华泰紫金天天发：规模不算大，管理费行业第二

Core Insights - The article highlights the contrasting performance and fee structures of different money market funds, particularly focusing on the HuaTai ZiJin TianTian Fa fund, which has a high management fee but lower returns compared to its peers [1][3]. Group 1: Fund Performance and Fee Structure - As of Q3 2025, HuaTai ZiJin TianTian Fa fund has a scale of 102.9 billion yuan and a management fee rate of 0.9%, which is 3-6 times higher than the industry average, while its latest 7-day annualized yield is approximately 0.71% [1][3]. - Despite its average yield being below the market average of 1.1%, HuaTai ZiJin TianTian Fa fund generated 415 million yuan in management fees in the first half of the year, ranking second in the market, only behind TianHong YuEBao [1][3]. - The fund's high management fees are primarily supported by individual investors, with over 90% of its holders being retail investors, while institutional ownership is only 1.61% [3][8]. Group 2: Comparison with Competitors - TianHong YuEBao, a leading money market fund, has a scale close to 800 billion yuan and a 7-day annualized yield of about 1%, with an average yield of 1.19% for the year [1][3]. - The fee structure of large funds like YuEBao shows that despite their size, the yield does not always correlate with the fee rates, as YuEBao has a management fee of 0.3% [1][12]. - The article notes that while HuaTai ZiJin TianTian Fa fund has a high fee, its yield remains in the lower range compared to other funds with similar fee structures, indicating a disparity in performance [3][12]. Group 3: Industry Trends and Regulatory Environment - The article discusses the ongoing trend of fee reductions in the money market fund industry, with regulatory signals encouraging lower management fees, particularly for large-scale funds [1][13]. - The average 7-day annualized yield for money market funds has decreased from 1.25% mid-year to 1.1% by November, with many funds reducing their fees in response to declining yields [1][9]. - The fee structure's impact on investor returns is emphasized, as the difference in management fees can translate into significant variations in actual earnings for investors, especially as overall yields decline [1][13].