Core Viewpoint - The article highlights a significant trend in the mutual fund industry, where over 20 funds have announced fee reductions within the first seven trading days of July, indicating a continued push for lower costs for investors as part of ongoing reforms in the public fund fee structure [1][3]. Summary by Sections Fee Reductions Announced - More than 20 funds have officially announced fee reductions since the beginning of July, including mixed, bond, money market, and FOF products [1][3]. - Notable examples include: - E Fund reduced the custody fee for two bond funds from 0.10% to 0.05% [3]. - Guotai Junan Fund lowered the management fee for its flexible allocation fund from 0.90% to 0.55% [3]. - Guotai Fund decreased the management fee for its fixed-term open fund from 0.40% to 0.30% and the custody fee from 0.10% to 0.05% [3]. - Fortune Fund adjusted the management fee for its pension target date fund from 0.60% to 0.40% for Class A shares and from 0.30% to 0.20% for Class Y shares [3]. Broader Trends in Fee Structures - A variety of money market funds have also reduced management, custody, and sales service fees recently [4]. - Several funds are offering promotional fee reductions, such as a significant drop in sales service fees for specific funds [4]. Growth of Low-Fee Products - The number of fund products with management fees at or below 0.15% has reached 1,050 [6]. - Approximately 30 funds have actively reduced their fees to the low-fee range of 0.15% or below this year [7]. Future Fee Reform Expectations - The ongoing fee reform includes three phases, with the third phase focusing on reducing sales fees, which is expected to save investors around 45 billion yuan annually starting in 2025 [7]. - Recommendations for future reforms include prioritizing the reduction of sales service fees and optimizing redemption fees to encourage long-term investment [7][8]. - There is a potential shift towards more flexible sales service fees based on the duration of investment holdings, which could enhance the balance between institutional and investor interests [8].

Macro Dynamics - Hong Kong Monetary Authority announced optimization of offshore RMB bond repurchase business to facilitate "Bond Connect" investors, allowing multi-currency settlements including HKD, USD, and EUR, effective from August 25, 2025 [1] Industry Developments - The first complete low-altitude new infrastructure solution was unveiled at the 2025 Aerospace Information Conference, covering satellite internet, low-altitude cloud, low-altitude meteorological applications, and space AI models [2] - Hangzhou is accelerating the industrialization of brain-like intelligence projects, supporting enterprises to strengthen their innovation capabilities and scale [4][5] Market Data - In June, domestic retail sales of new energy passenger vehicles reached 1.111 million units, a year-on-year increase of 29.7%, with total sales for the first half of the year at 5.468 million units, up 33.3% [3] - A-share indices closed higher on July 8, with the Shanghai Composite Index rising by 0.7%, driven by significant gains in photovoltaic-related stocks [10] - The financing balance of the two markets increased by 6.313 billion yuan as of July 7, with the Shanghai Stock Exchange reporting a balance of 928.828 billion yuan and the Shenzhen Stock Exchange at 911.667 billion yuan [11] Company Developments - Spain's Santander Bank has been approved to establish a branch in Shenzhen, marking its third branch in mainland China [8] - New automotive central enterprise headquarters may be established in Chongqing, closely related to Changan Automobile [13] - JD.com announced the launch of the "Double Hundred Plan," investing over 10 billion yuan to support more brands in achieving sales of over 1 million [14] - Huayin Electric Power's stock has seen a significant trading volume with a cumulative turnover rate of 80.95% over the past six trading days, with a price increase of 63.41% during the same period [15]

Core Insights - E Fund announced a reduction in the custody fee rates for two of its bond funds starting from July 11 [1] Group 1 - The custody fee for E Fund's Zhongzhai New Composite Index (LOF) will decrease from 0.10% to 0.05% annually [1] - The custody fee for E Fund's Investment Grade Credit Bond Fund will also be reduced from 0.10% to 0.05% annually [1]