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再迎实质性突破!从“降费让利”到“机制重构”,公募基金费率改革进入深水区
券商中国· 2025-08-26 04:15
编者按: 当前,中国资本市场风生水起,公募基金行业一场以投资者为本、以推动行业高质量发展为目标的系统性改革,悄然拉开大幕。这场深刻变革,正以前所未有的 力度与广度,重塑着行业的新生态,催生出新活力。一个正在脱胎换骨、以实际行动赢回投资者信赖、服务实体经济质效更高的公募基金新时代,正在迎面走 来。今日起,本报特别策划推出"公募十变.共塑高质量发展新生态"系列报道,敬请垂注。 多位基金行业资深人士向证券时报记者表示,费率改革两大关键环节有望再迎实质性突破:其一,作为探索管理人与投资者利益绑定的核心举措,浮动费率基金已 转入常态化注册,并有望扩容至"固收+"产品;其二,公募基金销售费用相关的管理规定可望公开征求意见。 这意味着费率改革已从费用的"表",切入机制的"里",有望破除规模崇拜与渠道依赖的沉疴,真正构建起基金管理人、销售渠道与投资者利益荣损与共、同向而行 的发展新范式,并最终重塑行业利益分配格局。 浮动费率基金已经 转为常态化注册 作为费率改革的"第一枪",管理费用的调降已率先破局并纵深推进。 公募基金费率改革正在迎来从降费让利到机制重构的纵深推进。 自2023年7月证监会发布实施《公募基金行业费率改革工作 ...
每日市场观察-20250826
Caida Securities· 2025-08-26 02:11
2025 年 8 月 26 日 【今日关注】 周一市场大幅收涨,成交额 3.18 万亿,比上一交易日增加约 6,000 亿。 行业全部上涨,通信、有色、地产、钢铁等行业涨幅居前。 每日市场观察 盘面强势特征非常明显。指数跳空高开,盘中有所回落,但充裕的市场 资金使得指数难以深调,并在收盘将指数拉升至新的高度。接近 3.2 万 亿的成交量,也达到了去年 9 月份以来的第二高点,表明当前市场充足 的流动性。指数的技术形态呈现出加速特征。近一阶段指数阳线实体幅 度明显加长,跳空高开的频度有所增加,均线系统整体向上发散,已经 表现出较为典型的指数牛市特征。短线而言,K 线开始偏离 5 日均线较 多,后续可能有一定程度的修复要求,但整体资金充裕和市场情绪高涨 情况下,即便回调其幅度也将被限制在较小的幅度之内。 市场概况:8 月 25 日,市场全天震荡走高,沪指逼近 3900 点,创业板 指领涨。截至收盘,沪指涨 1.51%,深成指涨 2.26%,创业板指涨 3%。 【资金面】 主力资金流向:8月25日,上证净流入421.76亿元,深证净流入274.74 亿元。行业板块方面,主力资金流入前三的板块为通信设备、房地产 开发 ...
再迎实质性突破!从“降费让利”到“机制重构”,公募基金费率改革进深水区
Zheng Quan Shi Bao· 2025-08-25 22:28
编者按: 当前,中国资本市场风生水起,公募基金行业一场以投资者为本、以推动行业高质量发展为目标的系统 性改革,悄然拉开大幕。这场深刻变革,正以前所未有的力度与广度,重塑着行业的新生态,催生出新 活力。一个正在脱胎换骨、以实际行动赢回投资者信赖、服务实体经济质效更高的公募基金新时代,正 在迎面走来。今日起,本报特别策划推出"公募十变.共塑高质量发展新生态"系列报道,敬请垂注。 公募基金费率改革正在迎来从降费让利到机制重构的纵深推进。 自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》以来,公募基金费率改革正在按照"管 理费用-交易费用-销售费用"三阶段稳步推进,特别是2025年5月,证监会发布的《推动公募基金高质 量发展行动方案》中再次提到,优化主动权益类基金收费模式,大力推行基于业绩比较基准的浮动管理 费收取模式。随后,两批新型浮动费率基金陆续获批发行。 多位基金行业资深人士向证券时报记者表示,费率改革两大关键环节有望再迎实质性突破:其一,作为 探索管理人与投资者利益绑定的核心举措,浮动费率基金未来有望转入常规化审批,并有望扩容至"固 收+"产品;其二,公募基金销售费用相关的管理规定可望公开征求意 ...
