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公募费率改革持续推动行业激浊扬清 基金产品端降费稳步推进 降低销售费率“箭在弦上”
Core Viewpoint - The public fund fee reform initiated in July 2023 is reshaping the industry landscape, focusing on optimizing the fee structure to promote high-quality development in the public fund sector [1] Group 1: Fee Reduction Initiatives - Major fund companies have reduced management fees for actively managed equity funds from 1.5% to 1.2%, with custodial fees also lowered from 0.25% to 0.2% as of July 10, 2023 [2] - Over 70 equity mixed funds now have management fees below 1%, and some funds, like ICBC Credit Suisse's fund, will reduce fees to 0.8% starting July 11, 2025 [2] - The fee reduction has expanded to various fund categories, including ETFs and bond funds, with many broad-based stock ETFs lowering management fees to 0.15% and custodial fees to 0.05% [2][3] Group 2: Impact on Investors - The average comprehensive fee rate for public funds decreased from 1.41% in 2022 to 1.29% in 2023, and is projected to drop further to 1.03% in 2024, saving investors over 15 billion yuan [3] - The implementation of new regulations on trading commissions is expected to reduce brokerage commission income for public funds by over 35% in 2024 [3] Group 3: Innovative Fee Structures - A new floating management fee mechanism has been introduced, linking fees to fund performance, with rates varying based on the fund's performance relative to benchmarks [4][5] - As of July 10, 2023, 24 products under this new fee structure have been established, with a total issuance scale of 22.68 billion yuan [5] Group 4: Future Directions - The third phase of the fee reform will focus on reducing sales fees, with expectations of saving investors approximately 45 billion yuan annually starting in 2025 [6] - The ongoing fee reform is believed to enhance investor experience and shift the industry focus from scale to returns, as lower fees correlate with better fund performance [6][7]