On December 31, 2025, the China Securities Regulatory Commission (CSRC) revised and issued the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds," which will take effect on January 1, 2026. This marks a significant milestone in implementing the new "Nine-Point Policy" and promoting high-quality development in the public fund industry, signaling the full implementation of the fee reform that has been underway for more than two years. Huaxia Fund stated that the issuance of these "Regulations," as the "final and crucial step" in fee reform, signifies the smooth implementation of fee reform in China’s public fund industry. This reform, centered on investor interests, holds far-reaching significance not only in “reducing fees” but also in “optimizing mechanisms” and “reshaping the ecosystem,” thereby tangibly enhancing the investor experience and sense of benefit.