Core Viewpoint - The public fund fee reform is advancing from "fee reduction and benefits" to "mechanism reconstruction" [1][10] Group 1: Fee Structure Innovation - Several fund companies are preparing to report the first batch of innovative fee structure funds, which will implement a more detailed charging method based on individual investors, holding time, and annualized returns [2][3] - The new fee structure will allow fund managers to charge only a basic management fee if the holding period is less than 365 days, while fees will be linked to performance for longer holding periods [2][3] - The innovative funds will feature a dual incentive mechanism, where excess returns are shared and poor performance leads to fee refunds, thus enhancing the responsibility of fund managers [7][10] Group 2: Historical Context and Progress - Since the implementation of the fund fee reform plan in July 2023, the public fund industry has been steadily optimizing its fee structure through a three-step approach [8][9] - The first and second phases of the fee reform have already been executed, with many leading fund companies reducing management fees for active equity funds to 1.2% and custody fees to 0.2% or lower [9] - As of now, over 3,500 public funds have lowered their management and custody fees, saving investors hundreds of billions [9] Group 3: Future Implications - The introduction of the "thousand-person, thousand-face" fee model signifies a shift towards a market-oriented ecosystem that prioritizes investor interests over mere scale [10] - The reform aims to bind the interests of fund companies and investors more closely, promoting a high-quality development trajectory for the public fund industry [10]