解决认购费申购费率水平相对偏高、赎回费收取机制设计复杂、销售服务费缺乏有效 规制等突出问题。 此轮改革最直接的就是大幅降低投资成本，合理调降各类产品的认（申）购费、销售服务费，《管理规定》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 率 不高 于0.8%；其他混合型基金，认（申）购费率不高于0.5%；指数型基金、债券型基金，认（申） ...

Core Viewpoint - The revised "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds" aims to significantly reduce investment costs for investors and promote high-quality development in the public fund industry, effective from January 1, 2026 [1][4]. Summary by Sections Key Measures - The regulations include six chapters and 29 articles, focusing on six major measures to benefit investors, such as lowering subscription fees, optimizing redemption arrangements, and encouraging long-term holding [2][3]. Investor Benefits - The reform is expected to reduce overall sales expenses by 34%, saving investors approximately 30 billion yuan annually. For example, the annual cost for holding 10,000 yuan in a money market fund will decrease by 10 yuan, and for an actively managed equity fund, it will decrease by 70 yuan [5]. Long-term Investment Encouragement - The new rules aim to shift the focus from short-term trading to long-term holding by ensuring that redemption fees are fully allocated to fund assets and exempting sales service fees for non-money market funds held for over a year [6][14]. Focus on Equity Funds - The regulations emphasize the development of equity funds, setting a cap on customer maintenance fees for individual investors and promoting the competitiveness of equity funds [7][10]. Direct Sales Platform - A new industry direct sales service platform (FISP) will be established to enhance the efficiency and safety of direct sales operations for fund managers, thereby improving service capabilities [8]. Regulatory Precision - The regulations reflect a comprehensive consideration of market feedback, enhancing regulatory precision and effectiveness to maintain a healthy sales market for public funds [9]. Product Classification and Fee Structure - The regulations detail product classification standards and fee caps, such as a maximum subscription fee of 0.8% for actively managed equity funds and 0.15% for money market funds, ensuring a clear benefit direction for investors [10]. Redemption Fee Optimization - The redemption fee arrangements for bond and index funds have been optimized, allowing personal investors to avoid redemption fees after holding for 7 days, while institutional investors must hold for 30 days [12][13]. Commitment to Investor Rights - The reform explicitly prioritizes the protection of fund shareholders' rights, aiming to shift the industry focus from scale to returns and encouraging a long-term investment philosophy [14][15]. Cumulative Benefits - The phased fee reform is projected to save investors over 50 billion yuan annually, significantly reducing their overall financial burden and enhancing the competitiveness of the public fund industry [16].

Core Viewpoint - The public fund industry is experiencing a deepening trend of fee reductions, with the FOF (Fund of Funds) sector emerging as a new focal point for these efforts [1][4]. Group 1: Fee Reductions Announced - Guotai Fund announced a reduction in management and custody fees for its Guotai Stable Income One-Year Holding Mixed Fund (FOF), lowering the management fee from 0.9% to 0.3% and the custody fee from 0.2% to 0.08%, effective December 30, 2025 [1][4]. - Other public FOFs have also joined the fee reduction trend, such as Huaxia Ju Yi Preferred Three-Month Holding Bond (FOF) reducing its management fee from 0.3% to 0.2% starting March 24, 2025, and Bank of China’s Pension Target Date 2050 Five-Year Holding Mixed Fund (FOF) reducing its management fee from 0.9% to 0.6% and custody fee from 0.15% to 0.10% starting April 11, 2025 [1][4]. Group 2: Industry Trends and Insights - The fee reduction for public FOFs is seen as a continuation and deepening of the public fund industry's fee reduction actions, following the release of the "Public Fund Industry Fee Rate Reform Work Plan" in July 2023 [2][5]. - Industry experts believe that regulatory guidance is pushing the fee reform deeper, with a clear requirement to lower investor costs, and that lower fees are more suitable for long-term investment needs, particularly for pension-targeted FOFs [2][5]. Group 3: Impact on Investors and Institutions - Fee reductions are expected to lower holding costs for investors, enhancing long-term return potential and holding experience, while also compelling public institutions to shift from a "scale-driven" approach to an "ability-driven" one, thereby strengthening research and asset allocation capabilities [3][6]. - The trend of fee reductions is believed to refocus industry competition on research capabilities and services, fostering a sustainable ecosystem centered on investor interests and accelerating the exit of underperforming products [3][6]. Group 4: Recommendations for Investors - Investors are advised to consider not only the fee rates of public FOFs but also the research capabilities and performance stability of the products [6]. - Public FOFs are highlighted as important tools for asset allocation, providing risk diversification and enhanced returns through systematic multi-asset allocation, especially with the inclusion of QDII funds and public REITs [6].

