固定收益丨深度报告 [Table_Title] 公募基金三十年：发展脉络与机构配置策略 ——"税费改革五部曲"系列报告之四 %% %% %% %% research.95579.com 1 丨证券研究报告丨 [Table_Summary] 在 2025 年债市震荡深化的背景下，公募基金行业以年末销售费用新规落地为标志，完成了历 时两年多的费率改革。回顾行业三十年，监管始终以税收优惠与费率规范为抓手，推动行业高 质量发展，债券基金也自 2002 年填补市场空白后成长为行业核心。当前，银行、保险、理财 等主要机构投资者的基金配置行为呈现显著差异：银行配置以债基为主导，保险配置多元且侧 重权益，理财则以债基为主但对短期品种有更高偏好。此外，作为资管新规过渡期产物的摊余 成本法债基，其新增审批已严格受限，持仓结构从政金债向信用债倾斜。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 20 %% %% 报告要点 %% %% research.9557 ...

固定收益丨深度报告 [Table_Title] 公募基金三十年：发展脉络与机构配置策略 ——"税费改革五部曲"系列报告之四 %% %% %% %% research.95579.com 1 [Table_Summary] 在 2025 年债市震荡深化的背景下，公募基金行业以年末销售费用新规落地为标志，完成了历 时两年多的费率改革。回顾行业三十年，监管始终以税收优惠与费率规范为抓手，推动行业高 质量发展，债券基金也自 2002 年填补市场空白后成长为行业核心。当前，银行、保险、理财 等主要机构投资者的基金配置行为呈现显著差异：银行配置以债基为主导，保险配置多元且侧 重权益，理财则以债基为主但对短期品种有更高偏好。此外，作为资管新规过渡期产物的摊余 成本法债基，其新增审批受到一定限制，持仓结构从政金债向信用债倾斜。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 2 / 20 %% %% %% %% 丨证券研究报告丨 报告要点 research.955 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) officially released the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" on the last day of 2025, marking the conclusion of the public fund fee reform [1] Group 1: Changes in Subscription Fees - The upper limit for subscription fees has been lowered for index funds and bond funds to 0.3%, while actively managed equity funds have a limit of 0.8% [2][3] - The new regulations categorize equity funds into actively managed and passively managed index funds, with specific fee structures for each category [2][3] Group 2: Redemption Fee Standards - The new regulations emphasize that redemption fees must be fully included in the fund assets, meaning sales institutions can no longer receive a share of the redemption fees [3][4] - Redemption fees are categorized based on the investor's holding period, with rates set at 1.5% for less than 7 days, 1% for 7 to 30 days, and 0.5% for 30 to 180 days [4][5] Group 3: Sales Service Fees - For fund shares held for more than one year, sales service fees cannot be charged, except for money market funds [6][7] - The upper limits for sales service fees are set at 0.4% for equity and mixed funds, 0.2% for index and bond funds, and 0.15% for money market funds [7][8] Group 4: Prohibition of Exclusive Shares - The new regulations prohibit the establishment of exclusive shares or funds at specific sales institutions for the purpose of implementing differential fee rates [9][10] - Fund managers must provide justifiable reasons if they set up exclusive shares at sales institutions, ensuring fair treatment of investors [9][10] Group 5: Interest on Sales Settlement Funds - Fund managers must pay interest generated from sales settlement funds to investors or include it in the fund assets, ensuring that these funds belong to the investors [10][11] - The regulations clarify that all interest, not just a portion, must be paid to investors, addressing previous concerns about interest allocation [11][12] Group 6: Prohibition of Indirect Payment of Sales Fees - The new regulations prohibit the indirect payment of sales fees through various means such as conference fees, training fees, and advertising fees [13][14] - Fund managers are advised to enhance internal controls to prevent any form of disguised payment of sales fees [13][14] Conclusion - The public fund fee reform has concluded, and fund managers must complete various compliance tasks within a 12-month transition period, including system upgrades and legal document modifications [14][28]

