证监会于2025年12月31日发布《公开募集证券投资基金销售费用管理规定》（以下简称"《公募销售新规》"），自2026年1月1日正式实施，不符合规定 的老产品在12个月以内予以调整。《公募销售新规》共有6章29项，一方面从产品类型、持有人类型、销售渠道等维度区分四大类销售费用（认申购费、 销售服务费、赎回费、客户维护费）的差异，另一方面也明确了基金销售费用的规范措施。从多个维度进一步降低了基金投资者投资成本，规范了公募基 金销售市场秩序，保护了基金投资者合法权益。 本文将围绕《公募销售新规》中的具体举措，结合公募基金过往的发展情况以及客观数据，分析可能对公募基金行业带来的影响，为投资者提供参考。 1. 《公募销售新规》对不同公募产品的影响 1.1 四大类费用的变化：根据产品类型、持有人类型、销售渠道等差异化设置 1、认申购费率：相对现有费率水平有明显下降，指数基金与债券基金适用同一费率。 （1）主动偏股基金的最高费率为0.8%，其他混合基金的最高费率 为0.5%，债券型与指数型基金的最高费率为0.3%，其他基金可以参照上述费率水平约定收取标准；（2）按照产品类型的划分，指数增强基金属于指数 型基金，认申购费率 ...

（来源：经济参考报） 今年以来，债券ETF市场高歌猛进，连续突破六个千亿级整数关口。记者梳理iFinD数据发现，截至12 月18日，53只债券ETF总规模累计7312.92亿元，较年初规模增长5572.58亿元，增幅达到320.20%；年内 资金净流入4559.11亿元，较去年全年的资金净流入额（820.98亿元）增长455.33%。 科创债ETF贡献近半增量 自2018年ETF发展元年以来，ETF规模的持续增长备受市场关注。 iFinD数据显示，截至12月18日，全市场存量ETF的市场规模已从2018年初的3540.59亿元攀升至5.79万 亿元，年内增长2.06万亿元，股票ETF、债券ETF、跨境ETF、商品ETF、货币ETF年内市场规模增量分 别为7973.17亿元、5572.58亿元、5005.82亿元、1703.76亿元、307.45亿元。 2024年5月，债券ETF规模首次突破千亿元关口。回溯今年数据，债券ETF规模在2月站上2000亿元台 阶，6月突破3000亿元，7月连续跨越4000亿元和5000亿元，9月突破6000亿元，10月突破7000亿元大 关，年内已经连续突破六个千亿级关口。全市场5 ...

Core Viewpoint - The recent draft of the "Regulations on the Sales Behavior of Publicly Raised Securities Investment Funds" aims to standardize fund sales practices, addressing issues such as the excessive focus on sales scale and unregulated live streaming activities in the industry [1] Group 1: Sales Behavior Regulations - The draft emphasizes that performance evaluation metrics for fund sales should increase the weight of equity fund retention and investor profit and loss situations, moving away from prioritizing sales revenue and scale [1][7] - Fund managers and sales institutions are required to objectively and comprehensively present fund performance, ensuring that past performance does not imply future returns, and must not promise future profits in any form [2][3] Group 2: Marketing and Promotion Guidelines - Fund managers and sales institutions must avoid misleading promotional language and cannot advertise fund size or growth, focusing instead on the investment team's capabilities and the fund's utility [3] - The new regulations prohibit the use of terms that may downplay risks, such as "positive returns" or "positive return probability," ensuring that risk indicators are clearly communicated alongside performance data [2][3] Group 3: Live Streaming Regulations - The draft mandates that fund managers and sales institutions must implement appropriate risk control measures when conducting live streaming, ensuring compliance and risk management capabilities are aligned with the nature of the live business [4][5] - Only qualified personnel can present fund-related content during live streams, and all promotional materials must be retained for a minimum of 20 years [5][6] Group 4: Performance Evaluation Mechanism - The revised performance evaluation mechanism for fund sales must align with operational performance, financial status, and compliance, discouraging short-term sales behaviors that could lead to risks [7][8] - The focus on equity fund retention and investor profit and loss in the evaluation criteria aims to shift the emphasis from merely selling products to ensuring customer profitability, thereby enhancing advisory service capabilities [8]

资料来源：DM查债通 此前据本报记者报道，短期债基本身的收益率已处于较低水平，新规预计将继续压缩其收益空间，对短 债基金较为不利。 许多机构资金使用短债基金进行流动性管理，习惯于快进快出，明确赎回费后，可能导致其投资收益大 幅缩水。 利率债方面，相比此前多日接连下跌的走势，截至10日下午发稿时，多数品种以上涨为主。 从1年期到超长期国债品种，收益率当日均实现1bp以内的小幅下行。国开债、口行债和农发债则呈现分 化格局，短端品种表现偏弱，中长端品种则出现小幅上涨。 回顾近期债市的大幅调整，部分投资机构一度表示"有点慌"，市场情绪偏向空头，卖盘力量占据主导， 超长期债券面临的抛压尤为明显。 12月4日，30年期超长债收益率在当天盘中曾单日上行4个基点；12月8日盘中，30年期国债期货价格一 度跌至111.69元，创下年内新低。10年期国债活跃券250016的收益率从12月1日的1.82%上升至12月4日 最高的1.86%，随后在1.84%附近区间波动。 记者注意到，临近跨年，央行对资金面的呵护意图依然明显，整体维持相对宽松的环境，成为市场的一 大"稳定器"。银银间市场资金面整体保持稳定，DR001加权平均利率持续 ...