Core Viewpoint - The public fund industry is experiencing a deepening trend of fee reductions, with the FOF (Fund of Funds) sector emerging as a new focal point for these efforts [1][2][3] Group 1: Fee Reductions in FOF - Guotai Fund announced a reduction in management and custody fees for its Guotai Stable Income One-Year Holding Mixed (FOF) fund, lowering the management fee from 0.9% to 0.3% and the custody fee from 0.2% to 0.08%, effective December 30, 2025 [1] - Other public FOFs have also joined the fee reduction trend, such as Huaxia Ju Yi Preferred Three-Month Holding Bond (FOF) reducing its management fee from 0.3% to 0.2% starting March 24, 2025 [1] - Southern Fund plans to reduce the management fee of its Southern Haoyu Stable 18-Month Holding Mixed (FOF) from 0.8% to 0.5%, effective January 5, 2026 [2] Group 2: Industry Insights and Trends - The fee reduction in public FOFs is seen as a continuation and deepening of the public fund industry's fee reform initiated by the July 2023 announcement of the "Public Fund Industry Fee Rate Reform Work Plan" [2] - Industry experts believe that the low fee rates are more suitable for long-term investment needs, particularly for pension-targeted FOFs, and that increasing market competition has made fee reductions a crucial strategy for attracting and retaining clients [2] - The ongoing low-interest-rate environment and declining yields on fixed-income assets have made investors more sensitive to the overall cost of fund investments, further driving the trend of fee reductions in public FOFs [2] Group 3: Implications for Investors and Fund Managers - The fee reductions are expected to lower holding costs for investors, enhancing long-term return potential and overall holding experience [3] - For public fund institutions, the fee reductions compel a shift from a "scale-driven" approach to a "capability-driven" model, emphasizing research and asset allocation capabilities to improve stable excess return generation [3] - Public FOFs serve as important tools for asset allocation, providing risk diversification and enhanced returns through systematic multi-asset allocation, particularly by including QDII funds and public REITs [3]

编者按： 回望2025，公募基金行业奋楫前行，在时代变革的浪潮中焕发蓬勃生机。历经27载耕耘的公募行业，正以持续改 革之姿迎来蝶变时刻。 值得一提的是，近两年前两阶段费率改革已平稳落地，切实降低了投资者的投资成本。此次销售费率改革方案 的发布，意味着公募基金费率改革第三阶段工作全面启动，这也是分阶段推进费率改革的"最后关键一步"。 今年是公募基金行业从"粗放发展"向"高质量发展"转型的关键节点。一系列标志性政策法规陆续落地见效，公募行 业生态体系迎来系统性重构；费率改革稳步推进，行业竞争格局重塑；科技资产异军突起，成为配置新主线；债 券基金震荡加剧，考验机构风险管控能力；公募REITs家族持续扩容，丰富基础设施投资版图；多元资产配置重要 性愈发凸显，公募基金以源源不断的创新产品，诠释普惠金融的初心与本色。 临近岁末，证券时报 ·券商中国 特推出"公募基金十大新闻"，全景回溯2025年行业的发展脉络。 1.改革重塑行业生态 2025年，我国公募基金行业迈入改革深水区，一系列改革举措不断向前推进，精准回应了市场关切与社会期 待。引导公募行业高质量发展的政策法规密集出台，这些政策法规通过优化收费模式、强化利益绑定、 ...