中国证监会修订发布《公开募集证券投资基金销售费用管理规定》。主要内容如下：一是合理调降公募 基金认申购费、销售服务费率水平，切实降低投资者成本。二是简化赎回费收费安排，明确赎回费全部 计入基金财产。三是明确对投资者持有期限超过一年的基金份额（货币市场基金除外），不再收取销售 服务费，鼓励长期持有。四是设置差异化的客户维护费支付比例上限，鼓励大力发展权益类基金。五是 强化基金销售费用规范，明确基金销售结算资金利息归属于投资者，要求基金投顾业务不得双重收费。 六是建立基金行业机构投资者直销服务平台，为基金管理人直销业务发展提供高效、便捷、安全的服 务。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has revised the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds" to lower investor costs and promote high-quality development in the public fund industry [1] Group 1: Fee Adjustments - The maximum subscription fees for stock funds, mixed funds, and bond funds have been reduced to 0.8%, 0.5%, and 0.3% respectively, encouraging sales institutions to offer further discounts [2] - The redemption fee will now be fully included in the fund's assets, simplifying the fee structure from four tiers to three, and optimizing the redemption fee arrangements for different holding periods [2] - The maximum sales service fees for stock funds, mixed funds, index funds, and bond funds have been lowered to 0.4% per year, 0.2% per year, and 0.15% per year respectively, with no sales service fees charged for fund shares held for over one year (excluding money market funds) [2] Group 2: Focus on Client Services - The current maintenance fee ratio of 50% for individual clients and 30% for institutional investors in equity funds will remain unchanged, with encouragement for sales institutions to enhance personal client service capabilities [2] Group 3: Legal and Operational Framework - The legal basis and functional positioning of the Fund Industry Institutional Investor Direct Sales Service Platform (FISP platform) have been clarified, promoting engagement with the platform for fund subscription and redemption [2] - Other modifications include stipulations on the allocation of interest from idle funds in clearing accounts to fund assets and the prohibition of dual charging in fund advisory services [3]