Core Viewpoint - The public fund fee reform has officially entered its final stage with the release of the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds" by the China Securities Regulatory Commission (CSRC), aiming to enhance investor benefits and promote high-quality development in the public fund industry [1][7]. Summary by Sections Fee Reduction - The new regulations are expected to reduce costs for investors by approximately 300 billion yuan annually, with previous phases already yielding reductions of about 140 billion yuan and 68 billion yuan [2][7]. - The maximum subscription and redemption fees for stock funds have been lowered from 1.2% and 1.5% to 0.8%, while mixed funds have seen reductions from 1.2% and 1.5% to 0.5%. Bond funds' fees have been cut from 0.6% and 0.8% to 0.3% [2]. Investor Protection - All redemption fees will now be allocated to fund assets, ensuring that they belong to investors, and the redemption fee for holding periods of 7 to 30 days has been increased to 1% [3][4]. - This change aims to encourage fund sales institutions to shift from earning "flow" income to "retention" income, while also discouraging short-term speculative trading [3]. Tail Commission Adjustments - The regulations introduce differentiated arrangements for tail commission ratios, focusing on servicing individual investors and promoting equity funds [4][5]. - For personal investor sales, the tail commission will remain capped at 50% of management fees, while for institutional investors, the cap for non-equity funds will be reduced from 30% to 15% [5]. New Direct Sales Platform - The CSRC has approved the launch of the Fund Industry Service Platform (FISP) to enhance direct sales services for institutional investors, addressing the challenges faced by traditional direct sales operations [6]. Long-term Investment Development - The updated regulations are seen as a significant step towards fostering a long-term, value-oriented investment culture in the public fund industry, aligning with national policies aimed at high-quality development [7][8]. - Industry leaders believe that the fee reductions will enhance investor experience and encourage a focus on improving service capabilities [9].