近百只产品破1%，货币基金还是“宝”吗？

Core Viewpoint - The article discusses the significant decline in the yields of money market funds in China, highlighting a shift from previously high returns to current low rates, raising concerns about the sustainability of these funds as investment vehicles. Group 1: Yield Decline - As of December 22, the median annualized yield of money market funds is 1.24%, with 93 funds falling below 1% and over 280 funds between 1% and 1.2% [5][6] - The era of 6% yields is over, with historical yields peaking during the "money shortage" in June 2013, where some funds exceeded 6% [3][6] - By late 2024, most money market funds are expected to have yields below 1.5%, with some already dropping below 1% since late last year [3][5] Group 2: Fee Structure and Adjustments - The current market size of money market funds is 14.68 trillion yuan, accounting for 47% of the total public fund market, leading to discussions about whether management fees are too high [6][8] - Some funds have temporarily reduced management fees due to low yields, but these adjustments are often short-lived, raising concerns about the actual benefit to investors [7][8] - Recent regulatory guidance has encouraged the reduction of management and custody fees for money market funds, with some funds announcing fee cuts for the first time in years [8][9] Group 3: Investor Behavior and Market Outlook - Despite low yields, some investors continue to use money market funds for their liquidity and convenience, while others are shifting to short-term bond funds for better returns [9][10] - The total scale of money market funds has seen a slight increase, with expectations for continued growth in the fourth quarter due to high-interest deposits maturing and regulatory changes enhancing liquidity [9][10] - The core value of money market funds remains in liquidity management rather than yield, suggesting that they will continue to attract funds seeking safety and liquidity [10]