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基金费率改革进入下半场生态培育是“立新”之本
Zheng Quan Shi Bao· 2025-08-24 21:04
Core Viewpoint - The public fund fee rate reform has entered a new phase, focusing on reshaping an industry ecosystem that is deeply aligned with investor interests rather than merely adjusting rules and cutting costs [1][2]. Group 1: Fee Rate Innovation - The innovation in fee rate models should be diverse rather than uniform, encouraging exploration of various fee structures that reflect management difficulty, risk, and value creation for investors [1]. - The industry is exploring flexible models such as "fixed management fee + performance fee" and tiered fee structures linked to fund size, particularly for index funds [1]. Group 2: Supporting System Reforms - Successful reform requires a synchronized overhaul of the evaluation and performance assessment systems, prioritizing long-term performance, investor returns, and risk control [2]. - If fund companies continue to focus on scale for performance evaluation, the intent of the fee reform to promote long-termism may be undermined [1][2]. Group 3: Buyer Service Ecosystem - The reform of sales fees aims to shift the industry focus from seller-driven sales to buyer-oriented services, addressing long-standing issues of channel dependency [2]. - Building a mature buyer service ecosystem is a long-term endeavor that requires fund companies and sales institutions to invest in advisory capabilities and investor education [2]. Group 4: Overall Reform Strategy - The transition from the initial phase of regulatory changes to a new phase of industry innovation will require careful and patient strategies, avoiding one-size-fits-all approaches [2]. - A refined approach involving differentiated strategies, systematic support, and ecosystem cultivation is crucial for the sustainable success of the reforms [2].