元旦假期前的最后一天——2025年12月31日，备受关注的公募基金销售费用新规终于"落地"。中国证监会于当日修订发布了《公开募集证券投资基金销售 费用管理规定》（简称《正式稿》），并明确自2026年1月1日起施行。 据业内人士测算，公募基金费率改革三阶段全部完成后，预计每年会为投资者节省510亿元成本，并让公募基金综合费率水平下降约20%。 一位公募基金债券基金经理告诉记者，债市生态本身较为多元，单一政策变化对基金机构购债积极性的提升效果"不好说"，但相比落地前的不确定 性，"如今有了明确的文件，大家悬着的心总归是放下来了"。 与2025年9月发布的征求意见稿相比，21世纪经济报道记者注意到，此次正式稿中一些细节有所放宽，被业内视为债市投资端的明显利好消息。 针对市场最为关注的赎回费问题，正式稿对债基产品的赎回费给予了部分条件性的豁免：对于个人投资者持有期满7日的指数型基金和债券型基金，以及 机构投资者持有期满30日的债券型基金，基金管理人可另行约定赎回费标准。 | | 贝芬里本亚娱巴贺用 | | | --- | --- | --- | | 持有期 | 正式稿 | 征求意见稿 | | | 2025年12月31 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a central battleground for technological innovation in China, with the STAR Composite Index (Sci-Tech Composite Index) launched in early 2025, showcasing a significant annual increase of 46.3% and a cumulative rise of nearly 115% since the "9·24" market rally, outperforming major indices like the Shanghai Composite Index and CSI 300 [1][2]. Market Performance - The STAR Composite Index has demonstrated strong market performance, ranking among the top of major broad-based indices, with a 46.3% increase in 2025 and a cumulative increase of 114.97% since the "9·24" rally [2]. - The number of products linked to the STAR Composite Index has expanded from 12 to 58, with a total scale exceeding 26.6 billion yuan, reflecting increased investor interest and product diversity [2][3]. Product Performance - Most products linked to the STAR Composite Index have achieved positive returns, with over 60% of products yielding more than 20% cumulative returns. Notably, the Jiashi STAR Composite Enhanced Strategy ETF has a cumulative return of 43.19%, leading the pack [3][4]. Index Differentiation - The STAR Composite Index provides comprehensive coverage of both industry leaders and growth potential companies, filling a gap in the representation of the STAR Market's overall ecosystem, unlike the more focused Sci-Tech 50 and Sci-Tech 100 indices [4][5]. - The STAR Composite Index serves as a core allocation anchor for investors looking to gain exposure to the entire STAR Market, while the Sci-Tech 50 and Sci-Tech 100 indices cater to different investment strategies [5][6]. Institutional Interest - The STAR Composite Index is increasingly viewed as a long-term allocation option for institutional investors, such as insurance and pension funds, due to its strategic alignment, long-term return potential, and risk diversification capabilities [6][7]. - The average daily trading volume of leading STAR Composite Index ETFs has reached a significant scale, enhancing liquidity and reducing concerns for institutional investors [6][8]. Future Directions - The future of the STAR Composite Index may involve product innovation and the introduction of derivatives, which could activate the market and attract diverse investor preferences [7][8]. - Suggestions for future developments include creating cross-market ETFs, thematic ETFs based on technology sectors, and implementing systematic investment plans to lower barriers for ordinary investors [7][8].

一位公募基金债券基金经理告诉记者，债市生态本身较为多元，单一政策变化对基金机构购债积极性的 提升效果"不好说"，但相比落地前的不确定性，"如今有了明确的文件，大家悬着的心总归是放下来 了"。 与2025年9月发布的征求意见稿相比，21世纪经济报道记者注意到，此次正式稿中一些细节有所放宽， 被业内视为债市投资端的明显利好消息。 21世纪经济报道记者 余纪昕 元旦假期前的最后一天——2025年12月31日，备受关注的公募基金销售费用新规终于"落地"。中国证监 会于当日修订发布了《公开募集证券投资基金销售费用管理规定》（简称《正式稿》），并明确自2026 年1月1日起施行。 彼时曾有机构声音认为，在新规按照征求意见稿落地后，债基的机构投资者可能因收益被削薄、吸引力 下降而选择抛售，进而引发债市负反馈；并且，据银行理财登记中心数据，截至2025年三季度末，理财 持有公募基金规模已高达1.34万亿元，对市场影响体量值得关注。 相比于此前的征求意见稿，本次正式出台的新规被业内普遍视为边际利好，对各类市场参与者而言都带 来了更为明确的预期。 针对市场最为关注的赎回费问题，正式稿对债基产品的赎回费给予了部分条件性的豁免：对于 ...

