降费！余额宝，官宣！

Core Points - Tianhong Fund announced a reduction in the custody fee for its Tianhong Yu'ebao money market fund from 0.08% to 0.07% effective September 23, 2023, alongside other funds reducing their management fees [1][2] - The public fund industry is experiencing a trend of fee reductions across various fund types, including money market funds, driven by declining yields and regulatory changes [3][4] - The average 7-day annualized yield for money market funds is currently 1.12%, with 22% of funds yielding below 1%, primarily due to pressure on underlying assets [5][6] Fee Reductions - Tianhong Yu'ebao's fee reduction is expected to save investors approximately 80 million yuan [2] - Other funds, such as E Fund's Margin Income and Guoxin Guozheng's Cash Increase, have also announced fee reductions, with management fees decreasing from 0.20% to 0.15% and from 0.30% to 0.20%, respectively [2] - The China Securities Regulatory Commission has proposed that the sales service fee for money market funds should not exceed 0.15% per year, prompting further fee reductions across the industry [3] Market Trends - Despite declining yields, money market funds have seen stable growth in scale, attributed to low entry barriers, low risk, and high liquidity, appealing to younger investors [6] - The asset allocation of money market funds is heavily weighted towards bonds (54%) and bank deposits (27%), making their yields closely tied to monetary policy and market interest rates [5]