天弘余额宝首次降费，每年“省下”8000万元，货币基金降费大幕已开启

Core Viewpoint - Tianhong Fund has announced a reduction in the management fee for its Tianhong Yu'ebao money market fund, lowering the custody fee from 0.08% to 0.07%, which is a decrease of 0.01% [1] Summary by Relevant Sections Fee Adjustment - The comprehensive operating fee rate for Tianhong Yu'ebao is now 0.62%, with the management fee remaining at 0.3% and the sales service fee at 0.25% [1][2] - The fee reduction aims to better meet investor needs, especially as the fund's yield has decreased due to lower interest rates, with the seven-day annualized yield currently at 1.02% [1][3] Fund Performance and Market Position - Tianhong Yu'ebao's scale is currently at 793.22 billion, down from a peak of nearly 1.7 trillion, but it still remains one of the largest money market funds [3][4] - The fee reduction is expected to save investors approximately 80 million annually based on the current scale [3] Industry Context - The reduction in fees is part of a broader trend in the industry, with regulatory bodies encouraging lower management and custody fees for large-scale index and money market funds [3][5] - Other funds have also begun to lower their management fees, indicating a competitive environment where fee reductions are becoming common practice [5][6] Financial Impact on Tianhong Fund - The management fee from Tianhong Yu'ebao accounted for 42.48% of Tianhong Fund's total revenue in the first half of 2025, highlighting the fund's significance to the company's financial health [4] - Despite the fee reduction, the impact on Tianhong Fund's overall revenue is expected to be minimal since only the custody fee was adjusted [3][4]