余额宝成立以来首降托管费，投资者每年可省8000万元

Core Viewpoint - The recent fee reduction by Tianhong Yuerbao, the largest money market fund in China, marks a response to the ongoing pressure on fund yields, with the average annualized yield for money market funds dropping to 1.24% as of September 23, down 0.38 percentage points from the previous year [1][5]. Fee Reduction Actions - Tianhong Yuerbao has announced a reduction in its custody fee from 0.08% to 0.07%, effective September 23, which is expected to save investors nearly 80 million yuan annually based on its current scale of 793.219 billion yuan [1][2]. - The comprehensive fee rate for Tianhong Yuerbao has decreased from 0.63% to 0.62%, indicating a limited overall reduction [2]. - Over 50 money market funds have joined the fee reduction trend, with regulatory bodies also pushing for lower sales service fee caps [1][3]. Market Context - The average 7-day annualized yield for money market funds has decreased significantly, with only 9 funds maintaining yields above 2%, compared to 69 funds from the previous year [5]. - The decline in yields has led to a larger number of funds experiencing reduced investor interest, with 154 out of 363 funds showing a decrease in scale this year [6]. Regulatory Influence - The recent fee reductions are partly driven by regulatory changes aimed at lowering costs for investors, with new proposals suggesting a cap on sales service fees for money market funds [3][4]. - The ongoing regulatory push is expected to continue influencing fee structures across the industry, with many fund companies indicating they will adjust fees in line with regulatory requirements [4]. Future Outlook - Analysts predict that the trend of declining yields may persist, potentially leading to slower growth in money market fund scales as the yield advantage over deposits diminishes [7]. - Fund managers are advised to enhance their investment research capabilities and improve customer engagement to maintain competitiveness in a challenging market environment [7].