Core Viewpoint - The article emphasizes the resilience and transformative potential of the Chinese economy as it enters 2026, highlighting the importance of the capital market in resource allocation and value discovery [5][6]. Group 1: Economic Performance - In 2025, China's GDP surpassed 140 trillion yuan for the first time, marking a significant milestone [6]. - The rapid iteration and widespread application of AI technology were notable trends observed during the year [6]. Group 2: Capital Market Developments - The capital market experienced revitalization under a series of supportive policies, contributing to increased market activity [6]. - The public fund industry achieved a new high in management scale, with passive investment continuing to expand [6]. Group 3: Industry Reforms - The completion of the "three-stage" fee reform has shifted the industry focus from "scale" to "returns," enhancing investor protection and introducing long-term capital into the market [6]. Group 4: Future Outlook - The "14th Five-Year Plan" has begun, with the capital market expected to play a crucial role in economic development [5][6]. - The public fund sector aims to provide diverse product offerings and professional services to safeguard investors' wealth journeys [5][6].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has introduced new guidelines for public fund performance benchmarks, emphasizing the importance of stable and serious application of performance benchmarks in fund management [1][6]. Group 1: Key Aspects of the New Guidelines - The guidelines stress that performance benchmarks must align with the core elements of the fund contract and the investment style of the product, and once selected, they cannot be changed arbitrarily [1][4]. - Fund managers are required to establish robust internal control mechanisms and management systems to ensure ongoing management of fund managers and the stability of investment styles [1][6]. - The guidelines enhance external constraints on performance benchmarks, specifying the supervisory responsibilities of fund custodians and regulating the behavior of fund sales and evaluation institutions [1][6]. Group 2: Impact on Fund Managers' Compensation - The new regulations stipulate that fund managers' performance compensation should reflect the fund's investment returns and the investors' profit and loss situation [3][8]. - Fund managers of actively managed equity funds with long-term performance significantly below the performance benchmark will see a notable decrease in their performance compensation [3][8]. - A tiered performance compensation adjustment mechanism is to be established, where managers of funds underperforming the benchmark by over 10% with negative profit margins will face a compensation reduction of at least 30% [8][9]. Group 3: Industry Context and Transition Period - The guidelines will take effect on March 1, 2026, with a one-year transition period for existing products that do not comply with the new benchmarks [5][6]. - The public fund industry, managing approximately 37.64 trillion yuan and involving over 4,100 fund managers, will be significantly impacted by these new regulations [5][6]. - The CSRC's reforms aim to address industry issues such as benchmark ambiguity and style drift, contributing to the high-quality development of public funds [6][7].

Core Viewpoint - The comprehensive fee reform in the public fund industry has been fully implemented, leading to a continuous trend of fee reductions among various funds to lower investment costs for investors and enhance their sense of returns [1][7]. Group 1: Fee Reductions Announced - Multiple funds have announced fee reductions, including Huaxia Fund, which lowered the management fee from 0.50% to 0.15% and the custody fee from 0.10% to 0.05%, achieving reductions of 70% and 50% respectively [3][5]. - Tianhong Fund reduced the management fee from 0.70% to 0.30% and the custody fee from 0.15% to 0.05%, with reductions of 57.1% and 66.7% respectively [5]. - Other funds, such as Guangfa and Huatai, have also announced similar fee reductions, with management fees dropping to as low as 0.15% and custody fees to 0.05% [6]. Group 2: Growth of Low-Fee Funds - As of January 1, the new regulations on public fund sales expenses have been implemented, marking the completion of a two-year fee reform process, resulting in an increase in low-fee funds [7]. - Currently, nearly 1,200 funds have annual management fees of 0.15% or lower, while over 2,400 funds have custody fees of 0.05% or lower, primarily consisting of stock index funds, bond funds, and money market funds [8]. - The management fees for public REITs generally range from 0.1% to 0.2%, with some products exceeding 0.5%, while custody fees can be as low as 0.01% [8]. Group 3: Industry Transformation - Industry experts believe that the public fund fee reform represents a systemic and structural reshaping of the industry ecosystem rather than a mere fee reduction [9]. - In the long term, this reform is expected to shift the industry focus from scale expansion to service enhancement, contributing to sustainable development within the industry [9].

Core Viewpoint - The comprehensive fee reform in the public fund industry has been fully implemented, leading to a continuous trend of fee reductions among various funds to lower investment costs for investors and enhance their return experience [1][7]. Group 1: Fee Reductions Announced - Multiple funds have announced fee reductions, including Huaxia Fund, which lowered the management fee from 0.50% to 0.15% and the custody fee from 0.10% to 0.05%, representing a reduction of 70% and 50% respectively [3][5]. - Tianhong Fund reduced its management fee from 0.70% to 0.30% and custody fee from 0.15% to 0.05%, with reductions of 57.1% and 66.7% respectively [5]. - Other funds, such as GF Fund and Huatai Baoxing, have also announced similar fee reductions, contributing to a broader trend of decreasing fund fees across the market [6]. Group 2: Impact of Fee Reform - As of January 1, 2026, the implementation of the "Publicly Raised Securities Investment Fund Sales Expense Management Regulations" marks the completion of a two-year fee reform process, resulting in a significant increase in the number of low-fee funds [7]. - Currently, nearly 1,200 funds have an annual management fee of 0.15% or lower, while over 2,400 funds have a custody fee of 0.05% or lower, primarily consisting of stock index funds, bond funds, and money market funds [7]. - The fee reform is seen as a systemic and structural transformation of the industry, shifting the focus from scale expansion to service enhancement, which is expected to promote sustainable development in the long term [8].

