Core Viewpoint - The yield of money market funds is rapidly declining, with over 87 funds now having a seven-day annualized yield below 1%, marking a historical low. Even leading products like Tianhong Yu'ebao have seen their yields drop to 1.04% [1][10][11]. Group 1: Current Yield Trends - As of December 24, 2023, 87 money market funds have reported a seven-day annualized yield below 1%, with some products like Minsheng Jia Yin Cash Growth B and others falling below 0.5% [2][10]. - Tianhong Yu'ebao, the largest money market fund, has seen its yield decline to 1.04%, having briefly dipped to 1.001% on December 4, 2023 [11][12]. Group 2: Factors Influencing Yield Decline - The continuous decline in money market fund yields is attributed to a systemic decrease in interest rates and abundant market liquidity. The central bank's loose monetary policy has led to lower short-term rates, affecting the yields of underlying assets like interbank certificates of deposit and short-term bonds [4][13]. - The phenomenon of "asset scarcity" has forced fund managers to shorten portfolio durations and reduce leverage to manage risk exposure, further suppressing yields [4][13]. Group 3: Management Fee Adjustments - Due to insufficient yields, many funds have triggered management fee adjustments, with 134 announcements made in December alone. For instance, the E Fund Cash Treasure Fund adjusted its management fee from 0.90% to 0.25% when yields fell below a certain threshold [6][14]. - The trend of fee reductions has become common in the industry, with Tianhong Yu'ebao recently lowering its management fee for the first time in over a decade [15][16]. Group 4: Fund Size and Market Dynamics - Despite declining yields, the total size of money market funds has not decreased, with a reported total of 15.05 trillion units by the end of October 2023, reflecting an increase of over 38 million units since September [16]. - Analysts predict that the trend of expanding money market fund sizes will continue, supported by the maturity of high-yield fixed deposits and the attractiveness of liquidity advantages in the current market environment [17].

Core Viewpoint - The yield of money market funds is rapidly declining, with a significant number of funds now yielding below 1%, indicating a historical low in the market [1][3]. Group 1: Current Yield Trends - As of December 24, 2023, 87 money market funds have seen their seven-day annualized yields drop below 1%, with some funds like Minsheng Jia Yin Cash Growth B and others falling below 0.5% [3]. - Tianhong Yu'ebao, the largest money market fund, has a current yield of 1.04%, having briefly dipped to 1.001% on December 4, 2023 [3][4]. Group 2: Factors Influencing Yield Decline - The continuous decline in money market fund yields is attributed to a systemic decrease in interest rates and abundant market liquidity, leading to a phenomenon of "asset scarcity" [5]. - The central bank's maintenance of a loose monetary policy has driven down short-term interest rates, affecting the yields of underlying assets such as interbank certificates of deposit and short-term bonds [5]. Group 3: Management Fee Adjustments - Due to insufficient yields, many funds have triggered management fee adjustments, with 134 announcements made in December alone regarding fee changes [7]. - For example, the Guangda Baodexin Sunshine Cash Treasure Fund adjusted its management fee down to 0.25% when its yield fell below a certain threshold, only to revert back to the original rate shortly after [7]. Group 4: Fund Size and Market Dynamics - Despite the declining yields, the total share of money market funds reached 15.05 trillion units by the end of October 2023, showing a growth of over 38 million units compared to September [9]. - Analysts predict that the trend of expanding money market fund sizes will continue into the fourth quarter, supported by the maturity of high-yield fixed deposits and the liquidity advantages of money market funds [9].

Core Viewpoint - The yield of money market funds is rapidly declining, with over 87 funds reporting a seven-day annualized yield below 1%, indicating a historical low in the market [1][2]. Group 1: Yield Decline - As of December 24, 2023, 87 money market funds have seen their seven-day annualized yields drop below 1%, with some products like Minsheng Jia Yin Cash Growth B and others falling below 0.5% [2]. - Tianhong Yu'ebao, the largest money market fund, has a yield of only 1.04%, having briefly dipped to 1.001% on December 4, 2023 [2]. - The decline in yields is attributed to a combination of systemic interest rate reductions and abundant market liquidity, leading to a "asset shortage" phenomenon [3]. Group 2: Management Fee Adjustments - Due to insufficient yields, 134 announcements have been made regarding management fee adjustments since December, with some funds lowering fees multiple times [1][5]. - For instance, the Guangda Baodexin Sunshine Cash Treasure Fund adjusted its management fee from 0.90% to 0.25% when yields fell below a certain threshold, only to revert back shortly after [5]. - The trend of fee reductions has become common in the industry, with Tianhong Yu'ebao recently lowering its custody fee for the first time in over a decade [6]. Group 3: Fund Size Trends - Despite declining yields, the total share of money market funds has increased, reaching 15.05 trillion shares by the end of October 2023, up by over 38 million shares from September [6]. - The size of money market funds is expected to continue expanding in the fourth quarter, supported by the maturity of high-interest fixed deposits and the liquidity advantages highlighted by new fund sales fee regulations [7].

