进入持有阶段——管理费和销售服务费的双重让利同样实在。管理费方面，主动权益类基金（股票型、 混合型）年费率从1.5%降至1.2%，1万元投资每年可少交30元；股票ETF等被动产品降幅更明显，像沪 深300ETF管理费从0.5%降至0.15%，持有10万元一年能省350元。销售服务费调整还带引导性：股票型 和混合型基金从0.6%降至0.4%，指数型和债券型基金从0.4%降至0.2%，货币基金从0.25%降至0.15%， 而且只要持有满一年，这项费用就全部免收。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 作者：新浪仓石基金 《推动公募基金高质量发展行动方案》明确提出要降低基金投资者成本，而《公开募集证券投资基金销 售费用管理规定（征求意见稿）》（以下简称"意见稿"）正是将这一要求转化为具体行动的"细则"。这 份"意见稿"通过实打实的降费措施，预计每年能为投资者节省300亿元，加上前两阶段改革，三年累计 让利已超500亿元，让普通投资者真切感受到实惠。 "意见稿"的降费"红包"覆盖交易阶段和持有阶段。 在交易阶段——申购费按基金类型精准下调：股票型基金申购费上限从1.5%降至0.8%，混合型基金 ...

9月28日，财付通宣布，面向小微经营主体的降费让利政策再延长1年，有效期至2026年9月30日。自 2021年9月1日降费让利政策实施以来，财付通累计降费让利超590亿元、惠及超7200万户各类商户主 体，以实打实的费用减免支持实体经济与小微经营者。 本次续期继续覆盖小微企业、个体工商户及有经营行为的个人等对象（小微企业按工信部《中小企业划 型标准规定》界定）。符合标准的主体将按微信支付官网公示费率自动享受9折，无需额外操作；同时 延续小微主体和个人收款码用户手续费优惠，开通"收款有礼"的个人收款码用户通过线下有效收款可获 积分，用于兑换经营权益。上述安排将结合场景推出专项优惠，并适时优化细则，以财付通官方公告页 面为准。 财付通表示，相关举措持续贯彻人民银行、银保监会、发改委、市场监管总局联合发布的《关于降低小 微企业和个体工商户支付手续费的通知（银发〔2021〕169号）》精神，并积极响应中国支付清算协 会、中国银行业协会关于在既有到期节点后延续部分降费项目标准的行业倡议，确保"应降尽降、应享 尽享"，切实降低小微主体综合费用水平，助力稳经营、稳就业、稳预期。 ...

9月28日，财付通宣布，面向小微经营主体的降费让利政策再延长1年，有效期至2026年9月30日。自 2021年9月1日降费让利政策实施以来，财付通累计降费让利超590亿元、惠及超7200万户各类商户主 体。 （文章来源：北京商报） 无独有偶，支付宝也发布消息称，为切实服务小微、服务实体经济，支付宝先后实施了"2017年收钱码 推出至今提现免费""小微商户网络支付服务费9折优惠"等举措。 近4年来，通过上述举措支付宝已为商家降费超 260亿元，惠及各类商户及小微经营者超 9200万户。为 了进一步服务好小微，支付宝决定对上述降费让利举措在到期后再延长一年，延至2026年9月30日。 参与方式上，无需商家额外操作，商家通过收钱码进行的线下有效收款，可获得提现免费额度。小微商 家收款可以通过"商家积分"兑现提现免费额度和经营类权益。为了维护更广大商家的权益，支付宝将根 据交易真实情况对额度进行相应调整，具体以页面展示为准。 据了解，本次续期继续覆盖小微企业、个体工商户及有经营行为的个人等对象（小微企业按工信部《中 小企业划型标准规定》界定）。符合标准的主体将按微信支付官网公示费率自动享受9折，无需额外操 作；同时延 ...

Group 1 - The core viewpoint of the news is that both WeChat Pay and Alipay have extended their fee reduction policies for small and micro businesses for another year, until September 30, 2026 [1][2] - WeChat Pay has cumulatively reduced fees by over 59 billion yuan since the implementation of its policy on September 1, 2021, benefiting over 72 million merchants [1] - Alipay has also announced that it has reduced fees by over 26 billion yuan in the past four years, benefiting over 92 million small and micro businesses [1] Group 2 - The fee reduction policies will automatically apply to eligible small and micro enterprises, individual businesses, and individuals engaged in business activities, with a 10% discount on the rates published on the WeChat Pay official website [1] - Alipay's measures include free withdrawals for merchants using the payment code and a 10% discount on network payment service fees for small merchants [1][2] - Both companies plan to introduce special offers and optimize details based on specific scenarios, with announcements made on their official pages [1]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, indicating an expectation for the industry to outperform the overall market [1]. Core Insights - The public offering's third phase of fee reduction is expected to benefit investors significantly, with an estimated annual reduction of approximately 300 million yuan [2]. - The insurance sector is seeing a strategic shift towards long-term investments, with a notable increase in the proportion of participating insurance products, which is expected to drive long-term capital inflows into the market [2]. - In the first half of 2025, the insurance industry allocated over 600 billion yuan to secondary market equities, reflecting a growing trend of insurance capital entering the stock market [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 4,460.32, with a slight decline of 0.81% over the week. The non-bank index fell by 4.96%, with specific declines in brokerage, insurance, and diversified financial sectors of 5.31%, 4.03%, and 5.55% respectively [5][6]. Non-Bank Industry Data - As of September 5, 2025, the 10-year government bond yield was 1.83%, with a slight increase of 0.03 basis points. The credit spreads for corporate bonds also showed minor fluctuations [12]. - The average daily trading volume in the stock market was 26,035.62 billion yuan, reflecting a decrease of 12.75% week-on-week but a year-to-date increase of 48.25% [15]. Investment Analysis - The report recommends three main investment lines in the brokerage sector, focusing on leading institutions benefiting from improved competitive dynamics, firms with significant earnings elasticity, and those with strong international business capabilities [2]. - In the insurance sector, continued recommendations include major players such as China Life, New China Life, and Ping An, indicating confidence in their market positions and growth potential [2].

【纠错】 【责任编辑:刘睿祎】 具体来看，在前期减收降费的基础上，上交所进一步优化整合了服务收费项目，大幅减免交易单元使用 费，交易单元使用费将下调三分之一；将原交易行情接入线路类产品"代收代付"模式调整为网关"技术 服务费"，整合原交易单元流速费为交易网关流速费；优化云产品定价体系，多措并举对数据中心产品 服务费用进行减免。经初步测算，此次降费预计将向市场主体年让利超过4.33亿元。 为应对疫情冲击，稳住经济大盘，2022年以来，上交所持续推出费用减免举措，努力降低市场成本、激 发主体活力。此前，已减免沪市存量及增量上市公司上市初费、年费、网络投票服务费，以及2022年资 产管理计划份额转让经手费等费用。 为贯彻落实国务院会议精神、发挥好交易所支持和服务资本市场的本职功能，5月31日，上交所再 次向市场发布降费通知，为相关市场主体减免相关交易和服务费用。此举旨在将增效与降费相结合，助 力各类市场主体向好发展。 ...