【导读】《公开募集证券投资基金销售费用管理规定》正式实施，构建公募行业高质量发展新生态 今年1月1日，《公开募集证券投资基金销售费用管理规定》（以下简称《规定》）正式实施，标志着公 募基金行业历经两年多的费率改革终于全面落地。 该《规定》引发市场关注，工行、中行、交行、富国基金等头部机构积极发声。这些机构表示，公募基 金费率改革有助于稳步降低投资者投资成本，提升投资者获得感，进一步推动行业转型和高质量发展。 强化投教与陪伴。围绕"长期投资、价值投资、理性投资"理念，制作通俗易懂的投教材料，举办线上线 下讲座。引导投资者关注费率下调后的真实投资成本变化，理解投资风险与收益的匹配关系，避免单纯 因费率降低而做出非理性决策。加强市场波动期的客户陪伴服务，提供专业、客观的意见。 优化服务体验。持续提升工商银行基金频道的易用性、信息展示的友好性，以及咨询服务的响应速度与 专业水平。充分利用金融科技手段，为客户提供更精准的资产诊断、组合分析及个性化服务。 加强培训传导。组织全行基金销售人员、客服人员及运营支持人员进行专题培训，确保一线人员能够准 确、清晰地向投资者传达政策变化。 费率改革对工商银行基金销售业务模式提出了更 ...

[Table_Page] 跟踪分析|证券Ⅱ [Table_Title] 证券Ⅱ行业 公募销售费改平稳落地，框架完善兼顾市场关切 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2026-01-04 [Table_PicQuote] 相对市场表现 -10% -2% 6% 14% 22% 30% 01/25 03/25 05/25 08/25 10/25 12/25 证券Ⅱ 沪深300 [分析师： Table_Author]陈福 SAC 执证号：S0260517050001 SFC CE No. BOB667 0755-82535901 chenfu@gf.com.cn 分析师： 严漪澜 SAC 执证号：S0260524070005 0755-82544248 yanyilan@gf.com.cn 请注意，严漪澜并非香港证券及期货事务监察委员会的注 册持牌人，不可在香港从事受监管活动。 | DocReport] [Table_ 相关研究： | | | --- | --- | | 证券行业 2026 年投资策略: | 2025-12-04 | | 本 ...

2025年12月31日，备受市场关注的《公开募集证券投资基金销售费用管理规定》（以下简称"《管理规 定》"）正式发布，并于2026年1月1日起实施。作为公募基金行业发展的重要里程碑，此次销售费率改 革的落地标志着历时近三年公募基金行业费率改革的平稳落地。富国基金表示，《管理规定》是深化落 实新"国九条"、推动行业向高质量发展转型的关键落子，深刻践行了"以投资者为本"的核心理念，通过 调降认申购费及销售服务费、优化赎回安排、鼓励长期持有、坚持权益类基金发展导向、规范销售费 用、搭建机构投资者直销服务平台等六大核心安排，切实让利于投资者，引导长期投资，将为行业健康 可持续发展和资本市场活力增强注入强劲动力。 精准让利 惠及每一位持有人 具体来看，本次销售费率改革招招惠民，直击销售环节核心，以四大可量化、可感知的核心举措清晰展 现了改革的决心与诚意。 三大关键转变 开启行业高质量发展新篇 值得注意的是，《管理规定》在此前征求意见稿的版本上，进行了多项条款的优化完善，旨在切实堵漏 洞、补空白、提效能，全力维护公募基金销售市场的健康秩序。本次改革将"保护基金份额持有人合法 权益"写入制度设计核心，推动行业实现三大关键转 ...

Group 1: Federal Reserve Rate Cut - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 4.00% to 4.25%, resuming the rate cuts paused since December of the previous year [2] - The decision is expected to lead to a downward trend in the US dollar and US Treasury yields, positively impacting gold and overseas assets [2] - The A-share market is anticipated to continue its upward trend, with technology growth sectors expected to benefit the most [2] Group 2: Securities Firms and Compliance Issues - Hunan Securities Regulatory Bureau issued a warning to Huabao Securities for violating client solicitation regulations [3] - The A-share market has shown increased trading activity, but some securities firms are engaging in non-compliant practices to capture market share [3] Group 3: Fund Manager Changes - Recent announcements indicate that high-performing fund managers are likely to leave their positions, with new managers being appointed to their funds [4] - The trend of fund manager turnover is attributed to the high-quality development action plan for public funds and the increasing "Matthew effect" in the industry [4] Group 4: ETF Fund Applications - There has been a surge in applications for chemical-themed funds, with four new funds submitted for approval in September [5][6] - The increased interest in chemical funds is driven by positive investment outlooks and expectations of a new supply-side reform in the industry [6] Group 5: Public Fund Sales Fee Reform - The China Securities Regulatory Commission has introduced a sales fee reform plan aimed at reducing investor costs and enhancing the quality of the fund industry [7][8] - The reform includes measures to lower subscription fees and regulate advisory services, addressing industry pain points [8] Group 6: REITs Market Trends - The public REITs market experienced a decline, with the overall index down by 0.81% as of September 12 [11] - The decline was observed across various project types, with only a small number of REITs showing positive performance [11] Group 7: Securities Firms' Dividend Policies - A total of 28 out of 42 listed securities firms announced plans for mid-term dividends, with a total proposed payout of 18.797 billion yuan, marking a nearly 40% increase from the previous year [12] Group 8: International Asset Management Developments - DWS, a major European asset management firm, plans to launch an ETF tracking the CSI A500 index in October, aiming to provide new investment opportunities in Chinese assets [13] - The firm believes that international investors will soon recognize their underexposure to the Chinese market [13] Group 9: Private Fund Issues - A private fund has been implicated in illegal fundraising activities, leading to police intervention and the disappearance of a key executive [18] - The case highlights ongoing concerns regarding compliance and regulatory oversight in the private fund sector [18]

