8月16日，国元证券发布旗下两只基金2025年中期报告，揭开公募基金2025年中报披露的大幕。8月18 日，该管理人旗下另一只基金也公布了2025年中期报告。 《每日经济新闻》记者注意到，从上述发布报告的基金来看，均属于固收类产品，其中有债券基金在成 本支出同比下降的背景下，利润总额出现同比大幅下降。 事实上，上述案例并非孤例。在8月16日披露的国元元赢30天持有债券2025年中报中，也出现上半年总 营业支出同比降低，但实际利润总额却大幅缩减的情形。数据显示，该基金利润总额从去年上半年的 894.89万元，降至今年上半年的265.30万元。 当然，上半年的股债跷跷板效应明显也是事实。随着市场风险偏好提升，越来越多债券基金被大额赎 回，原因还是投资收益欠佳。在前述国元证券披露中报的债基当中，基金经理柯贤发就在报告中指出， 上半年的基本面价格较去年整体下行但价格波动放大。展望后市，短期或仍将维持区间震荡状态，建议 积极把握事件冲击带来的债市机会。 个人投资者占比高 对于固收类基金来说，持有人往往基于稳健的收益特征而进行避险。从今年以来的业绩表现看，A股市 场估值修复行情不断上演，也使得越来越多固收类基金被持有人赎 ...

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].