公募基金费率改革两大关键环节有望再迎实质性突破
多位基金行业资深人士向证券时报记者表示,费率改革两大关键环节有望再迎实质性突破:其一,作为 探索管理人与投资者利益绑定的核心举措,浮动费率基金未来有望转入常规化审批,并有望扩容至"固 收+"产品;其二,公募基金销售费用相关的管理规定有望公开征求意见。 这意味着费率改革已从费用的"表",切入机制的"里",有望破除规模崇拜与渠道依赖的沉疴,真正构建 起基金管理人、销售渠道与投资者利益荣损与共、同向而行的发展新范式,并最终重塑行业利益分配格 局。 人民财讯8月25日电,公募基金费率改革正在迎来从降费让利到机制重构的纵深推进。 自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》以来,公募基金费率改革正在按照"管 理费用—交易费用—销售费用"三阶段稳步推进,特别是2025年5月,证监会发布的《推动公募基金高质 量发展行动方案》中再次提到,优化主动权益类基金收费模式,大力推行基于业绩比较基准的浮动管理 费收取模式。随后,两批新型浮动费率基金陆续获批发行。 ...
首只破20亿元+提前结募,第二批浮动费率基金发行提速
Zheng Quan Shi Bao· 2025-08-13 23:49
Core Viewpoint - The rapid acceptance of floating fee rate funds in the market is highlighted by the early closure of fundraising for the China Europe Core Smart Mixed Fund and the E Fund Value Return Mixed Fund, indicating a shift in investor preferences towards performance-linked fee structures [1][2][4] Group 1: Fundraising and Market Response - The China Europe Core Smart Mixed Fund raised over 2 billion yuan and ended its fundraising early, becoming the first in the second batch of floating fee rate funds to exceed this threshold [2] - The E Fund Value Return Mixed Fund also announced an early closure of its fundraising period, reflecting a strong market response to these new fund types [2][3] - The second batch of floating fee rate funds has entered a competitive phase earlier than expected, with 12 new products approved and launched [3] Group 2: Fee Structure Reform - The China Securities Regulatory Commission (CSRC) has initiated a reform of public fund fee structures, promoting floating fee mechanisms that link management fees to fund performance [4][5] - The new fee structure aims to align the interests of fund managers and investors, encouraging better risk management and performance [5][6] - The CSRC's action plan emphasizes investor interests and aims for at least 60% of new active equity fund products to adopt floating fee structures within a year [4] Group 3: Advantages of Floating Fee Rate Funds - Floating fee rate funds are designed to enhance the alignment of interests between fund managers and investors, promoting a shared risk and reward model [5][6] - The new fee mechanism allows for differentiated fee structures based on holding periods, encouraging long-term investment while managing liquidity [6] - The performance evaluation system is closely tied to benchmarks, aiming to minimize style drift and enhance active management capabilities [6]
破20亿!这只浮动费率基金提前结募
券商中国· 2025-08-13 07:01
Core Viewpoint - The early closure of the China Europe Core Select Mixed Fund, which raised over 20 billion yuan, indicates a strong market acceptance of floating fee rate funds, reflecting a shift in the public fund industry towards performance-based fee structures [1][2][3]. Group 1: Floating Fee Rate Fund Overview - The China Europe Core Select Mixed Fund became the first product in the second batch of new floating fee rate funds to exceed 20 billion yuan, closing its fundraising period ahead of schedule [1][3]. - This fund was initially set to raise funds from August 4 to August 15, with the final fundraising day moved to August 12 due to high demand [3]. - The floating fee rate mechanism links management fees directly to investor returns, promoting a shared interest between fund managers and investors [2][3][5]. Group 2: Market Dynamics and Competition - The second batch of 12 new floating fee rate funds was approved on July 24, with five being first-time applicants and seven having participated in the first batch [4]. - The early closure of the China Europe Core Select Fund suggests that competition among these new products has intensified [4]. - Analysts believe that as floating fee rate mechanisms gain acceptance, these funds may establish a stable audience among long-term investors [4]. Group 3: Advantages of Floating Fee Rate Products - The floating fee rate structure is designed to align the interests of fund managers and investors more closely, encouraging better risk management and performance [5][6]. - This new fee model emphasizes investor protection and aims to shift the focus of fund companies from merely