“破1”潮下，货币基金规模逆势增超万亿

Core Viewpoint - The decline in money market fund yields has raised questions about their value, yet their total scale continues to grow, indicating their ongoing importance as a cash management tool [3][10]. Group 1: Yield Trends - The average 7-day annualized yield of money market funds has dropped to 1.24%, down from 1.6% a year ago, and significantly lower than 2.18% in 2023, marking a decline of over 40% [5]. - No money market fund currently exceeds a 7-day annualized yield of 2%, with the highest yield being 1.86% for a specific fund, compared to 57 funds exceeding 2% last year [5]. - The number of funds with yields below 1% has increased 2.4 times year-on-year, with 93 funds currently in this category [5]. Group 2: Fund Management Fees - The decline in yields has triggered several funds to activate fee reduction clauses, with some adjusting management fees from 0.7% to 0.3% when yields fall below certain thresholds [6][8]. - A total of 17 funds have experienced similar fee adjustments in the past month, indicating a trend among funds with higher management fees [8]. Group 3: Market Position and Growth - Despite declining yields, the total scale of money market funds has surpassed 15.05 trillion yuan, accounting for 40.73% of the market, with an increase of 1.44 trillion yuan since the beginning of the year [10]. - The number of accounts holding money market funds has exceeded 2 billion, with an increase of nearly 7 million accounts in the first half of the year [10]. Group 4: Investment Value - Industry experts assert that money market funds remain essential for cash management, especially for novice investors or those with low risk tolerance, serving as a foundational investment product [11][12]. - For more experienced investors, money market funds provide liquidity and flexibility in asset allocation, while for institutional investors, they are crucial for cash management [12]. - The core reason for the growth of money market funds, despite yield declines, is their unchanged role as cash management tools, with a significant likelihood of continued stability in scale [12]. Group 5: Consumer Behavior and Product Integration - Many money market products are deeply integrated with consumer scenarios, enhancing user habits and solidifying their role as essential financial infrastructure [13]. - Fund companies are encouraged to deepen integration with market demands and improve user retention through fee reductions and enhanced service offerings [13].