部分大集合产品等待转型末班车

Core Viewpoint - The transition of large collective asset management products to public funds is underway, with some products extending their duration to 2026, while others face liquidation. The management fees of some converted products remain high despite low yields, leading to market controversy [1][3][4]. Group 1: Transition of Products - By the end of 2025, most existing large collective products are set to transition to public fund status, with some opting for extensions to 2026 [1][2]. - Several products, such as the Yuekai Cash Benefit and Guolian Cash Benefit, have announced extensions to their duration, indicating a strategic shift towards public fund registration [2][3]. - Over 100 collective asset management plans are expected to convert to public funds in 2025, with major fund companies like Everbright, GF Fund, and Huaxia Fund being the primary beneficiaries of this transition [3][4]. Group 2: Management Fees and Yield Concerns - Many converted money market funds maintain high management fees of 0.9%, despite having low annualized yields around 0.7%, creating a "fee-yield inversion" issue [1][6]. - Some funds have temporarily reduced their management fees due to low yields but reverted to higher rates once conditions improved, raising concerns among investors [4][6]. - Comparatively, public money market funds charge lower management fees, typically around 0.2% to 0.15%, highlighting the disparity in fee structures post-transition [6][7]. Group 3: Operational Changes Post-Transition - The operational framework of converted products has changed significantly, including management fee structures, investment scopes, and performance benchmarks [3][4]. - For instance, the transition of the Guangfa Asset Management's mixed fund involved changes in investment limits and the removal of performance fees, reflecting a shift towards more standardized public fund practices [4].