Group 1 - The China Securities Regulatory Commission (CSRC) has revised and released the "Regulations on the Management of Sales Expenses for Publicly Raised Securities Investment Funds," marking the successful completion of the third phase of fee rate reform in the public fund industry. This reform is expected to save investors approximately 30 billion yuan annually based on average data from the past three years [1][8][7] - The third phase of the fee rate reform follows two previous phases that reduced management fees, custody fees, and trading commissions for public funds. Cumulatively, the three phases are projected to save investors over 50 billion yuan each year [1][8][7] - The CSRC has also approved the launch of a direct sales service platform for institutional investors in the public fund industry, which aims to enhance the efficiency and reduce the operational costs of traditional direct sales [8][7] Group 2 - Geely Automobile announced that its shareholders approved the privatization proposal for Zeekr Intelligent Technology Co., Ltd. with a high approval rate of 95.14%. The merger is expected to be completed by the end of 2025 [1][20] - The privatization of Zeekr is significant as it represents a deepening collaboration between Geely and Zeekr, which is crucial for Geely's strategy in the smart vehicle sector [20] Group 3 - The Shenzhen Municipal Housing and Construction Bureau and the People's Bank of China have jointly issued a notice to optimize and adjust real estate policies, effective from September 6, 2025. The measures include adjustments to housing purchase policies for residents and enterprises, as well as personal housing credit policies [2][12] - The international gold price has reached a new high, with spot gold rising by 1.15% to $3586 per ounce, while COMEX gold futures increased by 0.92% to $3639.8 per ounce [4][5] Group 4 - The European Commission has imposed a fine of €29.5 billion on Google for abusing its dominant position in the advertising technology market, which has harmed competition [24] - TikTok has announced that it has surpassed 200 million monthly active users in Europe, reflecting its strong growth and influence in the social media landscape [24]

Group 1 - The core viewpoint of the news is the reform of public fund sales fees, which aims to prioritize investor interests and reduce their costs, fostering a healthier industry ecosystem [2] - The reform encourages fund sales institutions to shift from a "scale-oriented" approach to an "investor return-oriented" model, leading to a reduction in various sales fees, thereby lowering investor costs [2][3] - The establishment of the FISP platform aims to enhance direct sales channels for public funds, providing a centralized, standardized, and automated service for institutional investors [1] Group 2 - The fee reform is structured in three phases, with the first phase reducing management and custody fees for actively managed equity funds, resulting in an annual benefit of approximately 14 billion yuan for investors [3] - The second phase focuses on lowering trading commission rates for fund stocks, with a cap of 0.26% for passive equity funds and 0.52% for other types, benefiting investors by about 6.8 billion yuan annually [3] - The third phase targets reductions in subscription and redemption fees, which could save investors around 30 billion yuan each year, cumulatively exceeding 50 billion yuan in annual savings across all phases [3]

