Bond funds are expected to break free from the "tool man" dilemma.

On September 5th, the China Securities Regulatory Commission issued the "Regulations on the Management of Sales Expenses of Publicly Offered Securities Investment Funds". Industry insiders believe that this consultation draft aims to improve the stability of the liability side of public bond funds, which have long been in a predicament of instability and frequent forced "blood donation" by increasing short-term redemption costs. The introduction of the new regulations means that public bond funds are expected to break free from the pressure of frequent redemptions and truly return to the essence of investment research. Industry insiders believe that against the backdrop of institutional funds accounting for more than 80% and increasing industry competition, this reform will push fund managers to demonstrate stronger research and trading capabilities. In the future, actively managed public bond funds with flexible duration and the ability to generate excess returns will become the focus of market attention.