“破1”潮下规模逆势增超万亿！货基靠什么“圈粉”？

Core Viewpoint - The decline in average 7-day annualized yield of money market funds (MMFs) to 1.24% has raised questions among investors about the value of investing in these funds, especially as nearly 100 products yield below 1% [1][7] - Despite the low yields, the total scale of MMFs has increased, surpassing 15 trillion yuan, indicating a continued demand for these funds as cash management tools [1][7] Group 1: Yield Trends - The average 7-day annualized yield for MMFs has decreased significantly from 1.6% last year to 1.24%, marking a decline of 0.36 percentage points [1][2] - No MMFs currently yield over 2%, with the highest yield being 1.86%, compared to 57 funds yielding over 2% last year [2] - A significant number of funds, 93, now have yields below 1%, a 2.4 times increase year-on-year [2] Group 2: Fund Size and Investor Behavior - The total scale of MMFs has grown by over 1 trillion yuan since the beginning of the year, reaching 15.05 trillion yuan, which constitutes 40.73% of the total market [7] - The number of accounts holding MMFs has exceeded 2 billion, with an increase of nearly 7 million accounts in the first half of the year [8] - The growth in MMF size is attributed to funds being redirected from bond funds and the inclusion of MMFs in some wealth management products [8] Group 3: Fee Adjustments and Management - Several MMFs have adjusted their management fees in response to declining yields, with some lowering fees to 0.3% when yields fall below certain thresholds [3][5] - A trend of passive fee reductions has been observed, with 17 funds making similar adjustments in the past month [4][5] - High management fees are prevalent in some MMFs, particularly those designed for institutional clients, which may not align with the general market fee levels [6] Group 4: Value Proposition of MMFs - Industry experts assert that despite declining yields, MMFs retain their core value as essential cash management tools, particularly in a low-interest-rate environment [1][9] - MMFs are viewed as suitable for risk-averse investors and as foundational assets for more sophisticated investors, providing liquidity and flexibility [9][10] - The integration of MMFs with consumer payment scenarios has solidified their role as a fundamental financial infrastructure, making them less replaceable [9][10]