Q&A 基金销售费率新规的正式稿与之前的征求意见稿相比有哪些变化? 基金销售费率新规的正式稿与征求意见稿相比,主要有两大变化。首先,对于个 人投资者,新规允许其持有指数型基金和债券型基金满7天后可以另行约定赎回 费收费标准,而征求意见稿中则要求个人投资者按照股票型基金和混合型基金一 样的赎回费安排,即 7 天以内、7 30 天、30 180 天分别收取不同下限的赎回费。 其次,对于机构投资者,新规对其持有债券型基金进行了优化,只要持有满 30 天即可另行约定赎回费标准,而征求意见稿中对机构投资者在不同期限内设置了 明确的服务费下限。这些调整显著降低了短期交易成本,提高了市场流动性。 更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 "新规"扰动落地,债市修复可期 20260104 摘要 · 二级资本债(永续债)品种存在交易机会,此前因预防性管理导致公募大 量卖出,收益率出现明显调整,新规落地可能带来较好的交易窗口。 更多资料加入知识星球:水木调研纪要 关注公众号:水木纪要 新规落地后,对公募债基会产生哪些影响? 新规落地后,对公募债基将产生以下几个方面的影响。首先,短期来看,由于正 式稿相较于征求意见 ...

变化一，新规正式稿第十条内容对债券基金的赎回费率设置规则追加了补充说明，"对于个人投资者持续持有期限满七日的指数型基金、债券型基金份 额， 以及对于机构投资者持续持有期限满三十日的债券型基金份额，基金管理人可以另行约定赎回费收取标准"。 而在此前的征求意见稿版本中，债券型基金需与股票型基金、混合型基金平等地参考"对持续持有期少于七日的投资者，收取不低于赎回金额1.5%的赎回 费；对持续持有期满七日、少于三十日的投资者，收取不低于赎回金额1%的赎回费；对持续持有期满三十日、少于六个月的投资者，收取不低于赎回金 额0.5%的赎回费"规则。 当前各类基金管理人，为了更好地迎合投资者的申赎习惯，普遍将债券型基金产品的零赎回费率的分水岭定在1个月或以内的期限，其中绝大部分产品以7 天作为免收赎回费的界限。参考这一现状，在监管尺度放松后，基金管理人或将达成新的共识，即在最大化让利投资者的前提下，债券型基金产品面向个 人客户可实施持有7天及以上免赎回费的优惠，面向机构客户则可实施持有30天及以上免赎回费的优惠。总结而言，债券型基金需要做出的改变，主要是 当下面向机构客户实施"7天免赎回"的产品，需将免赎回条件提升至持有30 ...

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The bond market is in a volatile and weak - trending situation, with the long - end and short - end yields showing different trends. The long - end yields move up and down following multiple logics, while the short - end yields are at a low level and are weakly volatile. The central bank's bond - buying operation may open up the game space for long - term interest rates, but the "rush - ahead" market in the bond market from November to December this year may not necessarily reappear [1][5][6]. - The positioning of the central bank's national debt trading tool is becoming more diversified and three - dimensional, which is an important part of improving the micro - foundation of the bond market and enhancing pricing efficiency. The impact of the scale of bond - buying on liquidity is not the main factor, and the ultimate shape of the yield curve depends on the desired range, which is affected by market expectations, fundamental conditions, and institutional behavior [2][3][12]. 3. Summary by Relevant Catalogs 3.1 Market Review: Bond Market Continues to Seek Direction - This week, the bond market showed a volatile and weak - trending market under the rapid switching of multiple pricing logics. The long - end yields first declined and then rose following the logics of "central bank's bond - buying implementation - stock market strength suppressing - expectation fermentation of the new regulations on fund sales fees implementation", while the short - end yields were at a low level, and the central bank's bond - buying had limited boosting effect, showing a weak - trending volatility. On Friday, the short - end yields continued to correct due to slightly tight funds [1][8]. - At the beginning of the week, the market was mainly pricing around the central bank's restart of bond - buying in October. After the implementation of national debt trading on Tuesday afternoon, the long - end yields first rose and then strengthened. On Wednesday afternoon, the trading logic switched to the "stock - bond seesaw", and the bond market was suppressed by the strong stock market. On Friday, the expectation of the new regulations on fund sales fees implementation dominated the bond market, and the tightened funds also dragged down the market [8]. 3.2 This Week's Focus: How to Price the Yield Curve with the Central Bank's Resumption of Bond - Buying? - On October 27, the central bank mentioned resuming national debt trading, with new information including directly linking national debt trading to guiding the yield curve shape, affirming the current bond market operation, emphasizing two - way trading operations, and believing that national debt trading is beneficial to the reform and development of the bond market and the improvement of financial institutions' market - making and pricing capabilities [2][10]. - In October, the central bank net - bought 20 billion yuan of national debt. There is no need to over - focus on the relationship between the bond - buying scale in October and the operation time. The scale of bond - buying does not have a major impact on liquidity. National debt trading may open up the game space for long - term interest rates, and the market's pricing of the resumption of bond - buying may be nearing the end [3][12][14]. - The scale of bond - buying affects the market through expectations. A higher scale can boost market confidence, while a limited scale may be a short - term negative factor. The final shape of the yield curve depends on the desired range, which is affected by market expectations of interest rate trends, fundamental repair conditions, and institutional behavior [4][15][17]. 