固定收益点评：收益下行的挑战：货币基金2025Q2季报点评

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The scale of money market funds rebounded seasonally in Q2 2025, and the growth rate picked up due to the increased yield advantage over deposits [2][13][18]. - The yield of money market funds may continue to decline, and the scale growth may slow down in the future [6]. 3. Summary by Relevant Catalogs 3.1 Money Market Fund Scale Changes - In Q2 2025, the net asset value of money market funds reached 14.21 trillion yuan, an increase of 904.6 billion yuan from the previous quarter and 205.9 billion yuan more than the same period last year. The scale rebounded seasonally [2][13]. - The year-on-year growth rate of the net asset value of money market funds rose from 6.7% in March to 7.9% in June. The average seven-day annualized yield of all money market funds decreased from 1.45% in March to 1.34% in June, a decrease of 11.17 bps. The decline in the listed deposit rates in Q2 was about 5 - 25 bps. The yield advantage of money market funds over deposits increased, driving the scale growth [2][18]. - In Q2, the spread between the yields of funds, certificates of deposit, and money market funds fluctuated and declined. Considering the tax advantages of money market funds, the motivation for institutional investors to subscribe for money market funds may have increased [3][21][22]. 3.2 Money Market Fund Yield Interval Distribution - The yield distribution interval of money market funds continued to shift downward. In Q2, more money market funds had yields below 1.4%, accounting for 40%, an increase of 5 percentage points from the previous quarter. The average yields of all money market funds in April - June were 1.42%, 1.35%, and 1.34% respectively. The easing of funds in Q2 accelerated the decline in money market fund yields [4][26]. 3.3 Money Market Fund Institutional Behavior Changes - In Q2, money market funds significantly increased their holdings of deposits, and the deposit ratio rebounded significantly. They also increased their bond holdings, but the bond ratio decreased. The proportion of bonds decreased by 2.52% to 54.05%, and the deposit ratio rebounded by 5.62% to 26.97%. Among the bond structure, money market funds increased their holdings of certificates of deposit by 34.59 billion yuan, and the proportion of inter - bank certificates of deposit held by money market funds in the market value of bond investments increased to 85.15% [4][29]. - In Q2, with the easing of funds, money market funds extended their durations and increased leverage. The average remaining maturity of the investment portfolio at the end of Q2 was 83.16 days, 7.50 days longer than the previous quarter, and the average leverage ratio was 105.81%, an increase of 1.85% from the previous quarter. The duration returned to a high level, and the leverage was at a neutral level [5][34]. 3.4 Inter - bank Certificate of Deposit Fund Scale Changes - In Q2 2025, the scale of inter - bank certificate of deposit funds increased slightly by 640 million yuan to 125.8 billion yuan. The number increased to 101, and the average scale per fund decreased from 2.149 billion yuan at the end of 2023 to 1.246 billion yuan in Q2 [42].