2025.12. 24 本文字数：2825，阅读时长大约5分钟 作者 | 第一财经 曹璐 "货币基金还值得放钱吗？"这一疑问正成为越来越多投资者的困惑。 随着货币基金平均7日年化收益率降至1.24%，近百只产品收益率低于1%，天弘余额宝等头部产品 也在"破1"边缘徘徊。当收益率"破1"逐渐成为常态，不少投资者直言："手里的零钱还值得放进余额 宝这类货币基金吗？" 然而，现实却上演了一幕"反向狂奔"。数据显示，截至10月底，货基规模逆势突破15万亿元整数关 口，较去年底增长超万亿元；年中持有户数突破20亿，半年增近7000万户投资者。这一看似矛盾的 现象背后，市场对货币基金的配置价值也引发热议。 对此，受访人士普遍认为，货基收益率虽降至1%附近，但其作为现金管理工具的核心价值未变，未 来规模大概率会稳中有升。华南一位货币基金经理对第一财经说："货币基金的核心价值并不是追求 高收益，在当下低利率的市场环境下，流动性需求刚性存在，货币基金的现金管理属性仍然是投资者 资产配置的基础项。" "破1"进行时 今年以来，货币基金收益率整体呈现震荡下行趋势，整体水平已较往年显著回落。Wind数据显示， 截至12月22日，全市 ...

"货币基金还值得放钱吗？"这一疑问正成为越来越多投资者的困惑。 随着货币基金平均7日年化收益率降至1.24%，近百只产品收益率低于1%，天弘余额宝等头部产品也 在"破1"边缘徘徊。当收益率"破1"逐渐成为常态，不少投资者直言："手里的零钱还值得放进余额宝这 类货币基金吗？" 然而，现实却上演了一幕"反向狂奔"。数据显示，截至10月底，货基规模逆势突破15万亿元整数关口， 较去年底增长超万亿元；年中持有户数突破20亿，半年增近7000万户投资者。这一看似矛盾的现象背 后，市场对货币基金的配置价值也引发热议。 此外，收益率走低不仅直接影响投资体验，还触发多只货币基金的合同降费条款。如12月23日，兴证资 管金麒麟现金添利公告称，当以0.7%的管理费计算的七日年化暂估收益率小于或等于2倍活期存款利 率，管理费调降至0.3%，以降低每万份基金暂估净收益为负并引发销售机构交收透支的风险。 因发生上述情况，兴证资管金麒麟现金添利于12月21日将管理费调整为0.3%，而在12月16日，该产品 刚公告称风险消除之后恢复计提0.7%的管理费。梳理历史公告可见，类似的费率调整在近一个月内已 多次上演。 此类被动降费并非个例。第一 ...

同花顺（300033）数据显示，今年以来货币型基金整体平均收益率为1.29%；而最近两年与最近三年的 平均收益率分别为3.13%与5.15%。7日年化收益率方面，可统计数据显示，至12月22日，货币基金中的 7日年化收益率跌破1(仅统计A份额)，收益率在1%~1.2%的货币基金多达163只；而今年以来区间7日年 化收益率均值低于1的货币基金只有45只，年内收益均值在1%~1.2%的货币基金有102只。去年同期只有 12只基金的区间7日年化收益率均值低于1%。 【深圳商报讯】(记者詹钰叶)今年以来货币基金收益率持续下行，目前至少有多只"宝宝类"产品的7日 年化收益率低于"1"。 在收益率持续下行的同时，货币型基金规模反而出现增长。截至今年10月底，我国货币基金总规模约为 15.05万亿元，与去年年底相比增长1.43万亿元。 ...

