来源：中诚信托诚财富 热点研究 2025年四季度，受国内经济保持回升向好趋势，美联储降息和购债等因素影响，公募基金净值同比增速保持快速 增长，新成立基金份额发行份额逐月反弹，FOF类基金发行规模逆势激增。从业绩表现上来看，股票类基金业绩 增速放缓，被动指数型基金行业与风格分化显著，债券基金表现回暖，商品型基金中白银表现强势。展望下一阶 段，作为"十五五规划"的开局之年，2026年国内经济坚持"稳中求进、提质增效"的总基调，外部流动性也从偏紧 转向宽松，资产配置策略可保持适度积极，增加权益类资产配置比重。 四季度公募基金市场的总体特征 整体来看，受国内经济保持回升向好趋势，以及美联储降息和购债等因素影响，四季度国内股票市场呈现分化震 荡格局，债券市场整体调整，公募基金净值同比增速保持快速增长，新发基金份额逐月反弹。在新发行基金结构 上，股票类基金占比保持稳定，债券类基金占比年底反弹，FOF类基金发行规模逆势激增。 （一）公募基金净值同比增速保持快速增长 截至12月31日，四季度公募基金总体规模已达316492.31亿份，同环比增速为5.03%、1.89%，同比增速较上一季 度小幅回落，环比增速有所加快（三季度同 ...

Core Viewpoint - The article discusses the recent regulatory changes in public fund sales fees, emphasizing their significant impact on individual investors and the public fund industry as a whole [3][5]. Summary by Sections Regulatory Changes - The new regulations aim to lower subscription and sales service fees for public funds and redefine redemption fee requirements, mandating a minimum 0.5% redemption fee for investors who redeem before holding for six months [4][6]. Impact on Bond Funds - The introduction of a 0.5% redemption fee for bond funds will discourage individual investors from investing in short-term bond products, as many bond funds have only generated around 0.5% returns this year [7][9]. - Investors are advised to prepare for holding bond funds for at least six months to avoid redemption fees, which may lead to a shift towards bond ETFs for liquidity [9][10]. Changes in Fund Classes - The new rules diminish the advantages of Class C shares, which previously offered lower redemption fees for short-term investors, making Class A shares more appealing for most investors [11][14]. - The article highlights that the previous strategy of using Class C shares for short-term trading will likely become obsolete due to the new regulations [14]. Shift Towards ETFs - The regulatory changes are expected to drive more individual investors towards bond ETFs and other liquid investment products, as public bond funds may lose their role as liquidity management tools [15][18]. - The article notes a growing trend of institutional investors embracing ETFs, indicating a shift in investment strategies within the market [15][16].