Core Viewpoint - The recent changes in public bond fund registration rules aim to enhance the quality of public fund development and encourage increased investment in equity funds, thereby injecting fresh capital into the market [2][5]. Group 1: New Registration Rules - New requirements specify that secondary bond funds with a minimum stock holding ratio must complete registration within 15 working days from acceptance [5][6]. - Each fund company is limited to submitting a maximum of two products for pure bond funds, secondary bond funds without minimum stock holding requirements, and retail bond funds combined [5][6]. Group 2: Impact on Fund Companies - Fund companies are expected to adjust their product offerings to comply with the new rules, including converting previously submitted secondary bond funds without stock holdings into those with minimum stock holdings [6][8]. - The new rules are anticipated to accelerate the approval process for funds such as science and technology bonds and green bonds, which are aligned with the high-quality development goals [6][8]. Group 3: Market Dynamics - The changes are likely to promote the development of "fixed income plus" products, which are becoming increasingly attractive in the current low-interest-rate environment [8]. - Data shows that 42 secondary bond funds have been established this year, raising over 54.48 billion yuan, indicating a growing market demand for these products [8].

来源：石榴询财 上周末，财政部发布新规，从 8 月 8日起，新买的国债、地方债、金融债利息要交增值税。 以这些债券为核心底层的公募债基、银行理财，会有什么样的影响？ 01 去年底，老南就在《2025年如何理财》中提醒了债券25年会比较难受，在"16号内参"里也写了很多篇， 提醒过去两年债基的好日子，基本结束了。 债基，包括以债券为主要底层的银行理财，也包括以债券为主要底层的理财类保险，就进入 痛苦期了。 年化收益，做点信用利差，再拉点久期，一年也就2%多一点了。 1月16日的《央妈重拳维稳，聊下债券和红利ETF》提醒： 债券过去两年的好日子基本也结束了，随着收益率快速下滑，资本利得的收益已经透支了未 来，未来也就可怜的票息收入了。 相信半年下来，看看你持有的债基、银行理财的收益，大家应该能理解，为啥老南半年前就在给大家预 警了。然后，这两天债市又来了个税收小利空。 这次新规分新老划断，今年8月8日前发的债（包括之后续发的老券），利息免税到期；但这之后新发的 债，利息就得交税了。 税率分两档：金融机构自营类按6%交，基金、理财这类资管产品按3%交。 | 所得税 | 普通自贸机构 | | 公基基金 | | 普通资 ...