Group 1: Federal Reserve Rate Cut - The Federal Reserve lowered the benchmark interest rate by 25 basis points to a range of 4.00% to 4.25%, restarting the rate cut cycle that had been paused since December of the previous year [2] - This decision is expected to lead to a continued downward trend in the US dollar and US Treasury yields, positively impacting gold and overseas assets [2] - The A-share market is anticipated to maintain its momentum, with technology growth sectors expected to benefit the most from the rate cut [2] Group 2: Fund Manager Changes - Recent announcements indicate that high-performing fund managers are likely to leave their positions, as seen with the addition of new managers to funds managed by Jiang Feng and Liu Peng [4] - The trend of fund manager turnover is attributed to the high-quality development action plan for public funds and the increasing "Matthew effect" in the industry, prompting some managers to move to larger platforms or private equity [4][6] Group 3: Public Fund Sales Fee Reform - The China Securities Regulatory Commission has introduced a sales fee reform plan aimed at reducing investor costs and promoting high-quality development in the public fund industry [7] - Key highlights of the reform include enhancing personal customer service, promoting direct sales to institutional investors, and regulating advisory services to prevent double charging [8] - The reform is seen as a significant step towards reshaping the public fund sales ecosystem and addressing industry pain points [8] Group 4: Chemical Theme Fund Launches - There has been a surge in the number of chemical theme funds being launched, with four new funds reported in September alone, indicating increased enthusiasm from fund companies towards this sector [5][6] - The optimism is driven by expectations of a global economic recovery and supply-side reforms in the chemical industry, which are seen as potential turning points for investment opportunities [6] Group 5: REITs Market Performance - The public REITs market experienced a downturn, with the China Securities REITs total return index falling by 0.81% as of September 12 [13] - Among the 74 publicly listed REITs, only 12 saw an increase in value, while 61 experienced declines, highlighting a challenging environment for the sector [14] Group 6: Private Fund Issues - A private fund has come under scrutiny for illegal fundraising activities, leading to the arrest of key individuals involved [23][24] - This incident reflects ongoing regulatory challenges within the private fund sector and the need for increased compliance measures [23]

Group 1 - The China Securities Regulatory Commission (CSRC) is undergoing a disciplinary review and investigation regarding its chairman Yi Huiman for serious violations of discipline and law [1] - As of August 2025, China's foreign exchange reserves reached $33,222 billion, an increase of $29.9 billion from the end of July, marking a rise of 0.91% [1] - The People's Bank of China has increased its gold reserves for ten consecutive months, with the official gold reserves reaching 74.02 million ounces, an increase of 60,000 ounces from the previous month [1] Group 2 - New regulations on public fund sales fees have been introduced, reducing the maximum subscription and purchase fees for stock funds from 1.2% and 1.5% to 0.8%, and for mixed funds from 1.2% and 1.5% to 0.5% [2] - The overall reduction in fund sales fees is estimated to be around 30 billion yuan annually, representing a decrease of approximately 34% [2] Group 3 - The retail industry in China has shown positive trends, with the retail industry prosperity index reaching 50.6% in September, an increase of 0.5 percentage points month-on-month, marking an eight-month high [3] - The e-commerce sector has returned to an expansion phase, with the total number of online goods increasing by 0.8 percentage points compared to the previous month [3] Group 4 - OpenAI has significantly raised its projected cash burn to $115 billion by 2029, an increase of $80 billion from the previous estimate of $50 billion, while also raising its revenue forecast for 2030 by approximately 15% [4] - The revenue forecast for 2030 is now expected to exceed $200 billion, up from the previous estimate of $174 billion [4] Group 5 - Semiconductor company SMIC is planning to acquire 49% of its subsidiary, SMIC North Integrated Circuit Manufacturing, through an A-share issuance [5] - The stock of SMIC has been suspended since September 1 due to this acquisition plan, which is still subject to uncertainties [5] Group 6 - Kweichow Moutai's controlling shareholder has received a loan commitment from Agricultural Bank of China for up to 2.7 billion yuan to support stock buyback plans, with the buyback amount expected to be between 3 billion and 3.3 billion yuan [5]

