2026年1月1日，《公开募集证券投资基金销售费用管理规定》（下称《规定》）正式实施，取代已 施行十余年的旧规。笔者认为，应大力推广《规定》明确的FISP平台直销模式，有效降低基金投资者成 本。 《规定》专设第四章"基金行业机构投资者直销服务平台"（FISP平台），明确基金管理人、基金托 管人可接入直销服务平台，开展基金直销相关业务；机构投资者也可以接入直销服务平台，开展基金投 资。基金销售费用一般包括基金的认（申）购费、赎回费和销售服务费。而根据《规定》第八条，基金 管理人销售其管理的基金，不得收取认（申）购费和销售服务费。也就是说，机构投资者通过FISP平台 享受基金直销服务，可以免去认（申）购费和销售服务费。那么，这一平台是否也可以向个人投资者开 放？ 当前，个人投资者购买基金，多数仍依赖银行、券商以及第三方独立销售机构等营销网络。这套体 系在普及金融产品的同时，也增加了投资者负担，其实质是基金管理人为获取渠道流量而支付的"过路 费"。尽管《规定》大幅压降了相关费率上限，但只要多层分销格局不变，中间渠道就必然需要抽成以 维持运营。 在这一直销模式下，管理人支付给外部渠道的费用将大幅减少，投资者的成本将主 ...

Core Insights - The bond fund market is experiencing significant turbulence as year-end approaches, with ongoing redemption pressures following a substantial net redemption of over 470 billion units in the third quarter [2][4] Redemption Trends - The bond fund category has faced the most severe outflows in the second half of the year, with total bond fund shares decreasing by approximately 474.4 billion units from the end of the second quarter to the end of the third quarter, resulting in a scale reduction of about 169.5 billion yuan [4][5] - Long-term pure bond funds have been the primary drivers of redemptions, accounting for over 90% of the total net outflows [5] - As of December 2, over 60 bond funds have announced increases in net asset value precision due to large redemptions, indicating ongoing pressure in the fourth quarter [6] Market Dynamics - The bond fund market is undergoing a structural shift, with pure bond funds being re-evaluated for their "stabilizer" function, while "fixed income plus" products are gaining prominence for their balanced advantages [2][3] - Despite the redemption pressures, some bond ETFs are seeing growth in scale, suggesting a divergence in investor behavior between different types of bond products [8] Underlying Factors - The current redemption wave is attributed to three main factors: the siphoning effect from the stock market, poor performance of bond funds, and uncertainty surrounding policies [10] - The stock market has shown a significant profit-making effect, with the Shanghai Composite Index rising over 16% and the ChiNext Index increasing over 43% year-to-date, prompting a shift of funds from bonds to equities [11] - Concerns regarding the upcoming public fund sales fee management regulations are contributing to the redemption pressures, as market participants fear potential changes in liquidity management functions of bond funds [11]

Group 1 - The core viewpoint of the article highlights a significant wave of redemptions in the bond fund market, driven by market style shifts, policy expectations, and institutional behaviors, leading to a re-evaluation of the roles of pure bond funds and "fixed income plus" products [2][14][19] - As of December 2, at least 60 bond funds have announced adjustments to their net asset value precision due to large redemptions, indicating ongoing redemption pressure in the fourth quarter [2][8] - The bond fund market has seen a substantial decline in total shares, with a reduction of approximately 4.74 billion shares and a decrease in scale by about 169.5 billion yuan from the second to the third quarter [5][6] Group 2 - The redemption trend is particularly pronounced in medium- to long-term pure bond funds, which account for over 90% of the total net redemptions [6] - The article notes that while traditional pure bond funds are experiencing significant outflows, "fixed income plus" products are gaining traction, reflecting a structural reallocation of funds [19][20] - The article identifies three main drivers for the current redemption wave: the stock market's attractive performance, poor bond fund returns, and uncertainties surrounding policy changes [14][15][16] Group 3 - The stock market has shown a notable upward trend, with the Shanghai Composite Index rising over 16% and the ChiNext Index increasing over 43% year-to-date, which has incentivized funds to shift from bonds to equities [15] - Concerns regarding new regulations on public fund sales fees are contributing to the redemption pressure, as market participants fear potential impacts on bond fund liquidity management [16][17] - Despite the short-term pressures, industry experts believe that the fundamental value of bond funds as a stabilizing asset class remains intact, and there may be new investment opportunities once market conditions stabilize [21][22]