The "three steps" of reducing fund fees have achieved remarkable results.

The "Action Plan for Promoting the High-Quality Development of Public Funds" requires steadily reducing the costs for fund investors. In recent years, the public fund industry has successively promoted the implementation of three stages of fund fee reform, including management fees, custody fees, stock trading commissions, subscription fees, redemption fees, sales service fees, customer maintenance fees, etc., and has made substantial progress. From 2022 to 2025, the weighted average comprehensive fee rate of non-monetary public funds will be reduced from 1.41% to 0.93%. At the same time, the pressure on the income side brought by the reduction in public fund fees is also driving the transformation and development of the industry. Recently, public fund institutions have comprehensively reformed their assessment systems, sales models, business models, fee models, and other dimensions. Some leading institutions have achieved valuable experience in product innovation and fund advisory services with floating fee rates. Looking ahead, industry insiders believe that index investing will deepen, product design in a low interest rate environment will trend towards globalization, diversification, and tool-oriented, and fund sales will shift from sales-driven to service and performance-driven, enhancing investors' sense of achievement through practical actions.