又降费！0.9%→0.3%

Core Viewpoint - The frequent adjustment of management fees by brokerage asset management companies is primarily driven by the declining yields of money market funds, which have entered the "1% era" due to continuously falling market interest rates. Lowering management fees is seen as a necessary measure to balance product returns and mitigate potential risks for investors [2][4][6]. Group 1: Management Fee Adjustments - Shenwan Hongyuan Asset Management announced a reduction in the management fee for its Shenwan Hongyuan Daily Increase Money Market Fund from 0.9% to 0.3% effective September 2, 2023 [4][5]. - The adjustment is based on an agreement that requires the management fee to be lowered if the seven-day annualized estimated yield calculated at 0.9% falls below or equals twice the current demand deposit rate [4][5]. - Other brokerage asset management firms, such as Guangzheng Asset Management and Changjiang Asset Management, have also adjusted their management fees for similar reasons [2]. Group 2: Industry Context - Many brokerage asset management products maintain a management fee of 0.9%, while ordinary public fund money market products typically charge around 0.3%, creating a significant disparity [6]. - The high fees of brokerage asset management products are attributed to their investment scope, which often includes not only money market instruments but also bonds, leading to higher research and operational costs [6]. - The transition of margin products to public offerings is a challenge for brokerage asset management firms, as they must adapt to a new fee structure that aligns with public fund averages [8][9]. Group 3: Future Implications - By 2025, brokerage asset management firms must complete the public offering transformation of their margin products, or they will need to terminate these products or transfer them to affiliated public companies [8][9]. - If management fees are adjusted to align with public fund levels (approximately 0.3%), brokerage asset management firms could see a reduction of over 2.4 billion yuan in annual management fee income [9]. - Analysts suggest that brokerage asset management firms should shift from reliance on traditional high fees to a model driven by "scale + service" to find new growth opportunities during the public offering transition [9].