【导读】公募销售新规落地，银行理财对权益类基金关注度或提升 中国基金报记者 李树超 张玲 2025年末，证监会正式发布《公开募集证券投资基金销售费用管理规定》（以下简称《规 定》），主要包括合理调降公募基金认（申）购费、销售服务费率水平，切实降低投资者成 本等举措。 作为公募基金的申购大户，近年来，理财配置公募比例整体呈现上升趋势。银行理财登记中 心数据显示，截至2025年三季度末，理财持有公募基金1.34万亿元，相较于年初增幅超 44%。 业内人士表示，《规定》有利于节约理财配置成本，增厚收益空间。具体配置上，后续在保 持债基"压舱石"地位的同时，理财资金或更关注权益类基金，配置周期也有望拉长。 有利于节约理财配置成本 增厚收益空间 谈及《规定》对理财资金的影响，光大证券金融业首席分析师王一峰表示，《规定》在赎回 灵活性、过渡期设置、认（申）购费等方面对理财配置行为更加友好。 具体体现在三个方面：一是赎回费率设置更加灵活，对理财流动性约束将显著减弱；二是指 数型股票基金认（申）购费率调降，有助于节约理财配置成本；三是过渡期安排延长至12个 月，有效缓解市场的短期非理性扰动。 普益标准研究员何雨芮也认为，《规 ...

Core Viewpoint - The newly released "Measures for the Appropriateness Management of Financial Institution Products" aims to transform financial institutions from a "selling products" approach to a "selecting products" approach, enhancing consumer protection and reshaping the financial market ecosystem and competitive landscape [1][2]. Group 1: Regulatory Framework - The "Measures" consist of five chapters and forty-nine articles, detailing the appropriateness management obligations of financial institutions, including the requirement to understand products and clients [1]. - Financial institutions are mandated to classify risk levels and manage them dynamically, with special protections for ordinary investors, including enhanced risk tolerance assessments and clear disclosure obligations [2]. Group 2: Market Impact - The implementation of the "Measures" is expected to lead to significant market changes, with low-risk products like cash management and short-term debt products becoming key tools for banks to attract investors [3]. - Complex products are anticipated to face decreased issuance and increased sales costs in the short term, while the long-term outlook suggests improved transparency and fairness in the financial market [4]. Group 3: Implications for Small and Medium Banks - For small and medium-sized banks, the "Measures" present both compliance challenges and transformation opportunities, necessitating a shift from a product-centric to a client-centric approach [5]. - The focus on appropriateness management is crucial for these banks to address issues like "scale anxiety" and "customer attrition," enabling them to find differentiated survival strategies in wealth management [5][6].