expanding scale to enhancing investment returns [6][7]. - The mechanism allows for differentiated fee structures based on holding periods, promoting long-term investment while managing liquidity [6]. Group 4: Regulatory Context and Future Outlook - The China Securities Regulatory Commission (CSRC) initiated a reform of public fund fees, introducing floating fee rate products as part of a broader strategy to enhance fund performance and investor returns [7]. - The CSRC's action plan aims for at least 60% of new floating fee rate products to be issued by leading institutions within a year, indicating a significant shift in the industry [7].
第二批新型浮动费率基金来了,12家公募等候发行
Guo Ji Jin Rong Bao· 2025-07-25 13:27
Core Viewpoint - The new floating-rate funds are set to expand, with the second batch of 12 public funds approved, emphasizing a performance-based fee structure that aligns the interests of fund managers and investors [1][3][4] Group 1: Fund Approval and Structure - The second batch of new floating-rate funds has been approved, involving 12 public fund companies, and is about to enter the issuance phase [3] - The first batch of floating-rate funds, which was launched on May 27, raised nearly 26 billion yuan, indicating strong market interest [3][4] - The new funds will maintain a three-tier management fee structure based on performance, with rates of 0.6%, 1.2%, and 1.5% depending on the fund's performance relative to a benchmark [4] Group 2: Industry Implications - The introduction of floating-rate funds represents a significant step in the public fund fee reform, aiming to enhance the alignment of fund management fees with investor returns [3][6] - The second batch of funds includes a wider range of thematic products, such as those focused on manufacturing, high-end equipment, and healthcare, indicating a shift towards more specialized investment strategies [4][6] - The floating-rate fee structure is designed to create a "shared benefits, shared risks" mechanism, potentially improving the investment experience for holders [6]
第二批来了,A股又迎“生力军”!
中国基金报· 2025-07-24 11:28
Core Viewpoint - The approval of the second batch of 12 floating-rate funds marks a significant development in the A-share market, following the successful launch of the first batch which raised nearly 26 billion yuan [2][12]. Summary by Sections Approval of New Funds - On July 24, the second batch of 12 floating-rate funds received approval and will be launched for sale soon [4]. - Among the fund managers, five are applying for the first time, while seven participated in the first batch [4]. Fee Structure - The fee structure remains consistent with the first batch, featuring three tiers: 1.2% (base), 1.5% (upward adjustment), and 0.6% (downward adjustment) [5]. - If investors redeem their funds within one year, a flat base fee applies [6]. Product Diversification - This batch extends beyond general market selection to include industry or thematic products, with four focusing on sectors like manufacturing and healthcare [8][9]. - The performance benchmarks for these products include major indices like the CSI 300 and sector-specific indices [9]. Investment Strategy - The average equity investment allocation for these "A-shares + Hong Kong stocks" products is around 80%, emphasizing equity investment as the primary strategy [10]. - The introduction of differentiated performance thresholds for fee adjustments reflects a deeper commitment to fund performance and investor returns [10]. Market Response and Future Outlook - The first batch's fundraising success indicates strong market interest, with an average of 10 billion yuan raised per product, significantly higher than the average of 4.4 million yuan for other active equity funds this year [12]. - The floating-rate fund model aligns with the regulatory push for high-quality development in the public fund industry, aiming to link management fees directly to investor returns [13][14]. - The ongoing introduction of these products is expected to normalize the floating-rate fund model, enhancing the alignment of interests between fund managers and investors [14].
