Punitive redemption fees curb short-term trading, regulatory new rules may reshape the bond fund market landscape.

Recently, the China Securities Regulatory Commission issued the "Regulations on the Management of Sales Expenses of Publicly Offered Securities Investment Funds", causing attention in the bond fund market. In the view of industry professionals, the draft for comments aims to promote the long-term healthy development of the capital market, and the arrangement of redemption fees for bond funds will be beneficial to the market in the long term; at the same time, due to the wide impact of the draft for comments, it may reshape the structure of the bond fund market, and the demand for short-term pure bond funds may shrink in the future. Bond ETFs are expected to become new liquidity management tools for institutional funds, ushering in opportunities for expansion.