Group 1 - In 2025, the Chinese economy maintains strategic determination amidst changing external challenges, focusing on stability and progress in reform and innovation [3] - The public fund industry in China has undergone a significant systemic reform, transitioning from a "scale-oriented" approach to an "investor return-oriented" phase [3] - The China Securities Regulatory Commission (CSRC) issued the "Action Plan for Promoting the High-Quality Development of Public Funds," emphasizing the importance of aligning fund company income with investor returns [3] Group 2 - By the end of November 2025, the scale of public funds in China surpassed 37 trillion yuan, marking a year-on-year growth of 15.72% [3] - In 2025, a total of 1,553 new public fund products were established, representing a 35.87% increase year-on-year, the highest issuance in nearly four years [3] - Equity funds became the dominant force in the new fund issuance market in 2025, with 1,109 new equity funds launched, accounting for 71.41% of total new funds, and a year-on-year increase of 56.64% [3] Group 3 - In 2025, passive index funds continued to grow rapidly, with 618 new passive index equity funds launched, making up 55.73% of new equity funds [4] - The "2025 Excellence in Public Fund Companies" award recognized top fund management companies, including E Fund Management Co., Ltd., Southern Fund Management Co., Ltd., and others, highlighting their competitive strength [5] Group 4 - The public fund industry is navigating through a transformative phase, with a fundamental reshaping of industry logic where fund returns align with investor returns [6] - The wealth management market in China is shifting from a "product sales" seller model to a "asset allocation" buyer advisory model, indicating a significant transformation [6] - The high point of the public fund industry in China may have truly begun, signaling a promising future [6]

Group 1 - The total dividend distribution for public funds in 2025 is close to 250 billion yuan, maintaining a high level, with significant contributions from broad-based ETFs [1] - Bond funds remain the main contributors to public fund dividends, accounting for approximately 70% of the total dividend amount [1] - Major ETFs, particularly leading broad-based ETFs, have shown outstanding performance in single product and single dividend amounts, providing substantial returns to investors [1] Group 2 - A total of 14 funds have implemented single dividend distributions exceeding 1 billion yuan since 2025, with the Huatai-PB CSI 300 ETF exceeding 8 billion yuan in a single distribution [2] - The total dividend scale of ETFs has been steadily increasing, approaching 20%, making them an important force in the dividend market [2] - In terms of dividend frequency, medium to long-term pure bond funds dominate, being the most active in terms of dividend distributions [2] Group 3 - Some ordinary stock funds and mixed equity funds have distributed dividends more than 12 times within the year, indicating a proactive dividend strategy [4] - The rapid expansion of the ETF market has laid the foundation for the continuous increase in dividend scale, with broad-based ETFs becoming significant market tools [4] - Compared to actively managed products, broad-based ETFs offer wide coverage, transparent rules, and convenient trading, better meeting investors' long-term allocation and asset diversification needs [4] Group 4 - The changes in the 2025 fund dividend market reflect the optimization of product structure in the public fund industry and the maturation of investment concepts [5] - The frequent large dividends from broad-based ETFs signify the upgrade of passive investment products from mere "trading tools" to dual attributes of "allocation + income" [5] - The importance of dividends in fund operations has significantly increased, with fund companies placing greater emphasis on dividend arrangements to enhance investor experience and product attractiveness [5]

Group 1 - The CEF/ETF Income Laboratory manages closed-end fund (CEF) and exchange-traded fund (ETF) portfolios targeting safe and reliable yields of approximately 8% to facilitate income investing [2] - The service includes managed portfolios, actionable income and arbitrage recommendations, and in-depth analysis of CEFs and ETFs, catering to both active and passive investors [2] - The community consists of over a thousand members focused on finding the best income ideas, with a majority of holdings being monthly-payers, which aids in faster compounding and smoothing income streams [2]

