8000亿余额宝降费，投资者收益或将增厚

Core Viewpoint - The reduction of management and custody fees by Tianhong Yu'ebao, the largest money market fund in China, is expected to influence the overall fee structure of the money market fund industry, potentially leading to a broader trend of fee reductions among other funds [1][9]. Fee Reduction Details - On September 23, Tianhong Yu'ebao announced a reduction in its custody fee from 0.08% to 0.07%, effective immediately [1][4]. - As of the second quarter of 2025, Tianhong Yu'ebao's management scale reached approximately 793.22 billion yuan, making it the largest money market fund in the public offering market [4]. - Following Tianhong's announcement, five other fund management companies also announced fee reductions for their money market funds on the same day [4]. Industry Impact - The fee reduction by Tianhong Yu'ebao may prompt other large and medium-sized money market funds to follow suit, leading to a decrease in the overall fee levels in the industry [1][9]. - The average custody fee for money market funds was approximately 0.06% per year as of September 23, indicating that Tianhong's new fee is slightly above the industry average [4]. - The trend of fee reductions has been evident this year, with around 16 money market funds lowering their management fees and 11 reducing their custody fees [8]. Investor Implications - The reduction in fees directly lowers the investment costs for investors, enhancing their actual returns, especially in a context where money market fund yields are generally low [1][10]. - Lower fees strengthen the appeal of money market funds as cash management tools, particularly in a declining bank deposit interest rate environment, which may attract more low-risk preference funds [10]. - The competitive pressure from fee reductions may lead fund companies to improve their operational efficiency and investment research capabilities to retain clients [9].