Core Viewpoint - Multiple funds have announced fee reductions to lower investment costs for investors and enhance their return experience, following a comprehensive fee reform that has been in place for over two years [2][3]. Group 1: Fee Reductions Announced - 华夏基金 has announced a reduction in management and custody fees for its Financial Technology ETF, effective January 22, 2026, with management fees decreasing from 0.50% to 0.15% (a 70% reduction) and custody fees from 0.10% to 0.05% (a 50% reduction) [5][7]. - 天弘基金 will lower the management fee from 0.70% to 0.30% (a 57.1% reduction) and the custody fee from 0.15% to 0.05% (a 66.7% reduction) for its Tianhong Ninghong six-month holding period mixed fund, effective January 21, 2026 [8]. - 海富通基金 will reduce the management fee for its Hai Futong Ruixiang one-year regular open bond fund from 0.50% to 0.40% starting January 21, 2026 [8]. Group 2: Market Trends in Fund Fees - As of January 1, 2026, the implementation of the "Publicly Raised Securities Investment Fund Sales Expense Management Regulations" marks the full realization of the fee reform, leading to an increase in low-fee funds [10]. - Nearly 1,200 funds now have annual management fees of 0.15% or lower, primarily consisting of stock index funds, bond funds, and money market funds, while over 2,400 funds have custody fees of 0.05% or lower [10]. - In the actively managed equity fund category, a unified fee cap was established on July 7, 2023, with management fees not exceeding 1.2% and custody fees not exceeding 0.2%, resulting in these rates becoming common [11]. Group 3: Industry Implications - The ongoing fee reductions indicate a systemic and structural transformation in the industry, moving from a focus on scale expansion to service enhancement, which is expected to contribute to sustainable industry development in the long term [11].

Core Viewpoint - The recent executive changes at Bosera Asset Management reflect the challenges faced by traditional public fund institutions amid ongoing industry reforms and competitive pressures. Group 1: Executive Changes - Wang Deying, the Deputy General Manager and CIO of Bosera Fund, has been unexpectedly demoted to a regular employee after over 25 years with the company, reportedly due to regulatory penalties related to customized fund business [1][2] - The company has undergone a stable leadership transition in 2025, with the resignation of Chairman Jiang Xiangyang and the appointment of new General Manager Chen Yu, who brings cross-industry experience [3] Group 2: Financial Performance - Bosera Fund reported a revenue of 2.356 billion yuan for the first half of 2025, a year-on-year increase of 6.37%, while net profit was 763 million yuan, nearly flat with a 0.13% increase [1][2] - The ongoing fee reform in the public fund industry is expected to result in over 50 billion yuan in annual savings for investors, significantly impacting traditional profit models [1][2] Group 3: Business Challenges - The company has seen a notable differentiation in profitability, highlighting the pressure to transform amid deepening industry reforms [1][2] - Bosera's fixed income sector remains a core support, with a total scale of over 100 billion yuan for five bond ETFs as of August 21, 2025, but faced challenges with 12 products being liquidated in 2025 due to low scale or insufficient investors [3] - The company has not yet established a differentiated service system for retail and institutional clients, remaining at a basic customization level [3]

Core Viewpoint - The implementation of the new regulations on public fund sales fees marks the completion of the fee reduction reform in the public fund industry, expected to save investors approximately 30 billion yuan annually, contributing to a total annual reduction of 51 billion yuan across all phases of the reform [2][5]. Fee Structure Changes - The new regulations set a maximum subscription fee of 0.8% for actively managed equity funds, 0.5% for other mixed funds, and 0.3% for index and bond funds, with direct sales channels prohibited from charging fees [1][3]. - The previous maximum subscription fee was 5%, indicating a significant reduction in costs for investors [3]. - The holding period for back-end fee waivers has been shortened from three years to over one year [1]. Redemption Fee Adjustments - The redemption fee structure has been simplified from four tiers to three, with specific minimum fees based on the holding period: at least 1.5% for holdings under seven days, 1% for holdings between seven and thirty days, and 0.5% for holdings between thirty and one hundred eighty days [3][4]. - Investors holding index and bond fund shares for more than seven days can negotiate redemption fees separately [4]. Sales Service Fee Regulations - The sales service fee cap for equity and mixed funds has been reduced to 0.4% per year, while for index and bond funds, it is set at 0.2% per year [4]. - For funds held for over one year, no sales service fees can be charged, promoting long-term investment [4][10]. Industry Impact and Future Directions - The overall reduction in sales fees across the industry is projected to be 34%, saving investors around 30 billion yuan annually [5]. - The new regulations aim to reshape the fund sales ecosystem, encouraging a shift towards a service-oriented model focused on investor interests rather than transaction volume [7][8]. - Regulatory measures will also target and prohibit practices such as disguised commission payments and unfair treatment of investors [8][9]. Investor Guidance - Investors are encouraged to purchase funds directly from fund companies to maximize savings on fees [10]. - The emphasis on long-term holding is expected to make investments more attractive, with a focus on overall fee structures rather than just individual fee components [10].