四大证券报精华摘要:7月14日
Group 1 - Insurance capital is increasingly aligning with patient, strategic, and long-term capital, driven by policy encouragement and growing allocation needs [1] - The number of companies listed on the New Third Board increased by 41% year-on-year in the first half of the year, reaching 158, with a total of 6060 companies by June 30, 2025 [1] - A profound transformation in corporate governance is occurring in China's listed companies, shifting from "formal compliance" to "substantive checks and balances" [1] Group 2 - The A-share market saw the Shanghai Composite Index surpass 3500 points, with a trading volume exceeding 1.7 trillion yuan, driven by the financial sector [2] - Institutions suggest a shift in investment strategy from trading to holding, as the market's risk appetite increases [2] Group 3 - The Shanghai Stock Exchange has implemented new rules for the Sci-Tech Innovation Board, allowing 32 unprofitable companies to enter the growth tier [3] - Foreign long-term capital is increasingly targeting Chinese markets, with significant investments from entities like German pension funds and Barclays Bank [3] Group 4 - The public REITs market is becoming competitive, with a subscription confirmation rate of 0.7755% for a recent REIT offering, indicating high demand [4] - The public fund industry is undergoing significant reforms, with sales institutions transitioning from a commission-based model to a service-oriented approach [4] Group 5 - Major public funds are actively researching high-tech companies in sectors like smart manufacturing and AI, focusing on long-term technological advancements [5] Group 6 - The activity of mergers and acquisitions among state-owned listed companies has surged, with 849 cases reported this year, a 182% increase from the previous year [6] - A new notice from the Ministry of Finance encourages insurance funds to adopt a long-term investment approach, enhancing their tolerance for short-term volatility [6] Group 7 - Several provinces in China have announced the establishment of large-scale industrial funds, with a focus on supporting key technologies and avoiding redundant investments [7]
公募费率改革两周年:累计减费约245亿,从“规模竞赛”到“回报突围”
Di Yi Cai Jing· 2025-07-10 12:41
Core Viewpoint - The public fund industry is experiencing a wave of fee reductions, which is seen as a necessary step to enhance investor experience and shift the focus from scale to performance-driven management [1][4][5]. Group 1: Fee Reduction Actions - Since July 2023, several leading fund companies, including E Fund and ICBC Credit Suisse, have announced reductions in management and custody fees across various fund categories, including bond, mixed, and money market funds [2][3]. - E Fund reduced the custody fee for two bond funds from 0.1% to 0.05%, while also lowering management fees for these funds earlier in May [2]. - ICBC Credit Suisse adjusted the management fee for its mixed fund from 1.2% to 0.8%, and other companies like Guotai Asset Management and Dongwu Asset Management have also made similar fee adjustments [2][3]. Group 2: Impact of Fee Reform - Over the past two years, approximately 4,295 fund products have implemented fee reductions, accounting for over 40% of existing products, with a total fee reduction of 24.467 billion yuan, representing an 11.33% decrease [1][3][5]. - The total fees collected by the public fund industry reached 191.537 billion yuan last year, while the total scale of products was 32.76 trillion yuan, indicating a significant reduction in fees despite a 26.45% increase in total scale compared to the previous year [5]. - The industry is transitioning from a scale-oriented approach to one focused on investor returns, which is expected to enhance the quality of services and investment performance [6][7]. Group 3: Future Directions and Innovations - The industry is exploring new fee structures, such as performance-based floating management fees, which are linked to fund performance, as part of the "Action Plan for Promoting High-Quality Development of Public Funds" [7]. - A total of 26 new floating fee funds have been successfully raised, with 24 products collecting 22.68 billion yuan, indicating a growing acceptance of this model [7]. - Fund companies are also adjusting their performance evaluation mechanisms to focus on long-term investor experience and returns, moving away from short-term scale-driven incentives [7].