余额宝12年来首次降费，即日生效

Core Viewpoint - Multiple money market funds, including Tianhong Yu'ebao, have announced fee reductions to better meet investor needs and lower investment costs amid a declining yield environment [1][4][6]. Group 1: Fee Reductions - Tianhong Fund announced a reduction in the custody fee for Tianhong Yu'ebao from 0.08% to 0.07%, effective September 23 [1][4]. - This marks the first fee reduction for Tianhong Yu'ebao since its establishment 12 years ago [4]. - Other funds, such as E Fund and Guoxin Guozheng, also announced fee reductions, with E Fund lowering its management fee from 0.20% to 0.15% and custody fee from 0.08% to 0.05% [4][6][8]. Group 2: Fund Performance and Market Context - As of June 30, 2025, Tianhong Yu'ebao's total scale reached 793.2 billion, making it the largest public fund in the market [4]. - The average 7-day annualized yield for money market funds has declined from approximately 1.35% at the beginning of the year to 1.23% by September 22, with Tianhong Yu'ebao's yield at 1.02% [8]. - The current fee structure for Tianhong Yu'ebao is slightly higher than the market averages, which are 0.059% for custody fees, 0.24% for management fees, and 0.13% for service fees [4][8]. Group 3: Market Outlook - The cash management product yields are expected to remain low due to a loose monetary environment and declining bank deposit rates [9]. - Despite the low yields, cash management products continue to offer advantages as stable liquidity management tools [9].