Core Viewpoint - The public fund industry in China is undergoing a significant fee rate reform, marking a crucial step towards high-quality development and aiming to reduce investor costs while regulating the sales market [1][2]. Group 1: Fee Rate Reform Details - The China Securities Regulatory Commission (CSRC) has initiated a three-phase fee rate reform, which is expected to benefit investors by over 50 billion yuan annually [1]. - The revised regulations, now titled "Publicly Raised Securities Investment Fund Sales Expense Management Regulations," include a total of six chapters and 28 articles, focusing on reducing costs for investors and optimizing fund sales practices [2]. - Specific fee reductions include lowering the maximum subscription and purchase fees for equity funds 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% [3]. Group 2: Encouragement of Long-term Investment - The reform encourages long-term holding by eliminating sales service fees for investors who hold equity, mixed, and bond funds for over one year [5]. - The redemption fee structure has been optimized to ensure that all redemption fees are allocated to the fund's assets, discouraging short-term trading behaviors [5]. - The reform aims to shift the focus of fund sales institutions from generating income through "traffic" to earning "retention" income by providing ongoing services [5][6]. Group 3: Development of Direct Sales Channels - The CSRC has launched the Fund Industry Institutional Investor Direct Sales Service Platform (FISP), which aims to streamline the direct sales process and improve service efficiency for institutional investors [6]. - The FISP platform is designed to address high operational costs and inefficiencies in traditional direct sales, providing a standardized and automated service for fund investments [6]. Group 4: Overall Impact on the Industry - The reform is expected to lead to an overall fee reduction of approximately 300 billion yuan annually, representing a 34% decrease in fees, thereby providing tangible benefits to investors [4]. - The adjustments in fee structures and the establishment of the FISP platform are anticipated to enhance the quality and stability of the public fund industry in the long term [7].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has initiated a public consultation on the revised "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds," aiming to reduce investor costs and promote high-quality development in the public fund industry [1][3]. Fee Reduction Measures - The new regulations propose to lower the maximum subscription and purchase fee rates for equity funds, mixed funds, and bond funds to 0.8%, 0.5%, and 0.3% respectively, down from previous caps of 1.2% and 1.5% for equity and mixed funds, and 0.6% and 0.8% for bond funds [3][4]. - The regulations encourage sales institutions to increase discounts on subscription and purchase fees while ensuring cost coverage [3]. - The redemption fee structure will be simplified from four tiers to three, with all fees being included in the fund's assets [3][4]. Redemption Fee Structure - For funds with a holding period of less than 7 days, a redemption fee of no less than 1.5% of the redemption amount will be charged; for 7 to 30 days, 1%; and for 30 days to less than 6 months, 0.5% [4][5]. Sales Service Fee Adjustments - The maximum sales service fee rates for equity funds, mixed funds, index funds, and bond funds will be reduced to 0.4% per year, 0.2% per year, and 0.15% per year respectively, down from previous rates of 0.6%, 0.4%, and 0.25% [4][5]. Direct Sales Service Platform - The CSRC has approved the launch of the Fund Industry Service Platform (FISP) to enhance investor services, providing a centralized, standardized, and automated service for fund account management and transaction instruction transmission [8][9]. - The FISP platform aims to improve the efficiency and reduce the operational costs of traditional direct sales in the public fund industry [8][9]. Industry Response - Fund management companies and independent fund sales institutions are expected to respond positively to the fee reduction measures, which are seen as beneficial for lowering investor costs and enhancing service quality [5][6]. - Ant Group's fund platform has reportedly saved investors over 50 billion yuan in transaction fees from 2016 to 2024, reflecting a commitment to reducing costs for investors [7].

9月5日，中国证监会修订发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》。这意味 着，公募基金行业第三阶段费率改革落地，费率改革顺利收官。 此次费率改革围绕降低投资者成本、大力发展权益类基金、引导长期投资等方面作出诸多制度安排，可 以说是"看点多多""诚意满满"。 有业内人士以近三年平均数据测算，第三阶段费率改革将每年为投资者让利约300亿元。三个阶段累计 每年将向投资者让利超500亿元。 看点二：推动权益类基金发展 值得一提的是，此次改革针对权益类基金发展作了特别安排： 区分权益类基金和非权益类基金，对于向机构投资者销售权益类基金形成的保有量，继续维持客户维护 费占管理费比例不超过30%的上限；对于向机构投资者销售债券型基金、货币基金形成的保有量，将客 户维护费占管理费的比例上限由30%调降至15%。 看点一：实实在在让利投资者 中国证监会自2023年7月启动公募基金行业费率改革。"维护投资者合法权益"始终贯穿着公募基金费率 改革的各个阶段。 回顾前两个阶段的改革内容，第一阶段改革主要调降了公募基金的管理费率和托管费率；第二阶段改革 则将公募基金证券交易佣金费率调整至较为合理的水平。 本阶段改革， ...

记者丨黎雨辰 编辑丨姜诗蔷 视频编辑 | 王学权 9月5日晚间，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》（征求意见稿）（下称《管 理规定》），并向社会公开征求意见。 近两年来，公募基金费率改革以"三步走"形式不断推进。2023年7月，证监会发布实施《公募基金行业 费率改革工作方案》，按照基金管理人、证券公司、基金销售机构的主体顺序，为公募基金降费勾勒 了"管理费用-交易费用-销售费用"的三阶段实施路径。 此次《管理规定》的出台，是分阶段推进费率改革的"最后关键一步"。在内容上，本次销售费率改革充 分突出"投资者利益为核心"，对公募基金认购费、申购费、销售服务费率水平进行了全面调整，同时规 定所有赎回费归入基金资产，并差异化安排尾随佣金比例，聚焦服务个人投资者、发展权益类基金等。 公募基金行业费率改革的平稳落地，也标志着我国公募基金行业迈向高质量发展新阶段。记者获悉，如 公募基金费率改革三阶段全部完成，按行业过去三年静态数据测算，每年预计将为投资者让利超500亿 元。其中，一、二阶段降费规模分别约为140亿元、68亿元；第三阶段降费规模约为300亿元，降幅约为 34%。 费率改革亮点纷呈 具体来看 ...

