最大货基余额宝降费 投资者收益将增厚？

Core Viewpoint - The reduction of custody fees by Tianhong Yuerbao, 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][8]. Group 1: Fee Reduction Details - On September 23, Tianhong Fund announced a decrease in the custody fee for Tianhong Yuerbao from 0.08% to 0.07%, effective immediately [1][3]. - As of the second quarter of 2025, Tianhong Yuerbao's management scale reached 793.22 billion yuan, making it the largest money market fund in the public fund market [3]. - The average custody fee for money market funds was approximately 0.06% per year as of September 23, indicating that Tianhong Yuerbao's new fee is slightly above the industry average [3]. Group 2: Industry Impact - The fee reduction by Tianhong Yuerbao may prompt other large and medium-sized money market funds to follow suit, leading to a general decline in fee levels across the industry [1][9]. - The trend of fee reductions has already been observed this year, with 16 money market funds lowering management fees and 11 reducing custody fees [7]. - The competitive landscape in the money market fund sector is expected to intensify as firms strive to enhance management capabilities in response to fee reductions [9]. Group 3: Investor Implications - Lower management and custody fees will directly reduce investment costs for investors, thereby increasing the net returns from money market funds [10]. - The fee reductions are anticipated to enhance the attractiveness of money market funds as a cash management tool, especially in a declining bank deposit interest rate environment [10]. - The adjustments in fees are seen as a move to strengthen the inclusive financial attributes of money market funds, potentially attracting more low-risk preference capital [10].