3.3 Next Week's Concern: Will There Be a "Rush - Ahead" Market at the End of the Year? - Near the end of the year, the market is turning its attention to the cross - year allocation market. The "rush - ahead" market at the end of last year was the main driving force for the rapid decline of bond market interest rates. However, this year, there are differences. The sustainability of the purchases by allocation - oriented investors such as rural commercial banks, large - scale banks, and insurance companies remains to be observed, and the increase in the purchase scale of wealth management products and funds is mainly driven by the expansion of the liability side, not by the rapid decline of bond market interest rates [5][19]. - It is believed that the "rush - ahead" market in the bond market from November to December this year may not necessarily reappear. The purchases by allocation - oriented investors may be restricted by floating losses and the high - base effect of last year's performance. Additionally, the imagination space for loose monetary policy has shrunk compared to the end of last year [5][22]. 3.4 Outlook for the Future - If the stock market strengthens and concerns about the new fund regulations ferment, it will still suppress the bond market. However, the wave - like recovery of the fundamentals and the central bank's resumption of bond - buying limit the upward adjustment momentum of interest rates. The cross - year allocation market remains to be confirmed, but the game space for long - term interest rates may be opened up. One can try to seize trading opportunities for long - term interest rates but should respond cautiously with a volatile mindset [6][23]. - In terms of spread trading, the current bond - swapping market has generally ended. The further compression space of the "China Development Bank Bond - National Debt" spread needs to be continuously observed based on the purchasing momentum of allocation - oriented investors. The "deposit transfer" may make the scale of wealth management products resilient, and the purchasing power of wealth management products may support medium - and short - term credit bonds. One can focus on medium - and short - duration bonds with coupon value [6][23][24].

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - The overall performance of the bond market in Q4 2025 is expected to be better than that in Q3. It is recommended to actively allocate when the yield of the active 10 - year treasury bond is above 1.75%, and the yield of the active 10 - year treasury bond in Q4 is expected to decline to around 1.7% [10][36]. 3. Summary by Relevant Catalogs 3.1 Can the fundamentals price the bond market? - The bond market is sensitive to fundamentals. The decline in bond yields is a marginal change that requires continuous marginal weakening of fundamentals. Although the current economic growth rate is still at a relatively low level, there was no obvious weakening in the first three quarters of 2025, making it difficult to bring marginal long - buying power to the bond market [10][16]. - The bond yield decline space was significantly overdrawn in Q4 2024. From 2018 - 2023, the average annual decline of the 10 - year treasury bond yield was only about 20bps, while in 2024, it declined by 88bps, the highest since 2015. Especially after the monetary policy proposed "moderate easing" on December 9, 2024, the bond yield declined significantly, overdrawn the bond market space in 2025 [10][16]. - The pricing influence of fundamentals on the bond market is expected to gradually increase in Q4. Due to the base effect, the year - on - year GDP growth rate in Q4 is expected to slow down to around 4.5% from about 5% in Q3, and the adjustment of the bond market in Q3 has basically repaired the previous overdrawn phenomenon [19]. 3.2 How does the bond market react to repeated trade frictions? - Before the end of October, trade frictions will suppress market risk sentiment and increase the valuation of safe - haven assets, providing a favorable environment for the bond market. It will take until the end of October to early November to prove whether it is a "TACO transaction" [10][24]. - Sino - US trade frictions benefit the bond market through the equity market and the expectation of monetary easing. The equity market is a high - odds variable for the bond market. If the equity market adjusts, it will benefit the bond market. External shocks to the capital market increase the probability of further monetary easing, as shown by the "double - cut" in May after the trade friction in April this year [10][25]. 