Core Viewpoint - The revised regulations aim to reduce costs for investors by lowering subscription fees, purchase fees, and sales service fee rates, which is expected to save investors approximately 30 billion yuan annually [1][3][5]. Group 1: Cost Reduction for Investors - The regulations focus on reducing the costs associated with public funds, including subscription fees, purchase fees, and sales service fees, thereby enhancing the investment experience for investors [2][3]. - The expected reduction in fees is projected to reach 34%, translating to annual savings of around 30 billion yuan for investors [3][4]. - Cumulatively, the fee reduction reforms across three phases are anticipated to benefit investors by over 50 billion yuan each year [3]. Group 2: Encouraging Long-term Investment - The regulations promote long-term holding by eliminating sales service fees for investors who hold equity, mixed, and bond funds for over a year [4][5]. - The optimization of redemption fees and sales service fees is designed to shift the focus from short-term trading to long-term investment, enhancing investor trust and experience [4][6]. - The reforms are expected to attract more long-term capital into the market, thereby stabilizing market expectations and reducing volatility caused by frequent trading [5][6]. Group 3: Development of Equity Funds - The regulations emphasize the development of equity funds by setting differentiated caps on trailing commission payment ratios, encouraging fund sales institutions to focus on equity fund services [7][8]. - The cap on customer maintenance fees for equity funds is maintained at a maximum of 30%, while for non-equity funds, it is reduced to 15%, incentivizing the growth of equity fund business [7]. - The competition in the industry is expected to shift towards enhancing investment research capabilities and aligning products with customer needs, fostering high-quality development [8].

Core Viewpoint - The recent revision of the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" aims to reduce investor costs and promote long-term investment behavior in the industry [1][2][3]. Summary by Sections Regulatory Changes - The revised regulations include a reduction in subscription fees, purchase fees, and sales service fee rates, which is expected to save investors approximately 30 billion yuan annually [1][3]. - The reform focuses on the sales aspect, directly alleviating the trading and holding burdens for investors, thereby enhancing their investment experience [2][3]. Impact on Investor Behavior - The regulations encourage long-term holding by eliminating sales service fees for investors who hold equity, mixed, and bond funds for over a year [3][4]. - The changes are designed to shift the industry focus from scale-driven growth to investor return and satisfaction, fostering a healthier development model [2][4]. Market Implications - The reduction in fees is anticipated to attract more long-term capital into the market, enhancing the stability and resilience of the capital market [5]. - The reforms align with regulatory efforts to promote the entry of medium- to long-term funds, potentially bringing significant incremental capital to the market [5]. Development of Equity Funds - The regulations emphasize the development of equity funds by setting differentiated limits on trailing commission payments, encouraging sales institutions to enhance their service capabilities [6]. - The industry is expected to shift towards a buyer-oriented model, focusing on investment advisory services and deepening client relationships [6].

Core Viewpoint - The recent revision of the public fund sales fee management regulations aims to significantly reduce costs for investors and improve the operational efficiency of fund sales institutions, marking a critical step in the phased fee reform process [1][2][6]. Group 1: Key Highlights of the Sales Fee Reform - The reform includes a substantial reduction in subscription and redemption fees, with stock fund subscription fees reduced from 1.2% to 0.8%, mixed fund fees from 1.2% to 0.5%, and bond fund fees from 0.6% to 0.3% [2][6]. - The sales service fee rates are also lowered, with stock and mixed funds reduced from 0.6% to 0.4% per year, and bond and index funds from 0.4% to 0.2% per year [2][6]. - The overall fee reduction is estimated to save investors approximately 30 billion yuan annually, representing a 34% decrease based on average data from the past three years [2][6]. Group 2: Optimization of Redemption Fee System - The reform optimizes the redemption fee structure by ensuring that all redemption fees are allocated to the fund's assets, encouraging sales institutions to focus on providing ongoing services rather than short-term gains [3][7]. - A unified redemption fee standard is established, promoting long-term holding of funds by investors [3][7]. - Funds held for over a year will no longer incur sales service fees, further incentivizing long-term investment [3][4]. Group 3: Focus on Personal Client Services and Equity Fund Development - The reform emphasizes the importance of personal client services, maintaining a cap on client maintenance fees at 50% of management fees for individual investors, which encourages better service from sales institutions [3][4]. - For institutional investors, the maintenance fee cap for equity funds remains at 30%, while it is reduced to 15% for bond and money market funds, promoting the development of equity funds [4][6]. Group 4: Establishment of Direct Sales Service Platform - A new direct sales service platform for institutional investors is being established to address high operational costs and inefficiencies in the industry, providing a standardized and automated service for fund investments [5][6]. - This platform aims to enhance data interaction and streamline processes for various institutional investors [5][6]. Group 5: Historical Context of Fee Reforms - The current round of public fund fee reforms has been ongoing for over two years, divided into three phases, cumulatively saving investors over 50 billion yuan [6][7]. - The first phase focused on reducing management and custody fees, while the second phase targeted trading commission rates, leading to significant annual savings for investors [6][7].