货币基金收益率持续走低，全行业逼近“1时代”

Core Insights - The average seven-day annualized yield of money market funds is approaching or has fallen below 1%, indicating a trend of declining yields in a low-interest-rate environment [1][2] - Despite the decline in yields, the total scale of money market funds in China has been increasing, reaching 14.81 trillion yuan as of August 31, 2025, which is an increase of approximately 580 billion yuan since June [1][2] Group 1 - As of October 10, 2023, 65 money market funds have a seven-day annualized yield below 1%, accounting for about 17.5% of the market [1] - At the end of last year, there were only 15 money market funds with yields above 2%, and only 28 funds had yields below 1% [1] - The fixed income team at Caitong Securities suggests that broad interest rates are likely to continue declining, making it a matter of time before more money market funds yield below 1% [1] Group 2 - Money market funds remain a viable option for managing idle cash due to their liquidity and relatively higher yields compared to traditional savings accounts, which typically offer around 0.05% [2] - Some money market funds are integrated into consumer payment scenarios, allowing for direct online payments, which helps build a large user base and supports growth [2] - The core value of money market funds in terms of liquidity management is difficult for other products to fully replace, even as yields continue to decline [2]