| CFFEX 30年期国债期货 « | | > | CFFEX 5年期国债期货 [ | | A | | --- | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌幅 | | | | | | | | 名称 | 现价 | 涨跌幅 | | 30年主连 | 112.450 | -1.04% | 5年主连 | | | | TL.CFE | | | | 105.595 | -0.24% | | | | | TFCFE | | | | TL2512 | 113.000 | -0.69% | TF2512 | | | | TL2512 CFE | | | | 105.615 | -0.15% | | | | | TF2512.CFE | | | | TL2603 | 112.450 | =1.04% | TF2603 | | | | TL2603.CFE | | | | 105.595 | -0.24% | | | | | TF2603.CFE | | | | TL2606 | 112.610 | -1.02% | TF2606 | | | | TL2606.CFE | | | T ...

12月4日，债券市场大幅下跌。国债期货全线飘绿，30年期国债期货主力合约盘中创2024年11月23日以来新低。现 券市场上，30年期、10年期国债活跃券收益率上行。 国债期货全线飘绿 | CFFEX 30年期国债期货 △ | | > | CFFEX 5年期国债期货 C | | A | | --- | --- | --- | --- | --- | --- | | 名称 | 现价 | 涨跌幅 | 名称 | 现价 | 涨跌幅 | | 30年主连 TL.CFE | 112.450 | -1.04% | 5年主连 | 105.595 | -0.24% | | | | | TFCFE | | | | TL2512 TL2512 CFE | 113.000 | -0.69% | TF2512 | 105.615 | -0.15% | | | | | TF2512.CFE | | | | TL2603 TL2603.CFE | 112.450 | -1.04% | TF2603 | 105.595 | -0.24% | | | | | TF2603 CFE | | | | TL2606 TL2606.CFE | 112.6 ...

Group 1 - The domestic bond market is under pressure, with long-term bond yields rising, particularly the 10-year government bond yield approaching 1.84% [2][3] - Concerns about the redemption of "fixed income +" funds and the implementation of new public fund sales regulations are contributing to market anxiety [2][4] - The recent debt extension issues faced by Vanke have negatively impacted market sentiment, primarily affecting credit bonds but also influencing interest rate bonds due to redemption pressures [2][5] Group 2 - Analysts suggest that the bond market's incremental positive factors are limited, and the direction of monetary policy remains unclear, leading to weak overall market sentiment [4][6] - The People's Bank of China (PBOC) has been conducting net withdrawals in the open market, but overall liquidity remains ample, with a recent net injection of 564 billion yuan [4][5] - Expectations for interest rate cuts are diminishing, with analysts indicating that if the Federal Reserve cuts rates in December, it could provide more room for domestic rate cuts [6][7] Group 3 - The adjustment of banks' deposit structures, particularly the removal of 5-year fixed deposit products, may signal a shortening of the duration of bank liabilities, impacting their bond holding behavior [7][8] - The PBOC's emphasis on maintaining reasonable interest rate relationships is seen as a key reference for the trend of long-term bond yields [8]

Core Viewpoint - The bond market is experiencing a tug-of-war between bullish and bearish forces, with increased difficulty in investment compared to last year, influenced by various factors including policy changes and market dynamics [1][4][7]. Group 1: Market Performance - On October 9, the first trading day after the National Day holiday, both the stock and bond markets saw gains, with government bond futures rising across the board [2][3]. - Major interest rate bonds in the interbank market saw a general decline in yields, with the 10-year government bond yield dropping by 0.6 basis points to 1.777% [2][3]. - The bond market has shown a wide fluctuation in yields this year, with the 10-year bond yield fluctuating nearly 15 basis points since its issuance [3][8]. Group 2: Investment Challenges - The investment returns from banks have significantly weakened year-on-year, impacting their profitability [1][7]. - The introduction of new public fund sales regulations and the resumption of value-added tax on bond interest income are causing institutions to adjust their strategies [7][9]. - The bond market's "dull knife cutting meat" trend has led to increased pressure on investors, with many institutions facing challenges in navigating the current market environment [8][9]. Group 3: Future Outlook - Analysts express cautious optimism for the bond market, noting that while trading enthusiasm may slightly recover, overall trading space remains limited [1][6]. - The market is closely monitoring the impact of the "15th Five-Year Plan" and the implementation of new public fund sales regulations [1][6]. - There is a consensus that even if the fundamental data remains poor in the fourth quarter, the continued loose monetary policy may not significantly lower bond yields [5][6].