深圳商报·读创客户端记者 詹钰叶 今年以来货币基金收益率持续下行，目前至少有70只"宝宝类"产品的7日年化收益率低于1。而从规模 看，今年前十个月货币基金规模增长超1.4万亿元。 同花顺数据显示，今年以来货币型基金整体平均收益率为1.29%；而最近两年与最近三年的平均收益率 分别为3.13%与5.15%。7日年化收益率方面，可统计数据显示，至12月22日，货币基金中的7日年化收 益率跌破1（仅统计A份额），收益率在1%~1.2%的货币基金多达163只；而今年以来区间7日年化收益 率均值低于1的货币基金只有45只，年内收益均值在1%~1.2%的货币基金有102只。去年同期只有12只基 金的区间7日年化收益率均值低于1%。 在收益率持续下行的同时，货币型基金规模反而出现增长。根据中基协发布的最新数据，截至今年10月 底，我国货币基金总规模约为15.05万亿元，与去年年底的13.62万亿元相比增长1.43万亿元；其中仅10 月单月就增加了近3900亿元。 近来上银慧盈利E、上银慧增利E、富安达现金通货币、天治天得利货币基金等货币基金发布"限购 令"，例如调整大额申购及定期定额投资业务的限额，或是暂停该基金代销渠道的 ...

这是今年以来货币基金收益率持续下移的结果。Choice数据显示，截至一季度末，全市场货币基金平均 7日年化收益率为1.5%，其中收益率不足1%的产品数量为34只；截至二季度末，平均收益率进一步下降 至1.35%，收益率低于1%的产品数量增至57只；截至三季度末，这组数据分别为1.25%和77只。 当前，货币基金收益率持续走低，越来越多产品的七日年化收益率跌至1%以下，截至12月17日，这一 数量已超过100只。值得注意的是，部分货币基金短期内出现收益率"逆势跃升"的现象。业内人士表 示，货币基金7日年化收益率为滞后指标，其大幅波动多与浮盈收益集中兑现、大额赎回等因素有关， 不具有可持续性。目前，货币基金虽然高收益不再，但其作为流动性管理工具的核心价值并未改变。 Choice数据显示，截至12月17日，全市场共有964只货币基金（不同份额分开计算），7日年化收益率平 均值为1.22%。值得关注的是，7日年化收益率跌破1%的产品数量破百，达102只，占比超10%。而收益 率在1%至1.2%的产品数量达469只，占比接近一半，是目前货币基金市场的"主力军"。 不过仍有部分货币基金的收益率暂时处于相对高位。截至12月 ...

Group 1 - The yield of "baby" funds has been declining throughout the year, with the median seven-day annualized yield of 941 money market funds at 1.24% as of December 16, and 102 funds falling below 1% [1] - Tianhong Yu'ebao, the largest money market fund, maintained a yield above 1%, at 1.014% as of December 16, despite a previous drop to 1.001% [1] - The fund manager indicated that the phenomenon of deposit migration has impacted banks' management of funds, increasing friction in fund flow and leading to a decrease in the supply of base currency in the money market, which has heightened volatility in interest rates [1] Group 2 - Despite the long-term downward trend in money market fund yields, the total share of money market funds increased to 15.05 trillion units by the end of October, up over 38 million units from the end of September [2] - Key reasons for the changes in money market fund yields include a downward shift in the risk-free interest rate, which has caused yields on bank deposits and bond repos to decline, and a liquidity surplus leading to an asset shortage [2] - Funds have had to control risks by reducing leverage and shortening duration, further dragging down yield performance [2]

今年以来，"宝宝类"基金收益率持续走低。据Wind数据，截至12月16日，941只有统计数据的货币基金 七日年化收益率中位数为1.24%。其中，102只货币基金七日年化跌至1%以下，还有300余只货币基金七 日年化在1%至1.2%之间。不过，规模最大的天弘余额宝基金仍坚守在1%以上。截至12月16日，天弘余 额宝七日年化1.014%，较上周小幅回升。此前，该基金七日年化一度跌至1.001%，但始终保持在1%以 上。即使货币基金收益率处于长期下行趋势，但受活期存款收益走低、债券及权益市场双双波动等因素 影响，近期货币基金规模不降反增。据基金业协会数据，截至10月底，货币基金总份额为15.05万亿 份，较9月底增长逾3800万份。（中证网） ...