Core Viewpoint - The public fund industry is experiencing a significant reduction in fee rates, with over 200 funds lowering their rates this year, and more than 1000 products reaching the industry's lowest fee standards [1][2]. Group 1: Fee Reduction Trends - Multiple fund companies, including Southern Fund, Jianxin Fund, and CITIC Jian Investment, have announced fee reductions since June, showcasing a variety of fund types affected, including equity, mixed, bond, and money market funds [2][3]. - Specific examples of fee reductions include the management fee of the Dongcai Growth ETF dropping from 0.5% to 0.15%, and the management fee of the Southern Anyi Mixed Fund decreasing from 1% to 0.6% [2][3]. - A notable trend is the simultaneous reduction of both management and custody fees in some products, such as Jianxin Stable Growth Bond C, which saw its management fee cut from 0.7% to 0.3% and custody fee from 0.2% to 0.1% [3]. Group 2: Industry Impact and Future Outlook - The combination of "management fee 0.15% + custody fee 0.05%" is now considered the industry's lowest fee tier, with the number of related products increasing by 20% to 1008 since the beginning of the year [4]. - The fee reduction is expected to lower investors' holding costs, enhancing their engagement and participation in the market, while prompting fund companies to shift focus from high fee reliance to improving research capabilities and product innovation [4][5]. - The ongoing fee reform is a response to regulatory calls for lowering costs and is seen as a necessary step for the industry to prioritize investor interests [5][6]. Group 3: Competitive Strategies - Fund companies are encouraged to enhance their core competitiveness through improved research capabilities, with average management fees for bond funds at 0.857% and custody fees at 0.154% [6]. - The competition in the index fund sector is intensifying, with some management fees dropping to 0.15%, while active equity funds seek a balance between reasonable returns for managers and product attractiveness [6]. - Differentiated services, such as investment advisory and investor education, are crucial for fund companies to enhance competitiveness and build long-term trust with investors [7].

Core Viewpoint - A new wave of fund fee reductions has emerged, primarily affecting bond funds, as various asset management companies announce lower management and custody fees in response to regulatory reforms aimed at reducing overall fund costs for investors [1][3]. Group 1: Recent Fee Reductions - Nearly 10 funds have announced fee reductions in June, with a focus on bond products [1]. - Citic Securities Fund announced a reduction in the custody fee for its bond fund from 0.1% to 0.05%, effective June 9, 2025 [1]. - Zheshang Securities Asset Management reduced the custody fee for its bond fund from 0.15% to 0.08%, effective June 5, 2025 [1]. - Jianxin Fund lowered the management fee from 0.7% to 0.3% and the custody fee from 0.2% to 0.1% for its bond fund, effective June 6, 2025 [1]. - Southern Fund announced a reduction in management and custody fees for its mixed fund, with management fees dropping from 1.0% to 0.6% and custody fees from 0.2% to 0.1%, effective June 9, 2025 [1]. Group 2: Background and Regulatory Context - The current wave of fee reductions began in July 2023, following the China Securities Regulatory Commission's announcement of a fee reform plan for public funds [3]. - The fee reform is structured in three phases: reducing management fees, trading commissions, and sales service fees [3]. - By 2025, the reform will enter its third phase, with further reductions in sales fees expected, potentially saving investors a total of 45 billion yuan annually [3]. - As a result of the ongoing fee reform, the number of funds with management fees at or below 0.15% has exceeded 1,000, while those with custody fees at or below 0.05% have surpassed 2,100 [3].