公募费改正式迈入收官阶段。 9月5日晚间，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》（征求意见 稿）（下称《管理规定》），并向社会公开征求意见。 近两年来，公募基金费率改革以"三步走"形式不断推进。2023年7月，证监会发布实施 《公募基金行业费率改革工作方案》，按照基金管理人、证券公司、基金销售机构的主体 顺序，为公募基金降费勾勒了"管理费用-交易费用-销售费用"的三阶段实施路径。 此次《管理规定》的出台，是分阶段推进费率改革的"最后关键一步"。在内容上，本次销 售费率改革充分突出"投资者利益为核心"， 对公募基金认购费、申购费、销售服务费率水 平进行了全面调整，同时规定所有赎回费归入基金资产，并差异化安排尾随佣金比例，聚 焦服务个人投资者、发展权益类基金等。 公募基金行业费率改革的平稳落地，也标志着我国公募基金行业迈向高质量发展新阶段。 记者获悉， 如公募基金费率改革三阶段全部完成，按行业过去三年静态数据测算，每年预 计将为投资者让利超500亿元 。其中，一、二阶段降费规模分别约为140亿元、68亿元；第 三阶段降费规模约为300亿元，降幅约为34%。 费率改革亮点纷呈 具体来看，此次《管理规 ...

本文字数：2128，阅读时长大约4分钟 作者 |第一财经 周斌 2025.09.05 时隔十二年，公募基金销售费用管理规定再迎修订。 9月5日，证监会发布消息称，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》），并向社会公开征求意见。 《规定》共有六章28条，主要包括合理调降公募基金认购费、申购费、销售服务费率水平,优化赎回安 排，部分持有期限超过一年的基金不再计提销售服务费，设置差异化的尾随佣金支付比例上限，建立基 金直销服务平台等六方面内容。 销售费率改革有四大亮点 据了解，此次《规定》的修订是落实《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"，主要有四大亮点。 其一，降费力度大。此次降费，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%。 销售服务费率调降方面，将股票型基金和混合型基金的销 ...

Core Viewpoint - The public fund sales fee reform has been successfully implemented after more than two years, marking the completion of the third phase of the reform, which aims to lower investor costs and optimize the fund sales ecosystem [1][5][11]. Summary by Sections Sales Fee Rate Adjustments - The new regulations will reduce subscription and redemption fees for various fund types, with stock funds' maximum subscription fee reduced from 1.2% to 0.8%, mixed funds from 1.2% to 0.5%, and bond funds from 0.6% to 0.3% [7] - The sales service fee for stock and mixed funds will decrease from 0.6% to 0.4% per year, while for index and bond funds, it will drop from 0.4% to 0.2% per year [7][8] - Overall, the reform is expected to lower sales fees by approximately 30 billion annually, representing a 34% reduction [6][8]. Redemption Fee Optimization - The new rules state that all redemption fees will be allocated to the fund's assets, encouraging fund sales institutions to focus on providing ongoing services rather than just initial sales [8][10]. - A unified redemption fee standard will be established for various fund types, promoting long-term holding by investors [8][10]. Encouragement of Long-term Investment - The regulations encourage long-term holding by eliminating sales service fees for investors who hold stock, mixed, or bond funds for over a year [2][10]. - The reform aims to shift the focus from short-term trading to long-term value investment, addressing the issue of "churn" in fund sales [10]. Strengthening Regulatory Framework - The new regulations include provisions to address industry issues such as dual charging in fund advisory services and the allocation of interest from settled funds [5][10]. - The reform emphasizes the need for fund managers to enhance their channel capabilities and ensure compliance with the new standards [5][10]. Direct Sales Service Platform - The establishment of the FISP platform aims to improve the efficiency and effectiveness of direct sales channels for institutional investors, addressing high operational costs and risks associated with traditional direct sales [14].

新华社权威快报 9日5日 中国证监会修订发布 《公开募集证券投资基金销售费用 管理规定(征求意见稿 )》 9月5日，中国证监会修订发布《公开募集证券投资基金销售费用管理规定（征求意见稿）》。这意味着，公募基金行业第三阶段费率改革落 地，费率改革顺利收官。 根据管理规定，将合理调降公募基金认购费、申购费、销售服务费等销售环节费率水平，优化赎回费制度安排。以近三年平均数据测算，第三 阶段费率改革将每年为投资者让利约300亿元。 中国证监会自2023年7月启动公募基金行业费率改革。第一阶段和第二阶段费率改革已分别对公募基金管理费率、托管费率，以及公募基金证 券交易佣金费率进行合理调降。 此次第三阶段改革是分阶段推进公募基金费率改革的"最后关键一步"。据测算，三个阶段累计每年将为投资者让利超500亿元。 来源：新华社 调降认(申)购费等销售环节费率 优化赎回费制度安排 每年将为投资者让利约300亿元 ...