3.3 What if the Q4 fund sales fee rate new regulations are implemented? - The redemption disturbance caused by the sales fee rate is different from traditional disturbances. The full inclusion of the fund redemption fee in the fund property will not lead to the overall loss of investors, so it will not cause a systematic upward shift in the bond market curve [10][32]. - The redemption feedback caused by the change in the fund sales fee rate does not involve the re - pricing of stocks and bonds. After banks redeem short - term bond funds, funds can flow back to the bond market through money market funds and bond ETFs in a short time. Therefore, the adjustment range and time of the bond market caused by the redemption feedback are expected to be less than before [10][35].

1. Report Industry Investment Rating No relevant content provided. 2. Core Views - The State Council's new policy on sports industry will increase the supply of sports industry credit bonds and promote innovation in asset - securitized products, but also poses higher requirements for credit risk assessment and prevention [4][11]. - The adjustment of the bond market under the stock - bond rotation shows new characteristics, and the new regulations on fund sales fees have attracted market attention. The new regulations may suppress short - term bond fund investment demand and guide long - term investment [5][15]. - In August, China's import and export growth rates were lower than market expectations, with different performances among trading partners [6][17]. - The central bank's open - market operations led to a net capital withdrawal last week, and the money market was generally stable with most money prices falling [7][20]. - The issuance scale of the primary credit bond market decreased, and the issuance cost fluctuated. The secondary market trading activity cooled, and bond yields showed differentiation [8][36]. 3. Summary by Directory Market Hotspots - **Policy Support for Sports Industry Bond Market**: The State Council's "Opinions" support sports enterprises in financing through the bond market, which may increase the supply of sports industry credit bonds and promote innovation in asset - securitized products. However, it also requires higher credit risk assessment and prevention [4][11]. - **Stock - Bond Rotation and New Fund Sales Regulations**: The A - share market adjusted last week, weakening the "stock - bond seesaw" effect. The bond market adjustment showed new characteristics. The new regulations on fund sales fees may suppress short - term bond fund investment demand and guide long - term investment [5][15]. Macroeconomic Data - In the first eight months of 2025, China's total import and export value was $5412.9 billion, with a year - on - year increase of 3.1%. In August, exports were $3218.1 billion (up 4.4% year - on - year), imports were $2194.8 billion (up 1.3% year - on - year), and the trade surplus was $1023 billion. The growth rates of imports and exports were lower than market expectations. Exports to ASEAN and the EU were stable, while exports to the US continued to decline significantly [17]. Money Market - The central bank net withdrew $421.8 billion through open - market operations last week. On September 5, it conducted a $1 - trillion 3 - month outright reverse repurchase operation. The money market was generally stable, and most money prices fell, with changes ranging from 1 - 10bp [7][20]. Primary Credit Bond Market - The issuance scale of credit bonds decreased to $133.451 billion last week. The issuance scale of each bond type generally decreased, especially for ultra - short - term financing bills and medium - term notes. The net financing of infrastructure investment and financing, power production and supply, and transportation industries had large outflows. The average issuance cost of credit bonds fluctuated, with changes not exceeding 15bp [8][23]. Secondary Credit Bond Market - The trading volume of the secondary bond market was $7247.247 billion last week, and the trading activity cooled for two consecutive weeks. Bond yields showed differentiation. The 10 - year Treasury yield fell 1bp to 1.83%. Short - term credit bond yields mostly declined, while long - term yields rose slightly. Short - term credit spreads narrowed, and long - term credit spreads widened. Rating spreads changed little [36][37].