Group 1 - The total dividend distribution of public funds in A-shares is expected to approach 250 billion yuan by 2025, with bond funds being the main contributors to this total [1] - Bond funds account for a significant proportion of both the total dividend amount and the number of distributions [1] Group 2 - ETFs, particularly leading broad-based ETFs, are increasingly prominent in terms of single product and single distribution amounts, highlighting a key trend in the dividend structure [2] - The total scale of ETFs listed on Chinese exchanges has surpassed 6 trillion yuan, marking consecutive annual increases through 4 trillion, 5 trillion, and now 6 trillion yuan [2] - Stock ETFs dominate the market with a scale of 3.85 trillion yuan, followed by cross-border ETFs (938.91 billion yuan), bond ETFs (804.56 billion yuan), commodity ETFs (256.85 billion yuan), and money market ETFs (179.07 billion yuan) [2] Group 3 - The first ETF in China was listed in December 2004, and it took until October 2020 for the total market to exceed 1 trillion yuan [3] - By 2025, there will be a total of 1,391 ETF products in the Chinese market, with 125 of them exceeding 10 billion yuan in scale and 7 surpassing 100 billion yuan [3]

Group 1 - The total dividend distribution of public funds in 2025 approached 250 billion yuan, with a clear pattern emerging throughout the year [1][2] - Bond funds were the main contributors to public fund dividends, accounting for a significant proportion of both total dividend amount and frequency [1][3] - Large-scale dividends were concentrated among a few major ETFs, with notable single dividend amounts from products like Huaxia SSE 50 ETF and others [2][3] Group 2 - The number of dividend distributions was highest among medium- and long-term pure bond funds, while bond funds dominated in total dividend amounts, making up about 70% of the total [3] - The ETF market has rapidly expanded, establishing a foundation for sustained growth in dividend distribution, with ETFs becoming important investment tools [4] - The improvement of the public fund dividend mechanism has increased the importance of dividends in fund operations, enhancing investor experience and product attractiveness [4][5]

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Regulations on the Management of Sales Fees for Publicly Raised Securities Investment Funds," which includes three significant changes that may guide the future direction of the bond market [1]. Group 1: Changes in Fund Sales Fee Regulations - Change One: The new regulation specifies that for individual investors holding index and bond funds for more than seven days, and for institutional investors holding bond funds for more than thirty days, fund managers can set their own redemption fee standards [2]. - Change Two: An additional provision has been added, stating that fund managers must reasonably select sales institutions based on the fund's positioning and operational characteristics, prohibiting discriminatory or exclusive sales arrangements [3]. - Change Three: The deadline for fund managers to adjust their sales fee structures to comply with the new regulations has been extended from six months to twelve months, allowing more time for market adaptation [4]. Group 2: Implications for the Bond Market - The changes indicate a regulatory intent to mitigate the impact of the new rules on market pricing, potentially easing concerns within the bond market [5]. - The adjustments to redemption fee rules aim to reduce the liquidity management attributes of bond funds, preventing liquidity risks from accumulating during bear markets [5]. - The emphasis on fairness in public offerings suggests that discussions around customized bond funds may continue to be a focal point for future adjustments in the bond market [5]. Group 3: Market Reactions and Future Outlook - Following the release of the draft regulations, the bond market saw a rise in the 10-year government bond yield, which reached approximately 1.90% before stabilizing at around 1.85% by the end of 2025 [7]. - The total scale of open-end bond funds increased by 256.1 billion yuan from January to October 2025, but this was a significant decrease compared to the previous year, indicating a cautious market response [10]. - As the new sales fee regulations take effect, there is potential for a positive market reaction in early 2026, driven by a recovery in interest rate pricing and a return of funds to the market [13].

格隆汇1月3日｜据每经，Wind数据显示，2025年有16家基金公司ETF管理规模超千亿元，相比2024年的12家增加了4家。另外，2025年ETF管理规模排名前 十位的基金公司位次出现了变化，富国基金规模排名提升2个位次，广发基金、国泰基金提升1个位次。 | 基金公司 | ETF规模(亿元) | ETF规模 | | --- | --- | --- | | 华夏基金 | 9571.61 | 298 | | 易方达基金 | 8799.876 | 278 | | 华泰柏瑞基金 | 6231.672 | 153 | | 南方基金 | 4174.792 | 175 | | 嘉实基金 | 3698.174 | 134 | | "发基金 | 2903.168 | 131 | | 国泰基金 | 2863.275 | 138 | | 富国基金 | 2531.066 | 122 | | 博时基金 | 2168.022 | 82. | | 花毛蜜等 | 2078.881 | 46! | | --- | --- | --- | | 华安基金 | 1952.292 | 79: | | 银华基金 | 1686.967 | ୧୮ | | ...