Core Viewpoint - The recent fee reform in China's public fund industry marks a significant step towards reducing investor costs and shifting the focus from scale-driven growth to professional competence and effective returns [2][3][4]. Group 1: Fee Reform Details - The China Securities Regulatory Commission has revised the sales fee management regulations for publicly offered securities investment funds, indicating the final phase of fee reform [2]. - The maximum subscription and purchase fees for stock funds have been reduced from 1.2% and 1.5% to 0.8%, while mixed funds have seen a reduction from 1.2% and 1.5% to 0.5% [2]. - Bond funds' maximum subscription and purchase fees have decreased from 0.6% and 0.8% to 0.3%, and the sales service fee for stock and mixed funds has been lowered from 0.6% per year to 0.4% per year [2]. - Index and bond funds' sales service fees have been cut from 0.4% per year to 0.2% per year, and money market funds' sales service fees have decreased from 0.25% per year to 0.15% per year [2]. Group 2: Implications for the Industry - The fee reform is expected to enhance the competitiveness of public funds by encouraging a shift from a focus on scale to a focus on professional investment capabilities and long-term performance [3][4]. - The existing front-end fee model has limited the competitive spirit and professional development of public funds, making them less responsive to market changes compared to private funds [3]. - A new institutional framework is needed to align the interests of fund managers, custodians, and investors, promoting a shared incentive model that fosters trust and competition within the public fund market [4][5]. Group 3: Future Directions - The fee reform is seen as a new starting point for the public fund industry, emphasizing the importance of professional capabilities and trust-based relationships in the capital market [5]. - The industry is encouraged to explore back-end profit-sharing models to better serve investors and enhance market competitiveness [4][5].

2025.09. 08 作者 | 一财评论员 费率改革再次开启机构改革新征程。 5日，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（征求意见稿）》，作为分阶段推进费率改革的"最后关键一步"，这预示公募基 金行业费率改革进入收官阶段。 这次费率改革力度空前，股票型基金的认购费率、申购费率上限由1.2%、1.5%调降至0.8%，混合型基金的认购费率和申购费率上限由1.2%、1.5%调 降至0.5%，债券型基金的认购费率、申购费率上限由0.6%、0.8%调降至0.3%，股票型基金和混合型基金销售服务费率上限由0.6%/年调降至0.4%/年， 指数型基金和债券型基金的销售服务费上限由0.4%/年调降至0.2%/年，货币市场基金的销售服务费率上限由0.25%/年调降至0.15%/年。 显然，基于资本市场高质量发展的视角，要真正健康发展，需围绕服务好投资者搭建新的制度框架和激励约束兼容机制，真正从制度上和机制设计上， 使基金管理人、托管人与投资者的利益同频共振。 为此，在稳步推进费率改革的同时，适度引导公募基金探索投资收益分享的后端提成模式，这将推动公募基金从牌照经济和规模经济，转向投资专业能 力的业绩分享模 ...