Group 1 - The core viewpoint of the article highlights the significant adjustment in redemption fee rates for the Ping An Hui Xiang Pure Bond Fund, which is set to take effect in August 2025, aimed primarily at institutional investors [1][3] - The redemption fee for holdings between 7 days to 1 year will decrease from 0.10% to 0.025%, and for holdings between 1 to 2 years, it will drop from 0.05% to 0.0125%, with all fees being credited to the fund's assets [1] - The promotional offer is limited to a specific period in August 2025, requires redemption through Ping An's direct sales counter, and applies only to certain classes of the fund, effectively excluding most small investors who use distribution channels [1][3] Group 2 - Market analysts suggest that the fee adjustment strategy appears to cater primarily to large institutional clients, as evidenced by the over 99% institutional ownership of the Ping An Hui Xiang Pure Bond A shares [3] - The fund has experienced significant fluctuations, with shares increasing from 0.2 million to 8.16 million in Q3 2024, followed by a redemption of 2.63 million shares in Q2 2025, indicating a focus on servicing large clients [3] - The move has sparked widespread criticism from investors who argue that the tailored discount conditions undermine the interests of small investors and compromise market fairness, prompting calls for regulatory oversight on fund fee policies [3]