货币基金收益承压，月内触发百余次管理费下调

Core Viewpoint - The yield of money market funds is rapidly declining, with over 87 funds reporting a seven-day annualized yield below 1%, indicating a historical low in the market [1][2]. Group 1: Yield Decline - As of December 24, 2023, 87 money market funds have seen their seven-day annualized yields drop below 1%, with some products like Minsheng Jia Yin Cash Growth B and others falling below 0.5% [2]. - Tianhong Yu'ebao, the largest money market fund, has a yield of only 1.04%, having briefly dipped to 1.001% on December 4, 2023 [2]. - The decline in yields is attributed to a combination of systemic interest rate reductions and abundant market liquidity, leading to a "asset shortage" phenomenon [3]. Group 2: Management Fee Adjustments - Due to insufficient yields, 134 announcements have been made regarding management fee adjustments since December, with some funds lowering fees multiple times [1][5]. - For instance, the Guangda Baodexin Sunshine Cash Treasure Fund adjusted its management fee from 0.90% to 0.25% when yields fell below a certain threshold, only to revert back shortly after [5]. - The trend of fee reductions has become common in the industry, with Tianhong Yu'ebao recently lowering its custody fee for the first time in over a decade [6]. Group 3: Fund Size Trends - Despite declining yields, the total share of money market funds has increased, reaching 15.05 trillion shares by the end of October 2023, up by over 38 million shares from September [6]. - The size of money market funds is expected to continue expanding in the fourth quarter, supported by the maturity of high-interest fixed deposits and the liquidity advantages highlighted by new fund sales fee regulations [7].