Transitioning from scale orientation to return orientation, the reform of public offering sales rates is full of sincerity.

On September 5th, the China Securities Regulatory Commission revised the "Regulations on Management of Sales Expenses of Open-End Securities Investment Funds" and renamed it as the "Regulations on Management of Sales Expenses of Publicly Offered Securities Investment Funds", seeking public opinions. The regulations consist of six chapters and 28 articles, mainly focusing on reasonably reducing the subscription fees, purchase fees, and sales service fees of public funds, lowering investor costs. The revision concentrates on the sales process, directly reducing the burden on investors, benefiting the public in real terms, and is estimated to save investors around 30 billion yuan annually. This regulation will strongly promote the industry to shift from "scale-oriented" to "return-oriented", encouraging investors to adhere to long-term and rational investments. Additionally, it will incentivize fund sales organizations to actively develop equity fund businesses and encourage fund companies to win the market through long-term performance, stable risk control, products that truly meet customer demands, and precise and efficient services.