Group 1 - The new public fund sales regulations have been released, resulting in significant fee reductions across the board [3][4] - For actively managed equity funds, subscription and redemption fees cannot exceed 0.8%, while index and bond funds are capped at 0.3% [4] - The sales service fee for C shares has also been reduced, with a maximum of 0.4% for the first year of actively managed equity funds and 0.2% for index funds, with no fees applicable from the second year onward [4] Group 2 - Redemption fees for both A and C shares have a minimum threshold: 1.5% for redemptions within 7 days, 1% for 7-30 days, and 0.5% for 30-180 days [4] - The new regulations encourage long-term holding, with a specific mention of a minimum holding period of 180 days to avoid high redemption fees [5][7] - Fund companies may offer different redemption fee rates for individual investors holding for more than 7 days, but this is not mandatory [6][7] Group 3 - The article suggests that investors should consider opening an account for trading ETFs directly, as this offers better liquidity and lower transaction fees [8] - There is a note on the recent performance of the semiconductor sector, indicating that existing holders can remain optimistic, while new investors should avoid chasing prices [11]

Core Viewpoint - The article highlights the "invisible costs" associated with mutual fund investments, particularly focusing on various fees that can significantly impact investor returns. Group 1: Management Fees - Management fees are the highest component of fund expenses, calculated daily based on the previous day's net asset value and paid monthly, independent of fund performance [1][2] - For example, a mutual fund with a 1.5% annual management fee on a 100,000 yuan investment incurs approximately 1,500 yuan in management fees over a year [2] Group 2: Fee Rate Differences - Different types of funds have varying fee structures, with money market funds having the lowest management fees (0.15%-0.33%), index funds at 0.5%-1%, and actively managed funds ranging from 1.2%-2% [4] - For instance, holding 100,000 yuan in a money market fund incurs about 300 yuan in management fees annually, while an actively managed fund could cost up to 1,800 yuan, a sixfold difference [4] Group 3: Additional Fees - Subscription fees are charged when purchasing funds, while redemption fees apply when selling them, with rates typically between 0.8%-1.5% [7] - Investors can save significantly by using discount platforms for subscriptions, where fees can be reduced to as low as 0.1% of the original rate [7] Group 4: Cost Reduction Strategies - The article suggests three strategies to lower investment costs: selecting funds with lower management and custody fees, utilizing discount platforms for subscriptions, and extending the holding period to avoid redemption fees [9][10] - For example, a comparison between A-class and C-class shares shows that C-class shares can be more cost-effective for short-term holdings due to the absence of subscription fees [10]